Rua Gold Inc. provided an exploration update for the Reefton Project on the South Island of New Zealand. Pactolus: Recall that Pactolus is a new, surface Greenfields discovery made by RUA GOLD in 2021. Pactolus has returned assays for three of six holes drilled on the system, highlighting: DD_PAC_035 intersecting 2 meters at 5.13g/t Au DD_PAC_036 intersecting 2 meters at 3.61g/t Au.

These results compliment the surface trenching across outcropping mineralization: 5m at 12.2 g/t Au (including 1m at 17.1 g/t Au) and 4m at 6.9 g/t Au (including 1m at 16.1 g/t Au). Further work is needed to model the geometry of this zone to warrant additional drilling in this area. As a result, the company expects to refocus on the past-producing areas in Reefton in the near term.

Pactolus Summary The recent 6-hole drill program (DD_PAC_035-040) has tested under the three trenches along the north-south trend of system. Trenching results over four outcrops at Pactolus illustrated in returned the following: 7m at 13.75 g/t Au (including 1m at 34.6 g/t Au, 1m at32 g/t Au) 5m at 8.1 g/t Au (including 1m at 14.9 g/t Au) 5m at 12.2 g/t Au (including 1m at 17.1 g/t Au) 4m at 6.9 g/t Au (including 1m at 16.1 g/t Au) (Reported NI 43 101: Technical Report on the Reefton Project, New Zealand) Four of the six drill holes intersected the targeted mineralized structure. Initial assay results for DD_PAC_35, 36, and 37 returned: Preliminary results and observations confirm the Pactolus system extends south for 550m and is well mineralized on surface, but determining the plunge and tenor of the ore shoots is proving challenging.

A further update is anticipated when results from the remaining drill holes are received in 4-6 weeks. The Reefton Goldfields presents as a classic orogenic style gold deposit, with historic mining recovering high-grade gold in plunging gold bearing quartz reefs. RUA GOLD's systematic exploration has highlighted the potential for the rejuvenation of this district in renewed opportunities in the vicinity of historic high-grade gold deposits.

Historic Mine Evaluation, Proposed Drilling RUA GOLD has completed a comprehensive evaluation of the historic mines on the Company's tenements in the Reefton Goldfield which produced 700 koz at 25.2 g/t. 3D computer modelling of the geology, structure, and historical mine lodes, was completed as a precursor to drill testing of priority targets. Likely targets include testing down-dip and potential duplicate structures in the vicinity of the historic mines. RUA GOLD plans to commence with 5 targets in the Murray Creek area as follows.

Murray Creek Target 1: Down-dip extension of mine shoot Records show Inglewood mine stopped by faulting, evidence of continuation at depth. Recent surface rock chips include 56.2, 48.0, 33.3, 30.3, g/t Au, including some striking visible gold. Soil samples are up to 113 ppb Au.

Trenching of the lode on surface includes: MC_C03 3m at 31.7 g/t Au(including 2m at 47.1g/t Au) MC_C04 12m at 6.4 g/t Au(including 1m at 63.9 g/t Au) Murray Creek Target 2: Near mine structural offset Targeting potential offset of Inglewood Mine group to the east, illustrated in ultra-detail magnetic data, coinciding with Au-As soil anomaly and mapped quartz veins. Rock chips along the jog include 35.1, 34.5, and 27.8 g/t Au from brecciated, highly sulfidic quartz samples. Soil geochemistry (max 172ppb gold) envelopes gold anomalism over the target area.

Trenching in the vicinity of the structural offset included: MCCRAE05 3m at 1.7 g/t Au MC_C06 2m at 2.9 g/t Au Murray Creek Target 3: Down-dip extension of mine shoot Records show mining ceased at 200m yet this was the largest lode in the Inglewood group. Historical records describe the ore directly associated with a dolerite dyke. Accurate mapping of the dyke (UAV magnetics) and 3D structural mapping show significant potential for continuation at depth.

Murray Creek Target 4: 250m north extensions of historic workings RUA GOLD's mapping has delineated quartz and pug faulting along a syncline hinge that coincides with the north striking Perseverance historical workings. Rock samples returned 11-16.4 g/t Au, soil geochemical samples up to 195ppb Au envelope a north trending zone paralleling the Ajax-Golden Fleece historical mines. Ajax Target 1: Potential jog/structural complexity A jog in the magnetic and strong structural complexity show there may be an offset between the Golden Fleece mine group and Venus, very prominent soil gold geochemistry highlights surface expression of this target.