Kenadyr and Karus Mutually Agree to Terminate Arrangement Agreement

Kenadyr and Karus Mutually Agree to Terminate Arrangement

Agreement

VANCOUVER, BC – July 11, 2023 - Kenadyr Metals Corp. (TSX-V: KEN; OTC-MKTS: KNDYF; FRA:

KM0) (the “Corporation” or “Kenadyr”) announces the mutual termination of the arrangement

agreement (the “Arrangement Agreement”) entered into with Karus Gold Corp. (“Karus”) on

December 28, 2022 in respect of the proposed transaction with Karus previously announced on

December 30, 2022 (the “Proposed Transaction”).

Given the challenging market conditions for gold equities and other factors, Kenadyr was unable

raise sufficient capital to meet the closing conditions and to complete the transaction. As a result,

Kenadyr and Karus have agreed to mutually terminate the Arrangement Agreement.

Timothy McCutcheon, CEO & Director, stated “Despite our intense efforts to raise funding for the

Proposed Transaction, and flexibility from both sides to explore alternative paths to completion,

market conditions were such that we could not get to close. We wish Karus well and thank them

for their support. Kenadyr will continue to seek a path for corporate development.”

ON BEHALF OF KENADYR METALS CORP.

“Tim McCutcheon”

Tim McCutcheon

Chief Executive Officer and Director

For more information, please contact:

Tim McCutcheon or Kevin Ma

E-mail: [email protected]

Phone: +1-604-569-2963 Ext 105

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT

TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY

FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Cautionary Statement on Forward-Looking Information

This press release contains forward-looking statements and forward-looking information

(collectively, "forward-looking statements") within the meaning of applicable Canadian securities

legislation. All statements, other than statements of historical fact, included herein including,

without limitation, statements regarding the anticipated timing and closing of the Proposed

Transaction, the receipt and approval of the Kenadyr shareholders and Karus shareholders and

the TSXV, anticipated benefits to the shareholders as a result of the Proposed Transaction and the

anticipated business plans and timing of future activities of the post-closing Corporation, are

forward-looking statements. Although the Corporation believes that such statements are

reasonable, it can give no assurance that such expectations will prove to be correct. Forward-

looking statements are typically identified by words such as: believe, expect, anticipate, intend,

estimate, postulate and similar expressions, or are those, which, by their nature, refer to future

events. The Corporation cautions investors that any forward-looking statements by the

Corporation are not guarantees of future results or performance, and that actual results may

differ materially from those in forward looking statements as a result of various factors, including,

but not limited to, the state of the financial markets for the Corporation's equity securities, the

state of the commodity markets generally, variations in the nature, quality and quantity of any

mineral deposits that may be located, variations in the market price of any mineral products the

Corporation may produce or plan to produce, the inability of the Corporation to obtain any

necessary permits, consents or authorizations required, including TSXV acceptance, for its

planned activities, the inability of the Corporation to produce minerals from its properties

successfully or profitably, to continue its projected growth, to raise the necessary capital or to be

fully able to implement its business strategies, and other risks and uncertainties disclosed in the

Corporation's latest interim Management Discussion and Analysis and filed with certain securities

commissions in Canada. All of the Corporation's Canadian public disclosure filings may be

accessed via www.sedar.com and readers are urged to review these materials, including the

technical reports filed with respect to the Corporation's mineral properties.