Author: Atrium Research September 29, 2026
Ben Pirie | Equity Research Analyst | [email protected] | 647-688-9661
Nicholas Cortellucci, CFA | Equity Research Analyst | [email protected] | 647-391-3314
PLEASE REVIEW THE DISCLOSURES AT THE BOTTOM OF THE PAGE
What you need to know:
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Kenorland reported assay results from 20 holes (14,980m) drilled at the Frotet Project in Quebec, where KLD holds a 4% NSR royalty.
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These are the first holes completed since the cut-off date for the maiden 2.55Moz inferred resource at the Regnault deposit.
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Six intercepts returned over 100 gram-meters, four of which were step-outs outside the current resource, highlighted by 2.24 g/t Au over 73.42m along the R11 trend.
This morning, Kenorland Minerals Ltd. (KLD:TSXV, KLDCF:OTCQX) announced complete assay results from fall 2025 and winter 2026 drill programs at the Frotet Project in Quebec, which Sumitomo wholly owns and operates, and KLD holds a 4% NSR royalty. The release covers 20 holes totalling 14,980m, the first drilling completed since the cut-off date for the maiden inferred resource of 14.5Mt at 5.47 g/t Au for 2.55Moz. We are maintaining our BUY rating and target price of $4.00/share on Kenorland Minerals.
Highlights from today’s release include:
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71.89 g/t Au over 2.35m, incl. 252.00 g/t over 0.65m at R11 (step-out)
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2.24 g/t Au over 73.42m, incl. 8.73 g/t Au over 3.42m at R11 (step-out)
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9.72 g/t Au over 14.25m, incl. 55.24 g/t Au over 2.00m at R6 (step-out)
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8.19 g/t Au over 15.40m, incl. 26.43 g/t Au over 4.40m at R6 (step-out)
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175.00 g/t Au over 0.65m at R4 (within 100m crown pillar)
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14.79 g/t Au over 7.45m, incl. 45.17 g/t Au over 2.30m at R6 (infill)
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49.43 g/t Au over 1.62m, incl. 135.00 g/t Au over 0.57m at R10 (step-out)
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18.26 g/t Au over 3.90m, incl. 74.40 g/t Au over 0.90m at R9 (step-out)
Project Refresher As a reminder, KLD has a 4% NSR on the Frotet Project in Quebec owned by Sumitomo Metal Mining Corp Ltd., covering a major gold system (38,930ha), neighbouring the past-producing Troilus Au-Cu mine. Since discovery, 143,823m have been drilled across 314 drill holes in the deposit area. On December 16ᵗʰ, 2025, Sumitomo announced a maiden inferred resource estimate of 2.55Moz at 5.47 g/t Au, one of the best inaugural resources of the last decade in Canada. Sumitomo may purchase 0.25% NSR interest for a $3.0M cash payment by January 2029, followed by an option to purchase an additional 0.5% NSR for $10M within ten years. If both options are exercised, the royalty would be reduced to an uncapped 3.25% NSR across the project. Read more in our initiation here.
Our Take As mentioned, the December 2025 inaugural resource was a highly impressive inaugural resource, and we believe there exists substantial room to grow beyond this high-grade initial resource, as shown in today’s press release. These are the first results since the resource cut-off date, and notably, every highlight intercept outside the infill and crown pillar holes was outside the current MRE. This aligns well with Sumitomo’s objective of stepping out along known mineralized structures while maintaining 50-100m spacing to follow inferred resource parameters. We also highlight that KLD carries no cost for this work and its 4% NSR covers the entire project, so each successful step-out grows the royalty base.
Catalysts
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Exploration Across its Assets & Development Milestones at Frotet – Ongoing
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Cash & Share Payments from Option Agreements – Ongoing
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