Kenorland Identifies Significant Gold-In-Till Geochemical Anomalies at the Western Wabigoon and Flora Projects in Northwestern Ontario

On December 2, 2025, Kenorland Minerals Ltd. announced results from its 2025 geochemical and prospecting surveys at the Western Wabigoon and Flora projects in Northwestern Ontario. The surveys identified significant gold-in-till geochemical anomalies, leading to the outline of priority drill targets for a 2026 exploration program.

Specifically: - Western Wabigoon Project: A approximately 19-kilometer gold-in-till trend was defined. The W2 target within this trend shows a strong gold-grain anomaly, with up to 251 gold grains per sample over a 4-kilometer strike length. Rock samples from this area returned grades up to 7.75 g/t Au. - Flora Project: The F1 target is characterized by a 7-kilometer gold-in-till anomaly, with rock samples yielding high grades up to 31.70 g/t Au and 17.40 g/t Au. - 2026 Program Plans: Kenorland, in partnership with Centerra Gold Inc., is planning up to 5,000 meters of diamond drilling at the Western Wabigoon (W2 target) and additional surface work at the Flora project for 2026. - Option Agreement: Centerra Gold Inc. holds an option to earn up to a 70% interest in both projects by funding staged exploration expenditures and delivering a Preliminary Economic Assessment (PEA). Upon earn-in, a Joint Venture (JV) will be formed, with Kenorland retaining a carried interest through to the completion of a Pre-Feasibility Study (PFS).

This news is a positive, but routine, exploration update for Kenorland Minerals. It demonstrates successful early-stage project generation and advancement, aligning with the company's business model. The identification of coherent, large-scale gold-in-till anomalies, supported by high-grade rock samples at both Western Wabigoon and Flora, is encouraging and effectively de-risks these specific targets for future drilling.

The planned 5,000-meter drill program for 2026 at Western Wabigoon is a concrete step forward, following the previous systematic geochemical programs in 2024 (as highlighted in July 9, 2025, and December 9, 2024 news). Partnering with Centerra Gold, a major miner, for funding mitigates Kenorland's capital expenditure exposure on these projects.

However, the drilling program is scheduled for 2026, meaning results are still a year or more away. While the results are promising for future potential, they are not yet a new discovery or a resource definition. The impact on the stock price is likely to be muted compared to more advanced-stage news. For instance, the company's prior announcement on November 26, 2025, regarding the upcoming maiden Mineral Resource Estimate for the Frotet Project (a much more advanced asset with an imminent valuation anchor) is likely to have a more significant and immediate material impact on the company's valuation. Therefore, this exploration update, while positive, falls into the "Routine - Positive" category, as it is a natural progression of early-stage exploration activities.

Kenorland Minerals Ltd. is a Canada-based mineral exploration company primarily focused on project generation and early-stage exploration for gold and critical minerals. The company's core strategy is to identify prospective greenfield projects through systematic, phased exploration surveys and then advance these projects through option and joint venture agreements with larger mining companies, thereby de-risking its exploration activities and preserving its balance sheet. Kenorland operates across various jurisdictions in North America, including Quebec, Ontario, Manitoba, Saskatchewan, New Brunswick, and Alaska.

Flagship Project: Frotet Project, Quebec - Description: The Frotet Project, host to the Regnault gold system, is Kenorland's most advanced asset. The Regnault system was a greenfield discovery made by Kenorland and Sumitomo in 2020. - Status: Kenorland holds a 4% Net Smelter Return (NSR) royalty on the project, while Sumitomo Metal Mining Canada Ltd. (SMMCL) is the operator. SMMCL is actively exploring and developing the project, including commencing engineering and baseline studies for a potential underground decline. - Development: A maiden Mineral Resource Estimate (MRE) for the Regnault gold deposit is in its final stages and is expected to be announced in late 2025 or early 2026. This MRE will incorporate over 127,217 meters of drilling across 265 drill holes and is expected to be a significant valuation anchor for the company. Drilling continues to expand mineralization at depth and along strike, with high-grade intercepts reported in previous campaigns (e.g., 30.41 g/t Au over 6.70m, 218.10 g/t Au over 1.30m). - Royalty: Kenorland exchanged its 20% participating interest in the Frotet joint venture for this 4% NSR royalty in February 2024, allowing it to benefit from future production without the capital expenditure burden.

Other Key Projects and Initiatives: - South Uchi Project (Ontario): Gold project optioned to Auranova Resources Inc. Auranova has completed its initial 51% earn-in. Kenorland retains a 30% free-carried interest to PEA completion and a 2% NSR royalty. A maiden drill program confirmed a new gold system, and a follow-up program was completed in fall 2025 with assays pending. - Western Wabigoon, Flora, and Algoman Projects (Ontario): Gold projects optioned to Centerra Gold Inc. Centerra can earn up to 70%. Kenorland retains a 30% free-carried interest to PFS completion and a 2% NSR royalty. Recent exploration identified significant gold-in-till anomalies, with a 2026 drill program planned. - Chebistuan Project (Quebec): Gold project optioned to Newmont Corporation, which has elected to earn an additional 29% interest (for a total of 80%). A 2025 winter drill program tested extensions of mineralization. - Hunter Project (Quebec): Gold-copper-molybdenum project optioned to Centerra Gold Inc. A maiden diamond drill program commenced in March 2025 to test large geochemical anomalies. - O'Sullivan Project (Quebec): Gold project optioned to Sumitomo. A drill program commenced in November 2025. - KSZ Project (Ontario): A new 100% owned gold project acquired by staking, north of the Borden Lake gold deposit. Regional till geochemical sampling is planned for 2025. - South Thompson Project (Manitoba): Nickel project to be sold to Evolution Nickel Corporation for 26,000,000 common shares of Evolution and a 2% NSR royalty.