2023 Exploration at Golden Buffalo will include:

• Refining drill targets at Golden Buffalo
• Regional soil surveys across the South Pass portfolio; and
• Mapping and rock chip sampling at Golden Buffalo, as well as at the Company's Bradley Peak, Shield-Carissa, and Windy Flats
  projects.

Relevant Gold completed ~3,500 m of exploration drilling at Golden Buffalo in 2022, as well as a regional mapping and sampling program. Highlights from this work include:

LARGE-SCALE OROGENIC SYSTEM CONFIRMED
• 2022 program extended >5km of the primary GBSZ at surface
• Drilling confirmed ~1km of strike length & 300m depth of primary GBSZ
• High-grade gold drilled ~400 m east along strike of GBSZ and 170 m deep; highest-grade intercept was 1m of 83.8 g/t Au
• Drill holes stepping out 400-500m to the North confirmed mineralized shear zones parallel to GBSZ
• 54% of the program's 26 drill holes contained anomalous gold (>0.1 g/t Au)
• Mapping identified numerous geologic features consistent with orogenic shear-hosted gold terranes observed in the Abitibi

ABITIBI-STYLE ALTERATION CONFIRMED
• Golden Buffalo Shear Zone (GBSZ) strike length was extended to approximately 800 m
• Alteration mineralogy includes an Abitibi-style assemblage of biotite, chlorite, actinolite, sericite, tourmaline and silicification
• 4.1 g/t Au rock chip sampled along northern contact of GBSZ
• 2.5 g/t Au rock chip sampled along the southern contact of GBSZ

NEW TARGETS IDENTIFIED
• More than 15 km of new orogenic shear structures identified in the South Pass Gold Camp; numerous targets for follow up
• Potential extensions of GBSZ mapped offset to the SE

PROOF OF CONCEPT ACHIEVED!
• Results from 2022 exploration at Golden Buffalo were consistent with what we would expect to see in a fertile, orogenic gold system and provide initial proof of concept of the Company's Abitibi-connection gold exploration thesis.

NEWS HIGHLIGHTS FROM 2022 EXPLORATION
• Relevant Gold Intersects 83.8 g/t Gold over 1 metre at Golden Buffalo
• Relevant Gold Reports 4.1 g/t Gold in Trench Sampling at Golden Buffalo
• Relevant Gold Announces 13 New Orogenic Shear Structures (15km total) Discovered through 2022 Exploration and Completion of 3500m Drilling Program in the South Pass Gold Field in Central Wyoming

Relevant Gold conducted preliminary field reconnaissance, mapping, and sampling of the Golden Buffalo Project in 2021. The results of this work confirmed high-grade gold assays and visible coarse gold at the surface, associated with mapped shear zones and complex veining.

Golden Buffalo Mining Company has completed small-scale exploration and mining activities since the summer of 2020. They have used an excavator to trench along a shear zone for upwards of 20 m (60 ft) and up to 3.5 m (12 ft) deep (Figure 6-5). The mined material has then been crushed and processed using a gravity separation circuit. This process has shown coarse gold in the shear zone and produced fine gold and gold nuggets (Figure 6-6). Some of these gold nuggets are several centimeters in length. GBMC has reported historical gold production of 600 oz since 2020 (non 43-101 compliant) (GBMC, 2021).

Relevant Gold performed rock chip sampling and completed a small soil geochemistry survey. Rock chip assay values ranged from below the detection limit to 168 ppm Au. The geochemical signatures correlate well with mapped structures. Gold dominantly occurs in quartz veins within mapped shear zones. The highest-grade sample (168 ppm Au) was obtained from an extensional vein located between two parallel shear zones. Most of the rock chip samples show potential pathfinder elements, for example As, that are known to correlate with gold in the South Pass greenstone belt ((Figure 9.2).

425 soil samples were collected and analyzed with an XRF along a grid spaced at 150 m and sampled at 25 m intervals across mapped shear zones. The soil survey shows an east-west trend of arsenic anomalies over 1 km (Figure 9-3). Sampling demonstrated abundant high-grade gold at surface and returned rock chip assays up to 160+ g/t Au.