Mr. Zach Flood reports

KENORLAND GRANTS 2% NSR ROYALTY ON SOUTH UCHI PROJECT TO NEWLY FORMED SUBSIDIARY

Kenorland Minerals Ltd.'s wholly owned subsidiary, Kenorland Minerals North America Ltd., has granted to its wholly owned subsidiary, 1431275 B.C. Ltd., a 2-per-cent net smelter return (NSR) royalty on its 100-per-cent-owned South Uchi project, located in the Red Lake district of Northwestern Ontario. Kenorland recently announced positive results of its 2024 summer exploration program on the project (see the company's news release dated Sept. 11, 2024). The purchase price for the South Uchi royalty was paid through the issuance of common shares of 1431275 B.C.

The grant of the South Uchi royalty is the first step in the eventual creation of a separate division within the company, isolating its royalty interests. The company expects this will create additional shareholder value and will allow the company to pursue new strategic opportunities, including allowing the company to separately market its royalty assets.

The company currently holds a portfolio of royalty interests on projects located in North America, including a 4-per-cent net smelter return royalty on the Frotet project, located in Quebec.

About the South Uchi project

The South Uchi project was first identified and staked by Kenorland based on the region's prospectivity to host significant gold mineralized systems. The project covers a portion of Confederation assemblage volcanic rocks, as well as the boundary between the volcanic-dominated Uchi geological subprovince to the north and the sedimentary-dominated English River geological subprovince to the south. Multiple major east-west-striking shear zones associated with the Uchi and English River subprovince boundary transect the project. Deformation associated with these structures has resulted in zones of strong shearing, alteration and folding of the metavolcanic-clastic and metasedimentary-iron formation stratigraphy, which are favourable settings for orogenic gold mineralization. The majority of gold deposits in the Red Lake district (Red Lake, Madsen, Hasaga and others) are located on the northern margin of the Confederation assemblage, however, recent discoveries such as the LP fault zone on the Dixie project by Great Bear Resources Ltd. (acquired by Kinross Gold and renamed the Great Bear project) highlight the prospectivity of the entire Confederation assemblage along the southern margin of the Uchi subprovince.

The Papaonga target area within the project, covering approximately 40 square kilometres, presents a large, coherent gold-in-till and HMC (heavy mineral concentrate) gold grain anomaly, with widespread gold mineralization found in bedrock along northeast-trending shear zones. The gold is hosted in various rock types, including intrusive, sedimentary and volcanic formations, and is accompanied by a strong multielement signature (Au-Ag-Te-W-plus-or-minus-As-Sb-Mo (gold-silver-tellurium-tungsten-plus-or-minus-arsenic-antimony-molybdenum)) indicative of gold anomalism. These results suggest the presence of a significant and previously unrecognized gold system. A maiden diamond drill program is currently being designed and planned.

About Kenorland Minerals Ltd.

Kenorland 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 greenfield 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 greenfield discovery made by Kenorland and Sumitomo in 2020. Kenorland is based in Vancouver, B.C., Canada.

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