Mr. Zach Flood reports

KENORLAND CLOSES ATLANTIC PROJECT ACQUISITION AND RECEIVES NOTICE OF EXERCISE OF TOP-UP RIGHT FROM SUMITOMO AND CENTERRA

Kenorland Minerals Ltd. has completed the acquisition of a 100-per-cent interest in 31,052 hectares of mineral claims contiguous to the Atlantic project in New Brunswick. The acquisition was completed pursuant to a purchase and sale agreement dated May 26, 2025, with a private British Columbia company, under which Kenorland has issued 118,425 common shares of the company at a deemed price of $1.473 per share and granted a 0.5-per-cent net smelter return royalty on the claims forming the project. The shares issuable in the private placement are subject to a statutory hold period in accordance with applicable securities legislation and the rules and policies of the TSX Venture Exchange expiring on Oct. 11, 2025.

About the Atlantic project

The 150,831-hectare Atlantic project is situated within the northern Appalachian orogen of western New Brunswick, covering a highly prospective segment of the Gander and Dunnage zones -- recognized for hosting a variety of gold and polymetallic deposits. The project area encompasses a diverse assemblage of Silurian to Devonian volcanic, volcaniclastic and sedimentary rocks intruded by felsic to mafic plutons. This setting is prospective for epithermal, VHMS (volcano-hosted massive sulphide) and intrusion-related mineralization styles hosting significant gold, silver, lead, zinc and copper. Key mineralized showings in the project area include the Williams Brook epithermal, Costigan Mountain epithermal, Sewell Brook VHMS and Lewis Brook epithermal deposits. These occur within favourable structural corridors and lithologic contacts of the Tobique-Chaleur metallogenic belt, an emerging and active exploration district. The Atlantic project area has seen limited historical work, presenting a unique opportunity for discovery through modern, systematic exploration approaches.

Notice of exercise of top-up right

Kenorland also announces that, further to the investor rights agreement dated Nov. 5, 2021, between the company 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 have issued to the company notice of their respective intentions to exercise their top-up right as it relates to certain share issuances completed by the company, including the issuance of the shares for the project, and to retain their interests in the company.

An aggregate of 257,737 shares will be issued for aggregate consideration of $408,162.85, representing 228,130 shares at a price of $1.598 per share and 29,607 shares at a price of $1.473 per share in accordance with the Sumitomo IRA and Centerra IRA, subject to the approval of the TSX-V, of which 130,157 shares will be issued to Sumitomo in order to retain its 10.1-per-cent interest in the company and 127,580 shares will be issued to Centerra in order to retain its 9.9-per-cent interest in the company. A copy 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 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 has agreed to exchange a 20-per-cent participating interest for a 4-per-cent net smelter return royalty on the Frotet project in Quebec, which will then be 100 per cent 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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