Mr. Ryan Kalt reports

EARLY WARNING NOTICE REGARDING RED LAKE GOLD INC.

Ryan Kalt has acquired securities of Red Lake Gold Inc., being represented by a direct acquisition of two million common share units of the issuer through a private placement financing announced and conducted by the issuer that closed on April 4, 2024, which had related cash consideration paid to the issuer of $100,000, and through an indirect acquisition of three million flow-through share units of the issuer also so acquired by way of a private placement financing announced and conducted by the issuer that closed on April 4, 2024, which had related further cash consideration paid to the issuer of $150,000.

In aggregate, Mr. Kalt paid, directly and indirectly through an entity owned by him, the total cash sum of $250,000 to the issuer for the acquired common share units and acquired flow-through share units.

Each acquired common share unit consisted of one common share and one common share purchase warrant on terms announced by the issuer, and each acquired flow-through share unit consisted of one flow-through share and one common share purchase warrant on terms announced by the issuer.

The acquired common shares and acquired flow-through shares represent a combined total of five million shares of Red Lake and represent 11.98 per cent of the outstanding common shares of the issuer on a postissuance basis.

As at the date hereof, Mr. Kalt currently owns and controls, on an aggregated direct and indirect basis, a total of 19,581,800 common shares of Red Lake, representing approximately 46.91 per cent of the issuer's currently issued and outstanding common shares.

In addition to the foregoing, Mr. Kalt holds a further 700,000 common share stock options (held directly), a further two million common share purchase warrants (held directly) and a further four million common share purchase warrants (held indirectly through Calgary-based Kalt Industries Ltd.), which, if all such convertible securities so hereto before described were to be exercised concurrently and in their totality, would represent, in the approximate aggregate, an additional 13.83 per cent of the then resulting common shares calculated to be outstanding of the issuer on a postexercise basis.

The acquired securities so above described were acquired on a direct and indirect basis by Mr. Kalt for investment purposes.

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

Mr. Kalt 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 does not have plans or any future intentions which relate to or would result in any of the other foregoing matters.

The Form 62-103F1 (Required Disclosure under the Early Warning Requirements) associated with this news release can be obtained from SEDAR+. In the alternative, to obtain a copy of the report, please contact Mr. Kalt at 1-403-454-2984.