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. 3, 2021, between Kenorland Minerals Ltd. and Sumitomo Metal Mining Canada Ltd. and the investor rights agreement dated May 28, 2024, between the company and Centerra Gold Inc., each of Sumitomo and Centerra has issued to Kenorland 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 314,392 common shares of the company will be issued at a price of $2.136 per share for aggregate consideration of $671,541.31 in accordance with the Sumitomo IRA and Centerra IRA, subject to the approval of the TSX Venture Exchange, of which 158,768 common shares will be issued to Sumitomo in order to retain its 10.1-per-cent interest in the company and 155,624 common shares will be issued to Centerra in order to retain its 9.9-per-cent interest in the company. Copies of each the Sumitomo IRA and the Centerra IRA as well as a three-way acknowledgment 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 are 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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