Mr. Robert Eckford reports

RUA GOLD ANNOUNCES C$5 MILLION BROKERED OFFERING OF COMMON SHARES

Rua Gold Inc. has entered into an agreement with Cormark Securities Inc., as sole agent, pursuant to which the agent has agreed to act as agent on a best effort basis, in connection with the public offering of 8,333,400 common shares in the capital of the company at a price of 60 cents per common share for aggregate gross proceeds of $5,000,040. The offering is expected to close on or about Feb. 20, 2025, or such other date as agreed upon between the company and the agent, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory approvals.

The company has granted to the agent an option exercisable, in whole or in part, within 30 days after the closing date, to sell, at the offering price, up to 1,250,010 additional common shares (being that number of additional common shares equal to 15 per cent of the number of common shares issuable pursuant to the offering) for market stabilization purposes and to cover overallotments, if any.

The company intends to use the net proceeds from the offering for continuing the exploration program on its Reefton project and for general working capital and general corporate purposes.

The common shares will be issued pursuant to a prospectus supplement to the company's base shelf prospectus dated July 11, 2024, that will be filed in each of the provinces and territories of Canada, except Quebec. The common shares may also be sold in the United States on a private placement basis pursuant to available exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended, and applicable U.S. state securities laws, and other jurisdictions outside of Canada and the United States pursuant to available prospectus or registration exemptions in accordance with applicable laws provided that no prospectus, registration statement or similar document is required to be filed in such jurisdiction.

Copies of the supplement, following filing thereof, and the shelf prospectus may be obtained on SEDAR+. The shelf prospectus contains, and the supplement will contain, important detailed information about the company and the proposed offering, including the proposed use of proceeds therefrom. Prospective investors should read the supplement, accompanying shelf prospectus and the documents incorporated by reference therein before making an investment decision.

About Rua Gold Inc.

Rua Gold is an exploration company, strategically focused on New Zealand. With decades of expertise, its team has taken major discoveries into producing world-class mines across multiple continents. The team is 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 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 Corp.'s biggest gold mining project, Wharekirauponga.

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