Mr. Zach Flood reports

KENORLAND OPTIONS THE FLORA, WESTERN WABIGOON AND ALGOMAN PROJECTS TO CENTERRA GOLD

Kenorland Minerals Ltd. has entered into a definitive agreement dated June 24, 2025, with Thompson Creek Metals Company Inc., a subsidiary of Centerra Gold Inc., pursuant to which the company has agreed to grant to Centerra the right to acquire up to a 70-per-cent interest in the Flora, Western Wabigoon and Algoman projects, located in Northwestern Ontario.

Option agreement

First option

Pursuant to the agreement, Centerra would have the option to acquire an initial 51-per-cent interest in the projects by incurring an aggregate of $10-million in qualifying exploration expenditures within three years of the agreement, including $3.5-million within the first year. The first option requires the completion of at least 10,000 metres of diamond drilling during the earn-in period.

Second option

Upon exercising the first option, Centerra will hold an exclusive right to earn an additional 19-per-cent interest in the projects, bringing its total interest to 70 per cent, by completing a preliminary economic assessment (PEA), as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects, based on a mineral resource of not less than one million ounces of gold equivalent, within seven years of acquiring the initial interest. During the second option period, Centerra must incur a minimum of $100,000 in annual expenditures or provide equivalent value through cash or share payments to Kenorland. If Centerra elects not to exercise the second option, a 2-per-cent interest will revert to Kenorland, resulting in a 51-per-cent interest in the projects for Kenorland and 49 per cent for Centerra.

Following completion of the second option and formation of a joint venture, Kenorland would retain a 30-per-cent free-carried interest through to the completion of an NI 43-101-compliant preliminary feasibility study (PFS). Thereafter, both parties would contribute on a pro rata basis to further development expenditures under a joint venture agreement (JVA). Should either party be diluted below 10 per cent their interest would convert into a 1.0-per-cent net smelter return royalty.

Joint venture agreement and carried interest

Centerra and Kenorland would enter into an industry-standard JVA for the projects upon the earlier of: (a) the completion of the interest reversion; or (b) the acquisition of the second interest by Centerra. The JVA will reflect the respective pro rata property interests at the time of execution. Subject to Kenorland's right to a free-carried interest through to the completion of a PFS following Centerra's acquisition of the second option, each party would then contribute on a pro rata basis to the further development of the projects, as may be determined and proposed by a management committee established under the terms of the JVA. Representation on the management committee would be in proportion to each party's interest in the projects.

Operatorship

Kenorland will act as the initial operator of the projects during the first option period, receiving a 15-per-cent management fee on applicable expenditures.

Proposed 2025 exploration programs

Flora project

The Flora project is located within the Western Wabigoon subprovince of the Archean Superior province. The major Wabigoon fault (WF) transects the 80-kilometre strike length of the property and juxtaposes Warclub assemblage rocks in the north against the Populus Lake group mafic volcanic/ultramafic intrusions to the south. Mineralization styles within the region include orogenic gold deposits such as the Cameron deposit 15 kilometres to the south along the northwest-trending Pipestone-Cameron deformation zone and the Goliath deposit 50 kilometres to the northeast along the Wabigoon fault, and magmatic nickel-copper sulphide deposits such as the Kenbridge deposit three kilometres east of the property.

The summer 2024 first-pass property-wide glacial till geochemical survey included the collection of approximately 2,600 samples at 1,000-metre-by-200-metre sample spacing. The survey identified two targets, subparallel to the southwest-northeast-trending Wabigoon fault. The F1 target is a high-tenor, coherent gold-in-till anomaly extending over seven kilometres within a sheared diorite, characterized by gold-molybdenum metal associations. The F2 target, located approximately 16 kilometres along strike to the southwest is defined by a strong gold-tungsten correlation. The proposed summer 2025 exploration will include a detailed airborne magnetic and VLF-EM (very-low-frequency electromagnetic) survey, an infill till sampling grid to 200-metre-by-100-metre sample spacing and a 250-metre-by-250-metre heavy mineral concentrate (HMC) till sampling survey for gold grain analysis over the F1 target. Follow-up work to be completed on the F2 target will include infill till sampling to 200-metre-by-100-metre spacing.

