Riley Gold Receives Proceeds of $1.67M from Warrant Exercises

• The most recent release (April 6 2026) reports that 6,677,401 warrants from the April 2 2024 private placement were exercised at $0.25 per share, generating CDN$1,669,350 in gross proceeds – about 86% of the total 7,782,185 warrants that expired on April 2 2026.
• CEO Todd Hilditch personally exercised 798,518 warrants held through a company he controls, raising his ownership from roughly 4.15 million to 4.95 million shares (≈10.13% of issued and outstanding). An early‑warning filing under NI 62‑103 will be made.
• The proceeds are earmarked for the Pipeline West/Clipper Gold Project (PWC) in Nevada, which is operated by Kinross Gold U.S.A., Inc. under an earn‑in agreement dated March 2024 that allows Kinross to earn up to a 75% interest by spending US$20 million.
• Looking back through the historical news stream (oldest to most recent):
  • November 19 2025 – Unaudited interim financial statements showed cash of CDN$1.66 million, working capital similar, and a modest deficit; highlighted a 2.0% NSR royalty granted to Osisko on the PWC property.
  • November 3 2025 – Annual General Meeting notice (no material impact).
  • February 26 2026 – Kinross announced an expanded soil geochemistry survey that extended the gold‑in‑soil anomaly by ~2 km, bringing the total surface anomaly to roughly 6 km and noting coincident arsenic/mercury pathfinder signatures indicative of a Carlin‑type system.
  • March 18 2026 – Kinross submitted an Exploration Plan of Operations (EPO) for the PWC covering 14 sq km, enabling up to 500 drill sites; approval from the BLM and Nevada State is required before expanded activities can commence.
  • November 24 2025 – Drilling results returned multiple gold intercepts confirming Carlin‑type fluids (including a 2.19 g/t Au over 4.26 m and a 489‑ft thick disseminated zone) and were rated Material‑Positive, prompting planning for an expanded 2026 framework drilling program.
  • Earlier in 2025 (May‑April) news items described Kinross commencing 2025 drilling, termination of the Tokop gold project to preserve cash, and ongoing work on the PWC property under the earn‑in arrangement.
• Overall, the historical flow shows Kinross steadily advancing exploration – soil surveys, EPO filing, and encouraging drill results – while Riley Gold has maintained a solid cash position and used warrant exercises to bolster liquidity without diluting existing shareholders beyond the anticipated expiry.

• The warrant exercise was anticipated: the warrants had a set expiry of April 2 2026 at $0.25, and the company disclosed the total outstanding amount in its share structure. Exercising 86% of them therefore represents an expected inflow rather than a surprise.
• The proceeds ($1.67 M) roughly double the cash balance reported at September 30 2025 (CDN$1.66 M), providing near‑term funding for continued work on the PWC project but do not alter the fundamental earn‑in economics with Kinross.
• No new material information (e.g., a discovery, change in partnership terms, or major financing beyond the pre‑announced warrant pool) was introduced; the news is consistent with prior guidance and market expectations.
• Consequently, the impact is routine and positive – it reinforces shareholder confidence (notably via the CEO’s insider purchase) and supplies incremental cash for planned exploration, but it does not constitute a game‑changing development.

Riley Gold Corp. is a Vancouver‑based junior focused on gold exploration in Nevada’s prolific Cortez structural zone (Battle Mountain–Eureka Trend). Its flagship asset is the Pipeline West/Clipper Gold Project (PWC), comprising ~27.2 km² of unpatented mining claims and patented fee lands adjoining Nevada Gold Mines’ Pipeline deposit. The PWC is operated by Kinross Gold U.S.A., Inc. under an earn‑in agreement dated March 2024 that allows Kinross to earn up to a 75% interest by spending US$20 million; Riley Gold retains the remaining interest and benefits from any discovery without bearing the full cost of exploration.

Additional properties referenced in the filings include: - Rattlesnake Property (subject to an option agreement, still carried at modest value). - Tokop Gold Project – fully impaired ($3.44 million) and all agreements terminated May 2025. - East Manhattan Wash Property – also fully impaired and agreement terminated March 2025.

The company carries a 2.0% net smelter return (NSR) royalty on the PWC granted to Osisko Gold Royalties Ltd., plus various other NSR arrangements on earlier‑stage assets that are now impaired or relinquished.