Vancouver, British Columbia – TheNewswire - June 28, 2023 – Red Lake Gold Inc. (CSE:RGLD) (“Red Lake Gold” or the "Corporation") announces that it intends to conduct a non-brokered flow-through financing (the "Flow-Through Financing") consisting of up to 3,500,000 flow-through shares (the "Flow-Through Shares") to be issued at a price of $0.05 per Flow-Through Share for gross proceeds of up to $175,000.

Red Lake Gold intends to use the proceeds of the Flow-Through Financing to fund exploration work at its Whirlwind Jack Project and/or other exploration opportunities as its current and/or forward-moving project portfolio in Canada presents.

The Corporation may pay a 6% cash finders fee on certain subscriptions under the Flow-Through Financing.

Insiders (as that term is defined by securities laws) of Red Lake Gold may participate for greater than 25% of the Flow-Through Financing.

The Flow-Through Financing is subject to all applicable regulatory approvals. Shares issued pursuant to the Flow-Through Financing are subject to a customary four-month hold period pursuant to applicable securities laws of Canada.

On Behalf of the Board of Directors

Ryan Kalt

Chairman & Chief Executive Officer

T: 604.687.2038

Email: info@redlakegold.ca

Forward-Looking Statements

This news release contains forward-looking statements. Forward-looking statements address future events and conditions, including but not limited to matters and outcomes related to the Flow-Through Financing, and therefore involve inherent risks and uncertainties, including but not limited to the number of Flow-Through Shares issued, if any, under the Flow-Through Financing, closing of the Flow-Through Financing, if any, certain tax matters related to the Flow-Through Financing and exploration projects belonging to the Corporation. Actual results may differ materially from those currently expected or forecast in such statements.

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.