Mr. Joseph Mullin reports

RISE GOLD PREPARES FOR LITIGATION OVER NEVADA COUNTY'S DENIAL OF IDAHO-MARYLAND MINE PROJECT

The Nevada County Board of Supervisors adopted a resolution, in a public hearing on Friday, Feb. 16, 2024, denying Rise Gold Corp.'s application for a use permit to allow the reopening of the Idaho-Maryland gold mine and not certifying the final environmental impact report (FEIR).

The supervisors cited undefined mining disasters, impacts to water wells, noise, vibrations and other concerns as reasons for the denial. Importantly, these risks were analyzed extensively by the county's FEIR, which concluded that there would be no significant impacts from them to the county. During the hearing, the supervisors' own consultant, Nick Pappani of Raney Planning and Management, stated, "The level of technical analysis and peer review through this process, in my professional opinion, has been exceptional."

As previously disclosed by news release on Dec. 14, 2023, the Nevada County Board of Supervisors adopted a resolution denying Rise's petition for confirmation of its vested rights to operate the Idaho-Maryland mine, relying on a county staff report riddled with factual errors to reach a conclusion that inverted the legal principles of vested rights established by the Supreme Court of California.

The company has a wide array of legal options which are being discussed with its litigation attorney, Cooper & Kirk PLCC. Cooper & Kirk has won courtroom victories worth more than $10-billion (U.S.) for its clients and hires top graduates from the best law schools in the United States.

Cooper & Kirk has assigned Charles Cooper, Michael Kirk and Megan Wold to Rise's matter. Mr. Cooper has argued nine cases before the United States Supreme Court. Mr. Kirk appears regularly in cases brought against the federal government. Current clients include Chevron Corp., Shell Oil Company and Texaco; previous clients include Ford Motor Company and Boeing. Ms. Wold served as a law clerk to Justice Samuel A. Alito of the U.S. Supreme Court and frequently represents clients in regulatory disputes with state and federal agencies.

A general outline of legal options under consideration by the company are as follows:

1. A taking of its mineral estate by the county of Nevada under the United States and California constitutions. The 5th Amendment of the Constitution of the United States requires just compensation be paid when private property is taken for public use. The supervisors clearly articulated their intention of precluding any possibility of mining the company's mineral estate during the hearing. The company would seek just compensation for the value of the mineral property along with compound interest from the time of the taking on Feb. 17, 2024.
2. A violation of the company's due process rights under the Constitution of the United States. The 14th Amendment of the Constitution of the United States requires due process of law in the deprivation of property. The company believes violations of due process occurred in both the use permit and vested rights process, as discussed in the company's previous news releases on June 5 and Dec. 14, 2023. The company would seek financial damages which could include loss of income from future operations at the Idaho-Maryland mine and litigation costs.
3. A writ of mandamus asking the court to overturn the county of Nevada's decision on the company's vested mining rights. A successful outcome would result in the vested right to mine at Idaho-Maryland, and the project would not be subject to any of the county's general plan or zoning requirements. The county would not have any ability to restrict mining due to domestic water-well impacts, traffic, aesthetics, vibrations or noise, which complies with county code requirements. As stated in the company's new release on Dec. 14, the company believes it has a strong case for the court to grant these vested rights.
4. If a writ of mandamus is pursued and successful, a temporary taking of its vested rights from Dec. 14, 2023, to the date of the court's decision. The company would seek cash damages equivalent to the estimated income from commercial mining during the time period of the takings along with compound interest.

Rise Gold chief executive officer Joe Mullin commented: "We will be carefully considering the best path to protect our shareholders' interests. The company has strong legal grounds, a first-class litigation team, and intends to vigorously defend its property rights. I look forward to further updating our shareholders in due course and appreciate their continued support."

About the Idaho-Maryland mine

The mine operated from 1866 to 1956, producing 2.4 million ounces of gold at a mill head grade of 17 grams per tonne. When the War Department ordered all gold mines closed in 1941, the mine was the second largest in the United States, producing 120,000 ounces per year, and was in the process of doubling throughput. The mine and the adjoining Empire mine closed in 1956 because the Bretton Woods monetary agreement fixed gold at $35 per ounce while inflation pushed costs higher.

About Rise Gold Corp.

Rise Gold is an exploration-stage mining company incorporated in Nevada, United States. The company's principal asset is the past-producing Idaho-Maryland gold mine, located in Nevada county, California, United States.

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