Riley Gold Receives TSX-V Approval to Extend Warrant Expiry Term

VANCOUVER, Oct. 05, 2022 - Riley Gold Corp. (TSX.V: RLYG) (OTCQB: RLYGF) ("Riley Gold" or the "Company") announces that the TSX Venture Exchange ("TSX-V") has granted its acceptance to extend the term of 7,500,562 outstanding common share purchase warrants, exercisable at $0.40 per common share (the "Warrants") which were issued in connection with a non-brokered private placement that closed on October 15th, 2020. The original expiry date of the Warrants was October 15th, 2022, and they have now been extended by a further twelve months, to expire October 15, 2023. The Warrants remain subject to the acceleration clause as outlined in the Company's news release of October 4, 2022.

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 Pipeline West/Clipper Project located in the Battle Mountain Eureka Trend and the Tokop Gold Project located within the Walker Lane 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.