REPEAT - Gold and Antimony in One Permit: Rua Gold's Positive PEA Lands in a Fast-Track Jurisdiction

Executive Summary

• Rua Gold Inc. released a positive NI 43-101 Preliminary Economic Assessment for its 100%-owned Auld Creek Gold-Antimony Project in New Zealand, outlining a 5.5-year underground operation producing separate gold and antimony concentrates.
• The study projects an after-tax NPV5% of approximately US$42 million at base-case prices, rising to ~US$113 million at spot gold prices, with average annual production of ~27,000 gold-equivalent ounces and high metallurgical recoveries (95% Au, 85% Sb) on a no-cyanide flowsheet.
• The company has filed a Fast-Track Referral application under New Zealand’s permitting regime, targets a Preliminary Feasibility Study (PFS) in Q4 2026, and is executing a 19,000-metre infill and step-out drill program to convert resources and extend mineralization.

Key Details

• Economics & Mine Life: After-tax NPV5% of ~US$42M (base case) and ~US$113M (spot gold); 5.5-year initial mine life processing 250,000 tonnes per year.
• Contained Metal & Production: ~84,000 ounces of gold and ~9,000 tonnes of antimony over mine life; average annual production of ~27,000 gold-equivalent ounces.
• Metallurgy: 95% gold recovery and 85% antimony recovery on a no-cyanide flowsheet.
• Mineral Resource Estimate (Effective Feb 27, 2026): 0.3 million tonnes Indicated at 5.67 g/t AuEq (54,000 oz AuEq) + 1.3 million tonnes Inferred at 3.66 g/t AuEq (150,000 oz AuEq) at a 1.6 g/t AuEq cut-off.
• Permitting Status: Fast-Track Referral application filed April 20, 2026; Preliminary Feasibility Study (PFS) targeted for Q4 2026; full permitting targeted for Q2 2027.
• Drilling Program: 19,000-metre infill and step-out program underway to convert Inferred resources to Indicated, establish Measured resources ahead of the PFS, and extend mineralization open at depth and to the north.
• Mining Method: Overhand cut-and-fill via underground decline access from surface portals; surface footprint targeted at <1 hectare.
• PEA Parameters: Prepared under NI 43-101, effective April 25, 2026, and released May 5, 2026.

Notable Quotes

• CEO Robert Eckford framed the PEA as representing only a portion of the broader district opportunity, noting significant upside remains at depth and along strike.