Analyst Note: Positive PEA Delivered — Rua Gold's Auld Creek Enters PFS Workstream Under New Zealand Fast-Track Approvals

After-Tax NPV5% of US$42M and 17% IRR at base case; US$113M and 36% IRR at spot gold. PEA effective April 25, 2026. PFS targeted Q4 2026. CEO signals the project is well-positioned to leverage New Zealand's Fast-Track Approvals permitting process.

VANCOUVER, British Columbia, May 06, 2026 (GLOBE NEWSWIRE) -- CanadaNewsGroup.com News Commentary — Rua Gold Inc. (TSX:RUA) (NZX: RGI) (OTC:NZAUF) (FSE: X9R) ("RUA GOLD" or the "Company") has released the results of a positive Preliminary Economic Assessment ("PEA") for its 100%-owned Auld Creek Gold-Antimony Project, located in the Reefton Goldfield on New Zealand's South Island. The PEA was prepared in accordance with the disclosure standards of National Instrument 43-101 and is effective April 25, 2026.[1]

INVESTMENT HIGHLIGHTS

PEA economics: positive at base case, leveraged to spot. After-Tax NPV5% of US$42 million and after-tax IRR of 17% at long-term gold of US$3,300/oz and antimony of US$27,000/t. At spot gold of US$4,700/oz, after-tax NPV5% increases to US$113 million and IRR to 36%, with payback compressing from 3.3 years to 2.2 years.[1]

Capital intensity: efficient and contingency-loaded. Initial capital expenditures of US$132.6 million, inclusive of a US$29.8 million contingency representing approximately 29% of direct capital costs. Sustaining capital is estimated at US$63.9 million over the LOM.[1]

Operating cost profile. Total cash costs of US$1,400 per ounce gold and All-In Sustaining Costs of US$1,850 per ounce gold, placing the project comfortably inside the global gold cost curve at any reasonable price deck.[1]

Production profile. Average annual production of approximately 26,665 ounces gold-equivalent over an initial 5.5-year mine life, for total LOM gold-equivalent production of approximately 146,660 ounces. Contained metals total 84,000 ounces gold and 9,000 tonnes antimony.[1]

Process flowsheet: simple, no cyanide. 250,000 tpa nominal throughput. Conventional grind-and-flotation circuit producing two saleable concentrates: gold and antimony. Recoveries of 95% gold and 85% antimony based on metallurgical test work. The dual-concentrate model lowers extraction technical risk and avoids cyanide handling.[1]

Macro tailwinds: gold and antimony, simultaneously. Gold has spent 2026 setting record highs amid sustained central bank purchasing and forecasts pushing toward US$5,000/oz by Q4. Antimony was designated a U.S. Critical Mineral following China's late-2024 export restrictions, and remains structurally short in Western markets. The project's dual-metal exposure addresses both narratives in a single asset.[2]

PROJECT FRAMEWORK

Auld Creek Gold-Antimony Project (100% RUA GOLD). Located in the Reefton Goldfield on New Zealand's South Island. Mineral Resource Estimate effective February 27, 2026: 0.3 Mt Indicated at 5.67 g/t AuEq for 54,000 ounces, plus 1.3 Mt Inferred at 3.66 g/t AuEq for 150,000 ounces, at a 1.6 g/t AuEq cut-off. Mining method is overhand cut-and-fill via underground decline access from surface portals, with the on-Crown-land surface footprint targeted at less than one hectare.[1]

Reefton Goldfield district position. RUA GOLD is the dominant landholder in the Reefton Goldfield, with more than 120,000 hectares of permits across a district that has reportedly produced more than 2 million ounces of gold historically at grades reportedly ranging from 9 to 50 g/t. The Auld Creek mine plan represents a starter operation against that broader district endowment, with significant upside remaining at depth and along strike.[1]

Glamorgan Project (100% RUA GOLD). Located in New Zealand's North Island Hauraki District, a region that has reportedly produced approximately 15 million ounces of gold and 60 million ounces of silver historically.[1] The project provides longer-cycle district-scale optionality complementary to the near-term Auld Creek build.

