Mr. David Watkinson reports

RISE GOLD PROVIDES DETAILS ON UPCOMING TUNGSTEN AND GOLD DRILLING PROGRAM AT IDAHO-MARYLAND MINE

Rise Gold Corp. is commencing a tungsten and gold exploration drilling program at the Idaho-Maryland gold project located in Nevada county, California. The focus of the drill program will be to test targets in the Union Hill and Brunswick areas of the mine both for tungsten and gold. The company plans to drill eight core holes totalling approximately 11,400 feet of drilling from two locations. Targets in the Union Hill workings include the Lucky-Cambridge, Greek-Tungsten, Union Hill, Georgia and Gold Blossom veins. In the Brunswick workings, the targets are the 19, 45, 46 and 47 veins.

The I-M mine operated nearly continuously from 1862 to 1957, producing an estimated 2.4 million ounces of gold at an average mill head grade of 0.50 ounce per ton (17.1 grams per tonne). By the early 1940s, the I-M mine was the second-largest gold producer in the United States. Following the Second World War, the Bretton Woods monetary agreement fixed the gold price at $35 per ounce while inflation sent production costs higher, making gold mining unprofitable.

In 1954, the operator of the I-M mine began exploring for tungsten under a program sponsored by the U.S. Department of Defence. Sufficient tungsten was discovered such that the company modified one of its mills to extract tungsten from the calcium tungstate mineral scheelite to produce a tungsten trioxide concentrate. By December, 1955, all mining and milling of gold were discontinued, and operations focused solely on the production of tungsten. A report that year noted that the tungsten-rich veins continued at depth and recommended "an intensification of tungsten prospecting and research which should greatly prolong the tungsten producing period."

In 1957, the price of tungsten fell by more than half, Congress discontinued the defence mineral program, the operator of the I-M mine lacked the capital to continue development of the tungsten resources and operations at the mine were suspended. The company sold equipment and various non-core surface parcels to pay down debt and to preserve its ownership of the mineral estate. The mineral estate and the core surface properties were held intact by various successive owners and were acquired by Rise in 2017.

The Energy Act of 2020 began a process to define critical minerals important to the United States. The 2023 Department of Energy critical metal list includes tungsten, a necessary component in a wide array of defence applications, including but not limited to the production of ammunition, armoured equipment and artillery. The United States has not had a domestic supply of tungsten since 2015. China currently produces 84 per cent of the global tungsten supply and, in February, 2025, announced restrictions on tungsten exports.

David Watkinson, president and chief executive officer of Rise, stated: "The exploration program's main focus is to test areas of the historic Idaho-Maryland mine where tungsten is known to occur and was produced. While the Idaho-Maryland mine is one of the richest gold mines historically in the United States, it may also be important as a potential source of tungsten, a critical metal for the U.S. military."

About Rise Gold Corp.

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

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