Mr. Todd Hilditch reports

KINROSS GOLD 2025 FIELD EXPLORATION UNDERWAY ON RILEY GOLD'S PWC GOLD PROJECT (CORTEZ DISTRICT - NEVADA)

Riley Gold Corp.'s 2025 exploration program is well under way at the company's Pipeline West/Clipper gold project, located in the Cortez mining district of the Battle Mountain-Eureka trend. PWC is operated by Kinross Gold USA Inc., a wholly owned subsidiary of Kinross Gold Corp., under an exploration earn-in agreement executed in March, 2024, whereby Kinross has the right to earn up to 75 per cent of PWC by spending $20-million (U.S.) (for full details of the Kinross agreement, please see the March 14, 2024, news release).

Highlights:

• Kinross has defined new high-priority framework drill target areas at PWC that have never been drill tested.
• First set of 2025 framework drill holes are approximately 2.5 kilometres north-northwest of the previous (and first) Kinross drill hole (in late 2024). These holes are targeting the highest-grade gold-in-soil anomalies location on the property.
• Compiled geologic mapping, geophysical surveys, historical drill results and gold-in-soil survey results uploaded in Leapfrog software support the new 2025 drill hole locations.
• Recent geologic modelling and interpretation by Kinross also provide a supporting structural foundation and information for the 2025 exploration and drill program.
• Drill contracts have been awarded, drill permitting is in process and drilling is expected to begin in approximately four to six weeks.
• Additional soil sampling is planned by Kinross for the 2025 field season to increase surface geochemical coverage adjacent to the 2023 soil survey completed by Riley Gold. The previous soil survey returned significant anomalous gold-in-soil values that extended more than three kilometres. Several pathfinder elements, associated with both Carlin-type and intrusive-related gold deposits, were also elevated in the first soil survey.

Kinross's first PWC deep framework drill hole (PW1-24) was completed in the fall of 2024, was designed to test for favourable lower-plate carbonate Carlin-type host rocks and was drilled to 3,597 feet (1,096 metres). The drill hole was designed to identify local stratigraphy in a large area within the 25-square-kilometre PWC land package with no previous deep drilling. PW24-01 intercepted a 1,251-foot (380-metre)-thick structurally complex section of lower-plate carbonates starting at a depth of 2,346 feet (715 m), including 1,193 feet (364 m) of structurally thickened Devonian Wenban formation. PW24-01 demonstrates that known Cortez district host lithologies exist at explorable drill depths over a contiguously large, untested area proximal to the Pipeline complex area.

"We are happy to start the year aggressively with the 2025 exploration program well under way. Kinross has been amazing to work with, and we have full faith that their strong technical team, along with Riley Gold's PWC technical lead, Mr. Paul Dobak, have detailed a plan for success. Kinross has successfully identified stratigraphy and lithology at explorable depths, within the PWC project, similar to that of local large gold deposits like the Fourmile discovery and the Cortez complex owned and operated by Nevada Gold Mines LLC," commented Todd Hilditch, chief executive officer of Riley Gold.

A comprehensive geologic model was built for comparison with the many Cortez district gold discoveries. The new stepout wide-spaced framework drill holes are being spotted approximately 2.5 kilometres (up to 8,200 feet) northwest of the first Kinross drill hole and will include northwest vectoring to the highest-grade surface geochemical gold anomalies from the soil survey near the intersection of two major structures. The primary target is a large, disseminated gold deposit peripheral to the Gold Acres stock, which is the geologic setting for NGM's Pipeline gold deposit.

Kinross agreement overview

Riley Gold entered into an exploration and venture option agreement with Kinross on March 13, 2024. The agreement grants Kinross the right to earn an up-to-75-per-cent interest in Riley Gold's PWC by spending a minimum of $20-million (U.S.) (see news release dated March 14, 2024, for details). PWC is in Lander county, Nevada, and consists of approximately 24.7 square kilometres in the heart of the significant gold-producing Cortez district (Battle Mountain-Eureka trend). Kinross is financing and operating PWC, and has a strategic 9.9-per-cent (on a partially diluted basis) equity interest in the company acquired through a private placement.

About PWC

PWC constitutes a very prospective exploration property for Carlin-type, disseminated and replacement gold deposits. PWC consists of a land package totalling approximately 24.7 square kilometres of unpatented mining claims and patented fee lands adjoining NGM. PWC is situated along the Cortez structural zone of the exceptionally productive Cortez trend within the Battle Mountain-Eureka trend in north-central Nevada. The Cortez and Pipeline complexes (adjoining Riley Gold's PWC boundary) are top producers within Nevada, a state that consistently produced between four million and five million ounces of gold a year.

Qualified person

This news release has been reviewed and approved by Richard DeLong, PGeo, director of Riley Gold, a qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

About Riley Gold Corp.

Riley Gold is an exploration and development company focused in Nevada, United States, with assets that include the Pipeline West/Clipper gold project located in the Battle Mountain Eureka trend (within the Cortez district) and the Tokop gold project located within the Walker Lane trend. Riley Gold's founders and leadership team have a proven record of maximizing shareholder value during each phase of the mining life cycle: exploration, development and production.

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