Red Lake Gold Inc. Receives Court Approval for Spin-Out of Alma Gold Inc.

Red Lake Gold Inc. Receives Court Approval for Spin-Out

of Alma Gold Inc.

Vancouver, British Columbia, November 3, 2020 – Red Lake Gold Inc. (CSE:

RGLD)(FWB:P11)(“Red Lake Gold ” or the " Corporation") is pleased to announce that it has

received court approval by way of a final order granted by the Supreme Court of British Columbia

on October 29th, 2020 enabling Red Lake Gold to proceed with the completion of its spin-out of

Alma Gold Inc. to shareholders.

The Corporation advises that the distribution of common shares of Alma Gold Inc. to

shareholders is expected to occur on or about November 6, 2020 (the “ Effective Date ”), and

applies to shareholders as at the record date as further set forth in regulatory filings pertaining

to the Alma Gold Inc. spin-out matter.

On Behalf of the Board of Directors

Ryan Kalt

Chairman & Chief Executive Officer

Email: [email protected]

Forward-Looking Statements

This news release contains forward-looking statements. Forward-looking statements address

future events and conditions and therefore, involve inherent risks and uncertainties. Actual

results may differ materially from those currently expected or forecast in such statements.

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of

the CSE Exchange) accepts responsibility for the adequacy or accuracy of this release.