Auranova Resources and Kenorland Minerals Commence Spring Drill Program at South Uchi Project

Executive Summary

• Auranova Resources commenced Phase 3 of its South Uchi Project diamond drill program, collaring the first 1.2 km step‑out hole targeting a 200‑m wide mineralised corridor identified in Phase 2.
• The company announced a non‑brokered private placement of up to 3,061,224 flow‑through common shares at $0.49 per share, seeking gross proceeds of up to $1.5 million to fund exploration on the South Uchi Project.
• Management highlighted the similarity of alteration styles to historic Great Bear gold discoveries and indicated potential expansion of the 3,000‑m drill program pending favorable results, with additional targets (e.g., Target B) slated for later in the year.

Key Details

• Drill Program Initiation
• First Phase 3 hole collared; 1.2 km step‑out west of holes 25PADD31 & 25PADD34.
• Holes 25PADD031 and 034 previously intersected >63 m of anomalous gold‑bearing mineralisation within a ~200 m wide structural corridor.
• Phase 3 planned for 3,000 m (six holes) with possible expansion if results are favourable.
• Exploration Context
• Comparison to Great Bear project (Kinross Gold) – similar quartz‑sericite‑pyrite alteration and gold anomalies cited by technical advisor Chris Taylor.
• Target B located ~8 km east of current drill area, identified via highly anomalous till geochemistry; slated for future drilling later in 2026.
• Financing – Private Placement
• Offering up to 3,061,224 FT shares at $0.49 per share.
• Gross proceeds: up to $1,500,000 (flow‑through financing).
• Shares subject to a hold period of four months + one day; resale governed by applicable securities legislation.
• Proceeds earmarked for exploration expenditures on the South Uchi Project.
• Regulatory & Partnership Notes
• Exploration Agreement negotiated with Lac Seul First Nation; permits from Ontario government secured.
• Qualified Person (QP) William Yeomans, B.Sc., P.Geo., has reviewed and approved technical information per NI 43‑101.
• Management Comments
• CEO Tom Obradovich: “We are excited to develop the South Uchi Project with the Kenorland team… Work permits from the Government of Ontario are in place and it is full steam ahead.”

Notable Quotes

“We have now drilled similar disseminated quartz‑sericite‑pyrite alteration at the Uchi property … We are about to test this large‑scale gold‑bearing structure and are excited to see if higher grades are hosted here.” – Chris Taylor, Director & Technical Advisor

“We are excited to develop the South Uchi Project with the Kenorland team as a partner to execute the current drill program… Work permits from the Government of Ontario are in place and it is full steam ahead.” – Tom Obradovich, CEO

All forward‑looking statements are subject to risks and uncertainties; actual results may differ materially.