Highlights:
Historical drilling by prior operators targeting the Gallant structure intercepted 20.7m of quartz with individual 1m assays ranging from 0.15g/t gold to 1911g/t gold (60oz/t).
Drilling has confirmed discrete zones of high-grade gold mineralization hosted by quartz veins, accompanied by a broad halo of lower-grade gold from surface to a depth of 80m.
The visible gold within quartz is reminiscent of the style and size of Federation's Blackwater Project, 11km to the south.
The geological team have relocated the drill rig to a new pad situated 100m south of the initial drill pad. 6 holes of depths ranging from 70m to 180m are planned, where surface mapping has identified quartz veins extending 200m southward.
Steeply dipping quartz veins with continuity from surface contributes to significantly lower drilling and development costs, supporting efficient advancement towards a resource.
The Cumberland structural zone was identified as a standout target using the VRIFY AI tool. Subsequent drilling will systematically test the 2.2km Cumberland gold camp, with a focus on high-priority targets identified by the VRIFY AI tool.
The Cumberland gold camp is a historic site located 3km south of Globe-Progress Mine, which has a rich production history of over 1 million ounces of gold produced. Drilling of the Gallant target within the Cumberland gold camp began in April 2025. The first two holes, CUDDH001 and CUDDH002, intersected 25m of mineralization, marking a strong start to the exploration of the gold camp.
Robert Eckford, CEO of Rua Gold, commented, "We acquired the Cumberland gold camp in November 2024 and received access agreements to commence drilling in April 2025. From the very first drill holes, we intersected significant, wide quartz veins hosting high-grade gold, confirming historical intercepts. This marks an exciting start, validating the effectiveness of the VRIFY AI targeting process and confirming near-surface mineralization with the potential to extend the envelope of known mineralization across a 2km structural zone.
Our focus is on developing economically viable ounces, and the Gallant target is a key part of this strategy. Fully accessible via a road, the Gallant target has logistical simplicity for both exploration and potential development. Achieving high-grade, near-surface intercepts at this early stage is a significant milestone in demonstrating the viability of our hub-and-spoke business model that we envisage for the Reefton Goldfield.
The Gallant prospect represents the first VRIFY target that we have drilled so far. This structure is traceable on surface for over 600m and remains largely untested along strike and at depth. These initial results are an encouraging step in defining the potential shape and size of this target."
Figure 1: Overview of the Reefton Goldfield.
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RESULTS FROM INITIAL DRILLING
Based on the extensive surface exploration work and historical drilling, the Gallant target within the Cumberland gold camp stands out as an exceptional high-grade target. Following the completion of mining at the Globe-Progress Mine, the Gallant target was left largely untested. Quartz veins are exposed on surface within an envelope of strong gold-arsenic anomalism.
The Gallant lode was previously drilled by OceanaGold Limited 15 years ago, with several exploratory holes drilled on a well-defined quartz vein at shallow depth (Table 5 and Figure 2).
Results from drill holes CUDDH001 and CUDDH002 confirm the consistency of the near-surface Galant lode and support the strong potential of this target, following up the historical hole GAL001 drilled by OceanaGold Limited, which resulted in 20.7m @ 62.2 g/t (2 oz/t) Au. Full assay results are in Tables 1 and 2 of the appendices.
Drill hole CUDDH003, drilled to the north, intercepted a 2m quartz vein, but did not intersect the main vein, and similarly, drill hole CUDDH004 did not intersect the quartz, suggesting the structure steepens and is potentially offset to the north. Drill hole CUDDH005 intercepted historical workings with remanent quartz veins in the foot and hanging wall, confirming the continuity of the veins southward. Assays are pending for drill hole CUDDH007.
Ongoing drilling is targeting the southern surface extension of the Gallant lode 100m along strike and at depth. Intensified surface exploration is underway further south to delineate additional drill targets along the southern extensions of the structure.
Figure 2: Gallant Cross Section.
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THE HISTORY
The Cumberland gold camp comprises 7 historic mines in a 2 km long north-northwest trending zone of quartz veins and shearing. Historic production totaled 21,740oz gold at an average recovered grade of 26.1 g/t (see appendices).
Figure 3: Map showing Cumberland historic mine camp.
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VRIFY'S AI-ASSISTED MINERAL DISCOVERY PLATFORM
The Company has partnered with VRIFY to onboard DORA, their AI-Assisted Mineral Discovery Platform to accelerate discovery, reduce costs and further de-risk exploration.
