Early Warning Report and News Release Regarding Securities of Red Lake Gold Inc.
Founder Unloads Over Half His Stake as Red Lake Gold Sinks to a Penny
The most recent news, dated May 25 2026, discloses that Ryan Kalt – the founder and largest shareholder – sold another 4,266,500 common shares of Red Lake Gold Inc. through public market sales at an average price of just $0.01 per share. After the sale, Kalt’s direct ownership dropped from approximately 23.82 % to 15.37 % (he still holds 14.2 million warrants and 700,000 stock options). This is the latest in a cascade of early‑warning filings since early February 2026 that collectively show Kalt offloading millions of shares at progressively lower prices.
The news is profoundly negative. A control person who previously owned over 50 % of the company’s equity has been liquidating consistently for three months, driving the stock from $0.09 down to $0.01. Selling at the absolute lowest price in the company’s history signals that the insider sees no remaining value and is extracting whatever cash is left before the ticker becomes untradeable. It also confirms that the company’s project‑acquisition announcements in late 2025 (Moray East gold, Soo North copper) have not attracted financing or generated any exploration results, leaving the entity with no operational progress and a chronic cash deficit. The market effectively left the stock for dead.
Red Lake Gold Inc. is a junior exploration company listed on the CSE. Its portfolio consists of:
- Whirlwind Jack Gold Project (near Red Lake, Ontario) – the original asset, but recent news only mentions a community‑demand letter with no exploration updates.
- Moray East Gold Project (Timmins area, 203 claims) – acquired in October 2025, adjacent to New Break Resources’ gold discovery and Alamos Gold’s Young‑Davidson mine. The company paid only Crown staking fees and holds it royalty‑free, but no fieldwork has been reported.
- Soo North Copper Project (416 claims, ~9,142 ha) – acquired October 2025, next to Sterling Metals’ high‑grade copper find. Again royalty‑free but unfunded.
Despite the initial “low‑cost” staking, the company has not delineated any resources nor raised the capital needed to drill. No technical reports have been filed on these new projects.