Mr. James Withall reports

RUPERT RESOURCES REPORTS RESULTS FOR THE THREE AND NINE MONTHS ENDING NOVEMBER 30, 2023

Rupert Resources Ltd. has published its financial results for the three and nine months ending Nov. 30, 2023, and accompanying management's discussion and analysis for the same periods.

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

Highlights:

• Cash of $43.6-million at end of November, 2023;
• Updated mineral resource estimate (MRE) for the Ikkari project, published in November, showed a total indicated resource of 58.43 million tonnes (Mt) at a grade of 2.18 grams per tonne (g/t) of gold (Au) for 4.09 million ounces (Moz) contained gold;
• Exploration activities have intensified in early 2024, with winter conditions allowing access to most prospective areas of Rupert's land package;
• Prefeasibility study (PFS) proceeding as expected to allow timely delivery of environmental impact assessment (EIA) later in 2024.

James Withall, chief executive officer of Rupert Resources, said: "Our twin-track approach to augment and derisk the four Moz resource inventory we have at the Ikkari project continues. Drilling is under way at some of our most prospective targets on our core land package, we are well funded through our near-term work programs, including the PFS, and remain on the critical path for submission of our EIA report in calendar 2024."

Financial summary

During the nine months ended Nov. 30, 2023, the company spent $20,380,006 (nine months ended November, 2022 -- $20,297,767) on its exploration projects. As of Nov. 30, 2023, Rupert held cash and cash equivalents of $43,605,144 (Nov. 30, 2022 -- $28,994,038). The company recorded a net loss and comprehensive loss for the three months and nine months ended Nov. 30, 2023, of $308,922 and $4,163,418, respectively (three months and nine months ended Nov. 30, 2022 -- $3,744,713 and a loss of $6,573,531, respectively) and a net loss per share for the three months and nine months ended Nov. 30, 2023, of one cent and four cents, respectively (three and nine months ended Nov. 30, 2022 -- a loss of one cent and three cents, respectively).

Operating summary

During the nine months ended Nov. 30, 2023, and up to the date of this release, 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.

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

The results of an updated MRE for Ikkari were published in November, 2023, with the relevant National Instrument 43-101-compliant technical report filed on SEDAR+ in December, 2023. The Ikkari preliminary economic assessment (PEA), published in January, 2023, and the updated Ikkari MRE have served inter alia as the basis for the prefeasibility study that was initiated during the nine months ended Nov. 30, 2023, the parametres of which are currently being optimized.

Two thousand twenty-three/2024 winter drilling campaign

Exploration drilling continues with winter ground conditions allowing access to the most-prospective areas of Rupert's property. As previously disclosed, the 2023/2024 winter program will undertake 30,000 metres of drilling focused on: (1) new targets in area 1, based on new structural interpretation and higher-resolution magnetic survey; (2) Ikkari depth and lateral extensions; and (3) new generative discoveries within the 490-square-kilometre land package, in particular along the 10 km mineralized corridor east of Ikkari.

Community engagement, permitting and environmental work

Permitting, specifically progression of the environmental impact assessment 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 plans to file the EIA report 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.

We seek Safe Harbor.