In conjunction with the consolidation of the Reefton Goldfield in November 2024, the Company implemented DORA, where early in the AI training phase, the platform identified Cumberland as a standout target. The VRIFY team has assimilated geochemistry, drilling and geophysical data across the entire district with unprecedented scale and accuracy, processing over 84GB of data, and more than 170,000 data points. This comprehensive analysis is directly informing our 2025 drill targets, accelerating our project advancement and de-risking our work programs.
Rua Gold's data was unlocked through DORA, VRIFY's Al-Assisted Mineral Discovery Platform which synthesized complex datasets in minutes, a process that would have taken months, if performed manually. This enabled Rua Gold's exploration team to actively and effectively rank its 2025 drill targets using data-backed insights.
ACCELERATED DISCOVERY: Rua Gold inherited thousands of data points from historic activity on its multiple mine sites and exploration work with the Reefton Goldfields. The ability to rapidly mine this existing data for new insights and targets, while incorporating recent work, provided real-time feedback through VRIFY's platform to inform drilling programs.
SCALABILITY and COST SAVINGS: Rua Gold is just beginning and is confident that VRIFY will continue to add value by allowing for the analysis of larger datasets without increasing costs linearly.
HIGHER ACCURACY: VRIFY's proprietary Al model reduces human error and bias, while and identifying patterns that manual review might miss, increasing discovery potential.
Figure 4: VRIFY AI hotspot identification showing Cumberland-Gallant Prospect.
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QAQC Drill Core Samples
Drillhole collar locations were recorded using a Garmin GPSMAP 66i by Rua Gold staff. Downhole surveys were completed for each drillhole at 30m intervals by using a GYRO system by the drill contractor Alton Drilling.
Drillholes were split sampled following 1-m sample intervals unless sample contacts are dictated by mineralization. PQ and HQ core were sampled as half core. NQ core was analyzed as whole core; requiring cutting only along sample intervals.
Drill core samples were sent to SGS Westport for sample preparation. Core was crushed to 75% passing 2 mm (SGS code CRU75), and a 1-kg split of material was pulverized (to 85% passing 75 µm; SGS code PUL85_CR). No split duplicates were collected during the crushing steps. Two scoops were taken from the pulverize bowl: one for laboratory analysis (~150 g) and the other for pXRF analysis (~100 g). The pulp reject is stored at Rua Gold's Reefton facility.
Coarse gold intersections were sampled in full, dried and dispatched to ALS Perth, Australia, for PhotonAssay analysis. Samples were coarse crushed at ALS Perth (ALS code CRU-21) and ~500 g of material used for analysis.
QAQC PHOTON ASSAYING
Samples were analyzed by PhotonAssay at ALS Perth, Australia (ALS code Au-PA01), which has a detection range of 0.03-350 ppm Au. PhotonAssay analysis works by bombarding samples with high-energy X-rays which excite atomic nuclei that produce gamma rays at signature energies, allowing for gold detection. This method has a fast turnaround time and is non-destructive, allowing the preservation of the entire whole-core and unlimited repeat testing. Samples were submitted with certified reference material (CRM) from OREAS into the sample stream every 5 samples.
ALS Perth is independent of Rua Gold and its quality management systems framework is accredited to ISO/IEC 17025:2005 or certified to ISO 9001:2015 standards.
The QP has verified the data disclosed including sampling, assay procedure and analytical information contained in the written disclosure.
ABOUT Rua Gold
Rua Gold is an exploration company, strategically focused on New Zealand. With decades of expertise, our team has successfully taken major discoveries into producing world-class mines across multiple continents. The team is now focused on maximizing the asset potential of RUA's two highly prospective high-grade gold projects.
The Company controls the Reefton Gold District as the dominant landholder in the Reefton Goldfield on New Zealand's South Island with over 120,000 hectares of tenements, in a district that historically produced over 2 million ounces of gold grading between 9 and 50 g/t.
The Company's Glamorgan Project solidifies Rua Gold's position as a leading high-grade gold explorer on New Zealand's North Island. This highly prospective project is located within the North Islands' Hauraki district, a region that has produced an impressive 15 million ounces of gold and 60 million ounces of silver. Glamorgan is adjacent to OceanaGold Corporation's biggest gold mining project, WKP.
For further information, please refer to the Company's disclosure record on SEDAR+ at www.sedarplus.ca.
TECHNICAL INFORMATION
Simon Henderson CP, AUSIMM, a qualified person under National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and approved the technical disclosure contained herein.
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur and specifically include statements regarding: the Company's strategies, expectations, planned operations or future actions; and the effects and benefits of the Transaction. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements.
