Pursuant to special resolutions passed by the shareholders of Rugby Resources Ltd. on July 16, 2025, and a final order from the Supreme Court of British Columbia made on July 22, 2025, Rugby has completed a plan of arrangement with Aegis Resources Ltd. (Spinco) and Pampa Metals Corp. under Section 288 of the Business Corporations Act (British Columbia). The plan of arrangement was completed on July 25, 2025, and resulted in:

• The spinout of certain assets from Rugby to Spinco and the issuance by Spinco of 41,705,738 common shares of Spinco to Rugby;
• A transfer by Rugby, to each Rugby shareholder, of one common share of Spinco for every 10 Rugby common shares held by such Rugby shareholder (subject to rounding);
• The acquisition by Pampa of all of the outstanding common shares of Rugby from the Rugby shareholders, in exchange for the issuance to the Rugby shareholders of one common share of Pampa for every 6.4 Rugby common shares held.

For additional information, please refer to the information circular of Rugby dated June 9, 2025, and news releases dated Feb. 19, 2025, March 27, 2025, April 22, 2025, July 8, 2025, July 17, 2025, and July 25, 2025, available on the Rugby's profile on SEDAR+.

As a result of the completion of the plan of arrangement, effective at the close of business on Monday, July 28, 2025, the common shares of Rugby will be delisted from the TSX Venture Exchange.