Mr. Quentin Yarie reports

RED PINE ANNOUNCES $5,000,180 BOUGHT DEAL FINANCING

Red Pine Exploration Inc. has entered into an agreement with Haywood Securities Inc., as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters, including Canaccord Genuity Corp. and Laurentian Bank Securities Inc., pursuant to which the underwriters will purchase, on a bought deal basis: (i) 7,693,000 common shares of the company at a price of 26 cents per offered share; and (ii) 10 million flow-through common shares of the company at a price of 30 cents per FT share, for aggregate gross proceeds to the company of $5,000,180.

The company has agreed to grant the underwriters an overallotment option to purchase up to an additional 15 per cent of the aggregate gross proceeds of the offering, exercisable in whole or in part for offered shares at the offered share price, at any time and from time to time on or prior to the date that is 30 days following the closing of the offering to cover overallotments, if any, and for market stabilization purposes. If this option is exercised in full, an additional $750,027 in gross proceeds will be raised pursuant to the offering, and the aggregate gross proceeds of the offering will be $5,750,207.

The company plans to use the net proceeds from the sale of the offered shares for exploration at the company's Wawa gold project and for working capital and general corporate purposes. The gross proceeds from the sale of the FT shares will be used by the company to incur eligible Canadian exploration expenses that will qualify as flow-through mining expenditures as such terms are defined in the Income Tax Act (Canada) on the Wawa gold project.

The offered securities will be offered by way of a short form prospectus to be filed in all provinces of Canada, except Quebec. The offered shares may also be sold to U.S. buyers on a private placement basis pursuant to available exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended, and other jurisdictions outside of Canada provided that no prospectus filing or comparable obligation arises.

The offering is scheduled to close on or about Sept. 29, 2022, and is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and the securities regulatory authorities.

About Red Pine Exploration Inc.

Red Pine is a gold exploration company headquartered in Toronto, Ont., Canada. The company's common shares trade on the TSX Venture Exchange under the symbol RPX. The Wawa gold project is in the Michipicoten greenstone belt of Ontario, a region that has seen major investment by several producers in the last five years. Its land package hosts numerous historic gold mines and is over 6,900 hectares in size. The company's chairman of the board is Paul Martin, the former chief executive officer of Detour Gold. The board has extensive and diverse experience at such entities as Alamos, Barrick, Generation Mining, Detour Gold and Paramount Gold Nevada Corp. Led by Quentin Yarie, chief executive officer, who has over 25 years of experience in mineral exploration, Red Pine is strengthening its position as a major mineral exploration and development player in the Michipicoten region.

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