Mr. Rob Grey reports

SIGNIFICANT COPPER AND GOLD MINERALIZATION LOCATED ON GEORGETOWN PROJECT, AUSTRALIA

Recent exploration by Rugby Resources Ltd.'s joint venture partner, EMU NL, at Georgetown has located significant copper and gold mineralization. EMU's geological assessment and geochemical sampling program was designed to assess a number of higher-priority prospects.

Highlights:

• Visible gold in pan concentrate and a six-gram crystalline gold nugget discovered at Camp Oven Creek prospect;
• Fiery Creek copper prospect surface rock assay results report up to 23.5 per cent copper;
• Sampling results highlight strong potential for the presence of critical and strategic minerals (copper, bismuth, indium), with precious and base metals;
• Fiery Creek/Yataga surface rock polymetallic results assayed up to 0.27 part per million gold, 460 ppm silver, 1.9 per cent bismuth, 89 ppm indium, 2.7 per cent lead;
• Alteration mineralogy, mineralization geochemistry and areal extent of the Fiery Creek quartz-copper bismuth vein swarm strongly suggest a possible porphyry copper-molybdenum system nearby;
• Yataga granitoid complex termite mound and coincident rock chip sampling returned several anomalous polymetallic zones that require further investigation;
• Other prospects identified and sampled within the Georgetown project, including Snake Creek prospect returning to 0.20 ppm gold, 390 ppm silver and 22.4 per cent lead.

The region has had a long history of mining, particularly for gold, with over 1,000 mines, prospects and mineral occurrences identified within the district. This includes the Kidston mine located approximately 90 kilometres to the southeast. Kidston operated from 1985 to 2001 and was one of Australia's largest historical gold producers, producing 5.1 million ounces (145 tonnes) of gold.

EMU's December, 2023, exploration program

EMU's sampling program was designed to assess a number of higher-priority prospects within the Georgetown project tenements utilizing termite mound and outcrop rock chip geochemistry. A total of 46 rock chip and 489 termite mound samples were collected across eight prospects. The program was curtailed due to the arrival of a cyclone. EMU's announcement "Exploration Update Georgetown, Scale Potential Confirmed" dated March 4, 2024, provides details of the work conducted and interpretation of sampling results.

Fiery Creek copper prospect

The area of the high-grade quartz plus copper oxide vein swarm at Fiery Creek is strongly localized within the Yataga granitoid complex and covers an area of 1.6 km by 400 metres. The copper mineralization is now almost exclusively supergene altered to the copper oxide assemblage chrysocolla, malachite, tenorite, cuprite and sooty chalcocite. Most samples from Fiery Creek host grades greater than or equal to 1 per cent with a high of 23.5 per cent Cu, including bismuth grades between 0.2 per cent and 1.89 per cent Bi. Additionally, the samples host significant lead, zinc and silver grades with strongly associated anomalous arsenic, antimony and tellurium.

Petrology studies on outcrop indicate that the host quartz plus copper oxide veins are unlikely to be associated with a simple mesothermal quartz+base metal vein system. The veins appear to be unusually vuggy and lined with a second phase of silica deposition. These phases appear to have been subsequently overprinted by a late and lower-temperature sulphide-only stage dominated by copper sulphides with an unusually high content of bismuth sulphosalts.

Camp Oven Creek prospect

An access restricted field investigation to Camp Oven, with historic surface sample assays greater than 200 g/t Au recorded (refer to Australian Securities Exchange release "EMU Records Gold Assays to 36.1 g/t at Georgetown QLD"). Rain storms limited reconnaissance over the Camp Oven prospect produced a gold pan-concentrate from a shallow drainway of up to 40 visible gold points in a single pan in addition to a six-gram crystalline gold nugget discovered nearby. The crystallinity of the nugget suggests that the gold source is proximal.

Georgetown future work

Initial fieldwork has highlighted the significant potential of the Fiery Creek copper prospect and southern Yataga granitoid pluton areas with strong indications of the presence of a Cu-Mo-style porphyry system.

Following the wet season in second quarter, EMU plans to continue geological mapping and systematic geochemistry to delineate the extent and tenor of mineralization at Camp Oven, Fiery Creek, Yataga South and Snake Creek prospects. This work will be designed to generate geophysical survey and drill targets for the latter half of 2024.

The geochemistry programs that were curtailed due to the early onset of seasonal wet weather will be completed at highly prospective gold and base metal targets to determine the full potential of the Georgetown project.

Joint venture with Rugby

EMU has the right to earn up to an 80-per-cent interest in three exploration permits for minerals (EPMs), covering 850 square km in the Georgetown mining district, Queensland, under a heads of agreement and joint venture agreement with Rugby RUG-FS-Q3-2024.

Technical information and quality assurance and quality control

Data and the interpretation of results have been provided by EMU in the following ASX releases:

• "Exploration Update Georgetown, Scale Potential Confirmed";
• "EMU Records Gold Assays to 36.1 g/t at Georgetown QLD."

Qualified person

Paul Joyce, Rugby's chief operating officer, director and a qualified person 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 is an exploration company conducting discovery-stage exploration on targets in Argentina, Australia, Chile, Colombia and the Philippines. The company's focus is the potential discovery of high-grade copper molybdenum gold porphyry and iron oxide copper-gold systems in Chile, Colombia and the Philippines in addition to high-grade gold-silver projects in the prolific mineralized belt in Santa Cruz province, Argentina.

We seek Safe Harbor.