Mr. Yale Simpson reports

NEW MINERALIZED PORPHYRY OCCURRENCE DISCOVERED AT THE COBRASCO COPPER PROJECT, COLOMBIA

Rugby Resources Ltd.'s recent surface sampling at Cobrasco has yielded significant copper/molybdenum assay results. In addition, a new molybdenum stockworked porphyry occurrence has been identified approximately 1 kilometre ("km") northeast of the Cobrasco Central drilling area. Reconnaissance mapping indicates the new molybdenum porphyry may represent a continuation of the primary mineralization intersected in drill holes approximately 1 km to the southwest (see Figure 1).

Highlights

• Assays were received for 103 samples comprising 102 rock outcrops and 1 float sample from the October 2023 campaign. This program was centred primarily on the northern portions of the Cobrasco North concession with an emphasis on infill sampling of areas not previously covered in prior programs.
• Assays range up to 4.77 per cent copper, 3.98g/t gold, 50g/t silver and 0.09 per cent molybdenum (see Tables 1 & 2 - Assay Summary below). Sample geochemistry confirmed previous areas of Cu-Mo anomalism and extended the area of interest to the NE.
• Outcropping quartz tonalite porphyry with quartz stockwork zone was identified to the northeast of the Cobrasco drilling area. Molybdenite mineralization occurs in locally intense stockwork and sheeted veinlets plus disseminations over an area of at least 300m x 400m (see Figures 2 & 3).
• Further infill sampling in the Cobrasco Central area returned values up 4.77 per cent Cu (G518009), 2.25 per cent Cu (M426398) and 1.45 per cent Cu (G518005) confirming previously established zones of outcropping mineralization (see Figure 4).

Francisco Montes, Rugby's Cobrasco Project Manager stated, "Our strategy of continuing mapping and sampling is a cost-effective methodology for further defining the mineralized centres identified to date. The program will continue while we build up to the next core drilling campaign".

Chairman Yale Simpson stated "Rugby's exploration program is making copper-molybdenum discoveries with significant surface dimensions. We are relatively early in the exploration-development process, but our success gives us reason to be confident Cobrasco could contribute to Colombia achieving the status of a global contributor to copper production. Copper demand is growing and new mines to meet the needs of clean energy projects, no matter what the technology adopted, will be in short supply. Rugby continues to make progress towards securing a major international mining company as a development partner. Our goal is to significantly advance the pace of exploration and development".

Rugby's exploration results demonstrate a marked Cu-Mo porphyry corridor extending NW-SE along the margins of the Mande Batholith. Pathfinder geochemistry indicative of multiple porphyry centres extend along and peripheral to the contacts. The complex structural framework of the project area also indicates relative upthrown and downthrown domains giving rise to the possibility of entirely preserved, "blind" porphyry systems in areas such as Cobrasco East (Figure 1). Reconnaissance mapping during the October 2023 campaign suggests that the new molybdenum porphyry discovery in the northeast may represent a continuation of the primary mineralization intersected in Rugby's drilling to the southwest.

At Cobrasco Central, ongoing geological and alteration mapping indicates a large and robust porphyry centre with an outer propylitic alteration halo extending to the southern and northern concession borders. The Company's field team is currently conducting infill sampling and reconnaissance mapping south of the drilled area and extending to the southern concession boundary. The objective is to better define the surface expression of mineralization and provide vectors for drill targeting.

Technical Information and Quality Control & 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 takes place. Sample pulps are forwarded to ALS' regional hub in Lima, Peru where all analytical work is conducted. 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 ultra-trace level detection by four acid digestion with ICP-AES/ ICP-MS finish (method ME-MS61). Overlimits or ore grade elements are assayed by four-acid digestion with ICP-AES finish (method OG62).

ALS is independent of Rugby and is certified to ISO 9001 & 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. Paul Joyce is a Fellow of the Australian Institute of Geoscientists (registered member # 1908).

About Rugby

Rugby Resources Limited is an exploration company conducting "discovery stage" exploration on a portfolio of copper, gold and silver targets in Colombia and Argentina. 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 Corporation and Extorre Gold Mines Limited, which held significant projects in South America. These companies were taken over by Goldcorp (Newmont) and Yamana respectively.

We seek Safe Harbor.