Mr. Paul Martin reports

RED PINE ANNOUNCES DEPARTURE OF CHIEF EXECUTIVE OFFICER, APPOINTMENT OF INTERIM chief executive officer AND MAILING OF SHAREHOLDER MEETING MATERIALS

Quentin Yarie has stepped down as president and chief executive officer of Red Pine Exploration Inc. Paul Martin, the chair of the board of directors of the company, has as assumed the role of interim chief executive officer.

Mr. Yarie has been with the company in various roles since December, 2009, serving in the capacity of president and chief operating officer since October, 2013, and as chief executive officer since July, 2015. Under his stewardship, the company acquired and consolidated 100-per-cent ownership of its flagship property, the Wawa gold project, advancing the project's mineral resource prospects and successfully positioned the Wawa gold project for further success. The board thanks Mr. Yarie for his years of service to the company. Mr. Yarie will remain as a member of the board for the time being to assist in the transition of executive management to ensure continuity of operations. Following the appointment of a permanent replacement chief executive officer, Mr. Yarie has advised the company he will resign his board seat.

Mr. Martin said: "Quentin has dedicated a large portion of his career to the Wawa project and leaves the company well positioned to capitalize on all the work done to date. We thank him for his commitment and leadership and wish him well in his future endeavours."

The company is very pleased to announce that Gary O'Connor has agreed to stand for election to the board at the annual shareholder meeting to be held on March 12, 2024. Mr. O'Connor has 40 years of experience in precious metals exploration and mining in Canada and abroad. He was the president and chief executive officer of Moneta Gold Inc. (2017 to 2023) and vice-president at Dundee Resources Ltd. (2007 to 2017). Prior to that, he was the vice-president, exploration, at Gabriel Resources Ltd. (2000 to 2007) and the district exploration manager at Freeport McMoran Copper and Gold Company (1990 to 2000).

Mr. Martin, who will serve as the company's interim chief executive officer until the search for Mr. Yarie's permanent replacement is concluded, is an experienced mining executive having served in many senior executive positions over a 30-year career in the mining industry, including as president and chief executive officer of Detour Gold Corp. (2013 to 2018). Mr. Martin recently acted as interim chief executive officer of Osisko Gold Royalties Ltd. from July, 2023, to December, 2023, where he ensured a smooth transition and continuity of business strategy while the board undertook its search for its new president and chief executive officer.

The company also wishes to announce that the proxy materials for the annual meeting of shareholders to be held March 12, 2024, at 10 a.m. have been mailed to all shareholders of record as of Jan. 31, 2024, and can be found on SEDAR+ and on the company's website. Shareholders are encouraged to review such materials and to deposit their votes in accordance with the instructions set out in the proxy materials.

About Red Pine Exploration Inc.

Red Pine Exploration is a gold exploration company headquartered in Toronto, Ont., Canada.

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