Toronto, Ontario--(Newsfile Corp. - June 2, 2026) - Great Red Lake Gold Corp. (CSE: RLGC) ("Great Red Lake" or the "Company") is pleased to announce that it has entered into an option agreement (the "Option Agreement") with BB GeoIntelligence Inc. (the "Optionor"), pursuant to which the Company has been granted the sole, exclusive and irrevocable right and option to earn and acquire a 100% legal and beneficial interest in and to the mining claims and other mineral tenure comprising the Bilton-Brown Property (the "Property"), subject to certain pre-existing royalty obligations and a new royalty to be granted to the Optionor upon exercise of the option.

Under the terms of the Option Agreement, the Company may earn its interest in the Property by making the following payments to the Optionor and funding the following exploration expenditures on the Property: (i) on signing, $25,000 in cash and Class A voting common shares of the Company having an aggregate value of $25,000; (ii) within 12 months of the effective date of the Option Agreement, $75,000, of which up to 50% may be paid, at the Company's election, through the issuance of shares; (iii) within 24 months of the effective date of the Option Agreement, $100,000, of which up to 50% may be paid, at the Company's election, through the issuance of shares; (iv) minimum exploration expenditures of $125,000 within 12 months of the effective date; and (v) total exploration expenditures of at least $200,000 within 24 months of the effective date. Excess expenditures may be carried forward and credited to subsequent periods.

The Option Agreement was negotiated on an arm's length basis to the Company. No finder's fees were payable in connection with the Option Agreement.

Any shares issued under the Option Agreement will be issued from treasury and, where applicable, the number of shares issuable will be determined using the deemed issue price mechanics set out in the Option Agreement, including a 15-day VWAP formula, subject to the minimum price permitted by the Canadian Securities Exchange. All share issuances remain subject to applicable corporate, securities and stock exchange requirements.

Upon exercise of the option, the Company will acquire a 100% legal and beneficial interest in the Property, subject to permitted encumbrances, the existing royalty obligations identified in the Option Agreement and a 2.0% net smelter returns royalty to be granted to the Optionor pursuant to a royalty agreement to be entered into at that time. The Company will have a one-time right, after exercise of the option and prior to commercial production, to repurchase 50% of that royalty (being a 1.0% net smelter returns royalty) for cash consideration of $800,000.

Completion of the transactions contemplated by the Option Agreement remains subject to receipt of all required approvals, including applicable stock exchange approval and the delivery of the transfer acknowledgements required under the existing royalty obligations. There can be no assurance that all required approvals will be obtained on terms acceptable to the Company or at all.

The Property represents an opportunity to gain exposure to a historically mineralized copper district in the broader Iron Bridge–Bruce Mines–Blind River area of Ontario, where past-producing copper operations and documented copper occurrences are associated with Proterozoic intrusive and sedimentary host rocks. The Property is underlain by a compelling Nipissing Diabase/Diorite-hosted copper model, with historical shallow copper intercepts and untested EM conductors offering a focused, low-cost path to validate and advance priority copper targets.

The scientific and technical information contained in this news release has been reviewed and approved by Mark Richardson, P.Geo., a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

The Canadian Securities Exchange has not in any way passed upon the merits of the matters referenced herein and has neither approved nor disapproved the contents of this news release.

ABOUT GREAT RED LAKE GOLD CORP.

The Company is a mineral exploration and development company. Its activities consist of acquiring, exploring and developing mineral properties. The Company expects to be primarily active in mineral exploration in Ontario, Canada, and anticipates that a material portion of its existing treasury will be used to fund exploration work on the Red Lake Gold Camp located in Ontario, Canada.

Forward-Looking Statements

This news release contains forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information in this news release includes, without limitation, statements regarding the Company's ability to obtain the required approvals in connection with the Option Agreement; the Company's ability to satisfy the cash payment, share issuance and expenditure obligations under the Option Agreement; the exercise of the option and acquisition of the Property; the grant of the royalty and the Company's ability to exercise the buyback right; and the Company's plans, intentions and expectations regarding the Property.

Forward-looking information is based on a number of assumptions, including assumptions regarding the receipt of regulatory and contractual approvals, the Company's ability to satisfy the conditions and obligations under the Option Agreement, the availability of capital on reasonable terms, and general business and market conditions. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Readers are cautioned not to place undue reliance on forward-looking information.

Except as required by applicable securities laws, the Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Disclaimer
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any securities laws and may not be offered or sold in the United States unless registered under the 1933 Act and any applicable securities laws of any state of the United States or an applicable exemption from such registration requirements is available.

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