Mr. James Withall reports

RUPERT RESOURCES REPORTS RESULTS FOR THE THREE MONTHS ENDING MAY 31, 2023 AND PUBLISHES SUSTAINABILITY REPORT FOR 2022

Rupert Resources Ltd. has released its financial results for the three months ending May 31, 2023, and accompanying management's discussion and analysis for the same period. The company is also pleased to report that it has published its sustainability report covering 2022.

All of the above have been posted on the company's website, with the financial statements and MD&A also published on SEDAR.

Financial highlights

During the three months ending May 31, 2023, the company spent $7,915,058 (three months ended May 31, 2022 -- $8,716,489) on its exploration projects. As of May 31, 2023, Rupert held cash or cash equivalents of $59,170,341. The company recorded a net loss and comprehensive loss for the quarter of $2,306,952 (three months ended May 31, 2022 -- net loss of $5,144,977) and a net loss per share of one cent (three months ended May 31, 2022 -- a loss of one cent per share).

James Withall, chief executive officer of Rupert Resources said, "Today's results continue to show a strong balance sheet and we are pleased to publish our second annual sustainability report. Looking forward to the next 12 months we aim to complete a resource update (Q4 2023) and pre-feasibility study (H1 2023) to demonstrate Ikkari's potential to become a significant long-life, high-margin, low-impact gold mine. What sets Ikkari apart from other discoveries is the near surface, high-grade orebody located close to existing infrastructure in a region already familiar with the benefits of sustainable mine development. A notable recent development in Lapland is the possibility to sign 100 per cent carbon-free energy contracts, a significant point of difference from many other operations and projects around the world."

Operating highlights

During the quarter ending May 31, 2023, and up to the date of this document, Rupert's operational activities have been entirely focused on the Rupert Lapland project area, and Ikkari in particular.

Regional exploration program, including Ikkari

The regional exploration program at the Rupert Lapland project area is designed to identify and evaluate the mineral potential contained in Rupert's land package in the CLGB (Central Lapland greenstone belt).

Since July, ,2020 the company has been engaged in a diamond drill program to further evaluate discoveries made within the Rupert Lapland project area, including Ikkari, as well as continuing to generate new targets through base of till (BoT) sampling, which continues across the Rupert Lapland project area and specifically over geophysical anomalies of interest.

Ikkari preliminary economic assessment and related studies

Following publication in September, 2021, of a maiden mineral resource estimate (MRE) for Ikkari, and further to continuing regional diamond and BoT drilling, and sampling programs, the company initiated the Ikkari preliminary economic assessment (PEA), including an updated MRE, the principal results of which were announced by the company in November, 2022, with the relevant Nationals Instrument 43-101-compliant technical report filed on SEDAR in January, 2023.

The Ikkari PEA served inter alia to better define the optimum parameters that will be used in a prefeasibility study (PFS) that has been initiated during the quarter ended May 31, 2023.

Near-term resource addition

A 2022/2023 drill program was completed during the quarter ended May 31, 2023, comprising approximately 68,000 metres of drilling, with approximately 30,000 m allocated to Ikkari infill drilling. Near-term resource addition and the conversion of inferred resources to indicated resources are points of particular focus for the company in order to ensure inclusion in future economic and environmental assessments, and the eventual permitting of Ikkari.

Continuing exploration

Continuing exploration is a further key focus, with the mineralized limits of the Ikkari deposit untested and the broader mineralizing system that hosts surrounding discoveries only tested at shallow depths. There are six known targets to be tested and new target generation continues on other properties within the Rupert Lapland project area through BoT sampling, geophysical programs and eventual scout diamond drilling.

Advancing permitting and environmental work

Permitting, specifically the progression of the environmental impact assessment (EIA) program works and land use planning is also a key focus of the company. The EIA program was presented to the respective authorities on Nov. 30, 2022, and formally started the environmental permitting process, with the aim of securing an environmental permit and thereafter a mining licence for Ikkari, in addition to those already held at Pahtavaara. The company filed an EIA program with authorities during the second calendar quarter of 2023 and plans to file EIA documents by the summer of 2024. The Ikkari PFS will draw from this process as appropriate.

Pahtavaara mine

The Ikkari PEA has identified the opportunity to develop Pahtavaara later in the life of the Ikkari operation as a satellite mine to a new central processing facility at Ikkari. This would allow Pahtavaara to benefit from cost synergies and shared infrastructure. In the meantime, the company is placing Pahtavaara under long-term care and maintenance, while maintaining the relevant operational permits.

We seek Safe Harbor.