Kenorland and Auranova Announce Completion of Fall Drill Program at the South Uchi Project, Ontario

The most recent news release from November 3, 2025, announced the completion of the 2025 Fall Drill Program at the South Uchi Project in Ontario. A total of 7,075 meters were drilled across 13 holes. Assay results from this program are anticipated in Q1 2026. The company noted that the program successfully extended a mineralized corridor by approximately 2 kilometers to the east and identified a new mineralized deformation corridor to the northeast.

The news also re-confirmed that Auranova Resources Inc. has completed its initial earn-in to acquire a 51% interest in the South Uchi Project, meeting conditions that included cash payments to Kenorland, completing a drilling program, and issuing common shares of Auranova to Kenorland. Auranova retains the option to earn an additional 19% interest (for a total of 70%) by incurring a further $10 million in qualifying expenditures by the third anniversary of the second option election.

Additionally, Kenorland announced engaging Atrium Research Corporation and Triomphe Holdings Ltd. (Capital Analytica) for marketing and investor relations services, with TSX Venture Exchange (TSXV) approval pending for these agreements.

The completion of the 2025 Fall Drill Program at South Uchi is a positive operational update, demonstrating continued exploration progress. The program exceeded the previously announced meterage for the fall (6,000m in October 7 news, 5,000m in July 9 news), which is a favorable development. The geological observations of extending the mineralized corridor and identifying a new one are encouraging, suggesting the potential for a larger system. However, the true material impact on the company's valuation remains pending the release of assay results, which are expected in Q1 2026. Without these results, the extent of the positive geological observations cannot be quantified economically.

The reiteration of Auranova's 51% earn-in completion is not new news, as it was previously announced on July 2, 2025. Kenorland's retained 30% carried interest through to a Preliminary Economic Assessment (PEA) and a 2% Net Smelter Return (NSR) royalty on the project are favorable terms, allowing exposure to potential upside with reduced financial burden.

The engagement of marketing and investor relations firms is a routine activity for publicly traded junior exploration companies to enhance visibility and investor awareness. While potentially beneficial for liquidity and shareholder engagement, it is an operational expense and not directly indicative of material changes to project economics or exploration success. The pending TSXV approval for these agreements is a minor detail.

Overall, this news is a routine positive update. It confirms successful progress on a key project and provides encouraging early signs, but the most impactful information (assay results) is still awaited.

Kenorland Minerals Ltd. (TSXV: KLD) is a project generator and early-stage exploration company focused on North America. Its primary strategy involves identifying and acquiring prospective greenfield exploration targets, advancing them through systematic, phased exploration surveys, and then securing partnerships or joint ventures to fund further development. This model allows the company to minimize direct capital exposure and retain royalty interests or carried interests through significant development stages.

Flagship Project (Royalty Asset): Frotet Project, Quebec * Location: Northern Quebec. * Commodity: Gold (Regnault gold system). * Status: Advanced exploration stage. * Ownership: Kenorland holds a 4% Net Smelter Return (NSR) royalty on the project. In February 2024, Kenorland exchanged its 20% participating interest in the Frotet joint venture with Sumitomo Metal Mining Canada Ltd. (SMMCL) for this 4% NSR royalty. * Operator: Sumitomo Metal Mining Canada Ltd. (SMMCL). Kenorland remained the operator for a minimum of one year following the transaction. * Development: SMMCL is advancing the project, with engineering and baseline studies initiated in Summer 2024 for a potential underground decline at Regnault. A maiden mineral resource estimate is anticipated in late 2025 or early 2026.

Key Development Project (Earn-in Partnered): South Uchi Project, Ontario * Location: Red Lake district of Ontario. * Commodity: Gold. * Status: Active exploration, with a newly discovered gold system. * Partnership: Auranova Resources Inc. has completed its initial earn-in for a 51% interest and has the option to earn an additional 19% (total 70%). * Kenorland's Interest: Kenorland retains a 30% free-carried interest through to the completion of a Preliminary Economic Assessment (PEA) and a 2% NSR royalty on the project. * Recent Activity: A maiden 27-hole, 14,365-meter drill program in Winter 2025 confirmed widespread gold mineralization in bedrock across a five-kilometer structural corridor. A subsequent Fall 2025 drill program (7,075m, 13 holes) was recently completed, with assays expected in Q1 2026.

Kenorland also holds interests in numerous other exploration projects across Canada and Alaska, often through similar earn-in and joint venture agreements with major and mid-tier mining companies like Newmont Corporation, Centerra Gold Inc., Evolution Nickel Corporation, and Targa Exploration Corp. This diverse portfolio aims to provide multiple shots on goal for discovery.