Investors are cautioned that any such forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. A variety of inherent risks, uncertainties and factors, many of which are beyond the Company's control, affect the operations, performance and results of the Company and its business, and could cause actual events or results to differ materially from estimated or anticipated events or results expressed or implied by forward-looking statements. Some of these risks, uncertainties and factors include: general business, economic, competitive, political and social uncertainties; risks related to the effects of the Russia-Ukraine war; risks related to climate change; operational risks in exploration, delays or changes in plans with respect to exploration projects or capital expenditures; the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; changes in labour costs and other costs and expenses or equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, including but not limited to environmental hazards, flooding or unfavorable operating conditions and losses, insurrection or war, delays in obtaining governmental approvals or financing, and commodity prices. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements and reference should also be made to the Company's short form base shelf prospectus dated July 11, 2024, and the documents incorporated by reference therein, filed under its SEDAR+ profile at www.sedarplus.ca for a description of additional risk factors.
Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
This news release references projects near to the mineral projects of the Company and historical production from certain areas of New Zealand. Mineralization on nearby projects is not necessarily indicative of mineralization on the Company's Project. Historical production from the Globe-Progress Mine, the Reefton Gold District or the Hauraki District is not necessarily an indication that significant production will be possible from the Glamorgan Project or the Cumberland Gold Camp.
APPENDICIES
Table 1: Cumberland 001 assay table
| Sample No | From | To | Interval | Photon Assay
Au (g/t) |
| CU01012 | 44 | 45 | 1 | 16.17 |
| CU01013 | 45 | 46 | 1 | 1.12 |
| CU01014 | 46 | 47 | 1 | 1.61 |
Table 2: Cumberland 002 assay table
| Sample No | From | To | Interval | Photon Assay
Au (g/t) |
| CU02010 | 64 | 65 | 1 | 1.03 |
| CU02011 | 65 | 66 | 1 | |
| CU02012 | 66 | 67 | 1 | 2.85 |
| CU02013 | 67 | 68 | 1 | 0.42 |
| CU02014 | 68 | 69 | 1 | 0.31 |
| CU02016 | 69 | 70 | 1 | 1.55 |
| CU02017 | 70 | 71 | 1 | 3.59 |
| CU02018 | 71 | 72 | 1 | 26.9 |
| CU02019 | 72 | 73 | 1 | 1.31 |
| CU02020 | 73 | 74 | 1 | 0.03 |
| CU02022 | 74 | 75 | 1 | 0.58 |
| CU02023 | 75 | 76 | 1 | 0.72 |
| CU02024 | 76 | 77 | 1 | 3.88 |
| CU02025 | 77 | 78 | 1 | 0.88 |
Table 3: Collars for Cumberland drill holes
| Drill hole | Easting (NZTM) | Northing (NZTM) | Elevation (RL) | End depth | Azimuth | Dip |
| CUDDH001 | 1508685 | 5327989 | 618 | 89.9 | 92 | -46 |
| CUDDH002 | 1508685 | 5327989 | 618 | 104.8 | 92 | -69 |
| CUDDH003 | 1508685 | 5327990 | 618 | 157.8 | 40 | -57 |
| CUDDH004 | 1508685 | 5327989 | 618 | 194.5 | 92 | -78 |
| CUDDH005 | 1508685 | 5327987 | 618 | 133.7 | 135 | -45 |
Table 4: Historic Production Cumberland Camp (Barry, 1993)
| Lode | Tonnes | Production
(Au oz) | Recovered grade (oz/t) | Recovered grade (g/t) |
| Scotia | 604 | 1,283 | 2.1 | 66.1 |
| Gallant | 2,378 | 759 | 0.3 | 9.9 |
| Sir Francis Drake-Happy Valley | 17,261 | 5,810 | 0.3 | 10.5 |
| Cumberland | 14,120 | 13,629 | 1.0 | 30.0 |
| Exchange-Industry | 519 | 260 | 0.5 | 15.6 |
Source: Barry, J.M., 1993. The History and Mineral Resources of the Reefton Goldfield. Ministry of Commerce Resource Information Report No. 15.
Table 5: Collar for GAL001, historic drill hole.
| Drill hole | Easting (NZTM) | Northing (NZTM) | Elevation (RL) | End depth | Azimuth | Dip |
| GAL001 | 1508726 | 5327981 | 628 | 123.7 | 293° | -70° |
Projection: New Zealand Transverse Mercator (NZTM) 2000.
Reference for Gallant assay results:
Anderson, T., 2014. MP 41164 Globe Progress annual technical report - 2014, OceanaGold Ltd; NZP&M, Ministry of Business, Innovation & Employment (MBIE), New Zealand. Unpublished Mineral Report MR5093.
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Locality map illustrating the position of Cobre’s project areas. Green licenses are relevant tothe Transaction, dark grey licenses will be run, and are owned, independently by Cobre.
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