Mr. Todd Hilditch reports

KINROSS GOLD COMMENCES 2026 DRILL PROGRAM AT RILEY GOLD'S PWC GOLD PROJECT (CORTEZ DISTRICT - NEVADA)

The 2026 drilling campaign is under way at Riley Gold Corp.'s Pipeline West/Clipper gold project (PWC) operated by Kinross Gold U.S.A. Inc., a wholly owned subsidiary of Kinross Gold Corp.

"We are happy to have the 2026 drilling under way at PWC. As highlighted in our July 14, 2026, news release, the Kinross technical team along with Riley Gold's Paul Dobak, have defined high-priority drill targets along and on trend with the highest-grade gold-in-soils anomaly known area on the property. These are exciting targets, based on iterative geological, geophysical and data interpretation to date, in areas that have never been drill tested within our 27.2-square-kilometre land package. Our PWC project is within the Cortez district, which has a significant history of gold production and current reserves. PWC adjoins Nevada Gold Mines LLC (NGM), a joint venture between Barrick Gold Corp. and Newmont Corp., that has current production within their Cortez/Pipeline complex. Our primary target remains a large, disseminated gold deposit peripheral to the Gold Acres stock, a geologic setting similar to NGM's Pipeline gold deposit," commented Todd Hilditch, chief executive officer of Riley Gold.

2026 Kinross drill targets overview

Kinross has developed a comprehensive geologic model to compare PWC with several greater-than-five-million-ounce gold discoveries in the Cortez district.

Key Cortez district elements at PWC include 1) a northwest-trending metallogenic belt, 2) northwest-stepping, symmetrical, on echelon structures, 3) district deposits are within and straddle the Cortez Window into the lower plate rocks, 4) deposits occur symmetrically around Mesozoic stocks, and 5) Goldrush/Fourmile deposits discovered in soil anomalies through the upper plate.

Additional framework drill holes will be north and south of Kinross's initial 2025 drill holes, PW25-02 and PW25-03, and west of PW24-01. The planned drilling will test targets to the south along some of the highest-grade surface gold-in-soil anomalies, which coincide with an interpreted major structure identified through recent seismic work, previous geophysics and geologic mapping. Downhole geochemistry from 2024 and 2025 drilling has helped refine the team's understanding of the system and its similarities to regional gold deposits.

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 up to a 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 27.8 square km in the heart of the significant gold-producing Cortez district (Battle Mountain-Eureka trend). Kinross is funding 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.

Qualified person

Matthew Dumula, PEng, is an independent contractor and a qualified person, as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

The company also announces that, pursuant to its stock option plan and subject to regulatory acceptance, it has granted an aggregate total of 2.24 million incentive stock options to certain directors, officers and consultants of the company, subject to certain vesting provisions. These options will be exercisable at a price of 55 cents per common share and will expire on Aug. 11, 2031.

About Riley Gold Corp.

Riley Gold is an exploration and development company focused in Nevada, United States, with the Pipeline West/Clipper gold project located in the Battle Mountain-Eureka trend (within the Cortez district). 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.

We seek Safe Harbor.