Red Pine Exploration Inc. provided an update on the Company's investigations into the reporting inconsistencies in certain drill core assay results from the Wawa Gold Project. The Company bifurcated its investigations into two periods: (i) the period from 2014, when it acquired the Wawa Gold Project, until 2019 (the ?2014-2019 Period?); and (ii) the period from 2019 until the present day (the ?2019-2024 Period?). In its press release of May 10, 2024, the Company reported on the 2014-2019 Period.

The Company is now able to report on the Assay Reporting Inconsistencies for the 2019-2024 Period. Based on the results of the investigation for the 2019-2024 Period, management believes that the following areas located within the Jubilee shear have been impacted due to the concentration of assay results that were manipulated in these areas: The Surluga South Zone, which is a target of potential depth extension below the current Surluga resource. While it is expected that the Surluga South Zone?s potential contribution to the next mineral resource update will be reduced, the impact will ultimately be determined in the updated National Instrument 43-101 Technical Report; and To a lesser extent, a reduction of the anticipated prospectivity of the Core Shack, located below the Jubilee shear in the footwall, and the Surluga North Vein Networks, located above the Jubilee shear in the hanging wall.

The previous conclusion that high-grade gold mineralization exists in the extensional vein networks and shear zones of the Wawa Gold Project remains unchanged. However, the intensity of that high-grade mineralization has been decreased by the corrected assay results. Further, the corrected assay results do not change the conclusion previously made that the mineralized system extends at depth in the Jubilee shear system and that mineralization exists in those down-dip extensions.