Mr. James Withall reports

RUPERT RESOURCES REPORTS NEW RESULTS FROM WINTER DRILLING CAMPAIGN INCLUDING 16G/T OVER 25M AT HEINA SOUTH AND EXTENSION TO MINERALISATION AT IKKARI

Rupert Resources Ltd. has released follow-up assay results from its Heina South satellite target (located one kilometre from Ikkari). The results confirm evidence of broader mineralized zones than previously seen at Heina South. New assays are also published from drilling at Ikkari, demonstrating that mineralization remains open down plunge to the west with both wide and high-grade intercepts achieved.

Highlights:

• No. 124019: intersected 25 metres at 16.5 grams per tonne gold from 83 m, including one m at 363 g/t Au and two m at 10.8 g/t Au; the hole also intersected multiple other intercepts, including one m at 256 g/t Au from 25 m, one m at 48.3 g/t Au from 146 m and 14 m at 1.2 g/t Au from 201 m; drilling continues, and results from seven further drill holes in Heina South are pending;
• No. 124014 tested extensions of mineralization along the shallow plunge at depth in the west of Ikkari; the drill hole yielded multiple intercepts, including both wider intercepts (23.70 m at 1.7 g/t Au from 602 m, including one m at 16.6 g/t Au) and higher-grade intercepts (five m at 5.2 g/t Au from 633 m, including one m at 19.8 g/t Au and three m at 32.7 g/t Au from 655 m, including one m at 93.8 g/t Au) in the target area, demonstrating that mineralization at Ikkari remains open to the west at depth.

James Withall, chief executive officer of Rupert Resources, commented: "The initial results from No. 124019 are confirmation of more continuous mineralization at Heina South, which, along with extensional drilling at Ikkari, remains the current focus of our winter drilling campaign. During this drilling season, we will continue to test a number of the targets at shallow depths, which have the potential to become satellite deposits to the four-million-ounce Ikkari deposit alongside the works to advance project engineering and permitting."

Heina South

Continuing drilling at the Heina South target continues to identify a broader style of mineralization at the target than was in evidence from drilling undertaken in previous years. No. 124019, reported today, returned 25.0 m at 16.5 g/t Au, including 1.0 m at 363 g/t Au with wider mineralized intervals hosted in sulphide-rich breccia units. No. 124019 is an 80-metre stepout to the east from previously reported No. 124001 (24.5 m at 1.1 g/t Au). The high-grade potential of the Heina South target area is further evidenced by the high-grade intercept of 558 g/t Au over two m in 124006, located a further 250 m to the east (see the press release dated Feb. 8, 2024). Drilling has confirmed a strike of more than 1,000 m at Heina South with mineralization across a 200-metre-wide corridor. Current drilling is focused on the previously sparsely tested western strike extent, where mineralization is distinct from that farther to the east and greater widths of mineralization are encountered.

Ikkari extension

No. 124014 is the first hole to be reported from Ikkari from the winter 2023/2024 program. Results show multiple mineralized intercepts with the main target area yielding both wider (23.70 m at 1.7 g/t Au from 602 m, including one m at 16.6 g/t Au) and higher grade (five m at 5.2 g/t Au from 633 m, including one m at 19.8 g/t Au and three m at 32.7 g/t Au from 655 m, including one m at 93.8 g/t Au) intercepts. These intercepts provide further evidence for the shallow western plunge interpreted in this portion of the deposit, where mineralization remains open to the west. The intercepts from No. 124014 represent a 75-metre stepout along plunge from previously released No. 123026: 88.70 m at 1.3 g/t Au from 487.30 m, including 13 m at 3.1 g/t Au from 495 m (see the news release dated May 23, 2023), that was included in the November, 2023, mineral resource estimate for Ikkari.

Geological interpretation of Ikkari

Ikkari was discovered using systematic regional exploration that initially focused on geochemical sampling of the bedrock/till interface through glacial till deposits of five-metre to 40-metre thickness. No outcrop is present, and topography is dominated by low-lying swamp areas.

The Ikkari deposit occurs within rocks that have been regionally mapped as 2.05-billion- to 2.15-billion-year-old Savukoski group greenschist-metamorphosed mafic-ultramafic volcanic rocks, part of the Central Lapland greenstone belt. Gold mineralization is largely confined to the structurally modified unconformity at a significant domain boundary. Younger sedimentary lithologies are complexly interweaved, with intensely altered ultramafic rocks, and the mineralized zone is bounded to the north by a steeply north-dipping cataclastic zone. Within the mineralized zone lithologies, alteration and structure appear to be subvertical in contrast to wider Area 1, where lithologies generally dip at a moderated angle to the north.

