Kenorland Minerals and Auranova Resources Announce Upcoming 2026 Spring Drill Program at the South Uchi Project, Ontario

• 2026-03-18: Kenorland Minerals and Auranova Resources announce a 2026 Spring drill program at the South Uchi Project (Ontario). Phase 3 plan of up to 3,000 m across six fences at the Papaonga target, testing a concealed, strike-extending, gold-bearing corridor under glacial cover. Drilling to commence by end of March. This follows a successful maiden program at South Uchi that identified a new mineralised corridor and strong context for discovery upside (CEO quote emphasizes an eight-kilometre strike window and larger system).
• 2026-01-29 (NI 43-101): Kenorland files NI 43-101 technical report on Frotet (Québec), presenting an initial inferred mineral resource for the Regnault gold deposit (14.5 Mt at 5.47 g/t Au for ~2.55 Moz). The company also notes a 4% NSR royalty on the project (Sumitomo). Material positive milestone; resource is inferred and not yet economic reserves, but establishes a formal valuation anchor and exploration upside.
• 2026-01-28: Kenorland and Auranova identify a new gold-bearing structural corridor at South Uchi, expanding the Papaonga target and planning follow-up, up to 3,000 m in Q1 2026. CEO emphasizes the discovery potential and that Papaonga sits within a larger system.
• 2026-01-21: Grassroots discovery at Opinaca (Quebec) highlighting Kenorland’s ability to generate new targets; Openness to future drill testing and potential additional milestones.
• 2026-01-23: Granting of stock options (two releases) to directors, officers, employees, and consultants; routine compensation step to align incentives with ongoing exploration push.
• 2025-12 to 2026-01: A series of positive operational updates around Frotet (Regnault resource, ongoing RC-like and deep drilling), South Uchi Phase 2 results, and option/JV activity with Centerra and Sumitomo; these items collectively reinforce a portfolio-wide exploration and value-creation narrative.
• 2025-11 to 2025-12: Completion of South Uchi 2025 Fall drill program with assays pending; program extended, confirming a mineralised corridor extension to the east and a new corridor to the northeast. Auranova's earn-in structure remains in place (51% earned, potential to 70%).
• 2025-10 to 2025-09: Several financing and equity actions (top-up rights by Sumitomo and Centerra; private placements) highlighting capital-raising activity to support ongoing exploration and to maintain investor stakes in the company’s key portfolios.
• 2025-06 to 2025-07: Multiple project updates across Flora, West Wabigoon, Algoman (Centerra earn-in) and other properties; notable high-grade drill results at Frotet (R11 vein sets; deep drilling results) and a broad portfolio strategy with partner-led programs;JV structures and carried interests maintained.
• 2025-05 to 2025-04: Acquisitions (Atlantic, Kowkash in Ontario; widespread Ontario/New Brunswick expansion), option JV terms with Centerra on Flora/West Wabigoon/Algoman; exercise of top-up rights by Sumitomo and Centerra to retain ownership; ongoing private placements for funding.
• 2025-03 to 2025-02: Continuity of South Uchi activity with maiden drilling results and Auranova earn-in progress; updates to 2025 winter program planning; multiple partner-funded drill programs in North America boost discovery potential and reduce standalone capital needs.
• 2025-04 to 2024: The company demonstrates a recurring pattern of greenfield and near-surface exploration progressing toward potential resources and near-term PEA opportunities through Sumitomo/Auranova/Centerra-type partnerships; broadening Ontario/QC exposure and creating optionality on multiple assets.

Material impact assessment - Core takeaways from the most recent news (2026-03-18) are positive and supportive of Kenorland’s ongoing discovery-driven strategy, but not a game-changing milestone. The announced 2026 Spring drill at South Uchi (Papaonga) emphasizes continued exploration upside beneath overburden and near-term testing of strike extensions. The phase of testing a concealed structural corridor with potential for multi-kilometer expansion aligns with the company’s established exploration thesis and Partnership-driven model. - The 2026 NI 43-101 filing for Frotet (Regnault) in late January 2026 is a material milestone, providing a formal mineral resource anchor for a key project and reinforcing the value of the Frotet royalty (4% NSR to Sumitomo). This is a material positive step that can help de-risk the portfolio and attract multi-party support for further development; however, the resource category is inferred (not yet measured or indicated reserves), so investors should treat it as a valuable milestone rather than a near-term mine-construct signal. - The January 28, 2026 update identifying a new gold-bearing corridor at South Uchi reinforces discovery potential and provides a clear near-term objective (follow-up drill program). This news is in line with prior expectations from the 2025 drills and supports the thesis of a larger, multi-kilometer system; it strengthens the stock’s upside but remains a drilling-and-result-driven narrative rather than a quantified economic milestone. - The broader media activity around grassroots discovery at Opinaca (Jan 21) and ongoing expansions at multiple Ontario projects (Atlantic, Kowkash, Flora/West Wabigoon/Algoman) indicates a diversified pipeline and counterbalances risk by not relying on a single asset. - Overall, the latest news is positive, consistent with the company’s multi-year expansion and discovery cadence, and supportive of a higher-valuation multiple if continued drills yield high-grade results or a larger, robust MRE/PEA on key projects. It’s not a material surprise in the context of ongoing exploration activity and partner-driven milestones, but it preserves an oil-lamps-on-discovery narrative that could support re-rating if subsequent results are strong.