Western Wabigoon project

The Western Wabigoon project is located in the Western Wabigoon subprovince and covers intersections of major deformation zones within the Archean greenstone belt. Within the northern portion of the project area is the intersection of the regional Pipestone-Cameron deformation zone, the Manitou-Dinorwic deformation zone and the Helena-Pipestone deformation zone. The Pipestone-Cameron deformation zone hosts the Cameron orogenic gold deposit 30 kilometres to the northwest of the property, and the Helena-Pipestone deformation zone hosts the Rainy River deposit 50 kilometres to the southwest. These high-strain structural corridors host a number of additional gold showings and deposits, associated with iron carbonate veins, altered shear zones and porphyry dikes.

Systematic geochemical screening of the Western Wabigoon project during 2024 included the collection of approximately 2,800 till samples at 1,000-metre-by-200-metre sample spacing. A significant, approximately 19-kilometre trend of gold-in-till anomalism follows the southwest-northeast trending Manitou-Dinorwic deformation zone. Within that trend, the W1 target is defined by continuous high-tenor gold-in-till results, with gold-arsenic-plus-or-minus-antimony-tellurium-tungsten metal associations. A second zone of strong geochemical anomalism, located six kilometres along strike to the southwest, the W2 target (gold-arsenic-antimony), is concentrated where the Manitou-Dinorwic deformation zone orientation changes from a northeast-southwest trend to east-west. The W3 target (silver-molybdenum-tellurium-tungsten-plus-or-minus-gold-copper), located five kilometres to the southeast, follows a regional contact between mafic volcanic rocks and gabbro intrusive rocks. Planned work for the summer 2025 exploration campaign will include a detailed airborne magnetic and VLF-EM survey, infill till sampling grids to 200-metre-by-100-metre sample spacing and 250-metre-by-250-metre-spaced HMC till sampling over the W1 and W2 targets. Follow-up work to be completed on the W3 target will include infill till sampling to 200-metre-by-100-metre spacing.

Algoman project

The Algoman project area encompasses a 75-kilometre strike length of the Rainy Lake/Seine River fault system (RLSRF), the structural boundary between the Western Wabigoon and Marmion geological subprovinces to the north, and the Quetico subprovince to the south. The Western Wabigoon and Marmion subprovinces include volcanic and metasedimentary greenstone belts and surrounding felsic plutonic batholiths transected by several major east-west-to-northeast-striking deformation zones, including the Quetico fault and the Marmion fault, host to the Hammond Reef deposit located 27 kilometres to the northeast. The project area has potential for several mineralization styles, including vein-hosted to disseminated sulphide orogenic gold associated with these regional deformation zones, similar to the nearby deposits, including Hammond Reef to the northeast and vein systems of the Mine Centre property to the west.

The summer 2024 large-scale geochemical surveys included till sampling (approximately 3,100 samples) and HMC/MDMC till sampling (approximately 500 samples) for gold grain analysis and spodumene grain counts covering the entire property. The till geochemical survey outlined two distinct trends of gold-arsenic-plus-or-minus-antimony-silver-copper anomalism, hosted within volcanics and structures subparallel to the Marmion-Quetico subprovince boundary immediately to the south. The A1 target is spatially associated with the intersection of the regional Quetico fault and the Rainy Lake/Seine River fault system. The A2 target, located 19 kilometres to the east, lies along trend with other known high-grade gold mineral occurrences farther to the east. Follow-up work to be completed during 2025 will include additional HMC till sampling for gold grain analysis over the A1 and A2 trends.

Qualified person

Janek Wozniewski, BSc, PGeo (EGBC No. 172781, APEGS No. 77522, EGMB No. 48045, PGO No. 3824), 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 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 Ltd. The Frotet project hosts the Regnault gold system, a greenfields discovery made by Kenorland and Sumitomo Metal Mining Canada Ltd. in 2020. Kenorland is based in Vancouver, B.C., Canada.

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