Red Lake Gold Inc. Positions for Strong Copper Market with the Soo North Copper Project; Adjacent Sterling Metals Corp.'s Soo Copper Project

Executive Summary

• Red Lake Gold Inc. acquired 100% of the newly‑identified Soo North Copper Project in Ontario (416 claims, ~9,142 ha).
• The acquisition follows a high‑grade copper discovery by neighboring Sterling Metals, positioning Red Lake for near‑term copper exploration amid record‑high LME prices (~US$10,610/t).
• The project is royalty‑free (except Crown royalties) and requires immediate funding for geological consulting, field programs, and surface right notices.

Key Details

• Acquisition Scope: 416 mining claims covering ~9,142 ha; 100% ownership, no third‑party earn‑in or cash payments required.
• Strategic Rationale: Proximity to Sterling Metals’ high‑grade intercept (262.5 m @ 1.05 % CuEq) provides a “first‑mover” advantage and reduces dilution risk versus typical earn‑in structures.
• Geological Highlights:
• Large granodiorite body—known host for copper mineralization.
• Historic Copper Man showing (7.94 % Cu) located on adjacent third‑party claim, suggesting regional endowment.
• Potential porphyry‑related intrusions and volcanic‑granodiorite contacts identified; basalt and tonalite zones also present.
• Funding Needs: Immediate capital required for:
• Retaining external geological consultants.
• Conducting field programs (mapping, drilling).
• Covering Crown staking fees and surface right notices.
• Corporate Context:
• Project complements recent Moray East Gold acquisition, diversifying the company’s portfolio.
• Management is reviewing capital options to fund working‑capital needs and exploration activities.
• Regulatory/Community Matters: Received a demand letter from Grassy Narrows First Nation concerning the Whirlwind Jack Gold Project; review ongoing but unrelated to Soo North acquisition.

Notable Quotes

“The rapid acquisition of the Soo North Copper Project, timed with Sterling Metals’ discovery, gives us a strategic foothold in a high‑potential copper district while avoiding the dilution typical of earn‑in agreements.” – Nicholas Koo, Chief Financial Officer, Red Lake Gold Inc.