Mabilo Project Moves from Corporate to Operational Focus Announcement to the Toronto Stock Exchange and Australian Securities Exchange

Not for release to US wire services or distribution in the United States

MABILO PROJECT MOVES FROM CORPORATE TO

OPERATIONAL FOCUS

ANNOUNCEMENT TO THE TORONTO STOCK EXCHANGE

AND AUSTRALIAN SECURITIES EXCHANGE

30 AUGUST 2023

The Board of RTG Mining Inc. (“RTG”, or the “Company”) (TSX Code: RTG, ASX Code:

RTG) is pleased to provide this update on progress with respect to the development of

the high grade copper-gold Mabilo Project located in Camarines Norte Province, Eastern

Luzon, Philippines.

As reported earlier this year, RTG agreed terms under a binding Memorandum of

Agreement with the Villar Family ’s TVI Resource Development (Phils.) Inc. (“TVI RD”)

where RTG will continue to hold a 40% interest in the Mabilo Project and TVIRD will hold

the remaining 60%. In addition to this, RTG will have a 2% net smelter royalty (“NSR”) on

the project and have US$27M of debt repaid from the proceeds of planned Stage 1

production.

RTG is pleased to confirm that it has recently held its first project development meeting

with TVIRD executives to undertake a detailed review of operational plans for the Mabilo

Project, including a central focus on the start-up of the potentially highly profitable Direct

Shipping phase. These latest discussions are considered a significant step forward for

RTG and signal TVIRD’s commitment to helping shift the focus for the Mabilo Project from

corporate to operational matters.

Given the Mabilo Project has been on care and maintenance for over two years, the initial

meeting focused on important near-term initiatives including discussions on local issues

such as the necessary Social Development and Management Programs and the

Environmental Protection and Enha ncement Programs together with reviewing tree

clearing permits as well as the port facility and the land acquisition program.

A key outcome of the meeting was the agreement that the Management Committee,

which has representatives of both project partners, will hold meetings every two weeks to

work closely to advance development plans towards a targeted operational start -up as

soon as possible.

RTG is also particularly pleased to welcome the appointment of Mr Edsel Abrasaldo to

manage the technical aspects of the Mabilo Project on the ground in the Philippines. Mr

Abrasaldo is a highly experienced mining executive with extensive regional experience

operating in the Philippines.

Commentary:

Commenting on the se positive discussions held in the Philippines, RTG’s CEO

Justine Magee said : “This first project development meeting with TVIRD should be

regarded as a key turning point for the Company and marks a profound shift in focus as

we move past legal and corporate matters to now focus on activities which move Mabilo

firmly forward into the project development phase . RTG has engaged in good and

extensive d iscussions with TVIRD’s executive team, which now includes the newly

appointed technical executive, representing a clear focus on operational start-up as we

work together to unlock the value of the high-grade Mabilo copper/gold project. TVIRD’s

shareholders share the same view as RTG’s Board in that Mabilo is a hugely valuable

high grade cooper -gold project , a significant mining project for the Philippines, and

together we are intent on unlocking this value. RTG looks forward to providing further

updates on operational strategy over the coming months.”

ABOUT RTG MINING INC

RTG Mining Inc. is a mining and exploration company listed on the main board of the

Toronto Stock Exchange and the Australian Securities Exchange. RTG is currently

focused primarily on progressing the Mabilo Project to start -up having now received a

mining permit for the Project, with a view to moving quickly and safely to a producing gold

and copper company.

RTG also has a number of exciting new opportunities including the Panguna Project in

Bougainville, which it remains committed to while also considering further new business

development opportunities.

RTG has an experienced management team which has to date developed seven mines

in five different countries, including being responsible for the development of the Masbate

Gold Mine in the Philippines through CGA Mining Limited. RTG has some of the most

respected int ernational institutional investors as shareholders including Franklin

Templeton, Equinox Partners and Sun Valley.

ENQUIRIES

President & CEO – Justine Magee

Tel: +61 8 6489 2900

Email: [email protected]

US Investor Relations Contact Australia Investor and Media Contact

Jaime Wells: +1 970 640 0611 Sam Burns: +61 400 164 067

[email protected] [email protected]

COMPLIANCE STATEMENT

Date: 30 August 2023

Authorised for release by: By the Board of Directors

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

The Toronto Stock Exchange has not reviewed nor does it accept responsibility for the

accuracy or adequacy of this press release, which has been prepared by management.

This announcement includes certain “forward-looking statements” within the meaning of

Canadian securities legislation including, among others, statements made or implied

relating to the interpretation of exploration results, accuracy of mineral resource and

mineral reserve estimates, parameters and assumptions used to estimate mineral

reserves and mineral resources, realization of m ineral reserve and mineral resource

estimates, estimated economic results of the Mabilo Project, future operational and

financial results, including estimated cashflow and the timing thereof, estimated

expenditures, expansion, exploration and development a ctivities and the timing thereof,

including expectations regarding the DSO, plans for progressing Stage 2 development,

completion of a debt funding package, the negotiation of contracts for start up works and

offtake arrangements and the completion of merg ed documentation, RTG’s objectives,

strategies to achieve those objectives, RTG’s beliefs, plans, estimates and intentions,

and similar statements concerning anticipated future events, results, circumstances,

performance or expectations. All statements, ot her than statements of historical fact,

included herein, are forward -looking statements. Forward looking statements generally

can be identified by words such as “objective”, “may”, “will”, “expected”, “likely”, “intend”,

“estimate”, “anticipate”, “believe” , “should”, “plans”, or similar expressions suggesting

future outcomes or events. Forward -looking statements involve various risks and

uncertainties and are based on certain factors and assumptions. There can be no

assurance that such statements will prove to be accurate, and actual results and future

events could differ materially from those anticipated in such statements. Important factors

that could cause actual results to differ materially from RTG’s expectations include

uncertainties related to fluctua tions in gold and other commodity prices and currency

exchange rates; uncertainties relating to interpretation of drill results and the geology,

continuity and grade of mineral deposits; uncertainty of estimates of capital and operating

costs, recovery rates, production estimates and estimated economic return; the need for

cooperation of government agencies in the development of RTG’s mineral projects; the

need to obtain additional financing to develop RTG’s mineral projects; the possibility of

delay in dev elopment programs or in construction projects and uncertainty of meeting

anticipated program milestones for RTG’s mineral projects and other risks and

uncertainties as discussed in RTG’s annual report for the year ended December 31, 2022

and detailed from time to time in our other filings with the Canadian securities regulatory

authorities available at www.sedar.com. The forward ‐looking statements made in this

announcement relate only to events as of the date on which the statements are made.

RTG will not r elease publicly any revisions or updates to these forward ‐looking

statements to reflect events, circumstances or unanticipated events occurring after the

date of this announcement except as required by law or by any appropriate regulatory

authority.

NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES

This announcement has been prepared for publication in Canada and Australia and may

not be released to US wire services or distributed in the United States. This

announcement does not constitute an offer to sell, or a solicitation of an offer to buy,

securities in the United States or any other jurisdiction. Any securities described in this

announcement have not been, and will not be, registered under the US Securities Act of

1933, as amended (the “US Securities Act”), or any state securities laws, and may not be

offered or sold in the United States except in transactions exempt from, or not subject to,

registration under the US Securities Act and applicable US state securities laws.