Kenorland Announces Termination of Joint Venture at the Healy Project, Alaska and Completes Top-Up Right from Sumitomo and Centerra

Core Viewpoint - Kenorland Minerals Ltd. has announced the termination of its joint venture with Newmont Corporation regarding the Healy project in Alaska, while also completing a top-up right exercise with Sumitomo and Centerra to maintain their respective interests in the company [2][3]. Group 1: Joint Venture Termination - Newmont Corporation has delivered a notice to terminate the joint venture agreement for the Healy project in Alaska [2]. - Kenorland has fully vested a 70% interest in the Healy project, but both parties have decided not to pursue further exploration [2]. - The Healy claims will be allowed to lapse due to the costs associated with maintaining the claims and Kenorland's focus on higher priority exploration projects [2]. Group 2: Top-Up Right Completion - Kenorland, along with Sumitomo Metal Mining Canada Ltd. and Centerra Gold Inc., has completed the exercise of the 'top-up right' to retain their interests of 10.1% and 9.9% in the company, respectively [3]. - A total of 257,737 common shares were issued for an aggregate consideration of $408,162.85, with shares priced at $1.598 and $1.473 [4]. - The shares issued are subject to a statutory hold period expiring on October 27, 2025 [4]. Group 3: Related Party Transaction - Sumitomo, owning more than 10% of Kenorland's outstanding shares, is classified as a "related party" under Multilateral Instrument 61-101 [5]. - The transaction is considered a "related party transaction" as defined by MI 61-101 [5]. - Kenorland has relied on exemptions from formal valuation and minority shareholder approval requirements due to the fair market value of the transaction not exceeding 25% of the company's market capitalization [6]. Group 4: Company Overview - Kenorland Minerals Ltd. is a well-financed mineral exploration company focused on project generation and early-stage exploration in North America [8]. - The company's exploration strategy involves advancing greenfields projects through systematic exploration surveys, primarily financed through exploration partnerships [8]. - Kenorland holds a 4% net smelter return royalty on the Frotet Project in Quebec, which is owned by Sumitomo Metal Mining Canada Ltd. [8].