MANAGEMENT COMMENTARY

Robert Eckford, CEO of RUA GOLD, on the PEA milestone:

"The Auld Creek PEA highlights the strong cash flow generation, compelling economics, and scalability potential within the Reefton Goldfield. This study represents only a portion of the broader district opportunity, with significant upside remaining at depth and along strike. With drilling underway and permitting advancing, we are well positioned to deliver a PFS in Q4 2026 and take advantage of New Zealand's Fast-Track Approvals permitting process."[1]

CATALYST CALENDAR

In progress: 19,000-metre infill and step-out drill program. The program targets establishing Measured Resources, conversion of Inferred Resources to Indicated ahead of a planned PFS, and step-out drilling to extend the Inferred Resource at depth and northwards — both of which remain open. Per Company disclosure, the program has the potential to further improve production volumes and extend the LOM.[1]

Within 45 days of May 5, 2026: Filing of an independent NI 43-101 Technical Report on SEDAR+ supporting the disclosure in the May 5 news release.[1]

Q4 2026: Targeted completion of the Pre-Feasibility Study ("PFS"). The PFS workplan includes ongoing drilling, metallurgical testing, geotechnical investigations, mine optimization and trade-off studies, detailed process design, updated resource and mine plans, and baseline environmental and social surveys.[1]

Permitting pathway: The Company has indicated it is positioned to take advantage of New Zealand's Fast-Track Approvals permitting process, with permitting activities advancing in parallel with the technical workstream.[1]

INDEPENDENT QUALIFIED PERSONS

The PEA technical work was prepared and approved by three independent Qualified Persons within the meaning of NI 43-101: Abraham Whaanga, BSc, MAusIMM (CP) of RSC, responsible for resource-related information; Gary Davison, FAusIMM, Principal Mining Engineer and Director of Mining One Consultants, responsible for mining methods, mining capital and operating costs, and economic analysis; and Marius Phillips, NHD Ex Met, MAusIMM (CP), RPEQ, Technical Director of Pitch Black Group, responsible for plant capital and operating costs, mineral processing, and metallurgical testing and recovery methods. Each QP has independently reviewed and verified relevant underlying data and is independent of Rua Gold Inc.[1]

OPPORTUNITIES FOR ENHANCEMENT

The PEA identifies several opportunities to further improve project value, including: infill drilling to increase confidence in geological models and potentially convert Mineral Resources to higher categories; exploration drilling for expansion at the existing deposits, with the potential to consider long-hole stoping in addition to overhand cut-and-fill; exploration drilling outside of the current Auld Creek target, given the Reefton Goldfield's known mineralization trend that exceeds 60 km in length with the majority of the district unexplored at depth; metallurgical and process design optimization to improve gold and antimony recoveries; geotechnical test work for underground design and waste rock and tailings storage; infrastructure design and scheduling optimization; and Environmental & Sustainability Governance baseline studies and community stakeholder engagement.[1]

KEY RISKS

PEA Risk: The PEA is preliminary in nature; it includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.[1] Production Decision Risk: any decision to commence production at Auld Creek would not be based on a feasibility study of mineral reserves and therefore would involve increased uncertainty and a higher risk of economic and technical failure. Other risks include variations in grade and recovery, geotechnical or metallurgical challenges, cost overruns, financing availability, and operational, regulatory, or permitting risks under New Zealand's Fast-Track Approvals framework or otherwise.[1]

BOTTOM LINE

RUA GOLD presents an unusual profile in the development-stage gold-antimony space: a positive PEA with positive base-case economics, a 19,000-metre drill program turning ahead of an updated resource estimate, a clearly defined PFS workplan targeted for completion in Q4 2026, and the option to leverage New Zealand's Fast-Track Approvals permitting process. The dual-metal exposure positions the project against two of the strongest current macro narratives — gold's record-setting price action and the West's effort to secure non-China antimony supply. The principal investor consideration is PEA Risk including reliance on Inferred Resources, which is being addressed through the active drill program and the planned advancement to PFS.

NOTE: For a Cautionary Note on the PEA and on the inclusion of Inferred Resources, please see the Disclaimer below.

