Kenorland Minerals Provides an Exploration Update

The most recent news release from Kenorland Minerals Ltd. on December 9, 2025, provides a comprehensive exploration update across its North American portfolio, detailing activities, partnerships, and financial position.

Key highlights include: * Frotet Project (Quebec): The company reported continued high-grade drilling results from the Regnault gold system during its 2025 winter drill program, with intercepts such as 26.33 g/t Au over 12.15m (hole 25RDD261) and 13.98 g/t Au over 7.8m (hole 25RDD257). A maiden Mineral Resource Estimate (MRE) for Regnault, now operated by Sumitomo Metal Mining Canada Ltd., is expected imminently. * South Uchi Project (Ontario): Phase 2 drilling with Auranova Resources Inc. has been completed, and assay results are anticipated. * Flora, West Wabigoon, and Algoman Projects (Ontario): Following positive geochemical results, a maiden drill program at the West Wabigoon Project, under a partnership with Centerra Gold Inc., is expected in the new year. * Chebistuan Project (Quebec): Newmont Corporation will terminate its earn-in agreement, effective January 31, 2026, due to "weaker exploration results." Kenorland will regain 100% ownership of the project. * Tanacross Project (Alaska): Weaker exploration results were also noted for this project. * Financial Position: As of October 31, 2025, Kenorland reported working capital of $18.5 million CAD. Forecasted 2025 exploration expenditures are $45 million CAD, of which $35.3 million CAD is partner-funded.

The December 9, 2025, news release presents a mixed bag of operational developments, with several positive updates balanced by specific project setbacks.

Positive Impacts: * Frotet Project (Royalty Asset Strength): The continued reporting of high-grade gold intercepts at the Regnault system (now 4% NSR royalty for Kenorland) is highly positive. It reinforces the quality and potential scale of this key asset and bodes well for the imminent Maiden Mineral Resource Estimate. This resource estimate is a significant value driver for Kenorland's royalty interest. * Partner-Funded Exploration & Financial Health: The strong working capital position ($18.5 million CAD) and the high proportion of partner-funded exploration ($35.3 million out of $45 million in 2025) are crucial. This strategy significantly de-risks Kenorland's cash burn and allows it to advance a diversified portfolio without substantial equity dilution. The planned maiden drill program at West Wabigoon with Centerra Gold further validates this model. * Project Pipeline: The CEO's mention of a "replenished pipeline of grassroots projects in Canada" signals ongoing long-term potential for new discoveries.

Negative Impacts: * Chebistuan Project Termination: Newmont Corporation's decision to terminate its earn-in agreement for the Chebistuan Project due to "weaker exploration results" is a clear negative. While Kenorland regains 100% ownership, it loses a funded partner and the expertise of a major miner at this specific project. This is a direct reflection of unmet exploration expectations. * Tanacross Project Setbacks: Similar "weaker exploration results" at Tanacross indicate that not all projects in the portfolio are progressing as hoped.

Overall Materiality: This news is a routine operational update, summarizing activities across a broad portfolio. The excellent high-grade drill results at Frotet and the imminent MRE are highly positive for Kenorland's core royalty asset. The Newmont termination at Chebistuan is a disappointment for that specific project but is somewhat cushioned by Kenorland's diversified project pipeline and strong financial footing largely driven by other strong partnerships. The news confirms Kenorland's business model but also highlights the inherent risks of exploration. It is not a "game-changer" but carries a slight positive leaning due to the consistent strength of Frotet.

Kenorland Minerals Ltd. is a Canada-based mineral exploration company focused on the systematic generation and advancement of greenfield projects in North America, primarily for gold and base metals. The company's business model involves identifying prospective areas, conducting early-stage exploration, and then attracting larger mining companies to option or joint venture the projects, thereby funding subsequent, more expensive exploration and development. Kenorland aims to retain significant royalty interests or carried interests through these partnerships.

Flagship Project: The Frotet Project in northern Quebec, specifically the Regnault gold system, is Kenorland's flagship asset. It was a greenfield discovery made by Kenorland and Sumitomo Metal Mining Canada Ltd. in 2020. In February 2024, Kenorland converted its 20% participating interest in the Frotet joint venture to a 4.0% Net Smelter Return (NSR) royalty on all minerals extracted from the property. Sumitomo Metal Mining Canada Ltd. is now the operator of the project. The project has consistently delivered high-grade gold intercepts, and a maiden Mineral Resource Estimate is currently anticipated. Sumitomo has also initiated engineering and baseline studies for a potential underground decline, indicating a long-term development pathway.

Other Key Projects and Partnerships: * South Uchi Project (Ontario): Partnered with Auranova Resources Inc. Kenorland holds a 2% NSR royalty and a significant equity stake in Auranova. Auranova recently completed its initial 51% earn-in and is planning future exploration. * Flora, West Wabigoon, and Algoman Projects (Ontario): Optioned to Centerra Gold Inc. Centerra can earn up to a 70% interest by funding exploration and delivering a PEA. Kenorland retains a 2% NSR and a carried interest to PFS. * Hunter Project (Quebec): Optioned to Centerra Gold Inc., with Centerra funding exploration. * O'Sullivan Project (Quebec): Partnered with Sumitomo Metal Mining Canada Ltd. for exploration. * Chebistuan Project (Quebec): Previously under an earn-in agreement with Newmont Corporation, which is now being terminated. Kenorland will regain 100% ownership. * South Thompson Project (Manitoba): Acquired by Evolution Nickel Corporation, with Kenorland receiving shares of Evolution and a 2% NSR royalty.