Mr. Zach Flood reports

FRANCO-NEVADA BECOMES SIGNIFICANT SHAREHOLDER OF KENORLAND MINERALS

Franco-Nevada Corp. has acquired an aggregate of 10 million common shares of Kenorland Minerals Ltd., representing approximately 12.42 per cent of the outstanding common shares.

"We are pleased to welcome Franco-Nevada, one of the most respected names in royalties and streaming, as a significant shareholder of Kenorland," said Zach Flood, president and chief executive officer.

The common shares were acquired by Franco-Nevada through private agreements at a price of $2.22 per common share from John Tognetti and Mr. Flood, of which 7.95 million common shares were acquired from Mr. Tognetti and the remaining 2.05 million common shares were acquired from Mr. Flood, for an aggregate purchase price of $22.2-million.

Prior to the transaction, Franco-Nevada did not own any common shares of Kenorland and Mr. Tognetti held an aggregate of 11,115,603 common shares, of which 9,715,500 common shares were held directly, 812,175 common shares were held through 4224973 Canada Inc. and 587,928 common shares were held through San Jacopo Trading Inc., representing in aggregate approximately 13.80 per cent of the outstanding common shares.

As a result of the transaction, Franco-Nevada owns 10 million common shares, representing approximately 12.42 per cent of the outstanding common shares and Mr. Tognetti now holds an aggregate of 3,165,603 common shares, of which 1,765,500 common shares are held directly, 812,175 common shares are held through 4224973 Canada and 587,928 common shares are held through San Jacopo Trading, representing in aggregate approximately 3.93 per cent of the outstanding common shares. Mr. Tognetti has now ceased to be an insider of Kenorland following the transaction. Mr. Flood continues to hold 3,422,888 common shares following completion of the transaction.

Franco-Nevada acquired the common shares for investment purposes. Franco-Nevada has no current plan or intentions which relate to, or would result in, acquiring additional securities of Kenorland, disposing of securities of Kenorland, or any of the other actions enumerated in items (a) through (k) of item 5 of Form 62-103F1 of National Instrument 62-103, The Early Warning System and Related Take-over Bid and Insider Reporting Issues. Franco-Nevada may, from time to time in the future, depending on market conditions and its investment strategy, acquire additional securities of Kenorland in the open market or pursuant to privately negotiated transactions, sell all or a portion of its securities of Kenorland, or take any of the other enumerated actions.

Mr. Tognetti disposed of the common shares as part of Mr. Tognetti's overall investment and portfolio management strategy. Mr. Tognetti presently has no intention to acquire additional securities of Kenorland; however, Mr. Tognetti may, from time to time and depending on market conditions and other relevant factors, acquire or dispose of securities of Kenorland through open market purchases, privately negotiated transactions or otherwise.

Early warning reports will be filed by each of Franco-Nevada and Mr. Tognetti in accordance with applicable securities laws and will be available on SEDAR+, or may be obtained directly upon request from Bonavie Tek at 416-306-6309 or info@franco-nevada.com, in the case of Franco-Nevada, or Cindy Schoenhaar at 604-375-0937 or cschoenhaar@haywood.com, in the case of Mr. Tognetti. This news release includes disclosure required pursuant to Part 3 of NI 62-103 in respect of each of Franco-Nevada and Mr. Tognetti.

Franco-Nevada's head and registered office is located at Suite 2000, Commerce Court West, 199 Bay St., Toronto, Ont., M5L 1G9.

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 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 (g/t) gold (Au) for 2.55 million ounces (oz) of gold. Kenorland is based in Vancouver, B.C., Canada.

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