Kenorland Minerals Provides Update on Upcoming Maiden Mineral Resource Estimate at the Frotet Project, Quebec

On November 26, 2025, Kenorland Minerals announced that the maiden Mineral Resource Estimate (MRE) for the Regnault gold deposit, located at its Frotet Project in Quebec, is in the final stages of completion. The company expects to announce the MRE in the "coming weeks." This initial resource will incorporate data from 265 drill holes totaling 127,217 meters and will provide the first formal quantification of the high-grade gold mineralization discovered in 2020. CEO Zach Flood highlighted that this MRE will be a "defining milestone" and establish a "tangible valuation anchor" for Kenorland's 4% Net Smelter Return (NSR) royalty on the project.

The announcement is a routine positive update that confirms a major, previously announced catalyst is imminent. The market has been anticipating this maiden MRE since the company first announced its initiation in August 2025. The news does not provide new data but serves to de-risk the timeline and build anticipation.

The true material event will be the release of the MRE itself. Expectations are very high, underpinned by a series of spectacular high-grade drill results released throughout 2025, including: - June 17, 2025: 6.70m of 30.41 g/t Au in a 120m step-out. - August 25, 2025: 12.15m of 26.33 g/t Au.

These results have demonstrated both the high-grade nature and the growing scale of the Regnault system. The MRE will be the first independent, NI 43-101 compliant quantification of the deposit's size, grade, and confidence level. This will allow the market to more formally value Kenorland's 4% NSR royalty, which is its most significant asset.

While this specific news release is routine, it reinforces the most critical near-term value driver for the company. The stock price has already appreciated significantly in anticipation of strong exploration results and this MRE. A positive MRE that meets or exceeds expectations would validate the current valuation and likely provide another catalyst for an upward move. Conversely, any disappointment in tonnage or grade relative to high expectations presents the primary near-term risk.

Kenorland Minerals is a project generator focused on early-stage mineral exploration in North America. Its business model is to identify and acquire large, prospective land packages and then attract partners (typically major mining companies) to fund capital-intensive exploration in exchange for an interest in the project. Kenorland often retains a carried interest and a royalty.

The company's flagship asset is a 4% Net Smelter Return (NSR) royalty on the Frotet Project in Quebec. The project is 100% owned and operated by Sumitomo Metal Mining Canada Ltd. The Frotet project hosts the Regnault gold system, a high-grade, greenfield discovery made by the Kenorland-Sumitomo JV in 2020. Kenorland converted its 20% participating interest into the 4% NSR in February 2024, a strategic move that de-risks its exposure while retaining significant upside to the project's success. The upcoming maiden MRE at Regnault is a critical step in quantifying the value of this royalty.