Kenorland Minerals Provides an Exploration Update

Rhea-AI Summary

Kenorland Minerals (OTCQX: KLDCF / TSXV: KLD) provided a December 9, 2025 exploration update covering projects in Canada and Alaska, partner programs with Sumitomo and Centerra, and corporate financials.

Key facts: working capital ~$18.5M, 2025 forecasted exploration >$45.0M (≈$35.3M partner‑funded), forecasted revenue ~$4.1M plus a refundable tax credit of ~$1.1M expected in 2026, and equity stakes valued at ~$8.1M.

Technical highlights include high‑grade Regnault intercepts (e.g., 12.15m at 26.33 g/t Au), an imminent maiden MRE using 127,217m of drilling, partner earn‑ins (South Uchi: Auranova 51% earned), Newmont withdrawal from Chebistuan (effective Jan 31, 2026), and several generative greenfield projects staked in 2024–2025.

Positive

• Working capital approximately $18.5M as of Oct 31, 2025
• Partner funding of approximately $35.3M of >$45.0M 2025 exploration
• Regnault highlights: 12.15m at 26.33 g/t Au (hole 25RDD261)
• Maiden MRE will incorporate 127,217 metres from 265 holes
• Prospector Royalty equity 39.38% with expected AK Deposit cash flow in 2026
• Fox River discovery: 3.88m at 8.10 g/t Au including 0.26m at 76.6 g/t Au

Negative

• Forecasted revenue ~$4.1M versus >$45.0M exploration spend
• Chebistuan winter drilling returned no economically significant intervals
• Newmont withdrew from Chebistuan, effective Jan 31, 2026
• Tanacross scout drill program (1,285m) returned no economic mineralisation

Vancouver, British Columbia--(Newsfile Corp. - December 9, 2025) - Kenorland Minerals Ltd. (TSXV: KLD) (OTCQX: KLDCF) (FSE: 3WQ0) ("Kenorland" or the "Company") is pleased to provide an update on its exploration activities across its portfolio of projects in Quebec, Ontario, Manitoba, Saskatchewan, New Brunswick, and Alaska, including partnerships with Sumitomo Metal Mining Canada Ltd. ("Sumitomo") and Centerra Gold Inc. ("Centerra").

As of October 31, 2025, the Company's working capital position was approximately $18.5 million. Forecasted exploration expenditures in 2025 across properties where Kenorland holds direct or royalty interests total over $45.0 million, including approximately $35.3 million funded by partners. Forecasted revenue for the year, including management fees and cash payments, is approximately $4.1 million, with an additional $1.1 million expected from a refundable mining tax credit in 2026. Kenorland also holds equity interests valued at approximately $8.1 million in a portfolio of private and publicly listed companies.

Zach Flood, President and CEO of Kenorland, commented: "Kenorland delivered a highly productive 2025 year of exploration across its North American portfolio, with a steady stream of partner-funded drill programs systematically testing discovery-stage targets. This was highlighted by continued high-grade results from the Regnault gold system at Frotet, now operated by Sumitomo, and where our maiden Mineral Resource Estimate is expected imminently. We also anticipate results from phase 2 drilling at South Uchi with Auranova Resources, and look forward to an upcoming maiden drill program at the West Wabigoon Project in the new year, under a partnership with Centerra Gold. Despite weaker exploration results at projects such as Chebistuan and Tanacross, our business model remains strong, supported by a solid financial position and a replenished pipeline of grassroots projects in Canada. As several new 100%-owned greenfield projects progress through early-stage regional exploration, Kenorland is well positioned for new discovery potential and renewed partnership growth in 2026."

Frotet Project 4% NSR Royalty, Quebec

On August 25, 2025, Kenorland announced the remaining results from the 2025 winter drill program at the Regnault gold system on the Frotet Project in northern Quebec. The 22,913-metre program focused on infill and step-out drilling along key mineralised structures, further demonstrating the scale and continuity of the high-grade Regnault gold system. Highlights include 12.15m at 26.33 g/t Au (25RDD261), 7.80m at 13.98 g/t Au (25RDD257), and 4.50m at 18.06 g/t Au (25RDD259). Step-out drilling extended mineralisation at depth along the R1, R5, R6, and R9 trends. Following completion of the winter program, operatorship of the Frotet Project was formally transferred to Sumitomo.

