Kenorland Announces Termination of Joint Venture at the Healy Project, Alaska and Completes Top-Up Right from Sumitomo and Centerra
Kenorland Announces Termination of Joint
Venture at the Healy Project, Alaska and
Completes Top-Up Right from Sumitomo and
Centerra
Vancouver, British Columbia--(Newsfile Corp. - June 27, 2025) -
Kenorland Minerals Ltd.
(TSXV:
KLD) (OTCQX: KLDCF) (FSE: 3WQ0) ("
Kenorland
" or the "
Company
") announces that Newmont
Corporation ("
Newmont
") has delivered a notice to terminate the joint venture agreement in respect of
the Healy project
(the "
Project
") in Alaska. While the Company fully vested a 70% interest in the Project,
the parties have chosen not to conduct any further exploration on the property. Due to the cost of
maintaining the claims and the Company's focus on higher priority exploration projects, the Company
and Newmont plan to allow the Healy claims to lapse.
Completion of Top-Up Right
The Company also announces that, further to its press release dated June 13, 2025, the Company,
Sumitomo Metal Mining Canada Ltd. ("
Sumitomo
") and Centerra Gold Inc. ("
Centerra
"), have
completed the exercise of Sumitomo's and Centerra's 'top-up right' to retain its 10.1% and 9.9% interest
in the Company, respectively, as granted within the investor rights agreements dated November 5, 2021
and May 28, 2024.
An aggregate of 257,737 common shares of the Company ("
Shares
") were issued for an aggregate
consideration of $408,162.85 representing 228,130 Shares at a price of $1.598 per Share and 29,607
Shares at a price of $1.473 per Share. The Shares issuable in the private placement are subject to a
statutory hold period in accordance with applicable securities legislation and the rules and policies of the
TSXV expiring on October 27, 2025.
As Sumitomo is the beneficial owner of more than 10% of Kenorland's outstanding shares, it is a
"related party" to the Company within the meaning of Multilateral Instrument 61-101- Protection of
Minority Security Holders in Special Transactions ("
MI 61-101
"). As such, the transaction constituted a
"related party transaction" within the meaning of MI 61-101.
The Company has relied upon on exemptions from formal valuation and the minority shareholder
approval requirements of MI 61-101 found in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair
market value of either transaction does not constitute more than the 25% of the Company's market
capitalization.
Qualified Person
Janek Wozniewski, B.Sc., P.Geo. (EGBC #172781, APEGS #77522, EGMB #48045, PGO #3824) a
"Qualified Person" under National Instrument 43-101, has reviewed and approved the scientific and
technical information in this press release.
About Kenorland Minerals
Kenorland Minerals Ltd. (TSXV: KLD) 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% 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 greenfields discovery made by Kenorland and
Sumitomo Metal Mining Canada Ltd. in 2020. Kenorland is based in Vancouver, British Columbia,
Canada.
Further information can be found on the Company's website
www.kenorlandminerals.com
.
On behalf of the Board of Directors,
Zach Flood
President, CEO & Director
For further information, please contact:
Alex Muir, CFA
Corporate Development and Investor Relations Manager
Tel +1 604 568 6005
Cautionary Statement Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (together,
"forward-looking statements") within the meaning of applicable securities laws. All statements, other
than statements of historical facts, are forward-looking statements. Generally, forward-looking
statements can be identified by the use of terminology such as "plans", "expects", "estimates",
"intends", "anticipates", "believes" or variations of such words, or statements that certain actions,
events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". Forward
looking statements involve risks, uncertainties and other factors disclosed under the heading "Risk
Factors" and elsewhere in the Company's filings with Canadian securities regulators, that could cause
actual results, performance, prospects and opportunities to differ materially from those expressed or
implied by such forward-looking statements. Although the Company believes that the assumptions
and factors used in preparing these forward-looking statements are reasonable based upon the
information currently available to management as of the date hereof, actual results and developments
may differ materially from those contemplated by these statements. Readers are therefore cautioned
not to place undue reliance on these statements, which only apply as of the date of this news release,
and no assurance can be given that such events will occur in the disclosed times frames or at all.
Except where required by applicable law, the Company disclaims any intention or obligation to update
or revise any forward-looking statement, whether as a result of new information, future events or
otherwise.
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/257057