Mr. Todd Hilditch reports

KINROSS GOLD 2026 EXPLORATION UPDATE AND DRILL PLANNING COMPLETE ON RILEY GOLD'S PWC GOLD PROJECT (CORTEZ DISTRICT - NEVADA)

The 2026 exploration program is under way at Riley Gold Corp.'s Pipeline West/Clipper gold project (PWC), located in the Cortez mining district of the Battle Mountain-Eureka trend. PWC is operated by Kinross Gold U.S.A. Inc., a wholly owned subsidiary of Kinross Gold Corp., under an exploration earn-in agreement executed in March, 2024, whereby Kinross has the right to earn up to 75 per cent of PWC by spending $20-million (U.S.).

Highlights

• Kinross has defined 2026 high-priority framework drill target areas at PWC that have never been drill tested.
• Two thousand twenty-six framework drill holes will be targeting gold-in-soil anomalies coincident with structural features known and newly interpreted this spring 2026 on the property.
• Compiled geologic mapping, geophysical surveys, historical drill results, gold-in-soil survey results, new 2026 seismic survey data, new downhole geochemistry analysis (spring 2026) and successful drilling in 2025/2024, have been uploaded in Leapfrog software supporting the new 2026 drill hole locations.
• Iterative and evolving geologic modelling and interpretation by Kinross also provides a supporting structural foundation and information for the 2026 exploration drill program.
• Drill contracts have been awarded, and drilling will begin this summer.

"We are pleased to have completed the 2026 drill-planning and look forward to the start of drilling. Drill planning requires the careful integration of evolving geological information, and Kinross, together with Riley Gold's PWC technical lead, Paul Dobak, has identified framework drill-hole locations for the next phase of work. Based on results to date, the team has recognized favourable Wenban stratigraphy at explorable depths within PWC that is comparable to settings associated with major local gold deposits, including the Fourmile discovery in the Cortez complex, owned and operated by Nevada Gold Mines LLC (NGM)," commented Todd Hilditch, chief executive officer of Riley Gold.

2026 geological initiatives completed

The following outlines recent geological work that has expanded upon evolving information from drill holes to date, along with surveys completed by Riley Gold and Kinross.

Seismic survey -- In March, 2026, Kinross contracted a third party provider to complete a surface shear-wave velocity survey. The survey included four lines totalling 13.6 line kilometres, with 15-metre channel spacing. The seismic lines were designed to improve interpretation of geophysical anomalies and lower-plate delineation, using previous drilling as a constraint.

Survey results and interpretations have contributed to the 2026 drill-hole location process. Seismic interpretation confirmed and sharply outlined structures and geological features to depths of 2.5 km that align with known near-surface gold-bearing structures and indicate additional lineaments that may represent new, untested structures.

Downhole geochemistry analysis -- Down-hole lithogeochemistry analysis, conducted by consultants 3PXS, was able to characterize stratigraphy into 1) upper and lower plate units 2) recognize dolomitization and the "marble front" 3) pick out sulphidized horizons with white mica alteration and anomalous gold plus pathfinder elements. These geochemical tools will be helpful to vector toward higher-grade mineralization in the upcoming drilling campaign.

Plan of operations -- Additional steps for completion of the exploration plan of operations (EPO) for PWC is continuing. Significant upcoming milestones include biological baseline surveys as well as cultural resources reports expected to be near completion in Q4 2026. Subject to approval by the Bureau of Land Management and the state of Nevada, the EPO would allow Kinross to conduct exploration activities across approximately 14 square kilometres (3,478 acres) within PWC. These activities may include access roads, overland travel routes, laydown areas and up to 400 drill sites, each with an approximate 100-foot-by-100-foot working surface that includes drill pads and sumps.

2026 drill planning overview

Kinross has developed a comprehensive geologic model to compare PWC with several greater-than-five-million-ounce gold discoveries in the Cortez district. Key Cortez district elements at PWC include 1) a northwest-trending metallogenic belt, 2) northwest-stepping, symmetrical, on echelon structures, 3) district deposits are within and straddle the Cortez Window into the lower plate rocks, 4) deposits occur symmetrically around Mesozoic stocks, and 5) Goldrush/Fourmile deposits discovered in soil anomalies through the upper plate.

Additional framework drill holes are being planned north and south of Kinross's initial 2025 drill holes, PW25-02 and PW25-03, and west of PW24-01. The planned drilling will test targets to the south along some of the highest-grade surface gold-in-soil anomalies, which coincide with an interpreted major structure identified through recent seismic work, previous geophysics and geologic mapping. Downhole geochemistry from 2024 and 2025 drilling has helped refine the team's understanding of the system and its similarities to regional gold deposits. The primary target remains a large, disseminated gold deposit peripheral to the Gold Acres stock, a geologic setting similar to NGM's Pipeline gold deposit.

Kinross agreement overview

Riley Gold entered into an exploration and venture option agreement with Kinross on March 13, 2024. The agreement grants Kinross the right to earn up to a 75-per-cent interest in Riley Gold's PWC by spending a minimum of $20-million (U.S.) (see news release dated March 14, 2024, for details). PWC is in Lander county, Nevada, and consists of approximately 27.8 square kilometres in the heart of the significant gold-producing Cortez district (Battle Mountain-Eureka trend). Kinross is funding and operating PWC and has a strategic 9.9-per-cent (on a partially diluted basis) equity interest in the company acquired through a private placement.

Qualified person

Matthew Dumula, PEng, is an independent contractor and a qualified person, as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About Riley Gold Corp.

Riley Gold is an exploration and development company focused in Nevada, U.S., with the Pipeline West/Clipper gold project located in the Battle Mountain Eureka trend (within the Cortez district). Riley Gold's founders and leadership team have a proven record of maximizing shareholder value during each phase of the mining life cycle: exploration, development and production.

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