Mabilo Stage 1 Cost Update Announcement to the Toronto Stock Exchange and Australian Securities Exchange

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

MABILO STAGE 1 COST UPDATE

ANNOUNCEMENT TO THE TORONTO STOCK EXCHANGE

AND AUSTRALIAN SECURITIES EXCHANGE

18 MARCH 2024

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

RTG) is pleased to provide a cost update for Stage 1 of the Mabilo Project in The

Philippines.

A review of the Stage 1 budget conducted by the site team in February 2024 has shown

Capital Costs have not materially changed and remain below US$25M as quoted

previously. The updated key components of costs for the Stage 1 capital include –

Stage 1 Capital Component US$M

Mobilisation and Mining Facilities 1.82

Topsoil Removal and Prestrip 5.53

Sterilisation Drilling 0.16

Creek Diversion 0.71

Clearing and Grubbing and Site Prep. 0.91

Relocation/Crop Compensation/Coconut Tree cutting 1.46

Local Community Access Way 0.25

Building and Office Equipment 1.87

Light Vehicles and Other Equipment 1.47

Port 0.89

Land Acquisition 3.65

Contingency (15%) 2.81

Total 21.53

Compared to the last cost review and budget in 202 1, Total Operating Costs have

reduced slightly with increases in Mining , Crushing, Product Haulage and Mines

Department Fund costs being offset by reductions in Shipping , Supervision and Makati

Overhead costs. The main operating cost for Stage 1 is detailed below–

Operating Component US$M

Site G&A 5.55

Mining Supervision/Contractor Overhead 1.62

Mining Load and Haul 7.72

Grade Control 0.69

Clearing & Grubbing/Geotech and Dewatering 0.22

Ancillary Costs 0.50

Site to Port Haulage 1.40

Shipping 8.37

Crushing 0.71

Operating VAT 1.26

Makati Overheads 0.50

Environmental/Community Development/Safety MGB Funds 2.17

El Dore Royalty 1.43

Total 32.14

Commentary:

Commenting on these positive results, RTG’s CEO Justine Magee said: “The Stage

1 financials remain very strong despite the pressures on costs we have seen in the

industry over the last couple of years and reinforces our confidence in the project as we

move into the development phase.”

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 international 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: 18 March 2024

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 mineral reserve and mineral resource estimates, estimated economic results of the Mabilo

Project, future operational and financi al results, including estimated cashflow and the timing

thereof, estimated expenditures, expansion, exploration and development activities 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 merged 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, other 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. Import ant factors that could

cause actual results to differ materially from RTG’s expectations include uncertainties related to

fluctuations 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 R TG’s mineral projects; the need to obtain additional financing to develop RTG’s mineral

projects; the possibility of delay in development 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 release 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 w ill 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.