Kenorland Reports High-Grade Intercepts from Recent Drilling at the Frotet Project, Quebec

Kenorland Minerals Ltd. (KLD) has released complete assays from 20 exploration drill holes totaling 14,980 meters drilled during the 2025 fall and 2026 winter programs at the Frotet Project in Quebec. These results mark the first data released since the December 16, 2025 maiden Inferred Resource cut-off, which defined 14.5 million tonnes at 5.47 g/t Au for 2.55 moz of gold.

Kenorland does not own the Frotet Project, which is 100% owned and operated by Sumitomo Metal Mining Canada Ltd. Kenorland holds a 4% NSR royalty, subject to Sumitomo buy-down rights allowing for a reduction of 0.25% for C$3.0M within five years and 0.50% for C$10.0M within ten years, which would reduce the royalty to an uncapped 3.25% NSR.

The company reported the following highlights:

• 25RDD269: 2.35 m at 71.89 g/t Au incl. 0.65 m at 252.00 g/t Au — R11, step-out, outside MRE
• 26RDD273: 73.42 m at 2.24 g/t Au incl. 3.42 m at 8.73 g/t, 3.48 m at 4.14 g/t, 2.84 m at 5.75 g/t — R11, step-out, outside MRE
• 26RDD273: 1.62 m at 49.43 g/t Au incl. 0.57 m at 135.00 g/t Au — R10, step-out, outside MRE
• 26RDD287: 14.25 m at 9.72 g/t Au incl. 2.00 m at 55.24 g/t Au; and 4.85 m at 17.34 g/t Au incl. 1.92 m at 31.04 g/t Au — R6, step-out
• 25RDD270A: 15.40 m at 8.19 g/t Au incl. 4.40 m at 26.43 g/t Au — R6, step-out
• 26RDD284: 7.45 m at 14.79 g/t Au incl. 2.30 m at 45.17 g/t Au — R6, infill within MRE
• 26RDD278: 3.90 m at 18.26 g/t Au incl. 0.90 m at 74.40 g/t Au — R9, step-out
• 26RDD275: 0.65 m at 175.00 g/t Au — R4, inside the 100 m crown pillar
• 25RDD271: 8.10 m at 7.89 g/t Au (infill) and 0.90 m at 67.90 g/t Au, 70 m step-out west — R4

The company states that six intercepts exceeded 100 g/t Au x m and six fell between 50 and 100 g/t Au x m. Step-out offsets disclosed include 105 m east on R11 (25RDD269), 60 m east on R11 (26RDD273), 85 m east on R10 (26RDD273), 115 m west and 100 m north/down-dip on R6 (26RDD287), 65 m east on R6 (25RDD270A), and 70 m west on R4 (25RDD271).

True widths are explicitly not determined; intervals are core lengths. No cutoff grade is stated for the reported intercepts. A "Residual Au" column is disclosed for some intervals, representing the average of the interval excluding the highlighted internal sub-interval. Total drilling in the deposit area to date stands at 314 holes for 143,823 meters, compared to 289 holes for 127,217 meters in the MRE.

Kenorland Minerals Ltd. (KLD) reported drill results that demonstrate the extension of the R10 and R11 zones, which were excluded from the Mineral Resource Estimate (MRE) due to drill-spacing grounds, with 60-105 m step-outs at 80-169 g.m. The R6 zone also continues to extend both west and down-dip. Combined with 19 high-grade shells the MRE modelled but left unclassified, these findings support the potential for a larger second-pass resource, though they do not establish one.

Kenorland holds a 4% Net Smelter Return (NSR) on the project, meaning any incremental resource value created by these holes accrues 96% to Sumitomo. Illustratively, if the step-outs eventually contributed 1 moz to a future resource, Kenorland's 4% NSR would carry roughly 40,000 attributable revenue-equivalent ounces. This translates to perhaps C$25-35 million of discounted NAV once permitting, development timing, and the risk that not all resource converts are applied are accounted for. Against a ~C$173 million market capitalisation, a single 20-hole step-out batch that would move the resource a fraction of that is worth low single-digit percent at most.

