Mr. James Withall reports

RUPERT RESOURCES REPORTS RESULTS FOR THE THREE AND SIX MONTHS ENDING AUGUST 31, 2023

Rupert Resources Ltd. has published its financial results for the three and six months ending Aug. 31, 2023, and accompanying management's discussion and analysis for the same period.

Both of the above have been posted on the company's website as well as on SEDAR+.

Financial highlights

During the six months ended Aug. 31, 2023, the company spent $12,958,497 (six months ended Aug. 31, 2022 -- $14,396,154) on general exploration costs and purchase of property, plant and equipment. As of Aug. 31, 2023, Rupert held cash or cash equivalents of $54,517,897. The company recorded a net loss and comprehensive loss for the three months and six months ended Aug. 31, 2023, of $(1,547,544) and $(3,854,496), respectively (three months and six months ended Aug. 31, 2022 -- $(5,173,267) and $(10,318,244), respectively) and a net loss per share for the three months and six months ended Aug. 31, 2023, of (two cents) and (three cents), respectively (three and six months ended Aug. 31, 2022 -- (two cents) and (three cents), respectively).

James Withall, chief executive officer of Rupert Resources, said: "Today's results reiterate the strong balance sheet of the company. Operationally we are now building up towards the key winter drilling season that will focus on several existing and new exploration targets in close proximity to Ikkari as part of the 50,000-metre program for 2023/2024. We expect to publish a resource update for Ikkari in Q4 2023 and work is well under way on the Ikkari prefeasibility study to be completed in 2024."

Operating highlights

During the six months ended Aug. 31, 2023, and up to the date of this document, Rupert's operational activities have been focused on the Rupert Lapland project area and Ikkari in particular.

Rupert Lapland project area

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 for Ikkari, and further to continuing regional diamond and BoT drilling and sampling programs, in November, 2022, the company completed and announced the results of the Ikkari PEA, including an updated MRE with the relevant National Instrument 43-101-compliant technical report filed on SEDAR in March, 2023.

The Ikkari PEA served inter alia as the basis for the prefeasibility study that was initiated during the six months ended Aug. 31, 2023, the parameters of which are currently being optimized.

Ikkari project drilling

The 2022/2023 drill program was completed during the six months ended Aug. 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 were points of particular focus for the company and work on the subsequent update to the MRE is presently under way, with publication envisaged in the fourth calendar quarter of 2023.

During the 2023/2024 winter drilling season, additional drilling programs are planned to further upgrade a portion of the near-surface mineral resource at Ikkari from the indicated to the measured category, and provide further geotechnical, hydrogeological and metallurgical data points which will eventually feed into a feasibility study for Ikkari, which is expected to follow on from successful completion of the Ikkari PFS in calendar 2024.

Continuing exploration

Continuing exploration is a further key focus. Following an update to the structural model for the Ikkari deposit, exploration is focused on the interpreted continuation of the Ikkari trend. New targets within the Rupert Lapland project area are being generated and tested through BoT sampling, geophysical programs and scout diamond drilling as appropriate, with the 2023/2024 field season currently under way.

Advancing permitting and environmental work

Permitting, specifically progression of the environmental impact assessment (EIA) program and land use planning, is also a key focus of the company. The EIA program was initially 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 formally filed an EIA program with authorities during the second calendar quarter of 2023 and plans to file EIA documents during the second half of 2024.

As part of this process the company continues with numerous baseline environmental assessments, as well as continuing engagement across all stakeholder groups. The Ikkari PFS is drawing from these processes 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.