Mr. Michael Michaud reports

RED PINE INTERCEPTS 2.39 G/T GOLD OVER 39.07 M INCLUDING 7.99 G/T GOLD OVER 6.99 M AT THE WAWA GOLD PROJECT

Red Pine Exploration Inc. has released the most recent assay results from five additional drill holes representing 1,211 metres as part of the completed 2022 to 2024 resource expansion drill program at the Wawa gold project, Ontario.

Since 2022, Red Pine has completed approximately 67,000 m of diamond drilling. Of this total, approximately 60,300 m of drilling will be used to update the mineral resource estimate with an effective database cut-off date of June 21, 2024. The independent National Instrument 43-101 resource estimate is expected to be completed in August. The results being announced today, in addition to the remaining results yet to be released from approximately 5,000 m of drill core in 22 drill holes, will not be included in the mid-August resource update, but at a later date.

Drilling highlights and discussion of results:

• 2.39 grams per tonne gold over 39.07 m, including 7.99 g/t gold over 6.99 m in SD-24-497 in the Jubilee shear system.

The results indicate:

• The presence of thick zones of significant gold mineralization within the Jubilee shear;
• Drilling has continued to increase the size and confirm the continuity of gold mineralization of greater than 2.00 g/t gold in the main segment of the Jubilee shear;
• Gold mineralization remains open at depth in the Jubilee shear downdip and down plunge of the existing mineral resource and to a lesser extent within areas of the former mineral resource where gaps in drilling remain;
• Drilling continues to better define gold mineralization in both the hangingwall and footwall of the Jubilee shear.

Mike Michaud, president and chief executive officer of Red Pine, commented: "I am pleased to have now joined, and am looking forward to leading, the Red Pine team. Exploration success over the past several years has not only identified high-grade mineralization outside of the previously mined zones, but has also confirmed the potential to host a sizable gold deposit near surface.

"The latest drill results not only highlight the potential of the Jubilee shear to host significant gold mineralization over thick sections, but drilling has also confirmed that gold mineralization remains open downdip and down plunge, a priority for future drilling.

"In addition, we are targeting the updated National Instrument 43-101 technical report to be completed in August, 2024, and expect the mineral resource estimate component of that report to be press released in advance of that date. Once completed, we will be able to use this resource estimate to better assess various underground and open-pit mining and processing scenarios to guide next steps on the project."

Quality assurance/quality control measures

Drill core samples are transported in security sealed bags for analyses to Actlabs in Ancaster, Ont. Individual samples are labelled, placed in plastic sample bags and sealed. Groups of samples are then placed into durable rice bags and shipped. HQ core assays were obtained by 50-gram fire assaying-AA finish or by one-kilogram screen fire assay. The one-kilogram screen assay method is selected for samples anticipated to contain coarse gold and when the fire assay-AA finish return results greater or equal to 2.25 g/t gold. The residual coarse reject portions of the samples remain in storage for a minimum 90-day period if further work or verification is needed.

As part of its updated and independently reviewed QA/QC program, Red Pine inserts external gold standards (low to high grade) and blanks every 20 samples, and routinely inserts blanks immediately after samples with visible gold. Quarter core duplicates are routinely inserted to evaluate the natural variability of gold mineralization. Assay certificates are sent to at least two members of the senior management team, and they are directly accessible from the WebLIMS portal of Actlabs.

Qualified person

Jean-Francois Montreuil, PGeo, vice-president, exploration, of Red Pine, the qualified person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this news release.

About Red Pine Exploration Inc.

Red Pine is a gold exploration company headquartered in Toronto, Ont., 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 past five years. The company's 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.

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