Kenadyr Metals Corp. announced the mutual termination of the arrangement agreement entered into with Karus Gold Corp. on December 28, 2022 in respect of the proposed transaction with Karus previously announced on December 30, 2022.

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.