Mr. Ryan Kalt reports

EARLY WARNING NOTICE REGARDING RED LAKE GOLD INC.

Ryan Kalt has indirectly acquired two million common shares (the acquired shares) of Red Lake Gold Inc. (CSE: RGLD) through Kalt Industries Ltd. (the acquiring entity), a Calgary-based corporation that is wholly owned by Mr. Kalt. The acquired shares were acquired on July 12, 2023, under a publicly announced financing conducted by the issuer on a flow-through basis and for which cash consideration of $100,000 was paid to the issuer by the acquiring entity for the acquired shares.

Under the Business Corporation Act (British Columbia), which applies to the issuer, Mr. Kalt, who is chairman and chief executive officer of the issuer, abstained from voting on specific resolutions related to the financing and duly provided all applicable notices under the regulations.

As at the date hereof, Mr. Kalt now owns and controls, on a direct and indirect basis (in the aggregate) a total of 13,581,800 common shares of Red Lake Gold, representing approximately 38.00 per cent of the issuer's currently issued and outstanding common shares.

The acquired shares were acquired on an indirect basis by Mr. Kalt for investment purposes through the acquiring entity.

Mr. Kalt and/or the acquiring entity may acquire additional securities of the issuer either on the open market or through private acquisitions or sell securities of the issuer either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors. Other than the foregoing, Mr. Kalt and/or the acquiring entity does/do not have plans or any future intentions which relate to or would result in any of the other foregoing matters.