Mr. Zach Flood reports

KENORLAND COMPLETES C$9.86M PRIVATE PLACEMENT AND STRATEGIC INVESTMENT BY CENTERRA GOLD

Kenorland Minerals Ltd. has completed its previously announced non-brokered $9.86-million private placement of 8,315,871 common shares that will qualify as flow-through shares (within the meaning of Subsection 66(15) of the Income Tax Act (Canada)) and be sold on a charitable flow-through basis (see the company's news release dated May 21, 2024).

Centerra Gold Inc. has acquired approximately 9.9 per cent of the issued and outstanding common shares of the company as an end purchaser of shares following the charitable flow-through donations in the offering. The company and Centerra have also entered into an investor rights agreement dated May 28, 2024 (the IRA), whereby, subject to certain conditions, including time and ownership thresholds, Centerra will have certain rights, including the right to participate in future equity issuances to maintain its ownership in the company. A copy of the IRA is available under the company's SEDAR+ profile.

Pursuant to the offering the company issued (i) 6,216,931 FT shares (the national FT shares) at a price of $1.12 per national FT share, issued as traditional flow-through shares, (ii) 1,404,495 FT shares at a price of $1.424 per QC FT share, issued to Quebec resident subscribers with the additional enhancements provided for under Section 726.4.10 and Section 726.4.17.2 of the Quebec Taxation Act, and (iii) 694,445 FT shares (the MB FT shares) at a price of $1.296 per MB FT share, issued to Manitoba resident subscribers and qualify for the Manitoba mineral exploration tax credit, all for total aggregate proceeds of $9,862,964 at an average price of $1.186 per FT share.

Sumitomo Metal Mining Canada Ltd. also participated as an end purchaser of shares following the charitable flow-through donations in the offering, maintaining its 10.1-per-cent interest in the company.

The proceeds from the offering will be used to advance exploration at Kenorland's Canadian projects in Quebec, Ontario, Manitoba, British Columbia and Saskatchewan. This work will be eligible as Canadian exploration expenses that qualify as flow-through mining expenditures as both terms are defined in the Income Tax Act (Canada), and in the case of the proceeds from the sale of the QC FT shares, as defined in the Taxation Act (Quebec), and in the case of the proceeds from the sale of the MB FT shares as defined in the Income Tax Act (Manitoba).

All FT shares issued in the offering are subject to a statutory hold period in accordance with applicable securities legislation expiring on Sept. 29, 2024.

No finders' fees were paid in connection with the offering.

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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