RUGBY RESOURCES LTD. AWARDS OF RESTRICTED SHARE UNITS AND REVERSALS AND AWARDS OF INCENTIVE STOCK OPTIONS



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Vancouver, BC, Sept. 02, 2022 (GLOBE NEWSWIRE) — Rugby Resources Ltd. (“Rugby” or the “Company”) (TSX-V: RUG) announces that it has granted a total of 750,000 stock options to 3 employees and consultants and 425,000 stock options to a director with an exercise price of $0.13, exercisable during five years. All options granted are subject to vesting provisions. The Company also changed the exercise price of a total of 750,000 stock options held by non-insiders with a price from $0.22 to $0.13. The grant and modification of stock options are subject to stock exchange approval.

In addition, Rugby announces that it has granted 1,151,000 restricted stock units (“RSUs”) to a director and an officer of the Company. RSUs are subject to vesting provisions and will vest over a three-year period. RSUs are granted pursuant to equity compensation plans approved by the shareholders of the Corporation and the TSX Venture Exchange and are subject to the policies of the TSX Venture Exchange.

About Rugby

Rugby is an exploration company conducting ‘discovery stage’ exploration activities on a portfolio of copper, gold and silver targets in Colombia, Argentina and Chile. The Colombian Cobrasco project is located in the western Cordillera belt which hosts large-scale copper-molybdenum mines in Chile, Peru and Panama (and more recent major projects discovered in Ecuador). This belt has not been the subject of modern exploration in Colombia. Rugby seeks to advance the Cobrasco copper project to bring economic benefits to the western region of Colombia. The discovery of significant copper resources will be necessary for the world to transition from fossil fuels to advanced electrification.

The Company benefits from the experience of its directors and its management, a team that has either been directly responsible for world-class mineral discoveries or is part of the management teams responsible for such discoveries. Earlier companies under their leadership included Exeter Resource Corporation and Extorre Gold Mines Limited, which held major projects in South America. These companies were taken over by Goldcorp (Newmont) and Yamana respectively.

For more information, you are invited to visit the Rugby Resources Ltd website. at the address www.rugbyresourcesltd.com

Rob Gray, VP, Corporate CommunicationsTel. Fax: 604.688.9532 Toll Free: 1.855.688.4941 Suite 810, 789 West Pender St. Vancouver, BC Canada V6C 1H2[email protected]resourcesltd.com

CAUTION

Certain of the statements made and information contained herein constitutes “forward-looking information” within the meaning of the securities laws of British Columbia, Alberta and Ontario. This includes statements regarding the Company’s proposed exploration plans for the Cobrasco Project in Colombia, the El Zanjon Project in Argentina and the Salvadora Project in Chile, progress made in obtaining approval for its concession applications exploration in Colombia, the anticipated timing of drilling and/or geophysical programs, the budgeted costs to conduct exploration programs, including drilling, the high-grade potential and the potential for mineral discoveries at its projects and the style or occurrence of mineralization that involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from future results, performance or achievements expressed or implied by such forward-looking information. The Company holds some of its projects, including Salvadora, under option contracts, which require annual cash payments, expenditures and/or drilling requirements in order to maintain its interest. If the Company is unable to meet its obligations or renegotiate the agreements, it will lose its rights under the option agreement. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the effect on prices major mineral products such as copper and gold. by factors beyond the control of the Company; events that cannot be accurately predicted such as political and economic instability, terrorism, environmental factors and changes in government regulations and taxes; shortage of personnel with the knowledge and skills required to design and execute exploration programs; difficulties in securing contracts for drilling and other exploration services; the Company’s dependence on equity market financing to fund its exploration programs and maintain its mineral exploration properties in good standing; political risk that a government alters, interprets or applies mining tenure, environmental regulations, taxes or mining royalties in a manner that could adversely affect the Company’s assets or financial condition and impair its ability to advance its mineral exploration projects or increase funds for exploration; risks associated with title to mineral properties due to difficulties in determining the validity of certain claims as well as the potential for issues arising from the interpretation of laws regarding the ownership or exploration of mineral properties in the Philippines, Argentina, Chile and in Colombia and the sometimes ambiguous transfers of ownership inherent in many mineral properties, the currency risks associated with overseas operations, the timing of obtaining permits to conduct exploration activities, the ability to entering into agreements with local communities and other risks and uncertainties; risks related to the current military conflict between Russia and Ukraine; and the continuing effects of the COVID-19 pandemic, including those described in each of the Company’s MD&As and those contained in its financial statements for the fiscal year ended February 28, 2022 filed with the Canadian Securities Administrators and available on www.sedar.com. In addition, forward-looking information is based on various assumptions, including, without limitation, assumptions associated with exploration results and costs and the availability of materials and skilled labor. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may differ materially from those described in the forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on forward-looking information. Except as required by applicable securities laws, the Company undertakes no obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATORY SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

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Source: Rugby Resources Ltd.

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