Mr. Zach Flood reports

KENORLAND RECEIVES NOTICE OF EXERCISE OF TOP-UP RIGHT FROM SUMITOMO

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

An aggregate of 24,075 common shares will be issued at a price of 70 cents per share for aggregate consideration of $16,852.50 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.

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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