What to watch next (immediate, 3-6 Months) - Immediate (within weeks to months): - Start and completion of the 2026 Spring drill program at South Uchi (Papaonga) and the release of initial assay results from the Phase 3 program. - Results from Papaonga corridor testing, potential new corridor extension assays to the northeast and west, and any tie-in with existing structural interpretation. - Any updates on Auranova’s progress within the South Uchi earn-in and Kenorland’s carried/pegged interest status, and potential expansion of the JV structure. - 3-6 months: - Follow-up drill results from Paponga (Papaonga corridor expansion, strike length confirmation, grade continuity) and any refinement of the corridor geometry. - Completion of the Regnault (Frotet) MRE updates, if any, and potential PEA planning discussions or milestones once additional resources are defined and delineated. - Updates from Opinaca project drill programs or results from Flora/West Wabigoon/Algoman JV discussions with Centerra, including any new resource estimates or economic studies. - Monitoring capital markets activity for further financings or top-up rights (Sumitomo/Centerra) and any changes in ownership concentration or new strategic investors. - Potential permitting or baseline studies tied to PEA/FS timelines for Frotet if proceeding toward development discussions.

Conclusion on Materiality - The most recent news cycle (March 18, 2026) is material in the sense that it confirms continued aggressive exploration activity and a multi-pronged growth plan, but it is best characterized as Routine - Positive rather than Material - Positive or Material - Game Changer. The resource milestone at Frotet (Regnault) remains a foundational, material positive event for valuation, but as an inferred resource it does not in itself re-rate risk or economics. The ongoing South Uchi discoveries and corporate partnership dynamics (Sumitomo, Centerra, Auranova) are important tailwinds that support optionality and future value creation, but the current news flow largely reinforces the existing exploration-centric narrative rather than delivering an immediate, standalone, market-moving catalyst.

Technical Analysis and Price Support Resistance Breakout levels - Price data: Not provided. Price-time series data are not included in the supplied information, so a rigorous technical analysis with support/resistance, breakout levels, or trend identification cannot be performed. - If price data were available, the approach would include: - Identify multi-year trend direction and key moving averages (e.g., 50-, 200-day) to gauge momentum. - Define support zones at prior swing lows and consolidation areas; define resistance at prior highs or major consolidation zones. - Look for a breakout above a defined resistance level on high volume as a potential buy, especially if accompanied by an accelerating drill-result cadence or a major resource/mine-plan update (e.g., a confirmed MRE/PEA). - Downside risk would be evaluated at the nearest established support, with attention to potential failure to deliver on upcoming drill results and financing constraints that could pressure the stock.

Company overview and flagship project - Kenorland Minerals Ltd. is a Canadian explorer focused on gold systems across North America, with a portfolio that includes the Frotet Project in Quebec (Regnault deposit) and the South Uchi Project in Ontario (Papaonga target). The company operates via a portfolio approach with partner-funded exploration, option/JV structures, and NSR royalties to create value while limiting capital outlay. - Flagship projects: - Frotet Project (Regnault deposit, Quebec): Regnault has produced a maiden inferred resource of 2.55 Moz at 5.47 g/t Au (as of 2025-12-16/2025-11-26 updates; NI 43-101 filed 2026-01-29). Kenorland holds a 4% NSR royalty on the project; Sumitomo is the operator and can buy down the NSR. Potential upside includes resource expansion (open to expansion) and potential PEA/FS development steps if warranted. - South Uchi Project (Ontario): Ongoing exploration with Auranova Resources under an earn-in arrangement. Recent results indicate an expanding gold corridor beneath cover and new target areas (Papaonga). The plan for a 3,000 m Phase 3 program in 2026 and prior success point to significant near-term discovery potential.

Capital structure including financings and levels - Issued shares: Approximately 41 million as of mid-2025 (based on the June 2025 share-structure data showing 41,297,094 issued shares). This figure is subject to future issuances from financings and option exercises. - Outstanding options and potential dilution: - 580,000 options at C$1.00 expiring Feb 4, 2026 - 1,100,000 options at C$0.70 expiring Feb 14, 2027 - 2,545,000 options at C$0.82 expiring Jan 20, 2028 - 1,916,668 options at C$0.75 expiring Jan 23, 2029 - 5,126,667 options at C$1.22 expiring Dec 16, 2029 - Combined, these could add roughly 11–12 million common shares on full exercise, representing meaningful but manageable dilution relative to the 41 million base as of mid-2025. - Notable financing activity: - Ongoing private placements and top-up rights by Sumitomo and Centerra to maintain ownership stakes; 2025-09-10/11/12 cycle includes exercise of top-up rights (Sumitomo 10.1%, Centerra 9.9% retained) and issuance of thousands of shares at ~C$1.53–C$2.03 per share, with hold periods relevant to insiders and related parties. - 2025-12-15 and 2025-12-16 MD&A-like disclosures show ongoing financial activity, including top-ups and equity adjustments, as well as NSR royalties on key assets. - Debt and capital needs: - The company’s funding model relies heavily on partner funding and equity financings (private placements, top-up rights, and NSR-driven royalties). There appears to be no material bank debt reported; liquidity is supported by working capital and project monetization via royalties and equity financings. The Frotet 4% NSR and South Uchi 2% NSR royalties provide ongoing monetization streams that can support development and additional financing.

