Kenorland Minerals Reports Assay Results from Maiden Diamond Drill Program at the Western Wabigoon Project, Ontario

Kenorland Minerals Ltd. (KLD) reported assay results from a maiden diamond drill program consisting of 4,089 meters across nine holes at the W2 target on its Western Wabigoon Project in Ontario. Gold was identified in eight of the nine holes, with only hole 26DFDD006 returning no significant values.

The most notable intercept came from hole 26DFDD003, which returned 1.05 meters at 204.34 g/t Au from a depth of 375.85 meters, including a higher-grade interval of 0.50 meters at 428.50 g/t Au. Other intercepts were characterized by broader widths but lower grades. These included 37.75 meters at 0.30 g/t Au and 12.07 meters at 0.27 g/t Au in hole 26DFDD004, 23.90 meters at 0.25 g/t Au in hole 26DFDD007, and 31.15 meters at 0.11 g/t Au in hole 26DFDD004.

The company stated that the program confirmed a shear-hosted gold-bearing hydrothermal system and highlighted an open northward extension toward the W2 North target. Additionally, Kenorland confirmed that the acquisition of the Golden Sidewalk Project from Prosper Gold Corp. has closed.

Kenorland Minerals Ltd. (KLD) is a well-capitalized prospect generator with a market value of approximately C$193 million, distinguishing it from micro-cap status. The company’s equity already reflects the value of the Frotet 2.55 moz inferred resource royalty, cash reserves, and other interests.

The Western Wabigoon project is optioned to Centerra, which can earn up to a 70% stake by funding exploration and delivering a Preliminary Economic Assessment (PEA). Kenorland retains a 30% carried interest and a 2% net smelter return (NSR). Consequently, the drilling is opportunistically funded and does not immediately impact Kenorland’s balance sheet or dilution risk.

The recent release confirms a new gold-bearing system on a target previously identified only by geochemistry. While this is a positive development, a single narrow high-grade intercept and broad low-grade halos do not yet constitute a resource advance.

Market expectations were partially priced in following the July 9 visible-gold drilling update, which lifted the stock from approximately C$2.16 to C$2.45 before it faded. The share price stood at C$2.40 immediately prior to this release, indicating that the bar was not fully reset but also not extremely demanding.

A modest positive reaction toward C$2.55–C$2.65 is possible given the 428.50 g/t headline grade.

Kenorland Minerals Ltd. (KLD) is a Canadian mineral exploration and project-generation company focused on early-stage gold assets in North America. The company holds a 4% NSR royalty on the Regnault gold system at its Frotet Project in Quebec, which hosts an inferred resource of 14.5 Mt at 5.47 g/t Au for 2.55 moz.

In the Red Lake District, Kenorland has optioned its South Uchi property to Auranova, retaining a 30% carried interest to PEA and a 2% NSR. Similarly, Kenorland has optioned its Western Wabigoon and Flora properties to Centerra subsidiaries. Western Wabigoon is the subject of this release, with Kenorland retaining a carried interest and a 2% NSR. Additionally, Kenorland holds a 3% NSR on the Opinaca Project in Quebec, where Phase 2 drilling is currently underway.

According to the latest MD&A, Kenorland reported Q1 2026 cash of C$18.02 million and working capital of C$15.74 million. The company recorded a Q1 2026 net loss of C$5.14 million and included an explicit going-concern disclosure.