Riley Gold to Extend Warrant Expiry

VANCOUVER, Oct. 04, 2022 - Riley Gold Corp. (TSX.V: RLYG) (OTCQB: RLYGF) ("Riley Gold" or the "Company") will submit an application to the TSX Venture Exchange ("TSX-V") to extend the term of 7,500,562 outstanding common share purchase warrants (the "Warrants") which were issued in connection with a non-brokered private placement that closed on October 15th, 2020. The Warrants have a current expiry date of October 15th, 2022.

The Warrants are subject to an accelerated expiry at the option of the Company if the closing price of the common shares of Riley Gold quoted on the TSX-V is greater than $0.60 for 10 consecutive trading days, Riley Gold may accelerate the expiry date of the Warrants to the 30th day after the date on which Riley Gold gives notice to the Warrant holders of such acceleration.

Riley Gold intends to extend the expiry date of the Warrants for an additional 12 months from October 15, 2022, to October 15, 2023, subject to TSX-V approval.

About Riley Gold Corp.

Riley Gold is an exploration and development company focused in Nevada, USA. The Company's primary focus is on its two cornerstone assets: the Tokop Gold Project located within the Walker Lane Trend and the Pipeline West/Clipper Project located in the Battle Mountain Eureka Trend. Riley Gold's founders and leadership team have a proven track record of maximizing shareholder value during each phase of the mining life cycle: exploration, development, and production.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Todd Hilditch
Chief Executive Officer
Tel: (604) 443-3831

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