Riley Gold (TSXV:RLYG) Sets Sights on High-Priority Targets at Pipeline West/Clipper Project

Highlights

• Riley Gold has commenced its 2026 exploration program at the Pipeline West/Clipper Gold Project.
• Kinross Gold U.S.A., Inc. is leading the exploration program under a March 2024 earn-in agreement, with the option to acquire up to a 75% interest through USD 20 million in exploration spending.
• The upcoming drill campaign is supported by integrated geological data, including seismic surveys, historical drilling, geophysical studies, soil geochemistry and downhole geochemistry analysis.
• Recent seismic and downhole geochemistry studies have refined the projects geological model and identified additional exploration targets.
• The proposed Exploration Plan of Operations could enable expanded exploration activities across approximately 14 square kilometres, including potential development of up to 400 drill sites.

Amid elevated gold prices and continued investor focus on exploration companies with exposure to prospective gold assets, Riley Gold Corp. (TSXV:RLYG) is advancing exploration activities at its Pipeline West/Clipper (PWC) Gold Project in Nevada's Cortez district. The project is being operated by Kinross Gold U.S.A., Inc. under an exploration earn-in agreement signed in March 2024, with Kinross retaining the option to earn up to a 75% interest in the project through USD 20 million in exploration spending.

The company has now commenced its 2026 exploration program, following the completion of 2026 drill-planning designed to identify priority areas for further evaluation.

Drill campaign targets new exploration areas

The 2026 drilling program will focus on several high-priority framework targets defined by Kinross at PWC that have not previously been drill tested. These targets were identified following integration of geological mapping, historical drilling, geophysical surveys, gold-in-soil survey outcomes, recent seismic survey results and downhole geochemistry analysis (Spring 2026).

The selected drill locations are designed to evaluate gold-in-soil anomalies that coincide with interpreted structural features across the project. Kinross has already awarded drilling contracts, with field drilling expected to begin during the summer exploration season.

New geological studies refine exploration model

Ahead of the drilling campaign, Kinross and Riley Gold completed several geological initiatives aimed at improving the understanding of the project.

A surface shear-wave seismic survey, completed in March 2026, covered 13.6-line kilometres across four survey lines. The study was designed to improve the interpretation of lower-plate delineation and geophysical anomalies by incorporating information from previous drilling.

The seismic interpretation outlined structural features extending to depths of approximately 2.5 kilometres, aligning with known gold-bearing structures while identifying additional lineaments that remain untested.

In parallel, consultants completed downhole geochemistry analysis, which provided additional information on stratigraphy. The work identified geological characteristics such as upper and lower plate units, dolomitization, sulphidised intervals and anomalous gold pathfinder elements that will help guide future drilling.

Planning continues for expanded exploration footprint

Beyond the immediate drilling campaign, work is continuing on the project's Exploration Plan of Operations (EPO). Biological baseline surveys and cultural resource studies are expected to be completed during the fourth quarter of 2026.

Subject to approvals from the Bureau of Land Management and the State of Nevada, the EPO would enable exploration activities across approximately 14 square kilometres of the project area. The proposed activities include access roads, travel corridors, support infrastructure and the potential development of up to 400 drill sites.

Project benefits from strategic location

The PWC project covers approximately 27.2 square kilometres within Nevadas Cortez district, one of the worlds established gold-producing regions. The project is located adjacent to the Nevada Gold Mines (NGM) Cortez and Pipeline Complex, a joint venture between Barrick and Newmont. Nearby operations in the Cortez district include Pipeline Complex and cortex Complex.

Earn-in agreement continues to guide project development

The exploration work is being completed under the March 2024 earn-in agreement between Riley Gold and Kinross.

Under the agreement, Kinross may earn an initial 60% interest by completing USD 10 million in qualifying exploration expenditures within five years. The company can subsequently increase its ownership to 75% by investing an additional USD 10 million over the following two years.

Kinross also holds a 9.9% equity interest in Riley Gold through a private placement completed alongside the agreement.

The commencement of the 2026 exploration program marks the next stage of development at Riley Gold's Pipeline West/Clipper Gold Project. By integrating seismicinterpretation, geological modelling, geochemical analysis and historical exploration data, the program aims to refine drill targeting across previously untested areas.

RLYG shares traded at AUD 0.49 per share on June 14, 2026.