Mr. Michael Michaud reports

RED PINE ANNOUNCES UPSIZE OF BROKERED OFFERING TO $8.5 MILLION

Due to strong investor demand, Red Pine Exploration Inc. has entered into an amendment agreement with Research Capital Corp. as the sole bookrunner and co-lead agent, and together with Haywood Securities Inc., as co-lead agent, to increase the size of the previously announced brokered best effort listed issuer financing exemption private placement offering of securities of the company to $8.5-million in aggregate gross proceeds, in a combination of:

• A minimum of 12.5 million and up to a maximum of 55 million non-flow-through units of the company at a price of 10 cents per NFT unit for a minimum of $1.5-million and up to $5.5-million in gross proceeds; each NFT unit will consist of one common share of the company and one-half of one common share purchase warrant;
• Up to 12.5 million flow-through units of the company composed of one common share and one-half of one warrant; each such common share and warrant comprising a FT unit will qualify as a flow-through share within the meaning of Subsection 66(15) of the Income Tax Act (Canada); the FT units will be issued at a price of 12 cents per FT unit for up to $1.5-million in gross proceeds; and
• Up to 10,714,285 flow-through units of the company, composed of one common share and one-half of one warrant; each such common share and warrant comprising a charity flow-through unit will qualify as a flow-through share within the meaning of Subsection 66(15) of the tax act; the CFT units will be issued as part of a charity arrangement at a price of 14 cents per CFT unit for up to $1.5-million in gross proceeds.

Each warrant shall entitle the holder thereof to purchase one common share at an exercise price of 15 cents for a period of 36 months following the closing of the offering.

The gross proceeds from the sale of NFT units will be used for working capital, general corporate purposes and the evaluation of the potential for future open-pit production at the Wawa gold project, including technical studies and permitting, which are not considered qualifying expenditures (as defined below). The gross proceeds from the sale of FT units and CFT units will be used for exploration expenses on the company's Wawa gold project in Ontario. The gross proceeds from the issue and sale of the FT units and CFT units will be used for Canadian exploration expenses as defined in paragraph (f) of the definition of Canadian exploration expense in Subsection 66.1(6) of the tax act and flow-through mining expenditures as defined in Subsection 127(9) of the tax act that will qualify as flow-through mining expenditures and eligible Ontario exploration expenditure as defined in Subsection 103(4) of the Taxation Act, 2007 (Ontario), which will be incurred on or before Dec. 31, 2026, and renounced with an effective date no later than Dec. 31, 2025, to the initial purchasers of FT units and CFT units. If the qualifying expenditures are reduced by the Canada Revenue Agency, the company will indemnify each FT unit and CFT unit subscriber for any additional taxes payable by such subscriber as a result of the company's failure to fully renounce the qualifying expenditures as agreed.

The offered securities will be offered for sale pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 (Prospectus Exemptions) in all provinces of Canada, except Quebec. The NFT units will also be offered in other qualifying jurisdictions outside of Canada, including the United States. The NFT units, FT units and CFT units offered under the listed issuer financing exemption will not be subject to a hold period under applicable Canadian securities laws.

There is an amended and restated offering document related to this offering that can be accessed under the company's profile at SEDAR+ and at the company's website. Prospective investors should read this offering document before making an investment decision.

The offering is anticipated to close on or about July 3, 2025, or such later date as the company and the agents may determine. The closing is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange.

The agents will receive a cash commission of 6 per cent of the aggregate gross proceeds of the offering and such number of broker warrants as is equal to 6 per cent of the number of offered securities sold under the offering (in each case, subject to reduction for certain subscribers on a president's list of purchasers identified by the company). Each broker warrant entitles the holder to purchase one common share at an exercise price equal to 10 cents for a period of 36 months following the closing.

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.

We seek Safe Harbor.