Riley Gold Announces Increase in Private Placement

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO THE UNITED STATES

NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Riley Gold Announces Increase in Private Placement

NEWS RELEASE

Vancouver, B.C. August 16, 2021 – Riley Gold Corp. (TSX.V: RLYG) (OTCQB: RLYGF) (“Riley Gold”

or the “ Company”) is pleased to announce that due to investor demand it has increased the size of its

private placement previously announced on August 3, 202 1. Riley Gold now proposes to issue up to

6,500,000 units at C$0. 40 per Unit (“ Units”) for total gross proceeds of up to C$2,600,000 (the “ Private

Placement”).

Each Unit will be comprised of one common share of the Company (a “ Share”) and one-half of one share

purchase warrant (a “Warrant”). Each whole Warrant will entitle the holder thereto to purchase for a period

of twenty-four (24) months one additional Share (a “ Warrant Share ”) at an exercise price per Warrant

Share of C$0.60.

All securities issued under the Private Placement will be subject to a hold period of four months and one

day from the closing date. The Company may pay finders’ fees in connection with the Private Placement.

The Private Placement and finders’ fees are subject to regulatory approval.

Net proceeds of the Private Placement will be used for project exploration and general working capital

purposes.

About Riley Gold Corp.

Riley Gold is a mining 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.

Cautionary statement regarding forward–looking information

This press release contains statements which constitute “forward looking information” under applicable

Canadian securities laws, including statements regarding the completion of the Private Placement as well

as plans, intentions, beliefs and current expect ations of the Company, its directors, or its officers with

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respect to the future business activities of the Company. The words “may”, “would”, “could”, “will”, “intend”,

“plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company,

or its management, are intended to identify such forward-looking information. Although Riley Gold believes

that the expectations reflected in these forward-looking statements are reasonable, undue reliance should

not be placed on them because Riley Gold can give no assurance that they will prove to be correct. Since

forward looking statements address future events and conditions, by their very nature they involve inherent

risks and uncertainties and the Company’s future business activities may differ materially from those in the

forward-looking information as a result of various factors, including, but not limited to, fluctuations in market

prices, successes of the operations of the Company, continued availability of capital and financing and

general economic, market or business conditions and the ability to obtain the requisite approvals of the

TSX Venture Exchange, or failure to meet other conditions to closing, to the transactions reflected in this

press release. The Private Placement and other transactions may not be completed at all if these approvals

are not obtained or some other condition to the closing is not satisfied. Investors are cautioned that any

such forward-looking information is not a guarantee of future business ac tivities and involves risks and

uncertainties. Additional information on these and other factors that could affect Riley Gold operations and

financial results are included in reports on file with Canadian securities regulatory authorities and may be

accessed through the SEDAR website (www.sedar.com).There can be no assurances that such information

will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties.

The Company does not assume any obligation to update any forward- looking information except as

required under the applicable securities laws.