Mr. Zach Flood reports

KENORLAND MINERALS AND TARGA EXPLORATION COMMENCE PHASE 2 DRILL PROGRAM AT THE OPINACA PROJECT GOLD DISCOVERY, QUEBEC

Kenorland Minerals Ltd. has commenced the phase 2 diamond drill program at the Opinaca project, located in the James Bay region of Quebec. Kenorland is the current operator and holds a 3-per-cent net smelter return (NSR) royalty on the project, which is 100 per cent owned by Targa Exploration Corp. Details on the upcoming program are reported herein.

2026 summer exploration program

A total budget of $3.9-million has been approved by Targa for the 2026 summer exploration program, comprising up to 4,400 metres of diamond drilling with potential for additional holes if budget permits, geological mapping and prospecting. The drill program will focus primarily on the Opinaca gold discovery while also evaluating regional targets identified through systematic exploration.

At the Opinaca gold discovery, planned drill hole fences are spaced 0.5 to one kilometre apart, designed to follow up on high-grade and widespread gold mineralization intersected during the maiden drill program completed in Q4 2025 (see press release dated Jan. 21, 2026). The program has been designed to evaluate the lateral continuity and scale of the mineralized system while continuing to assess the broader intrusive complex that hosts the discovery. Kenorland will operate the exploration program, with drilling activities expected to conclude in early September.

About the Opinaca project

The Opinaca project is located in the James Bay region of Quebec, approximately 50 kilometres south of the all-season Trans-Taiga Road and regional hydroelectric infrastructure. The project was originally staked by Kenorland and subsequently vended to Targa in exchange for equity consideration and a 3-per-cent NSR (net smelter return) royalty.

Originally evaluated for lithium potential, Kenorland initiated a regional till sampling program in 2023 that led to the discovery of two significant and distinct gold anomalies characterized by elevated Au-As-W-Sb (gold-arsenic-tungsten-antimony) geochemical signatures. These results highlighted the potential for an orogenic gold system on the property and represented the first documented mineral exploration on the Opinaca project.

Subsequent claim staking expanded the property in the up-ice direction to cover potential bedrock source areas, resulting in a consolidated land position totalling 85,267 hectares. Follow-up work in 2024 included infill till sampling, expanded grid coverage and the collection of 10-kilogram heavy mineral concentrate (HMC) samples for gold grain analysis. This work outlined a continuous approximately seven kilometres east-west prospective gold trend, with elevated and spatially coherent gold grain counts consistently observed down-ice from the interpreted source area.

Additional work in 2024 included tighter-spaced HMC sampling, extensive boulder prospecting and a heliborne magnetic-VLF survey, which collectively refined drill targets across the property. The maiden drill program, completed in Q4 2025, resulted in the discovery of a widespread intrusion-hosted gold system over a four km target area, confirming the bedrock source of the regional gold-in-till anomaly. Gold mineralization remains open in multiple directions, and the discovery continues to demonstrate significant expansion potential both along strike and within the broader intrusive complex.

Qualified person

Cedric Mayer, MSc, PGeo (OGQ No. 02385), senior project geologist at Kenorland, qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.

About Kenorland Minerals Ltd.

Kenorland Minerals 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-per-cent 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 (million tonnes) at 5.47 grams per tonne Au (gold) for 2.55 Moz (million ounces) of gold. Kenorland is based in Vancouver, B.C., Canada.

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