The Company also announced the initiation of a maiden Mineral Resource Estimate (MRE) for the Regnault gold system, with results expected shortly. The MRE will incorporate 127,217 metres of drilling from 265 holes and will represent the first formal quantification of the high-grade gold mineralisation first discovered by Kenorland and Sumitomo in 2020. Baseline environmental and technical studies in support of permitting an underground exploration decline at Regnault continued through 2025, with Sumitomo advancing engineering and design work. The Company expects Sumitomo to proceed with an application for an attestation of exemption from COMEV, the initial step in the provincial permitting process. Progress on the decline will remain contingent on the completion of baseline studies, receipt of required permits, and the outcomes of the maiden MRE.

Kenorland also anticipates reporting results from the 2025 fall drill program at Regnault in Q1 2026, which consisted of six drill holes for 4,496 metres of drilling, alongside the commencement of the 2026 winter drill campaign, which will be operated by Sumitomo. Kenorland holds a 4% net smelter return royalty on the Frotet Project, which is now 100% owned and operated by Sumitomo.

Projects Under Earn-in

South Uchi Project, Ontario:

On November 3, 2025, Kenorland and Auranova Resources Inc. ("Auranova") announced the completion of the 2025 fall drill program at the South Uchi Project in Ontario's Red Lake District. The Phase 2 program comprised 13 diamond drill holes totaling 7,075 metres, following the maiden winter campaign that outlined widespread gold mineralisation along a five-kilometre-long structural corridor at the Papaonga target. Drilling focused on testing the continuity of mineralisation intersected in drill hole 25PADD023 and extended the deformation zone by roughly two kilometres eastward, while additional holes targeted a broad, concealed structural corridor to the northeast. Assay results are expected in Q1 2026.

Auranova has earned a 51% interest in the project and can increase to 70% under the terms of the earn-in agreement. Kenorland retains a 30% carried interest through to completion of a Preliminary Economic Assessment (PEA), a 2% NSR royalty covering the entire project area, and holds 9,242,267 common shares of Auranova.

Flora, West Wabigoon, and Algoman Projects, Ontario:

Systematic geochemical and prospecting programs completed in 2024-2025 across the Flora, Western Wabigoon, and Algoman Projects outlined multiple district-scale gold anomalies, including the 7 km F1 trend at Flora and a 19 km gold-in-till corridor at Western Wabigoon, reinforced by strong gold-grain results from HMC till sampling. Follow-up work in 2025, including airborne geophysics, infill soil sampling, HMC till sampling, mapping, and prospecting, has further refined these target areas, with Western Wabigoon's W2 target emerging as a priority for 2026 drilling. At the Flora Project, 2026 work will include continued surface exploration to refine the target towards a future drill test. The Algoman Project did not return any meaningful anomalies warranting follow-up at this time.

The projects are currently held under an option agreement with a subsidiary of Centerra (see press release dated June 25, 2025), whereby Centerra can earn up to a 70% interest in each project by funding staged exploration and delivering a PEA. Upon earn-in, a joint venture will be formed, with Kenorland retaining the right to a carried interest through to completion of a Pre-Feasibility Study (PFS), after which both parties will contribute pro-rata to development.

In addition to its carried interest, Kenorland retains a 2% NSR royalty covering its 100%-owned claims within the Flora, West Wabigoon, and Algoman Project areas.

O'Sullivan Project, Quebec:

On November 11, 2025, Kenorland announced commencement of a 2025 fall drill program at the O'Sullivan Project in the Abitibi greenstone belt of Quebec. A total of 3,375 metres of drilling was completed across seven diamond drill holes testing a structurally complex corridor along the Casa Berardi Deformation Zone, which was defined through five years of systematic exploration including soil geochemistry, geological mapping and geophysics. The project is under option to Sumitomo, and assay results are expected in Q1 2026.

