Mr. Wendell Zerb reports

RED CANYON COMMENCES DRILLING AT ITS 100% OWNED PEAK COPPER-GOLD PROJECT

Red Canyon Resources Ltd. has commenced diamond drilling on its 100-per-cent-owned Peak project in central British Columbia. The company is focused on impactful, value-add exploration to make discoveries of copper and copper-gold deposits in established mineral belts in North America.

Company highlights:

• The company's Peak copper-gold project in central British Columbia has multiple copper-gold targets highlighted by magnetic features, coincident induced polarization (IP) anomalies and elevated copper geochemistry. Peak represents a 6,560-hectare strategic land position situated in a copper-gold district with active large-scale mining operations nearby and excellent infrastructure.
• This initial program of up to 2,000 metres of diamond drilling, will consist of two to six drill holes to test a series of high-priority copper-gold porphyry targets.
• The company's main priority is to test Peak Central. A previous IP survey at Peak Central outlined a large chargeability zone and a deep resistive centre, west of outcropping copper-bearing porphyritic rocks grading up to 2 per cent copper.
• The Peak project represents a series of complex magnetic highs and lows spanning approximately 15 kilometres of interpreted Quesnellia Island Arc terrane. The company has identified four additional priority targets, north of Peak Central, with IP chargeability highs coincident with elevated copper geochemistry and interpreted intrusion-related magnetic features.
• The company controls a portfolio of seven 100-per-cent-owned, internally generated, copper and copper-gold projects in British Columbia and the Western United States, four of which are drill ready.

Wendell Zerb, the chairman and chief executive officer of the company, states: "We are excited for this first-phase drill program largely targeting the Peak Central zone. This intriguing area has complex magnetic features in combination with widespread elevated copper soil geochemistry, copper in porphyritic outcrops, impressive IP chargeability and resistivity targets. These coincident features, in combination with outstanding infrastructure, make this an excellent, high-priority copper-gold porphyry target."

Peak project

The Peak property is located in the Cariboo region of south-central British Columbia, approximately 30 kilometres northeast of the city of Williams Lake. Peak is a large, 100-per-cent-owned, 6,560-hectare, strategic land position situated in a copper-gold district with active large-scale mining operations and excellent infrastructure. The project is located approximately 28 km southwest of the Mount Polley copper-gold mine and 20 km southeast of the Gibraltar copper-molybdenum mine.

A series of complex magnetic highs and lows spanning over approximately 15 km of interpreted Quesnellia Island Arc terrane have been identified using magnetic inversion modelling and are considered by the company to potentially be intrusive-related features. Project-wide soil sample geochemistry has outlined anomalous areas of copper associated with magnetic features that further enhances the potential that these features and may reflect the presence of porphyry-type intrusions at depth. An IP geophysical survey, which focused on coincident magnetic features with elevated copper in soils, was completed by the company in 2023. Four of the seven targets tested show IP chargeability highs coincident with elevated copper geochemistry and interpreted intrusion-related magnetic features.

The company's primary drill-ready target is at Peak Central, which represents an area of complex magnetic highs and lows associated with altered and mineralized porphyritic rocks. A 2011 IP survey at Peak Central outlined a large chargeability zone west of outcropping copper-bearing porphyritic rocks, which has not been drill tested.

The company has initiated a 1,000 m to 2,000 m drill program, largely to test geophysical features outlined in the 2011 IP program, and interpreted by Red Canyon to potentially represent the central causative intrusion related to peripheral copper mineralization found in outcrops to the east. This program is fully financed and designed as an initial test program to be potentially followed by subsequent drilling in H2 2024.

About Red Canyon Resources Ltd.

Red Canyon Resources is a geoscience-driven, discovery-focused mineral exploration company focused on exploring North America's top copper jurisdictions. The company's core goal is to make impactful copper discoveries to benefit all stakeholders and aid in the clean energy transition. Red Canyon has a portfolio of 100-per-cent-owned copper and copper-gold porphyry exploration projects. The company's technical team consists of experienced geoscientists with diverse capital market, small-cap and major mining company backgrounds, and a record of success.

Red Canyon is part of the NewQuest Capital Group, which is a discovery-driven investment group that builds value through the incubation and financing of mineral projects and companies.

We seek Safe Harbor.