Mr. Yale Simpson reports

RUGBY RESOURCES COMMENCES EXPLORATION AT THE MANTAU COPPER-GOLD PROJECT, CHILE

Rugby Resources Ltd. has commenced work at the Mantau iron oxide-copper-gold project in the Metallogenic-Coastal belt near Antofagasta, northern Chile. This prolific mineral belt has a long history of mining and hosts sizable copper deposits linked both genetically and spatially to the Atacama fault system. Manto-type copper-silver, porphyry copper and iron-oxide-copper-gold deposits are present in the district with Mantos Blancos and Antucoya being the closest large-scale active mines.

Rugby's local Chilean geologist recently conducted a site visit to facilitate planning for a drone magnetic survey. A detailed rock sampling program will follow the drone survey to assess existing copper and gold targets identified by earlier reconnaissance programs. Systematic geochemical soil sampling is planned while access routes to existing high-priority drilling targets will be finalized.

Yale Simpson, Rugby's chairman, stated: "The Mantau project exhibits multiple features supportive of an IOCG geological environment. Located only 25 kilometres from the recent Marimaca copper discovery we believe there is considerable potential for a significant copper discovery at Mantau.

"We are employing our proven discovery methods and techniques at Mantau and other exciting targets found in our extensive project portfolio. We expect Rugby to have steady news flow in 2024 with expectation of encouraging developments to come at Mantau and elsewhere."

Rugby's Mantau project covers 4,500 hectares. It is located 70 km northeast of the regional capital Antofagasta and 40 km due north of the Mantos Blancos mine. The topography is undulating to moderately steep with elevations rising from 1,200 metres to a maximum of 1,680 m. Mantau is very accessible via both sealed and good-quality gravel roads. Exploration can be performed year-round.

The Mantau project is dominated by Triassic tuffs overprinted by the Atacama fault system. Widespread specular hematite and lesser albite occurrences are considered indicative of a possible IOCG system. Most of the area is covered by regolith mixed with caliche. Old artisanal mine workings are present providing for selected samples assaying up to 16.7 per cent copper and 5.91 grams per tonne gold in an earlier reconnaissance program.

Planned work

The company is in discussions with contractors for the detailed drone magnetic-radiometric surveying of the areas of interest. This program will be followed by geologic mapping and geochemical sampling of the magnetic targets delineated. Rock sampling will be focused on creeks, washouts and excavations where bedrock is closer to surface. Favourable targets are expected to be drill tested in 2025.

Technical information and quality control and quality assurance

All samples at the Mantau project were bagged and sealed on site and delivered to ALS Laboratory in Coquimbo, Chile. Samples were prepared and assayed for gold by 30-gram fire assay and AAS at the ALS Laboratory in Santiago, Chile. Four-acid ICP-AES multielement package (33 elements) including silver, copper, lead and zinc with assay grade four-acid ICP finishing for silver, copper, lead and zinc overlimits were assayed at the ALS Laboratory, Lima, Peru. Both are international accredited laboratories under ISO/IEC 17025 standards.

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 copper focus includes the potential discovery of a high-grade copper-molybdenum-gold porphyry at Cobrasco, Colombia, where it continues to make progress in securing a potential partner to advance the project and a copper-gold-iron oxide system at Mantau, Chile. In Argentina Rugby's focus is on high-grade gold-silver discoveries near existing mines in the prolifically mineralized Santa Cruz province. In addition, the company has a copper gold project in Georgetown, Australia, being advanced by EMU Resources NL under a joint venture agreement and holds the Motherlode copper-gold project in the Philippines.

Rugby 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 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.

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