Mr. Zach Flood reports

KENORLAND RECEIVES NOTICE OF EXERCISE OF TOP-UP RIGHT FROM SUMITOMO AND CENTERRA

Further to the investor rights agreement dated Nov. 5, 2021 (Sumitomo IRA) between Kenorland Minerals Ltd. and Sumitomo Metal Mining Canada Ltd. and the investor rights agreement dated May 28, 2024 (Centerra IRA), between the company and Centerra Gold Inc., each of Sumitomo and Centerra have issued to the company notice of their respective intentions to exercise their top-up right as it relates to certain share issuances completed by the company and to retain their interests in the company.

An aggregate of 322,640 common shares will be issued at a price of $1.05 per share for aggregate consideration of $338,772 in accordance with the Sumitomo IRA and Centerra IRA, subject to the approval of the TSX Venture Exchange, of which 162,934 common shares will be issued to Sumitomo in order to retain its 10.1-per-cent interest in the company and 159,706 common shares will be issued to Centerra in order to retain its 9.9-per-cent interest in the company. A copy of each the Sumitomo IRA and the Centerra IRA, as well as a three-way acknowledgement agreement between the company, Sumitomo and Centerra governing procedural matters relative to the exercise of equity participation rights under the Sumitomo IRA and Centerra IRA is available on the company's SEDAR profile.

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. Kenorland is based in Vancouver, B.C., Canada.

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