Mr. Joseph Mullin reports

RISE GOLD INCREASES EQUITY FINANCING AND CLOSES FIRST TRANCHE OF FINANCING

Rise Gold Corp. has increased the size of the non-brokered private placement previously announced in its April 3, 2024, news release from $500,000 (U.S.) up to $750,000 (U.S.) through the issuance of up to 7,894,736 units at a price of 9.5 U.S. cents per unit (approximately 12.8 Canadian cents per unit), with each unit comprising one share of common stock and one-half of one share purchase warrant. Each whole warrant entitles the holder to acquire one share at an exercise price of 15.8 U.S. cents (approximately 21 Canadian cents) for a period of three years from the date of issuance. The company further announces it has completed the first tranche of the non-brokered private placement.

In this first tranche, the company raised a total of $545,902 (U.S.) through the sale of 5,746,341 units. Warrants issued may be exercised until April 9, 2027. The company has paid finders' fees in accordance with Canadian Securities Exchange policies of $885 (U.S.) and issued a total of 9,000 finders' warrants, where each finder's warrant entitles the holder to acquire one share at a price of 15.8 U.S. cents until April 9, 2026.

A director and an officer of Rise Gold, directly, or through entities for which they exercise control or direction over investment decisions, purchased an aggregate of 2,910,527 units for gross proceeds of $276,500 (U.S.). The participation of this director and this officer in the private placement constitutes related party transactions under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. Rise Gold is relying on exemptions from the formal valuation requirements of Section 5.4 of MI 61-101 and minority shareholder approval requirements of Section 5.6 of MI 61-101. As the fair market value of the participation of the related parties is not more than 25 per cent of Rise Gold's market capitalization, the related party transactions are exempt from the formal valuation requirements pursuant to Subsection 5.5(a) of MI 61-101 and from the minority approval requirements pursuant to Subsection 5.7(1)(a) of MI 61-101. A material change report, as contemplated by the related party transaction requirements under MI 61-101, was not filed more than 21 days prior to closing as the extent of related party participation in the private placement was not known until shortly prior to the closing.

All securities issued pursuant to the private placement are subject to statutory hold periods in accordance with applicable United States and Canadian securities laws. Under Canadian securities laws, the securities are subject to a hold period expiring on Aug. 10, 2024. Rise Gold will use the proceeds from the private placement for general working capital, debt repayment and settlement of related party fees.

About Rise Gold Corp.

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

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