Read more news for Rua Gold at: https://ruagold.com/

In other industry developments and happenings in the market include:

NevGold Corp. (OTCQX:NAUFF) (TSXV:NAU) (Frankfurt: 5E50) advanced its dual-metal antimony-gold thesis with a sequence of releases through April 2026 and an upsized C$42.2 million private placement.[3]

On April 9, 2026, NevGold reported drill intercepts at Resurrection Ridge of 1.93 g/t gold-equivalent over 100.6 metres from surface (1.07 g/t Au plus 0.22% Sb), incorporating 1.11% antimony over 6.1 metres. On April 14, 2026, sonic drill results from historic gold leach pads at Limousine Butte returned 0.34% Sb with 0.41 g/t Au over 12.5 metres, exceeding Phase I test pit averages and supporting a near-term antimony production scenario from already-fragmented surface material. On April 2, 2026, Phase II metallurgical testwork disclosed up to 99% gold recovery from cyanide shake tests on residual leach-pad material after antimony had already been removed, with average recoveries above 93% — the company described the sequencing as antimony first, gold second, with both metals produced from the same feed without one impairing the other.[3] On April 20, 2026, NevGold upsized a brokered private placement to C$42,225,497, expected to close on or about May 12, 2026.[3]

Dakota Gold Corp. (NYSE:DC) on April 21, 2026 reported initial assay results from its 2026 Drill Campaign at the Richmond Hill Oxide Heap Leach Gold Project in Lead, South Dakota.[4]

Infill drill hole RH26C-388 intersected 1.42 grams per tonne gold and 5.97 g/t silver over 64 metres (91 gram-metres gold), and RH26C-396 intersected 2.37 g/t Au and 24.80 g/t Ag over 21.5 metres (51 gram-metres gold). The Campaign totals 15,481 metres across 109 holes and is more than 75% complete, with 11,982 metres in 80 drill holes drilled to date. Dakota stated that the assay results represent up to approximately 30% new assay information relative to the mineral resource estimate published in the prior Initial Assessment with Cash Flow, and is expected to provide input for optimizing mine planning and sequencing as the Company moves toward completion of a Pre-Feasibility Study targeted for the second half of 2026.[4]

Orla Mining Ltd. (NYSE:ORLA) (TSX:OLA) on April 13, 2026 provided a first-quarter 2026 operational update, reporting consolidated gold production of 81,206 ounces and reaffirming full-year 2026 production guidance of 340,000–360,000 ounces.[5]

During the quarter, the Musselwhite mine in Canada processed 332,822 tonnes of ore at a head grade of 6.29 g/t gold, with 95.91% recovery, producing 62,985 ounces of gold. Camino Rojo in Mexico added 18,221 ounces from 1,828,000 tonnes stacked at 0.59 g/t gold. At March 31, 2026, Orla's cash and debt positions were US$427.3 million and US$331.3 million respectively, resulting in a net cash position of US$96.0 million. Management highlighted progress across the portfolio including the updated feasibility study at South Railroad, completion of the PEA for the Camino Rojo underground project, and receipt of the environmental permit (MIA) from Mexico's SEMARNAT for Camino Rojo.[5]

FURTHER READING: https://ruagold.com/

CONTACT:

CANADA NEWS GROUP

info@canadanewsgroup.com

(604) 265-2873

SOURCES:

1. Rua Gold Inc. (May 5, 2026), "RUA GOLD Announces Positive PEA for the Auld Creek Gold-Antimony Project in Reefton, New Zealand"; PEA effective date April 25, 2026; MRE effective date February 27, 2026.

2. U.S. Department of War critical minerals designations, China antimony export restrictions effective late 2024; J.P. Morgan Global Research commodities outlook; World Gold Council central bank purchasing data, 2026.

3. NevGold Corp. — "Two Metals, One Junior" April 23, 2026; April 14, 2026 sonic drill results; April 9, 2026 drill intercepts; April 2, 2026 Phase II metallurgy; April 20, 2026 upsized C$42.2 million private placement.

4. Dakota Gold Corp. (April 21, 2026), "Dakota Gold Intersects 1.42 g/t Gold and 5.97 g/t Silver over 64.0 Meters with Infill Drilling at Richmond Hill."

5. Orla Mining Ltd. (April 13, 2026), "Orla Mining Reports First Quarter 2026 Gold Production."

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Cautionary Note on Production Decision and PEA:

The PEA disclosed by Rua Gold Inc. for the Auld Creek Gold-Antimony Project is preliminary in nature; it includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Any decision to commence production at Auld Creek would not be based on a feasibility study of mineral reserves and therefore would involve increased uncertainty and a higher risk of economic and technical failure. Risks include, without limitation, variations in grade and recovery, unexpected geotechnical or metallurgical challenges, cost overruns, funding availability, and operational, regulatory, or permitting risks under New Zealand's Fast-Track Approvals framework or otherwise. This is a paid advertisement. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.