Announcement • Jul 14

Riley Gold Corp. Provides 2026 Exploration Update And Drill Planning Complete On Pipeline West/Clipper Gold Project

Riley Gold Corp. announced that the 2026 exploration program is underway at the Company's Pipeline West/Clipper Gold Project, located in the Cortez mining district of the Battle Mountain - Eureka Trend. Pipeline West/Clipper Gold Project is operated by Kinross Gold U.S.A. Inc., a wholly-owned subsidiary of Kinross Gold Corporation, under an exploration earn-in agreement executed in March 2024 whereby Kinross has the right to earn up to 75% of Pipeline West/Clipper Gold Project by spending USD 20,000,000. Kinross has defined 2026 high-priority framework drill target areas at Pipeline West/Clipper Gold Project that have never been drill tested. 2026 framework drill holes will be targeting gold-in-soil anomalies coincident with structural features known and newly interpreted this Spring 2026 on the property. Compiled geologic mapping, geophysical surveys, historical drill results, gold-in-soil survey results, new 2026 seismic survey data, new downhole geochemistry analysis (Spring 2026) and successful drilling in 2025/2024, have been uploaded in Leapfrog software supporting the new 2026 drill hole locations. Iterative and evolving geologic modeling and interpretation by Kinross also provides a supporting structural foundation and information for the 2026 exploration drill program. Drill contracts have been awarded, and drilling will begin this summer. Seismic Survey - In March 2026, Kinross contracted a third-party provider to complete a surface shear-wave velocity survey. The survey included four lines totaling 13.6 line-km, with 15 m channel spacing. The seismic lines were designed to improve interpretation of geophysical anomalies and lower-plate delineation, using previous drilling as a constraint. Survey results and interpretations have contributed to the 2026 drill-hole location process. Seismic interpretation confirmed and sharply outlined structures and geological features to depths of 2.5 km that align with known near-surface gold-bearing structures and indicate additional lineaments that may represent new, untested structures. Downhole Geochemistry Analysis - Down-hole lithogeochemistry analysis, conducted by consultants 3PXS, was able to characterize stratigraphy into 1) upper and lower plate units 2) recognized dolomitization and the "marble front" 3) pick out sulfidized horizons with white mica alteration and anomalous gold plus pathfinder elements. These geochemical tools will be helpful to vector towards higher grade mineralization in the upcoming drilling campaign. Additional steps for completion of the Exploration Plan of Operations for Pipeline West/Clipper Gold Project remains ongoing. Significant upcoming milestones include Biological Baseline Surveys as well as Cultural Resources Reports expected to be near completion in Fourth Quarter 2026. Subject to approval by the Bureau of Land Management and the State of Nevada, the Exploration Plan of Operations would allow Kinross to conduct exploration activities across approximately 14 square kilometres (3,478 acres) within Pipeline West/Clipper Gold Project. These activities may include access roads, overland travel routes, laydown areas and up to 400 drill sites, each with an approximate 100-foot by 100-foot working surface that includes drill pads and sumps. Kinross has developed a comprehensive geologic model to compare Pipeline West/Clipper Gold Project with several greater-than-five-million-ounce gold discoveries in the Cortez District. Key Cortez District elements at Pipeline West/Clipper Gold Project include 1) a NW trending metallogenic belt, 2) NW stepping, symmetrical, on echelon structures, 3) district deposits are within and straddle the "Cortez Window" into the lower plate rocks, 4) deposits occur symmetrically around Mesozoic Stocks and, 5) Goldrush/Fourmile deposits discovered in soil anomalies through the upper plate. Additional framework drill holes are being planned north and south of Kinross' initial 2025 drill holes, PW25-02 and PW25-03, and west of PW24-01. The planned drilling will test targets to the south along some of the highest-grade surface gold-in-soil anomalies, which coincide with an interpreted major structure identified through recent seismic work, previous geophysics, and geologic mapping. Downhole geochemistry from 2024 and 2025 drilling has helped refine the team's understanding of the system and its similarities to regional gold deposits. The primary target remains a large, disseminated gold deposit peripheral to the Gold Acres stock, a geologic setting similar to Nevada Gold Mines LLC's Pipeline gold deposit. Riley Gold entered into an exploration and venture option agreement with Kinross on March 13, 2024. The agreement grants Kinross the right to earn up to a 75% interest in Riley Gold's Pipeline West/Clipper Gold Project by spending a minimum of USD 20 million. Pipeline West/Clipper Gold Project is in Lander County, Nevada and consists of approximately 27.8 km² in the heart of the significant gold producing Cortez District (Battle Mountain - Eureka Trend). Kinross is funding and operating Pipeline West/Clipper Gold Project and has a strategic 9.9% (on a partially diluted basis) equity interest in the Company acquired through a private placement. Pipeline West/Clipper Gold Project constitutes a very prospective exploration property for Carlin-type, disseminated and replacement gold deposits. Pipeline West/Clipper Gold Project consists of a land package totaling approximately 27.8 km² of unpatented mining claims and patented fee lands adjoining Nevada Gold Mines LLC. Pipeline West/Clipper Gold Project is situated along the Cortez Structural Zone of the exceptionally productive Cortez Trend within the Battle Mountain - Eureka Trend in north central Nevada. The Cortez and Pipeline complexes (adjoining Riley Gold's Pipeline West/Clipper Gold Project boundary) are top producers within Nevada, a State that consistently produced between 4-5 million ounces of gold a year.

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