Mr. Zach Flood reports

KENORLAND MINERALS AND AURANOVA RESOURCES ANNOUNCE COMPLETION OF SPRING DRILL PROGRAM AT THE SOUTH UCHI PROJECT, ONTARIO

Kenorland Minerals Ltd. and Auranova Resources Inc. have completed the spring 2026 drill program at the South Uchi project located in the Red Lake district of Ontario.

Spring 2026 drill program

The phase 3 program comprised six diamond drill holes totalling 3,187 metres, following the successful identification of a new gold-bearing structural corridor, discovered during the phase 2 fall 2025 drill program (see press release dated Jan. 28, 2026). The drill holes were designed as large stepouts toward the west and east at roughly 500-metre spacing, testing strike extensions of the mineralization concealed beneath deep glacial till and glaciolacustrine cover. Assay results are expected in second quarter 2026.

Papaonga target

Follow-up drilling at the South Uchi project has intersected alteration and mineralization along strike of previously reported drill holes 25PADD031 and 25PADD034, which intersected an approximately 200-metre-wide mineralized corridor that returned multiple approximately 10-metre scale intervals of anomalous gold (see press release dated Jan. 28, 2026). Recently completed drill holes from phase 3 encountered broad zones of pervasive, moderate to strong silica and sericite alteration, with locally developed albite alteration, indicative of continuity of the hydrothermal alteration system. Associated sulphide content was observed, occurring as both disseminated and stringer-style pyrite. This mineralization was hosted within quartz- and feldspar-phyric intermediate to felsic intrusive units, as well as intermediate to felsic volcaniclastic rocks and lesser mafic volcanic rocks, notably within 26PADD046 between approximately 123 to 165 m and 214 to 387 m downhole. The volcanic-volcaniclastic rocks have undergone moderate to strong deformation hosting multistage, quartz-carbonate-sulphide veining while the intrusive rocks have developed weak to moderate strain with more pervasive alteration and disseminated sulphide, showing rheological contrast between rock units within the regional belt parallel structure. Although favourable alteration and mineralization are present within the recently completed holes, they do not necessarily indicate economically significant grades.

Next steps

Following the completion of the spring drill program at the project, Kenorland will maintain the camp and infrastructure at Papaonga in preparation for a potential subsequent drill program, which is tentatively planned for summer 2026.

About South Uchi project

The South Uchi project was first identified and staked by Kenorland based on the underexplored region's prospectivity to host significant gold mineralized systems. The project covers a portion of Confederation assemblage volcanic rocks, as well as the boundary between the Uchi geological subprovince to the north and the English River geological subprovince to the south. Multiple major east-west-striking deformation zones associated with the subprovince boundary transect the project, resulting in zones of strong shearing and folding of the supracrustal stratigraphy, which are favourable settings for orogenic gold mineralization. Prior to Kenorland staking the project, records indicated little to no systematic exploration had been completed, and the land package remained underexplored. The majority of gold deposits in the Red Lake district (Red Lake, Madsen, Hasaga and others) is located on the northern margin of the Confederation assemblage. However, recent discoveries such as the LP fault zone on the Dixie project by Great Bear Resources Ltd. (acquired by Kinross Gold and renamed Great Bear project) highlight the prospectivity of the entire Confederation assemblage along the southern margin of the Uchi subprovince.

Kenorland announced on Dec. 2, 2024, that it had entered into a definitive agreement with Auranova, granting Auranova the right to earn an up-to-70-per-cent interest in the project. Pursuant to the agreement, Auranova may earn an initial 51-per-cent interest in the project by making cash payments totalling $500,000 to Kenorland, completing a diamond drilling program with at least $8-million in qualifying expenditures or completing 15,000 metres of drilling within two years of receiving a drill permit, issuing Kenorland 19.9 per cent of Auranova's common shares, and maintaining Kenorland's 19.9-per-cent share position until Auranova raises a minimum of $10-million through share issuances, after which Kenorland's stake will remain at 10 per cent on a pro rata basis through to the completion of a preliminary economic assessment.

Kenorland has received the $500,000 in cash payments, currently holds 9,242,267 common shares of Auranova and confirms that Auranova has earned a 51-per-cent ownership interest in the project (see press release dated July 2, 2025). Further, Auranova may earn an additional 19-per-cent interest, for a total of 70 per cent, by incurring an additional $10-million in qualifying expenditures on or before the third anniversary of Auranova's election to proceed with the second option. Kenorland will also retain a 30-per-cent carried interest in the project through to the completion of the preliminary economic assessment, at which point a joint venture will be formed.

Kenorland also holds a 2-per-cent net smelter return royalty on the project (see press release dated Sept. 16, 2024).

Qualified persons

Janek Wozniewski, BSc, PGeo (EGBC No. 172781, APEGS No. 77522, EGMB No. 48045, PGO No. 3824 and APEGNB No. L7273), vice-president of operations at Kenorland, a qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.

William Yeomans, PGeo, an independent qualified person under National Instrument 43-101, has also reviewed and approved the scientific and technical information in this press release. Mr. Yeomans is a gold exploration professional with over 40 years of experience in all stages of gold exploration throughout the Americas, including the Superior province throughout Quebec and Ontario. He gained extensive exploration management experience across the entire Guiana Shield with BHP and has generated projects which resulted with significant National Instrument 43-101 gold resources. He has worked as a consultant to Iamgold and Dundee Precious Metals Inc., identifying acquisition opportunities across Canada, the United States and South America. He is currently the president of Yeomans Geological Inc. as well as 1127637 B.C. Ltd., and has many years of experience as a board member for several junior mining companies.

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 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 greenfield discovery made by Kenorland and Sumitomo Metal Mining Canada Ltd. in 2020, which contains an inferred mineral resource of 14.5 million tonnes at 5.47 grams per tonne gold for 2.55 million ounces of gold. Kenorland is based in Vancouver, B.C., Canada.

About Auranova Resources Inc.

Auranova Resources is a publicly listed company focused on the discovery of new gold systems in the Birch Uchi belt, in partnership with Kenorland Minerals, as well as expanding its presence in the greenstone belts of Ontario.

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