Strategic investors - Sumitomo Metal Mining Canada Ltd. (operator on Frotet, 4% NSR royalty; top-up rights and equity investments) - Centerra Gold Inc. (top-up rights investor; Centerra-Kenorland earn-in framework on Flora/West Wabigoon/Algoman; additional JV potential) - Auranova Resources Inc. (South Uchi earn-in partner; initial 51% and potential 70% ownership) - These strategic investors underscore a diversified, partner-driven growth model for Kenorland, with strong ties to established mid-tier players.

Debt risk and capital needs - At present, there is no explicit long-term debt disclosed in the provided data. Capital needs are met through a mix of private placements, top-up rights with Sumitomo and Centerra, and royalty monetization (Frotet NSR, etc.). The ability to fund ongoing drilling programs without incurring significant debt reduces balance-sheet risk, but the reliance on external funding and earn-in partners introduces execution risk if partner willingness wanes or if capital markets tighten.

Key and hidden risks - Exploration risk: A large portion of value is tied to drilling outcomes, corridor extensions, and resource growth. Results can be binary and market reactions depend on discovery scale and grade continuity. - Dependency on partner funding: Ongoing exploration relies on Sumitomo, Centerra, and Auranova for funding; shifts in these partnerships could change project timelines and capital availability. - Royalty and ownership structures: 4% Frotet NSR; 2% South Uchi NSR; Top-up rights and JV arrangements create dilution and ownership complexity. While royalties provide upside, they cap full ownership economics without additional investiture. - Resource vs. reserve: Frotet Regnault is currently an inferred resource; conversion to a measured/indicated resource and subsequent reserves requires more drilling and economic studies (PEA/FS). This affects near-term value realization. - Permitting and geography: Canada-based projects face typical regulatory and permitting timelines, which can influence project advancement and timelines. - Commodity price risk: Gold price movements impact project economics and equity valuations of junior explorers with high capex and long lead times.

Final summary and takeaways - Kenorland is executing a multi-project growth strategy anchored by a high-grade Frotet_Regnault resource and a robust South Uchi exploration program, both supported by key strategic investors (Sumitomo, Centerra, Auranova). The March 2026 South Uchi drill program signals ongoing expansion of discovery potential beneath overburden, aligning with the company’s narrative of multi-kilometer, structurally controlled gold systems. - The NI 43-101 Regnault resource at Frotet (Regnault deposit) provides a meaningful milestone for valuation, though it remains an inferred resource and may require additional drilling and economic analysis before a definitive mine plan. - The news flow remains positive and in line with prior expectations—incremental drill success, resource milestones, and geologic discoveries across multiple projects. The materiality is moderate; the catalysts to watch for material re-rating include a confirmed resource upgrade for Regnault, a positive PEA/FS outcome on Frotet, and clear drill results that demonstrate substantial scale and grade continuity at South Uchi and other assets. - Investors should monitor drill results timing, partner funding stability, and any forthcoming capital market activity (new financings, top-ups, or warrants exercising) that could affect share dilution and valuation.

Appendix and Sources - Data period (News releases): 2025-04-07 through 2026-03-18 (and earlier items back to 2024) - Time series price data: Price data not provided - Key items used: - 2026-03-18 Kenorland Minerals and Auranova South Uchi 2026 Spring Drill Program (Papaonga target) - 2026-01-29 NI 43-101 technical report on the Frotet Project (Regnault deposit) - 2026-01-28 New gold-bearing corridor identified at South Uchi - 2026-01-21 Opinaca grassroots gold discovery - 2025-11-03 South Uchi Fall drill program completion (assays pending) - 2025-07-02 and 2025-06-17 Frotet and South Uchi drill results - 2025-12-16 Maiden Resource Estimate for Regnault (Frotet) - 2025-12-02 Significant gold-in-till and drill plan for 2026 - 2025-11-11 Interim MD&A and financial disclosures (financial position and portfolio) - 2025-04-07 and 2025-04-11 NCIB and stock option issuances - 2025-06-25 Centerra option agreements on Flora/West Wabigoon/Algoman - 2025-05-27 Kowkash and Atlantic acquisitions and 2024-2025 earnings context - 2025-05-27 SEDAR interim statements and 2025-04-11/2025-04-17 filing context - 2025-04-07 to 2025-03-02 activity around top-up rights and private placements - All material facts are derived from the provided News JSON dataset; figures reflect the stated terms, resource estimates, and option/JV structures as described in the releases.