Mr. Zach Flood reports

KENORLAND MINERALS AND AURANOVA RESOURCES COMMENCE SPRING DRILL PROGRAM AT THE SOUTH UCHI PROJECT, ONTARIO

Kenorland Minerals Ltd. has commenced the phase 3 diamond drill program at the South Uchi project located in the Red Lake district of Ontario and held under an option agreement with Auranova Resources Inc.

2026 spring exploration program

The spring 2026 exploration program will include up to 3,000 metres of drilling across six drill holes at the Papaonga target area. This phase of drilling follows the successful identification of a new gold-bearing structural corridor discovered during the phase 2 fall 2025 drill program (see press release dated Jan. 28, 2026). The planned drill holes are designed as large stepouts toward the west and east, testing strike extensions of the mineralized structural corridor concealed beneath deep glacial cover. Kenorland remains the operator of the project.

The drill program will consist of a series of drill fences approximately one kilometre apart, stepping out along strike from drill holes 25PADD031 and 25PADD034, which intersected an approximately 200-metre-wide mineralized corridor characterized by strong deformation, pervasive sericite-albite-silica alteration and disseminated sulphide mineralization within mafic to felsic volcanic stratigraphy and feldspar porphyry intrusions. Within this corridor, multiple 10-metre-scale intervals contain anomalous gold values, highlighting the potential for significant mineralization.

Interpretation of regional magnetic data sets has identified the gold-bearing structure as a belt-parallel, east-west-trending deformation zone, concealed beneath deep till and glaciolacustrine cover sequences. Despite limited bedrock exposure over the target area, grab samples from volcanic stratigraphy immediately north of the structural corridor returned values of up to 14.4 grams per tonne gold, further underscoring the potential to host high-grade mineralization.

About South Uchi project

The South Uchi project was first identified and staked by Kenorland based on the underexplored 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 Uchi geological subprovince to the north and the English River geological subprovince to the south. Multiple major east-west-striking deformation zones associated with the subprovince boundary transect the project, resulting in zones of strong shearing and folding of the supracrustal stratigraphy, which are favourable settings for orogenic gold mineralization. Prior to Kenorland staking the project, records indicated little to no systematic exploration had been completed, and the land package remained underexplored. The majority of gold deposits in the Red Lake district (Red Lake, Madsen, Hasaga and others) is 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 Great Bear project) highlight the prospectivity of the entire Confederation assemblage along the southern margin of the Uchi subprovince.

Kenorland announced on Dec. 2, 2024, that it had entered into a definitive agreement with Auranova, granting Auranova the right to earn an up-to-70-per-cent interest in the project. Pursuant to the agreement, Auranova may earn an initial 51-per-cent interest in the project by making cash payments totalling $500,000 to Kenorland, completing a diamond drilling program with at least $8-million in qualifying expenditures or completing 15,000 metres of drilling within two years of receiving a drill permit, issuing Kenorland 19.9 per cent of Auranova's common shares, and maintaining Kenorland's 19.9-per-cent share position until Auranova raises a minimum of $10-million through share issuances, after which Kenorland's stake will remain at 10 per cent on a pro rata basis through to the completion of a preliminary economic assessment.

Kenorland has received $500,000 in cash payments and currently holds 9,242,267 common shares of Auranova, and confirms that Auranova has earned a 51-per-cent ownership interest in the project (see press release dated July 2, 2025). Further, Auranova may earn an additional 19-per-cent interest, for a total of 70 per cent, by incurring an additional $10-million in qualifying expenditures on or before the third anniversary of Auranova's election to proceed with the second option. Kenorland will also retain a 30-per-cent carried interest in the project through to the completion of the PEA, at which point a joint venture will be formed.

Kenorland also holds a 2-per-cent net smelter return royalty on the project (see press release dated Sept. 16, 2024).

Qualified person

Janek Wozniewski, BSc, PGeo (EGBC No. 172781, APEGS No. 77522, EGMB No. 48045, PGO No. 3824 and APEGNB No. 8348), vice-president of operations at Kenorland, a qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.

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 Metal Mining Canada Ltd. in 2020, which contains an inferred mineral resource of 14.5 million tonnes at 5.47 grams per tonne gold for 2.55 million ounces of gold. Kenorland is based in Vancouver, B.C., Canada.

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