Franco-Nevada Becomes Significant Shareholder of Kenorland Minerals

Franco-Nevada previously held no Kenorland shares and now owns approximately 12.42% of its outstanding common shares.

Rhea-AI Summary

Kenorland Minerals (KLD, KLDCF) announced that Franco-Nevada (FNV) acquired 10,000,000 common shares, becoming a shareholder through private agreements with existing holders.

The purchase represents approximately 12.42% of Kenorland's outstanding common shares. Franco-Nevada paid $2.22 per share, for an aggregate purchase price of $22.2 million. It acquired 7,950,000 shares from John Tognetti and 2,050,000 shares from Kenorland President and CEO Zach Flood.

Tognetti's holdings fell from 11,115,603 shares, approximately 13.80% of outstanding shares, to 3,165,603 shares, approximately 3.93%. He ceased to be a Kenorland insider following the transaction. Flood continues to hold 3,422,888 shares. Franco-Nevada acquired its shares for investment purposes. Both Franco-Nevada and Tognetti will file early warning reports under applicable securities laws.

Positive

• Minor pointFranco-Nevada became a shareholder by acquiring 10,000,000 existing shares, approximately 12.42%, for $22.2 million at $2.22 per share.

Negative

• None.

Key Figures

Shares acquired: 10,000,000 common shares Ownership stake: 12.42% Purchase price per share: $2.22 per common share +1 more

Shares acquired

10,000,000 common shares

Franco-Nevada's purchase from existing shareholders

Ownership stake

12.42%

Of Kenorland's outstanding common shares after the transaction

Purchase price per share

$2.22 per common share

Private agreements

Aggregate purchase price

$22.2 million

For the 10,000,000 common shares

Key Terms

early warning reports, form 62-103f1, net smelter return royalty, inferred mineral resource

4 terms

early warning reports regulatory

"Early warning reports will be filed by each of FNV and Tognetti"

Early warning reports are public filings that must be made when a shareholder’s stake in a company rises above or falls below regulatory thresholds, alerting the market to meaningful shifts in ownership. They matter to investors because big changes in who controls or gains influence over a company can affect strategy, risk and potential takeover activity—think of them as a transparent scoreboard or traffic signal that warns market participants when ownership patterns are shifting.

form 62-103f1 regulatory

"enumerated in item (a) through (k) of Item 5 of Form 62-103F1"

Form 62-103F1 is a standardized Canadian securities filing that publicly discloses when an individual or group buys or sells a significant stake in a public company, typically when ownership crosses regulatory thresholds that require notice. It matters to investors because it reveals who is gaining or losing influence—like watching a large player move chess pieces—which can signal potential takeovers, voting-power shifts, board changes, or future pressure on the stock price.

net smelter return royalty financial

"holds a 4% net smelter return royalty on the Frotet Project"

A net smelter return (NSR) royalty is a contractual right to receive a percentage of the revenue from minerals sold after they are processed and refined, with common deductions for transportation and refining fees. Investors care because an NSR provides a predictable slice of mining project income without owning the mine, so it affects expected cash flow, risk exposure to commodity prices, and the valuation of both the royalty and the operating project—similar to collecting a portion of rent after paying building maintenance costs.

inferred mineral resource technical

"contains an Inferred Mineral Resource of 14.5 Mt at 5.47 g/t Au"

An inferred mineral resource is an early-stage estimate of the amount and grade of minerals in the ground based on limited sampling and geological evidence; think of it as a rough sketch of where valuable material might be, rather than a detailed blueprint. It matters to investors because it signals potential upside but carries high uncertainty—further drilling and study are needed before it can support mine planning or reliable economic forecasts.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Vancouver, British Columbia--(Newsfile Corp. - October 5, 2026) - Kenorland Minerals Ltd. (TSXV: KLD) (OTCQX: KLDCF) (FSE: 3WQ0) ("Kenorland" or the "Company") announces that Franco-Nevada Corporation (TSX: FNV) (NYSE: FNV) ("FNV"), a leading gold-focused royalty and streaming company, has acquired an aggregate of 10,000,000 common shares ("Common Shares") of Kenorland (the "Transaction"), representing approximately 12.42% of the outstanding Common Shares.

"We are pleased to welcome Franco-Nevada, one of the most respected names in royalties and streaming, as a significant shareholder of Kenorland," said Zach Flood, President and CEO.

The Common Shares were acquired by FNV through private agreements at a price of $2.22 per Common Share from John Tognetti ("Tognetti") and Zach Flood, President and CEO of Kenorland, of which 7,950,000 Common Shares were acquired from Tognetti and the remaining 2,050,000 Common Shares were acquired from Mr. Flood, for an aggregate purchase price of $22.2 million.

