What you need to know: • Kenorland announced the commencement of the maiden diamond drill program at the Western Wabigoon Project in northwestern Ontario. • The Western Wabigoon Project is held under an earn-in agreement with a subsidiary of Centerra Gold, whereby Centerra can earn up to a 70% interest in the project by achieving certain development milestones. • The program has a $3.2M budget that has been approved by Centerra and will consist of up to 3,650m of diamond drilling, till surveys, mapping and prospecting. • We recently initiated research coverage on KLD. Read the report here. This morning, Kenorland Minerals Ltd. (KLD:TSXV, KLDCF:OTCQX) announced the commencement of the maiden diamond drill program at the Western Wabigoon Project in northwestern Ontario. The program will consist of up to 3,650m of diamond drilling at the W2 target, heavy mineral concentrate (HMC) till surveys, mapping and prospecting at regional targets. The program and $3.2M budget have been approved by Centerra. Since initiating research coverage on Kenorland in mid-April, the Company has issued a few smaller corporate updates, which are summarized on pages two and three. Our full initiation report can be found here. We are maintaining our BUY rating and target price of $4.00/share on Kenorland Minerals. The maiden drill campaign is planned for up to 3,650m of diamond drilling, with drill fence spaced ~250-500m apart to test a 2.5km strike length of the target. Systematic exploration conducted since 2024 has established W2 as a compelling, coherent gold target, defined by a 3km long gold-in-till and HMC gold grain anomaly. The target area also hosts multiple multi-gram-per-tonne gold showings identified through historical trenching and shallow drilling along the historically recognized Sorry Mac trend. Kenorland is the operator of the program, with drilling activities expected to be completed by late June. W2 Target (Sorry Mac Trend) Large-scale geochemical surveys completed between 2024 and 2025 identify W2 as the highest priority target within a 19km gold-in-till and HMC gold grain trend along the Manitou-Dinorwic Deformation Zone. The target is underlain by structurally complex mafic to intermediate volcanic rocks adjacent to the Bretz Lake felsic pluton, with gold mineralization associated with strong deformation, silica-sericite-Fe-carbonate alteration, quartz-Fe-carbonate-arsenopyrite-pyrite veining, and disseminated sulphide mineralization. Surface exploration by KLD confirmed the presence of gold mineralization, returning rock samples grading up to 7.75 g/t Au, and significantly expanded the known mineralized footprint beyond historical trenching and shallow drilling along the Sorry Mac Trend.