Mr. Zach Flood reports

KENORLAND MINERALS PROVIDES UPDATE ON UPCOMING MAIDEN MINERAL RESOURCE ESTIMATE AT THE FROTET PROJECT, QUEBEC

The maiden mineral resource estimate for the Regnault gold deposit, located within the Frotet project in Northern Quebec, is in the final stages of completion. The MRE, prepared on behalf of the company and Sumitomo Metal Mining Canada Ltd., the 100-per-cent owner and operator of the project, is expected to be announced in the coming weeks. Kenorland Minerals Ltd. holds a 4-per-cent net smelter return royalty across the entirety of the Frotet project.

The coming mineral resource estimate will incorporate 127,217 metres across 265 drill holes, and will represent the first formal quantification of the high-grade gold mineralization first discovered by Kenorland and Sumitomo in 2020. The MRE is being prepared by SLR Consulting (Canada) Ltd. and will adhere to Canadian Institute of Mining, Metallurgy and Petroleum definition standards as required under National Instrument 43-101.

Zach Flood, president and chief executive officer of Kenorland Minerals, stated: "The upcoming maiden mineral resource estimate at Regnault will be a defining milestone for Kenorland, providing the first tangible valuation anchor for our 4-per-cent NSR royalty on the Frotet project. Situated in a premier jurisdiction and underpinned by Sumitomo's operational strength, this maiden resource -- together with our large-scale portfolio of grassroots assets -- will continue to drive Kenorland's long-term value and optionality."

The Regnault gold system comprises multiple subparallel, steeply dipping shear zones hosting quartz-carbonate veining and disseminated sulphides within an area exceeding two kilometres in strike length. Mineralization remains open along strike and at depth, with numerous stepout and regional targets identified for future drilling.

About Frotet project

The project covers 39,365 hectares of the Frotet-Evans greenstone belt within the Opatica geological subprovince of Quebec. The property is adjacent to the past-producing Troilus Gold Corp.'s gold-copper mine (9.32 million ounces gold indicated resource) and covers several major deformation zones associated with known orogenic gold prospects, as well as stratigraphy hosting volcanogenic massive sulphide deposits elsewhere in the belt. Kenorland initially staked the project in 2017 and then entered into a joint venture and earn-in agreement with Sumitomo in 2018.

The project hosts the Regnault gold system, a greenfield discovery made by Kenorland and Sumitomo in 2020 following two years of systematic exploration. Since the initial discovery, Regnault has seen extensive exploration, totalling 131,713 metres of drilling (271 drill holes) to date.

On Feb. 19, 2024, Kenorland closed a transaction to exchange its 20-per-cent participating interest in the Frotet joint venture with Sumitomo to a 4-per-cent NSR royalty.

The project is located 100 kilometres to the north of Chibougamau, Que. Favourable infrastructure exists in the project area with an extensive forestry road network as well as the Route-du-Nord crossing the southwestern portion of the property. A power transmission line also crosses through the property, which supplied power to the past-producing Troilus mine.

Qualified person

Cedric Mayer, MSc, PGeo (OGQ No. 02385), senior project geologist at Kenorland, a qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.

About Kenorland Minerals Ltd.

Kenorland 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 greenfield projects through systematic, property-wide, phased exploration surveys financed primarily through exploration partnerships, including an option to joint venture agreements. Kenorland holds a 4-per-cent net smelter return royalty on the Frotet project in Quebec operated by Sumitomo. The Frotet project hosts the Regnault gold system, a greenfield discovery made by Kenorland and Sumitomo in 2020. Kenorland is based in Vancouver, B.C., Canada.

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