KENORLAND MINERALS LTD - KLDCF STOCK NEWS

Kenorland Minerals (TSXV: KLD) (OTCQX: KLDCF) has announced that both Sumitomo Metal Mining Canada and Centerra Gold will exercise their 'top-up rights' to maintain their respective ownership interests in the company. Following this action, Kenorland will issue a total of 63,453 common shares at $1.0492 per share, raising $66,574.89. Specifically, 32,044 shares will be issued to Sumitomo to maintain its 10.1% stake, while 31,409 shares will go to Centerra to maintain its 9.9% interest. The issuance is subject to TSX Venture Exchange approval.

Kenorland Minerals (TSXV: KLD) provided an exploration update across its portfolio of projects. The company reports a working capital of $27.2 million as of October 31, 2024, with total exploration expenditures forecast at over $27.5 million for 2024. Key developments include:

- Exchange of 20% interest in Frotet Project for a 4% NSR royalty
- Completion of 33 diamond drill holes at Regnault gold deposit
- Agreement with Auranova Resources for South Uchi Project earning potential
- Newmont's election to enter Phase 2 of Chebistuan Project earn-in
- Evolution Nickel's acquisition of South Thompson Project

The company granted 5,230,000 stock options to directors, officers, employees and consultants at $1.22 per share for a five-year period.

Kenorland Minerals has announced results from regional exploration campaigns across four projects in Northwestern Ontario: Flora, Western Wabigoon, Algoman, and Stormy Lake. The company collected approximately 12,200 till samples covering 263,500 hectares during the 2024 field season.

Key findings include: At Flora Project, two targets were identified along the Wabigoon Fault, with rock samples showing up to 4.62% Li2O. The Western Wabigoon Project revealed a 19km gold-in-till trend. The Algoman Project identified two distinct Au-As trends, with rock samples showing up to 187.6 g/t Au. The Stormy Lake Project completed first-pass sampling with anomalous gold findings.

The company also announced that its subsidiary granted a 2% net smelter return royalty on claims within Flora, Algoman and Western Wabigoon Projects.

Kenorland Minerals has entered into a definitive agreement with Auranova Resources for the South Uchi Project in Ontario's Red Lake District. The agreement allows Auranova to acquire up to 70% interest through a two-stage option. The First Option (51%) requires C$500,000 in payments, 15,000m of drilling or C$8M in expenditures, and issuing shares for 19.9% equity to Kenorland. The Second Option (additional 19%) requires C$10M in expenditures. The project shows significant gold potential, with recent exploration revealing the Papaonga target area yielding up to 13.35 g/t Au and 60.4 g/t Ag in rock samples.

Kenorland Minerals (TSXV: KLD) (OTCQX: KLDCF) announces that Sumitomo Metal Mining Canada has decided to withdraw from their Joint Venture Exploration Agreement at the Chicobi Project in Quebec. The agreement, which was established on February 15, 2019, will terminate on December 6, 2024. Following this termination, Sumitomo will transfer its participating interest to Kenorland, resulting in Kenorland obtaining 100% ownership of the Project.

Kenorland Minerals announces a winter 2025 drill program at the Deux Orignaux prospect and Newmont 's entry into Phase 2 of their earn-in agreement for the Chebistuan project in Quebec. The planned program includes up to 3,500m of drilling to explore the mineralized syenite area, following up on previous results from drill hole 23DODD005 which yielded 157.20m at 0.41 g/t Au including 20.61m at 0.97 g/t Au. The program will also investigate additional potential syenite plug targets identified through geophysical characteristics. Kenorland remains the project operator, with drilling expected to begin in Q1 2025.

Kenorland Minerals (TSXV: KLD) (OTCQX: KLDCF) has announced results from its 2024 summer exploration program at the Frotet Project in northern Quebec. The program, consisting of six drill holes totaling 3,266m, revealed significant gold intersections including 26.67 g/t Au over 3.30m and 9.78 g/t Au over 6.35m. The drilling primarily tested step-out targets from the recently updated Regnault gold system model, focusing on the R1, R4, and R6 mineralised structures. The company holds a 4% net smelter return royalty and operates the project. Results suggest potential for additional mineralisation at depth, making it a priority target for follow-up drilling.

Kenorland Minerals (TSXV: KLD) (OTCQX: KLDCF) has completed the exercise of Sumitomo Metal Mining Canada and Centerra Gold Inc.'s 'top-up right' to maintain their respective 10.1% and 9.9% interests in the company. This follows the investor rights agreements dated November 5, 2021, and May 28, 2024.

The transaction involved issuing 322,640 common shares for a total consideration of $338,772. These shares are subject to a statutory hold period until January 28, 2025. As Sumitomo owns more than 10% of Kenorland's outstanding shares, the transaction is considered a 'related party transaction' under MI 61-101. However, Kenorland has relied on exemptions from formal valuation and minority shareholder approval requirements, as the fair market value does not exceed 25% of the company's market capitalization.

Kenorland Minerals (TSXV: KLD) (OTCQX: KLDCF) (FSE: 3WQ0) has announced that Sumitomo Metal Mining Canada and Centerra Gold Inc. have exercised their 'top-up right' to maintain their respective interests in the company. This follows the investor rights agreements dated November 5, 2021 (Sumitomo) and May 28, 2024 (Centerra).

The company will issue a total of 322,640 common shares at $1.05 per share, raising $338,772, subject to TSX Venture Exchange approval. Specifically, 162,934 shares will be issued to Sumitomo to maintain its 10.1% interest, and 159,706 shares to Centerra to retain its 9.9% stake.

Details of the investor rights agreements and a three-way acknowledgement agreement are available on Kenorland's SEDAR profile.