The stock peaked at C$3.45 on January 26, 2026, following the December 2025 MRE, and has since round-tripped to C$2.15, representing a ~38% drawdown. The most recent leg down occurred from C$2.60 in mid-August to C$2.15 into this release.

The near-term driver of the share price is not Frotet drilling. Prior-period context from the Q1 2026 MD&A, not disclosed in today's release, shows revenue fell 81% to C$287,273, with a net loss of C$5.14 million. The company recorded C$3.06 million of share-based compensation from option vesting and a C$2.56 million impairment primarily on the Algoman Project. These items, alongside negative operating cash flow, an explicit going-concern disclosure, C$18.02 million in cash, and C$15.74 million in working capital, dominate the equity story more than a royalty-holder's step-out holes do.

The results represent a solid, well-disclosed, genuine step-out batch with excellent-to-good gram-metres, delivered into a stock that has not priced Frotet success. However, the equity leverage is capped by the 4% NSR, and the headline metres are partly carried by narrow pods inside sub-cut-off envelopes. The findings are positive and incremental, but not transformational.

Kenorland Minerals Ltd. (TSXV: KLD; OTCQX: KLDCF; FSE: 3WQ0) is a Vancouver-based project generator that operates on a royalty and option-to-joint-venture model rather than a mine-building model. The company holds a 4% NSR royalty, buy-downable to 3.25%, over 39,365 hectares in the Frotet-Evans greenstone belt in Quebec. This property is 100% owned and operated by Sumitomo Metal Mining Canada Ltd. and hosts the Regnault gold deposit, a greenfields discovery made in 2020. The deposit contains an Inferred resource of 14.5 Mt @ 5.47 g/t Au = 2.55 moz, with 93.3% Au and 90% Ag assumed recoveries at US$2,500/oz gold. Kenorland exchanged its 20% participating interest for the royalty in February 2024.

In the Red Lake District of Ontario, Kenorland has optioned the South Uchi Project to Auranova Resources Inc. Kenorland retains a 30% carried interest to PEA and a 2% NSR royalty, along with 9,242,267 Auranova shares, representing approximately 19.9% ownership, which steps down to 10% after a qualifying raise. The Flora and Western Wabigoon Projects in Ontario are optioned to Centerra Gold Inc. with up to a 70% earn-in; Kenorland retains a carried interest and 2% NSR. A maiden 4,089 m Western Wabigoon program was completed in 2026.

In James Bay, Quebec, the Opinaca Project carries a 3% NSR royalty. It is 100% owned by Targa Exploration, with Kenorland acting as operator. The O'Sullivan Project in Quebec returned to 100% Kenorland ownership after Sumitomo withdrew from the earn-in and JV in April/May 2026.

Kenorland maintains a 100%-owned grassroots pipeline in Ontario, Quebec, Manitoba, Saskatchewan, New Brunswick, and Alaska, exceeding 1.5 million hectares. This portfolio includes Lang Lake, Muskrat Dam, Central Uchi (expanded by the Golden Sidewalk acquisition), Oxford-Stull, and Twinwater, plus the Torrance REE project vended to Neotech Metals.

The company holds equity and other royalties including approximately 19.9% of Auranova, approximately 6.5% of Koulou Gold, approximately 39.38% of Prospector Royalty Corp., and a 2% NSR on Fox River in Manitoba.

As of July 31, 2026, the capital structure consisted of 80,474,118 basic shares and 12,181,665 options, totaling 92,655,738 fully diluted shares. Insider and management ownership stood at 24%, Sumitomo held 10.1%, Centerra held 9.9%, and institutional investors held 17%.

Prior-period financial context for Q1 2026 and FY 2025 as-reported, which is not part of today's release, shows Q1 2026 revenue of C$287,273, down 81% year over year on lower operator fees. Q1 2026 net loss was C$5.14 million, including C$3.06 million of share-based compensation and a C$2.56 million exploration-asset impairment, primarily related to Algoman. FY 2025 net loss was C$10.11 million. Cash was C$18.02 million and working capital was C$15.74 million at March 31, 2026; working capital was approximately C$14.38 million at June 30, 2026 per the investor deck. The MD&A carries an explicit going-concern disclosure and has no oil/other segments to analyse.