Mr. Todd Fogarty of Silver Point reports

SILVER POINT ANNOUNCES AGREEMENT TO ACQUIRE 111,920,836 COMMON SHARES IN RUSORO MINING LTD.

On Jan. 9, 2024, two of Silver Point Capital LP's affiliates, DOIP II Luxembourg Strategies SARL and SPCP Luxembourg Strategies SARL, entered into an agreement with Fulcrum Global Markets LLC to acquire, in aggregate, 111,920,836 common shares of Rusoro Mining Ltd. at 47.3122476 U.S. cents (63.2659375 cents) per Rusoro share for a total of $52,952,263.05 (U.S.) ($70,807,766.15). Pursuant to the agreement, DOIP will acquire 30,033,493 Rusoro shares and SPCP will acquire 81,887,343 Rusoro shares.

Prior to entering into the Silver Point acquisition, none of the Silver Point entities owned any Rusoro shares. Following completion of the Silver Point acquisition, Silver Point will have control or direction over approximately 19.47 per cent of the issued and outstanding Rusoro shares, with DOIP owning approximately 5.22 per cent and SPCP owning approximately 14.25 per cent.

Closing of the Silver Point acquisition is conditional upon, among other things, Fulcrum having ownership of the Rusoro shares.

DOIP and SPCP are acquiring the acquired shares for investment purposes and may increase or decrease their ownership of Rusoro shares, whether in the open market, by privately negotiated agreements or otherwise, subject to a number of factors, including their respective evaluation of the business, prospects and financial condition of Rusoro, the market for Rusoro's securities, general economic and tax conditions, and other factors.

Additional early warning disclosure

By virtue of acquisition by DOIP and SPCP of the acquired shares, the Silver Point entities are required to file an early warning report pursuant to National Instrument 62-103, The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. A copy of the early warning report will be filed on Rusoro's SEDAR+ profile. For further information or to obtain a copy of the corresponding early warning report, please contact Todd Fogarty at 212-521-4854.

About Rusoro Mining Ltd.

Rusoro is listed on the TSX Venture Exchange under the symbol RML and has a head office at Suite 3123, 595 Burrard St., P.O. Box 49139, Vancouver, B.C., V7X 1J1.