Chebistuan Project, Quebec:

Kenorland announces that Newmont Corporation ("Newmont") has elected to withdraw from the earn-in agreement for the Chebistuan Project, located in Quebec. The termination of the agreement is effective January 31, 2026 and Newmont will transfer its participating interest in the project to Kenorland, resulting in Kenorland owning 100% of the Project. The Company completed a 2,449-metre drill program in the winter with no economically significant intervals reported. The Company has no immediate explorations plans for the Chebistuan project.

Hunter Project, Quebec:

In Q1 2025, Kenorland completed a maiden eight-hole, 4,217-metre diamond drill program at the Hunter Project, following several years of systematic exploration that outlined a 3.5 × 2.0 kilometre intrusion-related Au-Cu-Mo-Ag-W-Bi anomaly associated with the syn-volcanic Poularies Batholith. Drilling tested concealed targets beneath thick overburden and returned widespread anomalous mineralisation across the area, including intervals of Au-Cu-Ag and Mo enrichment. The Hunter Project remains under an earn-in agreement with a subsidiary of Centerra, and no material updates have occurred since the results were last reported (see press release dated July 9, 2025).

100% Owned Projects

Kowkash Project, Ontario:

The Kowkash Project, acquired by Kenorland through map staking in early 2025, covers 125,430 hectares within the underexplored Onaman-Tashota Greenstone Belt of the Eastern Wabigoon subprovince. A first-pass regional till geochemical survey was completed over the summer.

KSZ Project, Ontario:

The KSZ Project is located in central Ontario and covers 114,084 hectares acquired through map staking in Q2 of 2025. The KSZ Project sits within the Kapuskasing Structural Zone of the Abitibi-Wawa subprovince, where extensive glacial cover has limited prior exploration. A first-pass regional geochemical survey was completed over the summer.

Atlantic Project, New Brunswick:

The Atlantic Project, covering 158,385 hectares in western New Brunswick was recently acquired by Kenorland through map staking and property acquisitions. The Atlantic Project spans a highly prospective portion of the Gander and Dunnage zones, known for hosting gold and polymetallic deposits. A first-pass, property-wide regional geochemical survey was completed in November.

Eeyou Istchee Project, Quebec:

The Eeyou Istchee Project, acquired by Kenorland through map staking in 2024, covers 268,941 hectares across two large claim blocks in the Opinaca subprovince of Quebec's James Bay region. A property-wide regional geochemical survey was completed during the 2025 field season, providing the first systematic dataset across the project area.

Settee Project, Saskatchewan:

The Settee Project covers 79,870 hectares within the McLean Belt of the Kisseynew sedimentary subprovince. Originally staked by Kenorland in 2023 based on a regional multi-element till anomaly, a 680-sample property-wide survey returned encouraging gold and base metal results. A follow-up geochemical survey was completed during the 2025 field season.

Tanacross Project, Alaska:

Kenorland completed a limited scout drill program at the Tanacross Project in Alaska, consisting of 1,285 metres across three diamond drill holes testing the South Taurus target. Drilling did not intersect economically significant mineralisation. No immediate follow-up work is planned.

South Thompson Project, Manitoba:

The previously announced (see press release dated July 30, 2024) purchase and sale agreement with Evolution Nickel Corporation for the South Thompson Project has since been terminated. The Company has completed geophysical modelling and prospectivity analysis outlining high-priority targets for Thompson-style nickel sulfide mineralisation. Future exploration plans are under review. Kenorland continues to hold 100% ownership of the South Thompson Project.

Generative Projects

Kenorland recently acquired, through staking, two new large-scale greenfield projects within the Oxford-Stull subprovince of the Archean Superior Province: the Oxford-Stull Project in Ontario, covering 187,500 hectares, and the Swampy Lake Project in Manitoba, covering 225,000 hectares. In addition, the Company has staked 39,500 hectares of mineral claims in the Birch-Uchi subprovince of Ontario, forming the Lang Lake Project, and 26,660 hectares of mineral claims in the Western Wabigoon subprovince of Ontario, forming the Twinflower Lake Project.

