Mr. David Watkinson reports

RISE GOLD ANNOUNCES STRATEGIC PARTNERSHIP

Rise Gold Corp. has entered into a strategic development partnership with Morgan Hughes Energy to advance the Idaho-Maryland (I-M) mine as a United States-based gold and critical minerals project.

Under the agreement, Morgan Hughes will work alongside Rise to advance development planning, support capital formation in connection with progressing the project toward operations, and position the project within applicable domestic critical minerals and industrial initiatives. Morgan Hughes's participation aligns its economic interests with the long-term advancement and operational development of the Idaho-Maryland mine. The I-M mine operated from 1862 to 1957, producing an estimated 2.4 million ounces of gold at an average mill head grade of 0.50 ounce per ton (17.1 grams per tonne). The mine was also an important supplier of tungsten during the First World War and was selected by the Department of War to supply the U.S. military with tungsten in the aftermath of the Korean War. The mine produced 3,086 short tons of tungsten ore in 1955 at an average mill grade of 1.30 per cent WO3 and produced 5,898 short tons of tungsten ore in 1956 at an average mill grade of 0.83 per cent WO3. Concentrates were produced in excess of 70 per cent WO3 (see news release dated Nov. 4, 2025, for additional details). In 1956, Congress ended the critical minerals procurement program, resulting in the suspension of mining activities despite prospective exploration for additional tungsten.

Tungsten is a necessary component in a wide array of defence applications, including, but not limited to, the production of ammunition, armored equipment and artillery, and is included on the 2023 Department of Energy critical metals list. China currently produces 84 per cent of the global tungsten supply and in February, 2025, announced restrictions on tungsten exports. The United States has not had a domestic mine supply of tungsten since 2015.

Morgan Hughes is a U.S.-based energy and minerals operating firm focused on advancing domestic and strategic mineral assets in coordination with evolving industrial policy and U.S. industrial and supply chain priorities. The company integrates project development strategy, capital formation and engagement with applicable federal industrial programs designed to strengthen U.S. resource security.

Gregory Bloom, chief executive officer of Morgan Hughes, commented: "The Idaho-Maryland mine represents a rare convergence of economic and strategic value: a historically significant high-grade gold system that drives project economics, alongside documented tungsten mineralization developed under prior federal sponsorship. With existing infrastructure, fee-simple ownership and national industrial relevance, the project is uniquely positioned among U.S. mineral assets."

Despite a 26,052-page environmental impact report demonstrating that the I-M mine poses no risk to the health or safety of the residents of Nevada county, the Nevada County board of supervisors voted to deny the company's application for a use permit for production. The supervisors also adopted a resolution denying Rise's petition for confirmation of its vested rights to operate the I-M mine. In May, 2024, the company filed a writ of mandamus to the Superior Court of California for the County of Nevada, asking the court to compel the supervisors to follow applicable law and grant Rise recognition of its vested right to operate the I-M mine. The writ remains before the court and oral arguments are scheduled for March 6, 2026.

David Watkinson, CEO of Rise Gold, commented: "The I-M mine is an environmentally sound, historic mine that would create 475 new local jobs, become Nevada County's largest taxpayer and supply the U.S. military with a critical mineral necessary for national defence. We are pleased to partner with Morgan Hughes to advance strategic development planning, evaluate participation in applicable critical minerals development programs and position the project for responsible production."

Under the terms of the 18-month agreement, Rise will issue to Morgan Hughes 18 million warrants with a strike price of 40 U.S. cents and an expiration date of Dec. 31, 2029. The warrants are structured to vest and become exercisable upon the achievement of defined project advancement milestones associated with positioning the Idaho-Maryland mine for development and operation.

Nine million warrants will vest upon formal advancement of the project within applicable critical minerals or industrial development frameworks. An additional 4.5 million warrants will vest upon the establishment of development support mechanisms necessary to advance the project toward construction readiness. The remaining 4.5 million warrants will vest upon the company securing material development participation or capital commitments in connection with advancing the project toward operations during the term of the agreement.

If material development participation or capital commitments are secured within 36 months of signing the agreement, Rise will pay Morgan Hughes a one-time development milestone payment of $1.5-million (U.S.) in recognition of its role as a strategic development partner advancing the project toward production.

Upon achievement of a qualifying development milestone, Rise will appoint a representative of Morgan Hughes to its board of directors, subject to Morgan Hughes maintaining at least a 5-per-cent ownership interest in the company.

If the agreement expires without achievement of the defined milestones, Rise shall pay Morgan Hughes a one-time project development reimbursement of $250,000 (U.S.) or, upon mutual agreement, issue 1.8 million warrants exercisable for 12 months.

Qualified person

All scientific and technical information disclosed in this news release was reviewed and approved by David Watkinson, PEng, president and CEO of Rise Gold, and a non-independent qualified person under National Instrument 43-101.

About Rise Gold Corp.

Rise Gold is an exploration-stage mining company incorporated in Nevada. The company's principal asset is the historic past-producing Idaho-Maryland gold mine, located in Nevada county in California.

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