Mr. Ryan Kalt reports

RED LAKE GOLD INC. TO AMALGAMATE WHOLLY-OWNED SUBSIDIARIES AT FISCAL YEAR-END

Red Lake Gold Inc. intends to amalgamate its two wholly owned subsidiaries with an effective date of Nov. 30, 2024 (such date being congruent with the corporation's year-end period). Pursuant to IFRS (international financial reporting standards), Red Lake Gold's consolidated financial statements already integrate the accounts of its two wholly owned subsidiaries and there is no action required on the part of shareholders with respect to the internal amalgamation.

Highlighted by recent results at its Whirlwind Jack gold project (see news release, "Red Lake Gold Inc. Reports Strong Gold-In-Soil Results and Highlights Multi-Kilometric LP Fault Gold Target Setting," dated Nov. 21, 2024), the corporation currently intends to advance forward-focused efforts within a single consolidated corporate entity.

As historic context, the corporation had originally structured one of its two wholly owned subsidiaries (related to its Fenelon North project) to optimize any potential for an independent entity for shareholders if certain preconditions related to exploration at the Fenelon North project and regional operator metrics proximate to that project were achieved over time (threshold criteria which the corporation views as not crossed), and the corporation likewise retained the other wholly owned subsidiary for similar corporate flexibility purposes. In the past, Red Lake Gold completed a plan of arrangement with a wholly owned subsidiary (Alma Gold Inc.). Without limitation, the two existing wholly owned subsidiaries are no longer deemed necessary by the corporation given market conditions, alongside its ability to consolidate internal affairs at the corporate-parent level.

No securities will be issued in connection with the internal amalgamation and the corporation's share capital will remain unchanged. All of the issued and outstanding shares of the subsidiaries will be cancelled without any repayment of capital in respect of them and the assets, liabilities and obligations of the subsidiaries, to the extent applicable, will be assumed by the corporation.

The internal amalgamation is expected to rationalize corporate structure by simplifying various legal, tax and reporting matters and may therein beneficially result in certain modest future cost savings for the corporation, which Red Lake Gold sees as prudent when it considers sector-wide valuation-levels for junior gold equities listed in Canada.

We seek Safe Harbor.