Mr. Zach Flood reports

KENORLAND MINERALS CLOSES OVERSUBSCRIBED $16 MILLION FINANCING

Kenorland Minerals Ltd. has closed its previously announced private placement. The company issued 7,746,096 common shares of the company at a price of $2.10 per share for aggregate gross proceeds of $16,266,801.60. The financing was led by strong participation from institutional investors and included subscriptions from each of Sumitomo Metal Mining Canada Ltd. and Centerra Gold Inc. in exercise of their respective equity participation rights and from Franco-Nevada Corp. The gross proceeds of the financing will be used to finance the company's exploration activities on its existing project portfolio, for potential future property acquisitions and for general working capital.

Seven hundred eighty thousand seven hundred twenty-six shares were issued to Sumitomo in order to retain its 10.1-per-cent interest in the company, 765,266 shares were issued to Centerra in order to retain its 9.9-per-cent interest in the company and Franco acquired 962,010 shares, retaining its 12.42-per-cent interest in the company. Sumitomo now holds 8,914,867 shares, Centerra now holds 8,738,335 shares and Franco now holds 10,962,010 shares.

As Sumitomo and Franco are each the beneficial owner of more than 10 per cent of Kenorland's outstanding shares, they are each a related party to the company within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. As such, their subscriptions in the financing constituted a related party transaction within the meaning of MI 61-101.

The company has relied upon exemptions from formal valuation and the minority shareholder approval requirements of MI 61-101 found in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of those subscriptions does not constitute more than the 25 per cent of the company's market capitalization.

No finders' fees were payable in connection with the financing.

The shares issued in connection with the financing were issued pursuant to Part 5A of National Instrument 45-106, Prospectus Exemptions, to purchasers resident in Canada (other than the province of Quebec) and in other qualifying jurisdictions outside of Canada on a private placement basis pursuant to relevant prospectus or registration exemptions in accordance with applicable laws. The securities issued under the financing are not subject to a hold period in Canada in accordance with Canadian securities laws.

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. The Frotet project hosts the Regnault gold system, a greenfields discovery made by Kenorland and Sumitomo Metal Mining Canada in 2020, which contains an inferred mineral resource of 14.5 million tonnes (t) at 5.47 grams per tonne (g/t) gold (Au) for 2.55 million ounces (oz) of gold. Kenorland is based in Vancouver, B.C., Canada.

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