Mr. Karim Rayani, a shareholder, reports

KARIM RAYANI FILES EARLY WARNING REPORT REGARDING SKULL RIDGE GOLD CORP.

An early warning report has been filed in connection with the acquisition by R7 Investments Ltd., a corporation controlled by Karim Rayani, on July 16, 2026, of one million units of Skull Ridge Gold Corp. pursuant to the company's recently completed non-brokered private placement.

Each unit was acquired at a price of 2.6 cents and consisted of one common share of the company and one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share of the company at an exercise price of five cents per share until July 16, 2031. R7 paid aggregate cash consideration of $26,000 for the units.

Immediately prior to the acquisition, Mr. Rayani beneficially owned, directly and indirectly, or exercised control or direction over 7,896,202 common shares of the company and held 430,000 stock options exercisable at five cents per share until July 20, 2027. These securities represented approximately 12.60 per cent of the company's issued and outstanding common shares on a non-diluted basis and approximately 13.20 per cent on a partially diluted basis, assuming the exercise of the stock options held by Mr. Rayani.

Immediately following the acquisition, Mr. Rayani beneficially owned, directly and indirectly, or exercised control or direction over 8,896,202 common shares, 430,000 stock options and one million common share purchase warrants of the company. These securities represented approximately 13.21 per cent of the company's issued and outstanding common shares on a non-diluted basis and approximately 15.01 per cent on a partially diluted basis, assuming the exercise of the stock options and warrants held or controlled by Mr. Rayani.

The securities were acquired for investment purposes. Mr. Rayani and R7 may, depending on market and other conditions, increase or decrease their beneficial ownership, control or direction over securities of the company through market transactions, private agreements, treasury issuances or otherwise.

An early warning report containing additional information regarding the acquisition will be filed under the company's profile on SEDAR+. A copy may also be obtained by contacting Mr. Rayani at 1-604-716-0551 or k@r7.capital.