Mr. Zach Flood reports

KENORLAND REPORTS COMMENCEMENT OF ENGINEERING AND BASELINE STUDIES AT THE FROTET PROJECT, QUEBEC

Kenorland Minerals Ltd. has engaged BBA Consultants, an engineering consulting firm, in preparation for a potential authorization and permit application for development of an underground exploration decline at the Frotet project. Kenorland holds a 4-per-cent net smelter return royalty and Sumitomo Metal Mining Canada Ltd. is the 100-per-cent owner of the project. Kenorland is currently the operator at the project.

Kenorland and Sumitomo have engaged BBA to develop a scoping study, which provides a comprehensive approach to permitting an exploration decline at the project, as well as a preliminary cost estimate associated with developing the underground infrastructure. This scoping study outlines a pathway for permit acquisition and includes several baseline studies to be conducted by BBA. The underground exploration decline aims to facilitate year-round exploration activities, including drilling to delineate the Regnault gold deposit, with a resource estimate anticipated by late 2025.

BBA is completing several environmental and technical baseline studies to support the permitting process, which is currently under way. The environmental baseline studies will gather information on the flora, fauna, water and wetlands in the project area. The technical baseline studies will include geochemical, hydrological and geotechnical assessments. These assessments are designed to evaluate and understand ground conditions, groundwater flow and quality, and surface water flow and quality for the purposes of design and development of the exploration decline.

The environmental and technical baseline studies, necessary for the required permits for underground exploration, are expected to be completed in early 2025. It is anticipated that Sumitomo will be the operator of the project from some time in 2025. Sumitomo's decision to proceed with the development of the exploration decline will be contingent on the outcomes of the baseline studies, the successful acquisition of necessary permits and the results of a resource estimate at the Regnault gold deposit.

About the Frotet project

The project covers 39,365 hectares of the Frotet-Evans greenstone belt within the Opatica geological subprovince of Quebec. The property is adjacent to the past-producing Troilus Gold Corp.'s Au-Cu (gold-copper) mine (indicated resource of 9.23 million ounces (oz) Au) and covers several major deformation zones associated with known orogenic gold prospects, as well as stratigraphy hosting VMS (volcanic massive sulphide) deposits elsewhere in the belt. Kenorland initially staked the project in 2017 and then entered into a joint venture and earn-in agreement with Sumitomo in 2018.

The project hosts the Regnault gold deposit, a greenfields discovery made by Kenorland and Sumitomo in 2020 following two years of systematic exploration. Since the initial discovery, Regnault has seen extensive exploration, totalling 100,721 metres of drilling (220 drill holes).

On Feb. 19, 2024, Kenorland closed a transaction to exchange its 20-per-cent participating interest in the Frotet joint venture with Sumitomo to a 4-per-cent NSR royalty. Kenorland remains the operator for a minimum of one year from the transaction closure date (see news release dated Feb. 20, 2024).

The project is located 100 kilometres to the north of Chibougamau, Que. Favorable infrastructure exists in the project area with an extensive forestry road network, as well as the Route-du-Nord crossing the southwestern portion of the property. A power transmission line also crosses through the property, which supplied power to the past-producing Troilus mine.

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 NSR royalty on the Frotet project in Quebec, which is owned by Sumitomo. The Frotet Project hosts the Regnault gold system, a greenfields discovery made by Kenorland and Sumitomo in 2020. Kenorland is based in Vancouver, B.C., Canada.

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