Mr. Zach Flood reports

KENORLAND ANNOUNCES FOLLOW-UP DRILL PROGRAM AND COMMENCEMENT OF PHASE 2 EARN-IN BY NEWMONT CORPORATION AT THE CHEBISTUAN PROJECT

Kenorland Minerals Ltd. has planned a winter 2025 drill program at the Deux Orignaux prospect, and Newmont Corp. has provided notice (as defined herein), pursuant to the venture agreement between Newmont and the company dated Sept. 4, 2024, to enter phase 2 of the earn-in agreement to potentially earn an additional 29-per-cent participating interest in the Chebistuan project, located in Quebec.

Winter 2025 drill program planning

The current winter 2025 drill program, approved by Newmont, will include up to 3,500 metres of drilling at the Deux Orignaux target area. This second phase of drilling, a follow-up to the initial program completed in early 2023, will test lateral and downdip extents of the mineralized syenite intersected in drill hole 23DODD005, which returned 157.20 metres at 0.41 gram per tonne gold, including 20.61 metres at 0.97 gram per tonne gold (see press release dated June 27, 2023). The program will also test additional targets, identified as potential syenite plugs based on geophysical characteristics. The drill program is currently expected to commence in Q1 2025, and Kenorland remains operator of the project.

About Deux Orignaux target area

The Deux Orignaux target area is a grassroots prospect under an earn-in agreement with Newmont. Systematic, propertywide geochemical surveys completed in 2020 covering the 159,690-hectare project and detailed till geochemical surveys in 2021 defined the target area containing anomalous gold and multielement geochemistry and gold grains in glacial overburden. The defined target area was followed up with a detailed airborne magnetics survey and an induced polarization (IP) survey in 2022 ahead of drill targeting.

The mineralized intrusion at Deux Orignaux, defined by coincident resistivity, chargeability and magnetic anomalies, was intersected along the regional contact between a clastic sedimentary basin (Opemiska group) and volcanic rocks, marked by a first-order basin bounding structure and Timiskaming-type polymictic conglomerates. The intrusion is mineralized throughout with minor disseminated pyrite and trace sphalerite associated with pervasive potassic and albite alteration (K-spar-albite-quartz-hematite-carbonate-sericite alteration assemblage).

Phase 2 earn-in

In order to complete the phase 2 earn-in, Newmont has to:

• Pay Kenorland a one-time cash payment in the amount of $200,000 within 30 days of the phase 2 election notice, of which the company confirms receipt;
• Incur additional qualifying expenditures on the project by defining a 1.5-million-gold-ounce resource through a prefeasibility-stage study in line with National Instrument 43-101, Standards of Disclosure for Mineral Projects, within six years of the effective date of the venture agreement.

Upon completion of the phase 2 earn-in, Newmont's participating interest will increase from 51 per cent to 80 per cent, and Kenorland's corresponding participating interest will decrease from 49 per cent to 20 per cent, and the parties may continue to explore and develop the project through a joint venture or, in the case of a construction decision, Kenorland can elect for Newmont to finance its portion of mine development costs.

About the Chebistuan project

The Chebistuan project was acquired by Kenorland through map staking in December, 2019, and was optioned to Newmont in July, 2020. The property covers approximately 100 kilometres of a major east-west-trending deformation zone, which may represent the continuation of the Sunday Lake deformation zone; host to major gold deposits such as Detour Lake (Agnico Eagle Mines Ltd.) and Fenelon (Wallbridge Mining Company Ltd.). The Chibougamau and Chapais mining camps, which have produced over 6.5 million ounces of gold and 1.6 billion pounds of copper historically, are located directly to the east of the Chebistuan property. The project is largely covered with glacial till and is accessed through a network of logging roads and by helicopter.

The project is under an exploration agreement dated July 17, 2020, with a venture option with Newmont. The exploration agreement is currently in the phase 2 stage since Newmont has completed all requirements to earn a 51-per-cent interest in the project within the initial phase of the exploration agreement. Within the phase 1 earn-in stage, approximately 6,250 B-horizon soils (glacial till substrate) and 190 HMC till samples were collected across the property to target definition surveys and geophysical surveys, and an initial drill test at the Deux Orignaux target was completed between 2020 and 2023. Newmont currently has the option to earn an additional 29-per-cent interest for a cumulative 80-per-cent interest in the project over six years by defining a 1.5-million-ounce resource through a prefeasibility-stage study in line with NI 43-101 as well as making certain cash payments to Kenorland. The parties may continue to explore and develop the property through a joint venture (80 per cent Newmont; 20 per cent Kenorland); or, in the case of a construction decision, Kenorland can elect for Newmont to finance its portion of mine development cost. If Newmont elects not to continue with the phase 2 earn-in, ownership interest in the project can switch to 51 per cent Kenorland and 49 per cent Newmont.

Qualified person

Cedric Mayer, MSc, PGeo (OGQ No. 02385), a qualified person under NI 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 greenfield projects through systematic, propertywide, 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 Metal Mining Canada Ltd. in 2020. Kenorland is based in Vancouver, B.C., Canada.

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