Other Royalty/Equity Assets

Koulou Gold Corp., Côte D'Ivoire:

Kenorland holds an approximate 6.5% equity interest in Koulou Gold Corp. ("Koulou Gold"), a privately held West African exploration company. Koulou Gold recently announced two drill programs at its 100%-owned Kouto and Sakassou projects in Côte D'Ivoire as well as continued surface geochemical and geophysical surveys at its flagship Assuéfry Project, which is on track for initial drill testing in 2026.

Prospector Royalty Corp.:

Kenorland holds an approximate 39.38% equity interest in Prospector Royalty Corp. ("PRC"), which continues to pursue its strategy of acquiring overlooked royalties and anticipates initial cash flow from a NSR royalty on the AK Deposit, from the Macassa complex in 2026. PRC currently holds a portfolio of 29 royalties across Canada and is actively expanding its global proprietary royalty database.

Opinaca Project, Quebec:

Kenorland operated the maiden drill program at the Opinaca Project in partnership with Targa Exploration Corp. ("Targa"). The program included eight diamond drill holes totaling 3,620 metres and marked the first occurrence of visible gold (VG) at Opinaca, with over ten grains of VG observed in hole 25OPDD007 at a depth of 460 metres. Assay results are pending and expected by year-end. The Opinaca Project is located in Quebec's James Bay region, approximately 45 kilometres south of the Trans-Taiga Road and 140 kilometres northeast of Newmont's Éléonore Mine. Kenorland holds a 3% NSR royalty on the Opinaca Project and an equity interest in Targa.

Fox River Project, Manitoba:

In July 2025, Plethora Exploration Corp. (private) ("Plethora") completed a 2,046m maiden drill program at the Fox River target, in northern Manitoba, where Kenorland holds a 2% NSR royalty. In November, Plethora reported a new high-grade orogenic gold discovery, highlighted by 3.88m at 8.10 g/t Au including 0.26m at 76.6 g/t Au in hole TBO_007 with additional drillholes intersecting anomalous gold over 3.3km in a structurally controlled, iron-formation hosted gold system.

Qualified Person

Mr. Janek Wozniewski, B.Sc., P.Geo. (EGBC #172781, APEGS #77522, EGMB #48045, PGO #3824, APEGNB #L7273), Vice President of Operations at Kenorland, and Cédric Mayer, M.Sc., P.Geo. (OGQ #02385), Senior Project Geologist at Kenorland, each a "Qualified Person" under National Instrument 43-101, have reviewed and approved the scientific and technical information in this press release.

About Kenorland Minerals Ltd.

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. 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

For further information, please contact:

Alex Muir, CFA
Corporate Development and Investor Relations Manager
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/277362

FAQ

What working capital did Kenorland report on Oct 31, 2025 (KLDCF)?

Kenorland reported approximately $18.5 million working capital as of Oct 31, 2025.

How much 2025 exploration spending is forecasted for Kenorland projects (KLDCF)?

Forecasted 2025 exploration expenditures total over $45.0 million, with about $35.3 million partner‑funded.

What are the Regnault Project highlights that affect Kenorland royalty (KLDCF)?

Regnault reported high‑grade intercepts, e.g., 12.15m at 26.33 g/t Au, and a maiden MRE using 127,217m of drilling is expected soon; Kenorland holds a 4% NSR.

What is the status of the Chebistuan earn‑in and ownership for Kenorland (KLDCF)?

Newmont elected to withdraw from the Chebistuan earn‑in, effective Jan 31, 2026, transferring its interest so Kenorland will own 100%.

What partner interests did Auranova earn at South Uchi and what does Kenorland retain (KLDCF)?

Auranova earned 51% with the ability to reach 70%; Kenorland retains a 30% carried interest, a 2% NSR, and 9,242,267 Auranova shares.

Are there any drill failures reported affecting Kenorland projects (KLDCF)?

Yes: the Chebistuan winter program reported no economically significant intervals, and the Tanacross scout drill program (1,285m) found no economic mineralisation.

What near‑term cash flow or revenue catalysts were disclosed for Kenorland (KLDCF)?

Kenorland expects forecasted revenue of ~$4.1M in 2025, a refundable mining tax credit of ~$1.1M in 2026, and Prospector Royalty anticipates initial AK Deposit cash flow in 2026.