Mr. Ryan Kalt reports

EARLY WARNING REPORT AND NEWS RELEASE REGARDING SECURITIES OF RED LAKE GOLD INC.

Ryan Kalt divested of common shares in Red Lake Gold Inc. through public market sales on May 25, 2026, sold on a direct basis, in the total of 4,266,500 common shares.

The divested securities trigger an early warning report (Form 62-103F1) posted to SEDAR+ (referenced hereby) and this press release.

Before selling the divested securities, the acquiror held 12,036,000 common shares, on a direct basis, representing approximately 23.82 per cent of the issuer (alongside 14.2 million share warrants, held directly and indirectly, and 700,000 stock options, held directly, then being a 41.16-per-cent diluted holding, if altogether exercised).

After selling the divested securities, the acquiror now holds 7,769,500 common shares, on a direct basis, representing approximately 15.37 per cent of the issuer (alongside 14.2 million share warrants, held directly and indirectly, and 700,000 stock options, held directly, then being a 34.64-per-cent diluted holding, if altogether exercised).

The divested securities (representing approximately 8.44 per cent of the issuer's common shares based on the issuer reporting 50,539,169 shares outstanding) were sold for an average price of one cent per share (aggregate gross proceeds of approximately $42,665).

The acquiror may sell securities of the issuer either on the open market or through private dispositions in the future, or may acquire securities of the issuer either on the open market or through private acquisitions in the future, depending upon market conditions, the acquiror's investment objectives and/or other relevant factors. Other than the foregoing or as publicly filed, the acquiror 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+. Alternatively, for a report copy, contact Mr. Kalt at 1-403-454-2984 or care of 1001 1 St. Southeast, Suite 200, Calgary, Alta., T2G 5G3.