Mr. Wendell Zerb reports

RED CANYON CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT

Red Canyon Resources Ltd. has closed the first tranche of a non-brokered private placement, issuing 9,377,750 units of the company at a price of 16 cents per unit for gross proceeds of $1,500,440. Each unit consists of one common share and one-half of a share purchase warrant, with each whole warrant exercisable into one further common share at a price of 24 cents for a term of 24 months.

The proceeds from the offering will be used for exploration activities at the company's western U.S. and B.C. projects and for general working capital.

Insiders of the company purchased a total of 612,500 units. The participation by insiders in the offering constitutes a related-party transaction for the purposes of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company is relying upon exemptions from the requirement to obtain a formal valuation and seek minority shareholder approval for the offering on the basis that the fair market value of the participation by related parties in the offering is less than 25 per cent of the company's current market capitalization.

Cash finders' fees of $17,808 and 111,300 finders' warrants exercisable at 24 cents per common share for a 24-month term were paid on a portion of the offering. All securities issued are restricted from trading until Aug. 8, 2025.

Further to the company's news release dated Feb. 24, 2025, the company anticipates closing a second tranche of the offering shortly.

About Red Canyon Resources Ltd.

Red Canyon 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. 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 capitalization 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.

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