NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES

Vancouver, British Columbia--(Newsfile Corp. - October 16, 2026) - Red Lake Gold Inc. (CSE: RGLD) ("Red Lake Gold" or the "Corporation" or the "Issuer") is pleased to report that it has closed the second tranche of the previously announced non-brokered private placement (the "Offering") by way of the issuance of 100,000 common shares (the "Common Shares"), at a price of $0.075 per Common Share for gross proceeds of $7,500. The Offering was completed on the terms previously announced by the Corporation in its news release dated August 31, 2026, titled "Red Lake Gold Inc. Announces Private Placement."

The Corporation paid cash finder's fees of $525.00 in connection with the second tranche of the Offering.

The Corporation intends to use the net proceeds of the Offering for general working capital, the satisfaction of ongoing corporate obligations and exploration work at the Corporation's mineral properties.

Across both tranches of the Offering, the Corporation has raised aggregate gross proceeds of $278,249.85. Following completion of the second tranche, the Corporation has 8,763,915 Common Shares issued and outstanding.

All Common Shares issued under the Offering will be subject to a statutory hold period of four months and one day, expiring on February 14, 2027.

About Red Lake Gold Inc.

Red Lake Gold Inc. (CSE: RGLD) is focused on advancing mineral exploration, including through mining claims that it holds in differing locations within Ontario, Canada.

Forward-Looking Information

This news release contains forward-looking information regarding the intended use of proceeds from the Offering and the Corporation's planned exploration and business activities. Such forward-looking information is based on management's current expectations and assumptions, including assumptions regarding the Corporation's business priorities, prevailing market conditions, the availability of additional financing and its ability to carry out its planned activities.

Actual results may differ materially from those expressed or implied by the forward-looking information due to changes in the Corporation's financial position or business priorities, the availability of additional financing, regulatory developments, exploration risks and general economic and market conditions. The Corporation undertakes no obligation to update such information except as required by applicable securities laws.

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/319330

Source: Red Lake Gold Inc.