Mr. James Withall reports

RUPERT RESOURCES PUBLISHES FIRST RESULTS FROM WINTER DRILLING CAMPAIGN, CONFIRMING HEINA SOUTH TREND OVER 1KM AND INCLUDING 1115 GRAMS PER TONNE GOLD OVER 1 METER

Rupert Resources Ltd. has released new results from its Heina South satellite target (located one kilometre (km) from Ikkari). The results confirm the Heina South mineralised trend to over 1km and provide evidence of broader mineralised zones not previously seen in this target area.

Highlights

Heina South Extension Exploration - part of the "West of Ikkari" drill program

• #124001 and #124002- intersected 24m at 1.1grams per tonne ("g/t") Gold (Au) and 15m at 0.9g/t Au respectively from step-out drilling along the Heina South trend extending the strike to west. The mineralised trend has now been drilled over a strike length in excess of 1km (Figures 2 and 3).
• #124006 - intersected 2m at 558g/t Au including 1m at 1115g/t Au , the highest-grade intercept drilled in Area 1 that has identified eight grass roots gold occurrences since 2018 (including the 4Moz1 Ikkari Discovery (58.43Mt at a grade of 2.18grams per tonne gold in the Indicated category).

Disciplined, systematic exploration to grow resource inventory continues

The ongoing winter drill program is focussed on: (1) New targets in Area 1 (west of Ikkari) based on 2023 structural interpretation and higher resolution magnetic survey (Figure 1); (2) Ikkari depth and lateral extensions and (3) New generative discoveries within the 490km2 land package, in particular along the 10km mineralized corridor east of Ikkari.

James Withall, CEO of Rupert Resources commented " Today's results reiterate the exceptional prospectivity of this region and the potential to find satellite orebodies in close proximity to Ikkari where we have already demonstrated critical mass of over 4Moz. Exploration activities including our grassroots base of till prospecting and follow-up diamond drilling with four rigs are now active will continue throughout the key winter season through to the end of April 2024".

2023/24 Exploration Campaign

Following a focus during the prior winter drilling season on infill and project drilling required for the PFS and EIA, exploration has recommenced on the most prospective areas of Rupert's land package. Figure 1 shows the location of the new drilling in addition to all assays over 0.4g/t Au achieved over the past five years in the close proximity to Ikkari including the Heina South trend.

Heina South

Heina South was the first gold occurrence to be discovered in Area 1 in 2019. Drilling has now confirmed a strike of more than 1000m with mineralisation across a 200m wide corridor. Heina South contains the highest-grade intercepts drilled in Area 1. Follow-up drilling continues.

Today's drill results are part of the broader "West of Ikkari" drill campaign that is based on an updated structural interpretation of the area. Drilling targeted untested extensions that were previously overlooked due to a lack of base of till anomalism. The exploration team continue to evaluate all the data we have collected in the last five years together with a new drone-based aerial magnetic survey and our evolving geological understanding to prioritise the most prospective targets in the key winter drilling season.

Geological interpretation

Gold mineralisation in the west of Heina South is associated with multi-phase sulphide mineralisation consisting of pyrite+-pyrrhotite+-chalcopyrite, principally occurring as the matrix to an earlier brecciated (iron)-carbonate phase. The earlier veins occur primarily within altered carbonaceous sediments folded between more homogenous gabbroic units. Gold mineralisation in the east of Heina South is hosted within quartz-pyrite and massive pyrite veins and as lenses, as part of a stockwork of quartz-carbonate veins. Zones of massive pyrite contain the highest grades (>10g/t Au) with disseminated sulphide zone containing anomalous (<0.5g/t) gold. Early quartz-carbonate veins are overprinted by extensional veins that include coarse-grained pyrite and form sub-parallel trends, broadly related to lithological contacts between sediments and mafic-intermediate intrusives, although mineralisation also occurs within both lithologies. Further drilling is required to allow a resource to be published on the occurrence.

Fi gures & tables

Review by Qualified Person, Quality Control and Reports

Craig Hartshorne, a Chartered Geologist and a Fellow of the Geological Society of London, is the Qualified Person, as defined by National Instrument 43-101, responsible for the accuracy of scientific and technical information in this news release.

The majority of samples are prepared by ALS Finland in either Sodankyla or Outokumpu. Fire assays are subsequently completed at ALS Romania whilst multielement analysis is completed in ALS Ireland or Sweden. A minority of samples are prepared by Eurofins Laboratory in Sodankyla and Fire Assay is carried out on site. A pulverised sub-sample is then sent to ALS Ireland for multi-element analysis. All samples are under watch from the drill site to the storage facility. Samples at both laboratories are assayed using 50g fire assay method with aqua regia digest and analysis by AAS for gold. Over limit analysis (>100 ppm Au) are conducted using fire assay and gravimetric finish. For multi-element assays, Ultra Trace Level Method by 4-Acid digest (HF-HNO3-HClO4 acid digestion, HCl leach) and a combination of ICP-MS and ICP-AES are used. The Company's QA/QC program includes the regular insertion of blanks and standards into the sample shipments, as well as instructions for duplication. Standards, blanks and duplicates are inserted at appropriate intervals. Approximately five percent (5%) of samples have the pulp reject resubmitted for check assaying at a second laboratory.

Results presented for Hole 124006 include results from screen fire assay as indicted in Table 2. Screen fire assays were requested due to the presence of coarse gold in the drill core and were performed by ALS Romania. Screen fire assays involve the screening of 1kg at 106 microns to separate the sample into a coarse fraction (>106mum) and a fine fraction (<106mum). After screening, two 50g sub-samples of the fine fraction are analysed using the normal 50g fire assay method with aqua regia digest and analysis by AAS for gold. The entire coarse fraction is assayed to determine the contribution of the coarse gold using fire assay and gravimetric finish. The "total" gold calculation for the 1kg sample is based on the weighted average of the coarse and fine fractions and is reported for the indicated samples.

Base of till samples are prepared in ALS Sodankyla by dry-sieving method prep-41 and assayed for gold by fire assay with ICP-AES finish. Multi-elements are assayed in ALS laboratories in either of Ireland, Romania or Sweden by aqua regia with ICP-MS finish. Rupert maintains a strict chain of custody procedure to manage the handling of all samples. The Company's QA/QC program includes the regular insertion of blanks and standards into the sample shipments, as well as instructions for duplication and external check assays.

About Rupert Resources

Rupert Resources is a gold exploration and development company listed on the TSX Exchange 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 1 , 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 ("Pahtavaara").

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