Mr. Robert Eckford reports

Rua Gold REPORTS TWO MAJOR GOLD BEARING STRUCTURES IDENTIFIED ON ITS GLAMORGAN PROJECT

Rua Gold Inc. has provided an update following the completion of the first phase of surface exploration on its Glamorgan epithermal gold prospect in the Hauraki region on the North Island, New Zealand.

Highlights:

• The company tripled its land package that is directly adjacent to Oceanagold Corp.'s Wharekirauponga project, which hosts 1.37 million ounces at 17.88 grams per tonne gold (indicated).
• The company identified two significant soil anomalies over four kilometres in length, trending north and north-northwest and open to the northeast and northwest.
• Significant gold grades (eight parts per million to 43 parts per million gold) were recorded in rock float and in situ rock samples from detailed geological mapping.
• Ultradetailed UAV (unmanned aerial vehicle) magnetics highlights strong alteration enveloping the two anomalies and demonstrating a major alteration cell indicative of a significant epithermal system.
• CSAMT (controlled-source audio-frequency magnetotelluric) ground geophysics has commenced as a precursor to targeted diamond drilling.

Simon Henderson, chief operating officer of Rua Gold, commented: "Successful exploration commences with sound geological mapping, detailed geochemistry and geophysical surveys, and the addition of some innovative science and technology to see the opportunity for a major epithermal gold discovery.

"With the highly prospective geology of Wharekirauponga and Waihi, major gold deposits next door, our exploration team is highlighting the footprint of another potential significant epithermal gold-silver vein system. CSAMT ground resistivity mapping has commenced and will be the final detail needed to feed into the Vrify AI [artificial intelligence] tool and then rank drill targets on this exciting opportunity."

Exploration update

UAV magnetic surveying

Following the access granted in May, 2024, Rua Gold's exploration commenced with UAV ultradetailed magnetic surveying, completing 590 line kilometres of flying using a Geometrics MagArrow magnetometer suspended under a DJI M300 drone. Interpretation of the data has assisted in defining key aspects of lithology and alteration of the Whitianga group rhyolites and Coromandel group andesites. Major structural features interpreted in the data align with regional mineralization trends.

Ultradetailed UAV magnetics flown by the exploration team highlight strong alteration (demagnetization of the host rocks) enveloping the two anomalies and demonstrating a major alteration cell indicative of the footprint of a major epithermal system.

Soil sampling

Soil sampling commenced in July, 2024, along 250-metre-spaced cross lines with a sample spacing of 20 metres. A total of 3,181 samples were collected, dried, sieved in Rua Gold's Waihi facility, then transported to Reefton and analyzed by pXRF (portable X-ray fluorescence) in Rua Gold's Reefton laboratory.

Simultaneously, each sample was analyzed for short-wave near-infrared (SWIR) reflectance spectrometry using a TerraSpec 4 Hi-Res mineral analyzer with six-nanometre resolution to complete a picture of the clay alteration system, enabling identification of the higher levels of the epithermal system. A 50-gram split of soil was then freighted to ALS Brisbane for low-level precision gold assay. Arsenic anomalism with coincident gold anomalism highlights the two major soil anomalies A and B (see appendix table).

Anomaly A trends north-northwest for 4.2 kilometres with conjugate gold-arsenic trends in a northeast direction. This anomaly remains open to the northwest. The northeast direction mirrors the orientation of the significant Wharekirauponga gold deposit adjacent to the Glamorgan project.

Anomaly B trends northerly and follows north to northeasterly quartz veins mapped over four kilometres and is open to the north and south. The southern end of this anomaly coincides with the Wentworth/Auckland historical mine workings.

Field mapping

Continuing field mapping has highlighted broad alteration and veining in situ and areas of quartz-adularia float displaying banded, platy quartz after calcite as well as brecciated andesite with stockwork veining increasing toward the zones of interest. Both float and in situ rock-chip sampling have returned encouragingly anomalous gold (see appendix table), coincident with the zones of high soil geochemistry.

