Mr. James Withall reports

RUPERT RESOURCES ANNOUNCES CHANGE TO BOARD OF DIRECTORS

Rupert Resources Ltd. has appointed Bill Washington as an independent non-executive director, effective immediately. In his role as an independent non-executive director, Mr. Washington will also sit on the audit and remuneration committees. The company expects to make further changes to the board in the new year.

Gunnar Nilsson, chairman of Rupert Resources, said: "We are pleased to welcome Bill Washington as an independent director to the board of Rupert Resources. Bill will add considerable investment banking and Canadian capital markets experience as we continue to progress the world-class Ikkari gold discovery."

Concurrent to his appointment, the company furthermore announces that, pursuant to the company's amended and restated equity incentive plan dated Nov. 9, 2022, a total of 200,000 options were awarded to Mr. Washington. The options were granted with an effective date of Dec. 7, 2023, with an exercise price of $4.12 per share, being the closing price of the company's shares on the Toronto Stock Exchange on Dec. 6, 2023. The options are exercisable for a five-year period from the date of grant, with one-third of the options vesting on each calendar anniversary.

Following the award of the options, there are 5,093,481 options outstanding under the plan, representing 2.5 per cent of the issued and outstanding shares of the company.

Biography of Mr. Washington

Mr. Washington was the head of global mining and metals at National Bank Financial Markets from July, 2011, until his retirement from the firm at the end of 2015. He joined National Bank as part of the acquisition of Wellington West Capital Markets, where he had served as the head of investment banking since August, 2004. Prior to joining Wellington West, where he focused exclusively on the mining sector, Mr. Washington worked as an investment banker at National Bank Financial/First Marathon, Gordon Capital and Lancaster Financial/TD Securities from 1994.

Prior to entering investment banking, he worked as a civil engineer on major infrastructure projects in the United Kingdom, Spain and Hong Kong for six years. Mr. Washington holds a bachelor of applied science (civil engineering) from the University of British Columbia and has an MBA from the University of Western Ontario (Ivey). Mr. Washington also acts as an independent director for Wesdome Gold Mines Ltd and was previously a director of Copper Mountain Mining Ltd. until its acquisition by Hudbay Minerals Inc. in June, 2023.

About Rupert Resources Ltd.

Rupert Resources is a gold exploration and development company listed on the TSX under the symbol RUP. The company is focused on making and advancing discoveries of scale and quality with high margin and low environmental impact potential. The company's principal focus is Ikkari, a new high-quality gold discovery in northern Finland. Ikkari is part of the company's Rupert Lapland project, which also includes the Pahtavaara gold mine, mill and exploration permits.

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