Kenorland Minerals Reports Maiden Inferred Resource of 14.5 Mt at 5.47 g/t Au for 2.55 Million Ounces at the Frotet Project, Quebec, Where It Holds a 4% NSR Royalty

Kenorland Minerals Ltd. (the "Company") announced a maiden Inferred Mineral Resource Estimate (MRE) for the Regnault gold deposit at its Frotet Project in Quebec. The MRE, effective November 30, 2025, reports 14.5 million tonnes (Mt) at an average grade of 5.47 grams per tonne (g/t) gold for a total of 2.55 million ounces (Moz) of contained gold.

Key details of the MRE: - Resource Type: Inferred - Tonnage: 14.5 Mt - Grade: 5.47 g/t Au - Contained Gold: 2.55 Moz - Cut-off Grade: 2.15 g/t Au for long-hole mining and 2.61 g/t Au for cut-and-fill methods. - Gold Price Assumption: US$2,500 per ounce. - Basis: The estimate is based on 289 drill holes totaling 127,217 meters. - Expansion Potential: The company states the system remains open for expansion, with recent drilling intersecting high-grade mineralization beyond the current resource boundary. - Kenorland's Interest: Kenorland holds a 4% Net Smelter Return (NSR) royalty on the Frotet Project. This royalty is subject to buy-down rights by Sumitomo Metal Mining Canada Ltd. ("Sumitomo"), the project operator: 0.25% for C$3 million within 5 years of grant, and an additional 0.50% for C$10 million within 10 years of grant, reducing the royalty to an uncapped 3.25% NSR if both are exercised. - CEO Comment: President, CEO, and Director, Zach Flood, emphasized that the MRE "firmly underpins the value of Kenorland and our 4% NSR royalty," highlighting a low discovery cost of approximately $20 per ounce and the deposit's high-grade, multi-million-ounce nature with significant expansion potential.

This announcement follows closely on the heels of the December 15, 2025, news that Sumitomo and Centerra Gold Inc. ("Centerra") exercised their top-up rights to maintain their respective ownership percentages in Kenorland through a private placement of 26,967 common shares at C$2.068 per share.

This maiden Inferred MRE for the Regnault gold deposit is a significantly positive and material development for Kenorland Minerals Ltd. The reported resource of 2.55 Moz at a high grade of 5.47 g/t Au immediately establishes Frotet as a substantial gold deposit, validating Kenorland's project generation and discovery capabilities. For a junior exploration company, defining a multi-million-ounce, high-grade resource is a major de-risking event and provides a tangible value anchor for its 4% NSR royalty on the project. The stated discovery cost of approximately $20 per ounce is remarkably low, underscoring the quality of the discovery.

However, a critical analyst must note the aggressive gold price assumption of US$2,500 per ounce used for this MRE. While current spot gold prices have been elevated, this assumption is significantly higher than the more conservative prices typically used in preliminary resource estimates (often in the US$1500-$1800 range). Such a high price assumption can influence the tonnage and grade reported by allowing lower-grade material to be included within the economic cut-off, potentially inflating the overall resource size. This introduces a degree of sensitivity to future gold price movements that investors should carefully consider.

The news of the MRE was highly anticipated, as indicated by previous updates (e.g., November 26, 2025, and December 9, 2025, which mentioned the MRE was "expected in coming weeks" or "imminently"). This expectation likely contributed to the stock's recent upward movement.

The exercise of top-up rights by major strategic investors, Sumitomo and Centerra, in the preceding days, while administrative and for a small amount, is a routine positive signal of continued commitment from key partners. However, its impact is minor compared to the MRE.

A notable negative development in the broader context is the termination of the earn-in agreement with Newmont Corporation for the Chebistuan Project, effective January 31, 2026, as disclosed in the December 9, 2025, exploration update. This indicates that Newmont found the exploration results (which were previously reported as curtailed and yielding modest intercepts in July 2025) insufficient to continue, contrasting with Newmont's earlier election to proceed with Phase 2 in November 2024. This highlights the inherent risks in early-stage exploration and partner-funded models, where projects can be dropped if results do not meet partner thresholds.

Despite the high gold price assumption in the MRE and the Chebistuan setback, the Regnault resource is a material positive for Kenorland, establishing a solid foundation for the value of its Frotet royalty, which is a core component of the company's long-term strategy. The fact that the resource remains open for expansion suggests future growth potential.

Kenorland Minerals Ltd. is a project generation and exploration company focused on making new mineral discoveries in North America. Its business model centers on advancing greenfield projects through systematic, phased exploration surveys, largely financed through strategic partnerships (option to joint venture agreements).

Flagship Project: The Frotet Project in Quebec, Canada, is Kenorland's most advanced asset. It hosts the Regnault gold deposit, which was a greenfield discovery made by Kenorland and Sumitomo in 2020. In February 2024, Kenorland exchanged its 20% participating interest in the Frotet joint venture with Sumitomo for a 4% Net Smelter Return (NSR) royalty across the entire project. Sumitomo is the current operator of the project. The recently announced maiden Inferred MRE for Regnault (2.55 Moz @ 5.47 g/t Au) solidifies the value of this royalty.

Other Key Projects and Partnerships: - South Uchi Project (Ontario): Partnered with Auranova Resources Inc. Auranova has earned a 51% interest, with an option to earn up to 70%. Kenorland retains a 30% free-carried interest to PEA completion and a 2% NSR royalty. Kenorland also holds 9,242,267 common shares of Auranova. - Flora, West Wabigoon, and Algoman Projects (Ontario): Optioned to a subsidiary of Centerra Gold Inc. Centerra can earn up to a 70% interest by funding staged exploration and delivering a PEA. Kenorland retains a 30% free-carried interest through PFS and a 2% NSR royalty. - Hunter Project (Quebec): Partnered with Centerra Gold Inc., which can earn up to a 70% interest. - O'Sullivan Project (Quebec): Earn-in agreement with Sumitomo, which can earn up to a 70% interest. - Chebistuan Project (Quebec): Formerly partnered with Newmont Corporation, but Newmont has provided notice of termination effective January 31, 2026, with Kenorland to regain 100% ownership. This highlights exploration risk. - South Thompson Project (Manitoba): Sold to Evolution Nickel Corporation, with Kenorland to receive 26 million common shares of Evolution and a 2% NSR royalty. - Opinaca Project (Quebec): Partnered with Targa Exploration Corp., Kenorland holds an equity interest and a 3% NSR royalty. - Various 100%-owned greenfield projects: Including Kowkash (Ontario), Atlantic (New Brunswick), Eeyou Istchee (Quebec), and Settee (Saskatchewan), which are undergoing early-stage exploration.