Mr. Zach Flood reports

KENORLAND MINERALS RECEIVES NOTICE OF EXERCISE OF TOP-UP RIGHT FROM SUMITOMO AND ANNOUNCES NEW OMNIBUS SHARE INCENTIVE PLAN

Further to the investor rights agreement (IRA) dated Nov. 5, 2021, between Kenorland Minerals Ltd. and Sumitomo Metal Mining Canada Ltd., Sumitomo has issued to the company its intent to exercise its top-up right and retain its 10.1-per-cent interest in the company.

An aggregate of 22,470 common shares will be issued at a price of 73.68 cents per share for aggregate consideration of $16,555.90 in accordance with the IRA, subject to the approval of the TSX Venture Exchange. A copy of the IRA is available on the company's SEDAR+ profile.

New omnibus share incentive plan

The company announces that its board of directors has approved the replacement of its existing stock option plan and long-term incentive plan with a new omnibus share incentive plan. Shareholders will be asked to ratify and confirm adoption of the new plan at the next annual general meeting to be held on Sept. 22, 2023. The new plan remains subject to the final approval of the TSX Venture Exchange. Details of the new plan can be found in the company's 2023 AGM information circular on its website or on the company's SEDAR+ profile.

About Kenorland Minerals Ltd.

Kenorland Minerals is a mineral exploration company incorporated under the laws of the Province of British Columbia and based in Vancouver, B.C., Canada. Kenorland's focus is early- to advanced-stage exploration in North America. The company currently holds five projects in Quebec where work is being completed under joint venture and earn-in agreements from third parties. The Frotet project and Chicobi project are held under joint venture with Sumitomo, the O'Sullivan project is optioned to Sumitomo, the Chebistuan project is optioned to Newmont Corp., and the Hunter project is held under option to Centerra Gold Inc. In Alaska, the company holds the advanced-stage Tanacross porphyry copper-gold-molybdenum project, optioned to Antofagasta, as well as a 70-per-cent interest in the Healy project, held under joint venture with Newmont.

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