New Risk • May 29
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$3.2m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$3.2m free cash flow). Shareholders have been substantially diluted in the past year (134% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (CA$17.2m market cap, or US$12.5m). New Risk • Mar 08
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 132% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (29% average weekly change). Shareholders have been substantially diluted in the past year (132% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (CA$26.0m market cap, or US$19.2m). Announcement • Jan 23
Renegade Gold Inc. Provides Exploration Update for Red Lake Gold Project, Ontario Renegade Gold Inc. provide and exploration update on its district- scale greenfield discovery program at its Gullrock and Confederation Properties and advances in geological modeling at its Newman Todd Project, located in the Red Lake Mining District, Ontario. Highlights: Advanced Geological Modeling at Newman Todd: A comprehensive review of all recent and historic drilling and interpretation of 2025 LiDAR data has resulted in the delineation of 36 new high-grade mineralized domains. District-Scale Greenfield Exploration Advancing: Systematic exploration continues across the Gullrock and Confederation Projects with the objective of developing a pipeline of drill-ready targets in the Red Lake Mining District. UAV Magnetic Surveys Nearing Completion at Confederation: High-resolution UAV magnetic surveys are underway over key structural corridors, including the Arrow Trend and LP Fault, targeting structures on trend with the Total Metals Electrode and Kinross Gold Great Bear deposits. New Drill Targets Identified at Gullrock: Integrated lithostructural interpretation, high- resolution magnetics, and geochemical analysis have identified multiple new drill targets exhibiting strong geological similarities to the Red Lake Mine trend. Preliminary drill planning has been completed and permitting is in progress. Technical Team Strengthened: Two new Exploration Managers have been appointed, adding more than 30 years of combined gold exploration and production experience to advance both greenfield and advanced-stage assets. The Company reports significant progress in the development of a revised geological model at its Newman Todd Project. The updated model incorporates data from 209 drill holes totaling 86,000 m, together with interpretation of LiDAR data acquired in 2025. This work has resulted in the development of updated structural and geological models and the delineation of 36 newly defined high-grade mineralized domains. These models will be instrumental for planning in the next phases of drilling. In addition to work at Newman Todd, the Rivard Zone has been integrated, resulting in the delineation of 11 new mineralized domains from 65 drill holes totaling 16,500 m of historic drilling data. The Company continues to systematically advance the most prospective and under-explored portions of the Red Lake and Confederation Belts with a focus on delineating a pipeline of new drill targets. At the Confederation property, new UAV (Unmanned Aerial Vehicle) magnetic surveys are nearing completion over major structural corridors. The new magnetic survey will cover the Arrow Trend, adjacent to the Total Metal's Electrode deposit, and the LP fault, which lies on trend with the Kinross Great Bear deposit. Data collection on the new survey totals 3,780 line km and is approximately 95% complete. The high-resolution magnetic data will enhance geological mapping and improve the identification of potential gold and multi-meta-bearing structures. When integrated with ongoing geological compilation, the results are expected to guide next phase exploration and drill target generation. Additional high-priority areas on the Confederation property include the BobJo and South Bay Mine areas. At BobJo, historic drilling completed in 2007 and 2010 returned results of 18.0 g/t Au over 0.9 m and 6.13 g/t Au over 0.7 m which were not followed up. Compilation of historic mining plans dating back to the 1920s is currently underway. The Gullrock Project, located along the Red Lake Mine structural corridor, had been the subject of recent lithostructural and geochemical analyses that have identified multiple new drill targets exhibiting strong geological similarities to the Red Lake Mine. A regional unconformity identified in high-resolution magnetic date acquired in 2020 transects the property, with rocks of both the Balmer and Confederation assemblages present. Structural preparation of Balmer volcanic rocks that host mineralization in the Red Lake Mine, is evident through folded units and faulted lineaments identified in the magnetic data. These features are juxtaposed against the regional unconformity and correlate with geochemical anomalies along sheared axial planar trends and structural intercepts. Preliminary drill planning has been completed, and permitting is currently in progress. 
