Mr. Ryan Kalt reports

EARLY WARNING REPORT AND NEWS RELEASE REGARDING SECURITIES OF RED LAKE GOLD INC.

Ryan Kalt has disclosed security transactions in Red Lake Gold Inc., including public market sales today, on a direct basis, in the total quantity of 5.85 million common shares.

The divested shares trigger an early warning report (Form 62-103F1) posted to SEDAR+ (referenced hereby) and this required news release.

Prior to the divested shares, the acquiror also had 350,000 stock options (0.69 per cent diluted) expire in their ordinary course on June 3, 2026.

Before both the stock option expiration and selling the divested shares, the acquiror directly held 5.85 million common shares, then representing approximately 11.58 per cent of the issuer (alongside 14.2 million share warrants, held directly and indirectly, and 700,000 stock options, held directly, then a 31.71-per-cent diluted holding, if altogether exercised).

After the stock option expiration and selling the divested shares, the acquiror holds no common shares of the issuer, 14.2 million share warrants, held directly and indirectly, and 350,000 stock options, held directly (the warrants and options a 22.35-per-cent diluted holding, if altogether exercised).

The divested shares (representing approximately 11.58 per cent of the issuer's common shares based on the issuer reporting 50,539,169 shares outstanding) were sold for an average price of 0.5 cent per share (aggregate gross proceeds of approximately $29,250).

The acquiror may sell securities of the issuer through private dispositions in the future, or may acquire securities of the issuer either on the open market or through private acquisitions in the future depending upon market conditions, the acquiror's investment objectives and/or other relevant factors. Other than the foregoing or as publicly filed, the acquiror does not have plans or any future intentions which relate to or would result in any of the other foregoing matters.

The Form 62-103F1 (Required Disclosure under the Early Warning Requirements) associated with this news release can be obtained from SEDAR+. Alternatively, for a report copy, contact Mr. Kalt at 1-403-454-2984 or care of 1001 1st St. Southeast, Suite 200, Calgary, Alta., T2G 5G3.