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Early Warning Press Release Regarding Investment in Red Lake Gold Inc.

Newsfile Corp.

Vancouver, British Columbia--(Newsfile Corp. - August 22, 2019) - Mr. Ryan Kalt today announced that he has acquired an aggregate of 541,500 common shares of Red Lake Gold Inc. (CSE: RGLD) ("RGLD" or the "Company"). Mr. Kalt acquired the shares through a company wholly-owned by Mr. Kalt (Phoenix Mining Corp.), by way of a series of open-market purchases made on the Canadian Securities Exchange between August 19, 2019, and August 22, 2019, under which Mr. Kalt paid an aggregate of $105,146.30, representing an average price of $0.1942 per share. Collectively, the 541,500 shares acquired by Mr. Kalt represent approximately 2.13% of the issued and outstanding common shares of the Company.

Mr. Kalt now owns or has control or direction over an aggregate of 7,693,300 common shares of the Company, representing approximately 30.30% of the Company's issued and outstanding common shares (or 9,123,300 common shares of RGLD representing 34.02% of the issued and outstanding shares, assuming exercise of all warrants held by Mr. Kalt).

The shares were acquired by Mr. Kalt for investment purposes. Mr. Kalt may acquire additional securities of RGLD either on the open market or through private acquisitions or sell securities of RGLD either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors. Other than the foregoing, Mr. Kalt does not have plans or any future intentions which relate to or would result in any of the other foregoing matters.

"Ryan Kalt"

Ryan Kalt

The Form 62-103F1 - Required Disclosure under the Early Warning Requirements associated with this news release can be obtained from RGLD's profile on SEDAR at www.sedar.com. To obtain a copy of the report, please contact Michael Raven of Beadle Raven LLP at 1.604.899.6401.

The CSE has not reviewed, approved or disapproved the contents of this press release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/47208