Geological mapping and CSAMT ground geophysical surveying will be completed in Q1 2025, allowing interpretation and drill targeting midyear.

About Glamorgan

The Glamorgan project lies within the Hauraki goldfield, a major epithermal gold district, with over 50 historic mines and one operating mine (Waihi). The Waihi mine has produced over 10 million ounces of gold, with disclosed resources of 2.54 million ounces gold and 9.3 million ounces silver and reserves of 480,000 ounces gold and 1.5 million ounces silver remaining (estimated as at Dec. 31, 2023; see Oceanagold's press release dated Feb. 21, 2024, for more details).

Adjacent to the Glamorgan project lies Oceanagold's Wharekirauponga deposit, with an initial reserve of 1.2 million ounces gold announced in December, 2024. Early-phase design and construction are expected to begin in 2025, with the first ore expected to be produced in 2032.

Rua Gold's chief operating officer, Simon Henderson, previously spent 14 years delineating the resource at Oceanagold's Waihi operation and then went on to joint venture both the Glamorgan project and the Wharekirauponga project under Glass Earth Minerals Inc., leading the exploration team to the Wharekirauponga discovery.

About Rua Gold Inc.

Rua Gold is an exploration company, strategically focused on New Zealand. With decades of expertise, the company's team has successfully taken major discoveries into producing world-class mines across multiple continents. The team is now focused on maximizing the asset potential of Rua Gold's two highly prospective high-grade gold projects.

The company controls the Reefton gold district as the dominant landholder in the Reefton goldfield on New Zealand's South Island with over 120,000 hectares of tenements in a district that historically produced over two million ounces of gold grading between nine grams per tonne and 50 grams per tonne.

The company's Glamorgan project solidifies Rua Gold's position as a leading high-grade gold explorer on New Zealand's North Island. This highly prospective project is located within the North Islands' Hauraki district, a region that has produced an impressive 15 million ounces of gold and 60 million ounces of silver. Glamorgan is adjacent to Oceanagold's biggest gold mining project, Wharekirauponga.

Technical information

Simon Henderson, CP, AUSIMM, a qualified person under National Instrument 43-101, Standards of Disclosure for Mineral Projects, and chief operating officer and a director of Rua Gold, has reviewed and approved the technical disclosure contained herein. Mr. Henderson has participated in the geophysical, sampling and mapping programs to verify that they have been conducted in accordance with the standard operating procedures. Mr. Henderson has verified the data disclosed by running checks on the location, analytical and test data underlying the information in the technical disclosure herein.

Quality assurance/quality control soil samples

A bulk sample of approximately 0.5 kilogram to one kilogram was collected in the field. Each sample was photographed in the field alongside the GPS (Global Positioning System) with co-ordinates visible and each sample site marked in the field with biodegradable flagging tape. Samples were taken back to Rua Gold's Waihi facility for preparation. Samples were dried in a customized incubator, set at 38 C, for a minimum of two days. Once the samples were fully dried, they were sieved to less than 180 micrometres in size. A subsample of 50 grams to 100 grams was scooped from the less-than-180-micrometre size fraction for analysis. The remaining material was retained and stored in Waihi.

The 50-gram-to-100-gram fine-sieved (less than 180 micrometres) soil subsample was sent to Rua Gold's Reefton facility for pXRF using an Olympus Vanta hand-held analyzer and then on to ALS Geochemistry in Brisbane for Au-TL43 analysis. The ALS analysis consisted of 25-gram sample digestion by aqua regia, followed by trace gold analysis by ICP-MS. The detection limit for gold by this method is one part per billion.

ALS Brisbane is independent to Rua Gold.

Field duplicates were collected every 20th sample and underwent the same drying, sieving, pXRF and gold assay process outlined above. Duplicates were checked and validated by Rua Gold's Isogonal data validation system to ensure compliance.

We seek Safe Harbor.