Mr. Michael Michaud reports

RED PINE ANNOUNCES C$7.0 MILLION "BOUGHT DEAL" PRIVATE PLACEMENT OF COMMON SHARES, TRANCHE 1 FLOW-THROUGH SHARES AND TRANCHE 2 FLOW-THROUGH SHARES

Red Pine Exploration Inc. has entered into an agreement with Haywood Securities Inc., as co-lead underwriter and sole bookrunner, on its own behalf and on behalf of Research Capital Corp., as co-lead underwriter, pursuant to which the underwriters have agreed to purchase, on a bought deal private placement basis: (i) 22,223,000 common shares of the company at a price of nine cents per non-flow-through share; and (ii) any combination of: (a) tranche 1 flow-through shares of the company at a price of 10.5 cents per tranche 1 FT share; and (b) tranche 2 flow-through shares of the company at a price of 12.6 cents per tranche 2 FT share, such that the aggregate gross proceeds to the company equal at least $7-million.

The company has granted the underwriters an option to purchase up to an additional 15 per cent of the offering in any combination of: (i) non-flow-through shares at the non-flow-through issue price; (ii) tranche 1 FT shares at the tranche 1 FT issue price; and (iii) tranche 2 FT shares at the tranche 2 FT issue price, exercisable in whole or in part at any time up to 48 hours prior to the closing date.

The gross proceeds from the sale of tranche 1 FT shares and tranche 2 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), related to the company's projects in Ontario. All qualifying expenditures will be renounced in favour of the subscribers of the tranche 1 FT shares and tranche 2 FT shares effective Dec. 31, 2024. The net proceeds from the sale of non-flow-through shares will be used by the company for working capital and general corporate purposes, and for exploration at the Wawa gold project in Ontario.

The offering is expected to close on or about Oct. 1, 2024, and is subject to certain closing conditions, including, but not limited to, the receipt of all necessary approvals, including the conditional listing approval of the TSX Venture Exchange and the applicable securities regulatory authorities. The offering is being made by way of private placement in Canada. The securities issued under the offering will be subject to a hold period in Canada expiring four months and one day from the closing date of the offering. The offering is subject to the final acceptance of the TSX-V.

In consideration for their services, the company has agreed to pay the underwriters a cash commission equal to 6 per cent of the gross proceeds from the offering and that number of non-transferable compensation options as is equal to 6 per cent of the aggregate number of offered shares sold under the offering. Each compensation option is exercisable to acquire one common share of the company at a price equal to the non-flow-through issue price for a period of 24 months from the closing date of the offering.

About Red Pine Exploration Inc.

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

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. Its land package hosts numerous historical gold mines and is over 7,000 hectares in size. Red Pine is building a strong position as a mineral exploration and development player in the Michipicoten region.

We seek Safe Harbor.