Mr. Rob Grey reports

RUGBY RESOURCES LTD. ANNOUNCES $2,500,000 NON-BROKERED PRIVATE PLACEMENT

Rugby Resources Ltd. has arranged a non-brokered private placement offering of up to 100 million units at a price of 2.5 cents per unit for gross proceeds of up to $2.5-million.

Each unit will consist of one common share of the company and one-half of a common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share of the company for a period of 36 months following the closing of the offering at an exercise price of five cents.

The company intends to use the proceeds of the offering for working capital, to advance its exploration properties and to settle outstanding liabilities.

The company may pay to one or more finders a finder's fee, payable in cash or through the issuance of securities of the company or a combination thereof, in connection with proceeds received by the company from the sale of units to subscribers introduced to the company by the finders.

The offering and payment of the finders' fees remain subject to TSX Venture Exchange acceptance.

All securities issued pursuant to the offering will be subject to a statutory hold period of four months plus a day from issuance in accordance with applicable securities laws. Closing of the offering is subject to receipt of all necessary regulatory approvals.

Additionally, Rugby recently announced that it has entered into a binding letter agreement with Pampa Metals Corp. with respect to the proposed acquisition by Pampa of Rugby. See news release dated Feb. 19, 2025.