Mr. Paul Martin reports

RED PINE PROVIDES UPDATE ON ASSAY RESULTS FOR WAWA GOLD PROJECT

Further to its press releases of May 1, 2024, May 6, 2024, and May 10, 2024, Red Pine Exploration Inc. has provided an update on the company's investigations into the reporting inconsistencies in certain drill core assay results from the Wawa gold project.

Investigation of Assay Reporting Inconsistencies

The Company bifurcated its investigations into two periods: (i) the period from 2014, when it acquired the Wawa Gold Project, until 2019 (the "2014-2019 Period"); and (ii) the period from 2019 until the present day (the "2019-2024 Period"). In its press release of May 10, 2024, the Company reported on the 2014-2019 Period. The Company is now able to report on the Assay Reporting Inconsistencies for the 2019-2024 Period.

The Company can report that there were 382 Assay Reporting Inconsistencies out of a total of 60,000 assay results for the 2019-2024 Period, representing 95 intersections contained within 69 drill holes as follows:

Based on the results of the investigation for the 2019-2024 Period, management believes that the following areas located within the Jubilee shear have been impacted due to the concentration of assay results that were manipulated in these areas:

The Surluga South Zone, which is a target of potential depth extension below the current Surluga resource. While it is expected that the Surluga South Zone's potential contribution to the next mineral resource update will be reduced, the impact will ultimately be determined in the updated National Instrument 43-101 Technical Report; and

To a lesser extent, a reduction of the anticipated prospectivity of the Core Shack, located below the Jubilee shear in the footwall, and the Surluga North Vein Networks, located above the Jubilee shear in the hanging wall.

The previous conclusion that high-grade gold mineralization exists in the extensional vein networks and shear zones of the Wawa Gold Project remains unchanged. However, the intensity of that high-grade mineralization has been decreased by the corrected assay results. Further, the corrected assay results do not change the conclusion previously made that the mineralized system extends at depth in the Jubilee shear system and that mineralization exists in those down-dip extensions.

Attached to this press release as Schedule "A" is a table summarizing the restatement of previously publicly released assay results for the 2019-2024 Period.

The complete details on the drilling intercepts, including all the segments of the individual drillholes, as well as the attributes of the affected drillholes is available on the Company's website at https://redpineexp.com/may-update-assay-appendix2 and on SEDAR+.

Updated National Instrument 43-101 Report

The Company is immediately proceeding with the completion of an updated National Instrument 43-101 Technical Report for the Wawa Gold Project. This update will include approximately 65,000 to 70,000 metres of additional drilling conducted since the current mineral resource estimate in the National Instrument 43-101 Technical Report dated June 21, 2023 (with a resource effective date of May 31, 2019) entitled "National Instrument 43-101 Technical Report for the Wawa Gold Project", which the Company believes will add to the mineral resource base and support additional drilling in the near-term.

Mr. Michael Michaud, who is scheduled to commence his role as President & Chief Executive Officer of Red Pine in July 2024, will, in the meantime, in his capacity as a director and member of the Company's Technical Committee, assist in advancing the updated National Instrument 43-101 Technical Report for the Wawa Gold Project and oversee continued exploration at the Wawa Gold Property.

Conference Call

The Company will host a conference call at 10:00 a.m. E.T. on Wednesday, May 15, 2024, at which Paul Martin, Red Pine's Board Chairman and Interim Chief Executive Officer, and Michael Michaud, Red Pine's incoming President & Chief Executive Officer, will present the findings set out in this press release.

The conference call can be accessed as follows: https://wildlaw-ca.zoom.us/j/81261529184 or dial 647 558 0588 in Canada and use meeting ID: 812 6152 9184. For numbers for those calling from outside Canada, see: https://wildlaw-ca.zoom.us/u/keyvCGw9Rx

A recording of the call will be available on the Company's website at www.redpineexp.com immediately following the call.

Qualified Person

Jean-Francois Montreuil, P.Geo. and Vice President, Exploration of Red Pine and a Qualified Person, as defined by National Instrument 43-101, has reviewed and/or approved the technical information contained in this news release.

About Red Pine Exploration Inc.

Red Pine Exploration Inc. is a gold exploration company headquartered in Toronto, Ontario, Canada. The Company's shares trade on the TSX Venture Exchange under the symbol "RPX" and on the OTCQB Markets under the symbol "RDEXF".

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 7,000 hectares in size. Red Pine is building a strong position as a major mineral exploration and development player in the Michipicoten region.

We seek Safe Harbor.