Prior to the Transaction, FNV did not own any Common Shares of Kenorland and Tognetti held an aggregate of 11,115,603 Common Shares, of which 9,715,500 Common Shares were held directly, 812,175 Common Shares were held through 4224973 Canada Inc. and 587,928 Common Shares were held through San Jacopo Trading Inc., representing in aggregate approximately 13.80% of the outstanding Common Shares.

As a result of the Transaction, FNV owns 10,000,000 Common Shares, representing approximately 12.42% of the outstanding Common Shares and Tognetti now holds an aggregate of 3,165,603 Common Shares, of which 1,765,500 Common Shares are held directly, 812,175 Common Shares are held through 4224973 Canada Inc. and 587,928 Common Shares are held through San Jacopo Trading Inc., representing in aggregate approximately 3.93% of the outstanding Common Shares. Tognetti has now ceased to be an insider of Kenorland following the Transaction. Mr. Flood continues to hold 3,422,888 Common Shares following completion of the Transaction.

FNV acquired the Common Shares for investment purposes. Franco-Nevada has no current plan or intentions which relate to, or would result in, acquiring additional securities of Kenorland, disposing of securities of Kenorland, or any of the other actions enumerated in item (a) through (k) of Item 5 of Form 62-103F1 of National Instrument 62-103 - The Early Warning System and Related Take-over Bid and Insider Reporting Issues ("NI 62-103"). FNV may, from time to time in the future, depending on market conditions and its investment strategy, acquire additional securities of Kenorland in the open market or pursuant to privately negotiated transactions, sell all or a portion of its securities of Kenorland or take any of the other enumerated actions.

Tognetti disposed of the Common Shares as part of Tognetti's overall investment and portfolio management strategy. Tognetti presently has no intention to acquire additional securities of Kenorland; however, Tognetti may, from time to time and depending on market conditions and other relevant factors, acquire or dispose of securities of Kenorland through open market purchases, privately negotiated transactions, or otherwise.

Early warning reports will be filed by each of FNV and Tognetti in accordance with applicable securities laws and will be available on SEDAR+ at www.sedarplus.ca or may be obtained directly upon request from Bonavie Tek at 416-306-6309 or info@franco-nevada.com, in the case of FNV, or Cindy Schoenhaar at 604-375-0937 or cschoenhaar@haywood.com, in the case of Tognetti. This news release includes disclosure required pursuant to Part 3 of NI 62-103 in respect of each of FNV and Tognetti.

FNV's head and registered office is located at Suite 2000, Commerce Court West, 199 Bay Street, Toronto, Ontario M5L 1G9.

About Kenorland Minerals

Kenorland Minerals Ltd. (TSXV: KLD) is a well-financed mineral exploration company focused on project generation and early-stage exploration in North America. Kenorland's exploration strategy is to advance greenfields projects through systematic, property-wide, phased exploration surveys financed primarily through exploration partnerships including option to joint venture agreements. Kenorland holds a 4% net smelter return royalty on the Frotet Project in Quebec, which is owned by Sumitomo Metal Mining Canada Ltd. The Frotet Project hosts the Regnault gold system, a greenfields discovery made by Kenorland and Sumitomo Metal Mining Canada Ltd. in 2020, which contains an Inferred Mineral Resource of 14.5 Mt at 5.47 g/t Au for 2.55 Moz of gold. Kenorland is based in Vancouver, British Columbia, Canada.

Further information can be found on the Company's website www.kenorlandminerals.com.

On behalf of the Board of Directors,

Zach Flood
President, CEO & Director
Tel +1 604 568 6005
info@kenorlandminerals.com

Cautionary Statement Regarding Forward Looking Statements

This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects", "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". Forward looking statements involve risks, uncertainties and other factors disclosed under the heading "Risk Factors" and elsewhere in the Company's filings with Canadian securities regulators, that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/317475

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did Franco-Nevada pay for its Kenorland Minerals stake?

Franco-Nevada paid $22.2 million for 10,000,000 Kenorland common shares at $2.22 per share. The stake represents approximately 12.42% of outstanding common shares. The privately negotiated purchases comprised 7,950,000 shares from John Tognetti and 2,050,000 shares from President and CEO Zach Flood.

Does Franco-Nevada plan to buy more Kenorland Minerals shares?

Franco-Nevada has no current plans to acquire additional Kenorland securities or dispose of its holdings. Depending on market conditions and its investment strategy, it may later acquire additional securities through market purchases or privately negotiated transactions, or sell all or part of its holdings.