Mr. Paul Joyce reports

RUGBY RESOURCES LOCATES IN-SITU COPPER MINERALISATION ON THE COBRASCO EAST COPPER DISCOVERY, COLOMBIA

A follow-up exploration program has commenced at Rugby Resources Ltd.'s Cobrasco East porphyry discovery.

The field team has already located an in situ outcrop of mineralized rock in one of several west draining creeks.

Yale Simpson, Rugby's chairman, commented: "These spectacular rocks come from an area located approximately 2.3 kilometres (km) east of our discovery holes. At this stage we know very little about this new eastern area having only visited it once before in a previously announced reconnaissance program completed in May.

"Exploration at Cobrasco began last year in May and it has primarily focused on the area surrounding our first two drill holes (Cobrasco Central). Clearly this was a good decision as we made a significant copper discovery in these first two holes:

• CDH001: 82 m at 0.90 per cent copper and 199 parts per million molybdenum within 808 m of 0.42 per cent Cu and 79 ppm Mo from 184 m;
• CDH002: 172 m of 0.78 per cent CuEq [copper equivalent] within an interval of 754 m of 0.50 per cent CuEq from 152 m. A near-surface mineralized zone of 70 m of 0.32 per cent CuEq was intersected from 18 m."

* See news releases dated Oct. 31, 2022, and Jan. 17, 2023.

"This new area could be a whole new porphyry target zone separate from our existing copper discovery at Cobrasco Central. The Cobrasco East area falls well outside of our existing auger soil sampling grid and this program has only scratched the surface on this extensive Cobrasco system."

The mineralized unit is a fine-grained tonalite that outcrops along a 10-metre (m) section of creek bank and in what appears to be further float and subcrop exposures over an area of 1,000 m by 700 m. The tonalite occupies the centre of a magnetic low feature.

The mineralization appears to be related to bornite-chalcopyrite mineralization in a structurally controlled fault zone as hydrothermal (sulphide) veining, brecciation and fracture-fill with abundant copper oxide (malachite) dispersion halos central to the veining.

Francisco Montes, Rugby's Cobrasco project manager, stated: "Our geologic field team's latest reconnaissance program has yielded early success with the identification of an in situ outcrop of copper mineralization within a larger field of mineralized float and subcrop. The location of bornite-chalcopyrite hydrothermal mineralization this far east on the margins of the Mande batholith is highly encouraging, lending support to multiple episodes and centres of mineralization in the greater Cobrasco area. We anticipate ongoing work will define further outcrops and delineate the extension of copper mineralization by conventional sampling techniques. I look forward to assay results from the new sampling."

The field team completed stream sediment sampling (minus-80-mesh fraction) from all creeks draining the eastern catchment. This will aid in the follow-up work program. The crew also collected rock chip samples of mineralized material and character samples of all lithologies for low-level multielement analysis. Grid-based soil auger sampling and detailed prospecting are planned for the next phase of work in the Cobrasco East area.

Financing

Rugby is advancing a process for financing a planned major drilling program. While that progresses, the company plans to advance the continuing fieldwork designed to test new areas and enhance our knowledge of the Cobrasco porphyry system.

Social -- environmental program

Rugby continues to build important and long-lasting relationships with local stakeholders and has strong community support for Cobrasco and its continuing advancement. Current community projects include the refurbishment of a community house in Villa del Rosario; the installation of individual water tanks in each home to provide drinking water in San Antonio de Icho as well as financing a small section of street paving in Bocas de Nemota. Recently, the refurbishment of a community house was completed in Santa Lucia del Fuerte. Importantly, the company strives to implement the highest environmental stewardship and practices in its exploration programs.

Technical information and quality control and quality assurance

Rugby's sampling techniques and data management are conducted to industry standards. Sample assay results have been monitored through a quality control/quality assurance (QA/QC) program that includes the insertion of blind certified reference materials (standards), blanks and duplicate samples. All samples are securely transported to ALS Minerals (ALS) facility in Medellin, Colombia, where sample preparation is completed. Sample pulps are forwarded to ALS's regional hub in Lima, Peru, where all analytical work is conducted. All surface samples (rock chip and soil samples) are assayed for gold by fire assay of a 30-gram charge with AAS finish (method Au-AA23) and 48-element ultratrace level detection by four-acid digestion with inductively coupled plasma atomic emission spectroscopy (ICP-AES)/inductively coupled plasma mass spectrometry (ICP-MS) finish (method ME-MS61). Overlimits or ore grade elements are assayed by four-acid digestion with ICP-AES finish (method OG62). Stream sediment samples are sieved to minus-80-mesh (177 microns) and assayed for gold by fire assay and ICP-AES (method Au-ICP21), with the multielement analyses completed by four-acid digestion of the minus 80 mesh fraction with ICP-MS finish (method ME-MS61m).

ALS is independent of Rugby and is certified to International Organization for Standardization 9001 and 17025 by IQNet and Standards Council of Canada respectively.

Qualified person

Paul Joyce, Rugby's chief operating officer, director and a qualified person (QP) within the definition of that term in National Instrument 43-101, Standards of Disclosure for Mineral Projects, has verified the scientific and technical information that forms the basis for this news release. Mr. Joyce is a fellow of the Australian Institute of Geoscientists (registered member No. 1908).

About Rugby Resources Ltd.

Rugby Resources is an exploration company conducting discovery stage exploration on a portfolio of copper, gold and silver targets in Colombia, Argentina and Chile. The Colombian Cobrasco project is located in the Western Cordillera belt which hosts large-scale copper molybdenum mines in Chile, Peru and Panama (and more recent significant projects discovered in Ecuador). This belt has not been subjected to modern exploration in Colombia. Rugby looks to advance the Cobrasco project to demonstrate the economic potential of a major discovery for Colombia. The discovery of significant new copper opportunities is essential for the mining industry to supply the copper necessary to transition from fossil fuels to advanced electrification.

The company benefits from the experience of its directors and management, a team that has either been directly responsible for world-class mineral discoveries or has been part of the management teams responsible for such discoveries. Prior companies under their management included Exeter Resource Corp. and Extorre Gold Mines Ltd., which held significant projects in South America. These companies were taken over by Goldcorp (Newmont) and Yamana respectively.

We seek Safe Harbor.