Kirkland Lake Discoveries Corp. (TSXV:KLDC) entered into an asset purchase agreement to acquire All of the properties comprising Lucky Strike project located in the Kirkland Lake gold camp in Ontario from New Found Gold Corp. (TSXV:NFG) for CAD 5.2 million on February 16, 2023. As of the date, Warrior Gold has 119,099,149 common shares issued and outstanding. Prior to the closing of the Transaction, Warrior Gold plans to consolidate the outstanding Warrior Gold Shares on the basis of one post-consolidation Warrior Gold Share for each four Warrior Gold Shares as constituted immediately before the consolidation and change its name to “Kirkland Lake Discoveries Inc.”. Pursuant to the Purchase Agreement, Warrior Gold will acquire the Lucky Strike Property by issuing to NFG 28,612,500 Warrior Gold Shares, issued on a post-consolidation basis at the time of closing, and granting to NFG, on the closing date, a 1.0% net smelter return royalty on the Lucky Strike Property. Following the completion of the Transaction and subject to receiving shareholder approval, NFG intends to distribute 100% of the Warrior Gold Shares that it receives in connection with the Transaction to its shareholders. Upon completion of the Transaction, the proposed board of directors of Warrior Gold will include Denis Laviolette as Director and Chairman; Danièle Spethmann as Director, President and Chief Executive Officer; Gary Nassif and Stephen Burleton as Director and two additional directors to be nominated by NFG at a later date. Warrior Gold entered into an agreement with Canaccord Genuity Corp (Agent) in connection with a private placement financing for aggregate gross proceeds of not less than CAD 10 million.

The completion of the Transaction is subject to regulatory approval including an approval of the TSX Venture Exchange for the listing of Warrior Gold Shares to be issued in connection with the Transaction on the TSXV; the approval of Warrior Gold Shareholders of certain related matters in connection with the Transaction; the completion of the Private Placement and certain other conditions. Special meeting of Warrior Gold Shareholders to be held April 17, 2023. Transaction is expected to close no later than May 15, 2023. Irwin Lowy LLP acted as legal advisor to Warrior Gold Inc. (TSXV:WAR) and Blake, Cassels & Graydon LLP acted as legal advisor to New Found Gold Corp. (TSXV:NFG). As on April 17, 2023, at the special meeting of Shareholders, all resolutions were approved close to unanimously, including: (1) the approval of a name change; (2) the consolidation of the Common Shares on the basis of four pre-consolidation Common Shares for one post-consolidation Common Share; (3) the approval of NFG as a new control person of the Company; and (4) all four management nominees to the board of directors, to be appointed upon completion of the Acquisition. The resolutions will come into effect on closing of the Acquisition. As of May 15, 2023, acquisition is is expected to be on or about May 25, 2023.