Mr. Chad Peters reports

RIDGELINE MINERALS PROVIDES 2024 EXPLORATION UPDATES FOR THE NEVADA GOLD MINES EARN-INS AT THE SWIFT AND BLACK RIDGE PROJECTS

Ridgeline Minerals Corp. has provided an update on 2024 exploration programs for the Swift and Black Ridge (formerly Carlin-East) projects being operated under separate exploration earn-in agreements with Nevada Gold Mines (NGM). A combined total of $7.5-million (U.S.) in qualifying work expenditures has been spent across both projects through Dec. 31, 2023 (see Sept. 21, 2021, Swift press release and July 17, 2023, Black Ridge press release for detailed earn-in terms).

Ridgeline anticipates an additional $5.2-million (U.S.) to be spent by NGM across both projects in 2024, the bulk of which will be directed toward follow-up drilling at Swift, followed by data collection and target generation at Black Ridge. See below for additional details on NGM's 2024 exploration programs.

Chad Peters, Ridgeline's president, chief executive officer and director, commented: "We are pleased with the exploration progress at Swift and Black Ridge to date, with significant exploration dollars going in the ground in 2024. Exploring for deep Carlin-Type gold deposits is a time- and capital-intensive process and we are fortunate to be able to leverage the NGM team's incredible track record of discovery in Nevada."

Mr. Peters continues: "By partnering with the NGM team, Ridgeline offers its shareholders meaningful exposure to two of the highest-potential Carlin-type gold exploration projects in Nevada. We look forward to updating our shareholders as the spring exploration programs commence."

2024 exploration program highlights

Swift project -- NGM (Swift project operator) has proposed a 2024 exploration budget of up to $5-million (U.S.) to finance the next phase of framework drilling at Swift.

• Two thousand twenty-four drill planning is in progress with a total of three to five deep core holes anticipated in Q2 to Q4, with start times dependent on the approval of continuing permitting initiatives with the Bureau of Land Management (BLM).

Black Ridge project -- NGM (Black Ridge project operator) has proposed a 2024 exploration budget of up to $200,000 (U.S.) to finance the next phase of field mapping and surface geochemical surveys to support a maiden drill program in 2025.

Swift project

NGM has proposed a 2024 exploration budget of up to $5-million (U.S.) to finance the next phase of framework drilling at Swift.

• Two thousand twenty-four drill planning is in progress with a total of three to five deep core holes anticipated in Q2 to Q4, with start times dependent on the approval of continuing permitting initiatives with the Bureau of Land Management.
• Priority targets include:
  • Follow-up drilling in the vicinity of 2022 drilling, which returned thick intercepts of gold, including 48.8 metres grading 0.45 gram per tonne gold, 0.98 g/t silver in SW22-003, and 51.1 m grading 0.19 g/t Au in SW22-002 (see Feb. 16, 2023, press release);
  • Follow-up drilling at the Mill Creek structural corridor, which includes both SW23-005 (abandoned) and historical drill hole MCK-99-5A, which returned a highlight intercept of 18.3 m grading 0.64 g/t Au, including three m grading 2.10 g/t Au.
• NGM's 2023 drilling did not test the intended Mill Creek target with drill hole SW23-005 unable to test the intended Lower Plate target as a result of difficult drilling conditions forcing NGM to abandon the hole at a depth of 1,041 m.
• NGM has incurred a total of $7,226,660 (U.S.) in qualifying work expenditures on the project through Dec. 31, 2023.

Swift earn-in terms -- NGM retains the right to earn an initial 60-per-cent interest in the Swift project (see Sept.21, 2021, press release) over an initial five-year term by incurring a minimum of $20-million (U.S.) (of which $7.23-million (U.S.) has been spent through 2023) in qualifying work expenditures. NGM retains the option to increase its interest up to 60 per cent by incurring an additional $10-million in qualifying work expenditures before Dec. 31, 2029. Within 90 days of a joint venture decision to proceed with development and construction of a mine and/or related processing facilities on Swift, NGM will have a one-time option to elect to provide, or arrange for third party, financing of Ridgeline's portion of debt financing required for the development in consideration, in either case, for an additional 5-per-cent interest in the project for a total of 75 per cent (or 65 per cent if the second option was not exercised).

Black Ridge project

NGM has proposed a 2024 exploration budget of up to $200,000 (U.S.) to finance the next phase of field mapping and surface geochemical surveys to support a maiden drill program in 2025.

• The 2023 exploration program ($276,932 (U.S.)) included 657 soil samples, eight rock chips, geologic mapping and detailed relogging of holes previously drilled by Ridgeline between 2019 and 2021.
• NGM has incurred a total of $276,932 (U.S.) in qualifying work expenditures on the project through Dec. 31, 2023, with a minimum spending requirement of $1.5-million (U.S.) required by Dec. 31, 2025.

Black Ridge earn-in terms -- NGM retains the right to earn an initial 60-per-cent interest in the Black Ridge project (see July 17, 2023, press release) over an initial five-year term by incurring a minimum of $4.5-million (U.S.) (of which $300,000 (U.S.) has been spent through 2023). NGM retains the option to increase its interest up to 70 per cent by incurring an additional $5-million in qualifying work expenditures before July 14, 2030. Within 90 days of a joint venture decision to proceed with development and construction of a mine and/or related processing facilities on Black Ridge, NGM will have a one-time option to elect to provide, or arrange for third party, financing of Ridgeline's portion of debt financing required for the development in consideration, in either case, for an additional 5-per-cent interest in the project for a total of 75 per cent (or 65 per cent if the second option was not exercised).

Quality assurance/quality control procedures

Samples are submitted to ALS Minerals, Elko, Nev., which is a certified and accredited laboratory, independent of Nevada Gold Mines. Samples are prepared using industry-standard prep methods and analyzed using Au-AA23 (Au; 30-gram fire assay) and ME-MS61 (48-element suite; 0.25-gram four-acid digestion/inductively coupled plasma mass spectrometry) methods. ALS also undertakes its own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration. Nevada Gold Mines' QA/QC program includes regular insertion of certified reference material standards, duplicates and blanks into the sample stream with a stringent review of all results completed internally by Nevada Gold Mines technical personnel.

Technical information contained in this news release has been reviewed and approved by Michael T. Harp, CPG, the company's vice-president, exploration, who is Ridgeline's qualified person under National Instrument 43-101 and responsible for technical matters of this release.

About Ridgeline Minerals Corp.

Ridgeline Minerals is a discovery-focused precious and base metal explorer with a proven management team and a 204-square-kilometre exploration portfolio across six projects in Nevada and Idaho, United States.

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