The main mineralized zone is strongly altered and characterized by intense veining and foliation that pervasively overprint original textures. An early phase of finely laminated grey ankerite/dolomite veins is overprinted by stockwork-like irregular siderite plus or minus quartz plus or minus chlorite plus or minus sulphide veins. These vein arrays are often deformed with shear-related boudinage and in situ brecciation. Magnetite and/or hematite is common, in association with pyrite. Hydrothermal alteration commonly comprises quartz-dolomite-chlorite-magnetite (plus or minus hematite). Gold is hosted by disseminated and vein-related pyrite. Multiphase breccias are well developed within the mineralized zone, with early silicified cataclastic phases overprinted by late, carbonate-iron-oxide-rich, hydrothermal breccias, which display a subvertical control. All breccias frequently host disseminated pyrite and are often associated with higher gold grades, particularly where magnetite or hematite is prevalent. In the sedimentary lithologies, albite alteration is intense and pervasive, with pyrite-magnetite (plus or minus gold) hosted in veinlets in brittle fracture zones.

Geological interpretation of Heina South

The Heina South target was reappraised based on results from a new higher-resolution geophysical survey flown in later 2023, which identified a southwest extension, which had been untested in previous years due to a lack of base of till anomalism. Gold mineralization in the west of Heina South is associated with multiphase sulphide mineralization consisting of pyrite plus or minus pyrrhotite plus or minus 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 mineralization 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 (greater than 10 g/t Au) with a disseminated sulphide zone containing anomalous (less than 0.5 g/t) gold. Early quartz-carbonate veins are overprinted by extensional veins that include coarse-grained pyrite and form subparallel trends, broadly related to lithological contacts between sediments and mafic-intermediate intrusives, although mineralization also occurs within both lithologies. Further drilling is required to allow a resource to be published for the occurrence.

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 is 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 pulverized subsample is then sent to ALS Ireland for multielement analysis. All samples are under watch from the drill site to the storage facility. Samples at both laboratories are assayed using 50-gram fire assay method with aqua regia digest and analysis by AAS for gold. Overlimit analysis (greater than 100 parts per million gold) is conducted using fire assay and gravimetric finish. For multielement assays, the ultratrace level method by four-acid digest (HF-HNO3-HClO4 acid digestion, HCl leach) and a combination of ICP-MS and ICP-AES are used. The company's quality assurance/quality control 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 5 per cent of samples have the pulp reject resubmitted for check assaying at a second laboratory.

Results presented for hole 124019 include results from screen fire assay. 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 one kilogram at 106 microns to separate the sample into a coarse fraction (greater than 106 micrometres) and a fine fraction (less than 106 micrometres). After screening, two 50-gram subsamples of the fine fraction are analyzed using the normal 50-gram 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 one-kilogram sample is based on the weighted average of the coarse and fine fractions, and is reported for the indicated samples.

Base of till samples is prepared in ALS Sodankyla by dry-sieving method prep-41 and assayed for gold by fire assay with ICP-AES finish. Multielements are assayed in ALS laboratories in either Ireland, Romania or Sweden by aqua regia with ICP-MS finish. Rupert Resources 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 Ltd.

Rupert Resources is a gold exploration and development company listed on the Toronto Stock 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.

(1) November, 2023, updated mineral resource estimate for the Ikkari project.

The mineral resource estimate for the Ikkari project has been prepared in accordance with NI 43-101 and following the requirements of Form 43-101F1. The methodology used to determine the mineral resource estimate is consistent with the Canadian Institute of Mining, Metallurgy and Petroleum Estimation of Mineral Resource and Mineral Reserves Best Practices Guidelines (November, 2019) and was classified following CIM Definition Standards for Mineral Resources and Mineral Reserves (May, 2014). Readers are cautioned that mineral resources are not mineral reserves, and do not demonstrate economic viability. There is no certainty that all, or any part, of this mineral resource will be converted into mineral reserve. Inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. Numbers may be affected by rounding.

The QP for the Ikkari mineral resource estimate is Brian Thomas, PGeo, an independent QP as defined under NI 43-101 and an employee of WSP Canada Inc. based in Sudbury, Ont., Canada.

The effective date of the 2023 mineral resource estimate for Ikkari is Oct. 24, 2023. The mineral resource estimate at Ikkari is interpolated using ordinary kriging and is reported both within a Whittle optimized open-pit shell and as a potential underground operation outside of that. Underground mineral resources are constrained within the estimation domains to meet the RPEEE criteria for UG mining. The mineral resource estimate at Ikkari is reported using a cut-off grade of 0.4 g/t Au for mineralization potentially minable by open-pit methods and 0.9 g/t Au for mineralization potentially extractable by underground methods. The open-pit and underground cut-off grades are calculated using a gold price at $1,700 per ounce; 95-per-cent gold metallurgical recovery; open-pit mining costs at $2.90 per tonne; underground mining cost at $29 per tonne; process costs at $11.30 per tonne; general and administrative, rehab and closure at $4.80 per tonne; and a royalty of 0.75 per cent. The calculated cut-off grade is rounded up to 0.4 g/t for reporting. The calculated underground cut-off grade is rounded up to 0.9 g/t.

We seek Safe Harbor.