Mr. Michael Gunning reports

VR CLOSES FINANCING FOR GROSS PROCEEDS OF APPROXIMATELY $1.9 MILLION

VR Resources Ltd. has closed the recently announced non-brokered private placement for gross proceeds of $1.88-million. Plans are now under way to commence drilling next month at the company's REE (rare earth element) critical metals project at Hecla-Kilmer and the kimberlite discovery nearby at Northway, located in Northern Ontario.

The first tranche of the financing was recently closed for gross proceeds of approximately $1.7-million as described in the news release dated April 19, 2023. Today, the company issued today an additional 1,270,743 units, as defined below, for gross proceeds of $177,904 to close the financing.

The completed financing in its entirety breaks down as follows:

• Flow-through private placement, consisting of 7,971,250 units at a price of 16 cents per unit for total gross proceeds of $1,275,400;
• Hard-dollar private placement, consisting of 4,300,743 units at a price of 14 cents per unit for total gross proceeds of $602,104.

Use of proceeds going forward

VR will use the net proceeds of the financing for its mineral exploration business, including active exploration on various mineral properties held in Ontario, Canada, and Nevada, USA.

Ontario

The successful close of the financing allows the company to commence its spring drill program in Northern Ontario. The camp was reopened last week and is ready for the start-up of drilling planned for next week on the kimberlite breccia pipe at Northway, followed by drilling at the nearby Hecla-Kilmer REE critical metal project. Drilling is expected to take approximately one month to complete.

Nevada

The company will also use funds from the financing to execute two state-of-the-art geophysical surveys this spring on the large-footprint, polymetallic copper-moly-silver porphyry alteration and sheeted vein system on its New Boston property in west-central Nevada.

Supporting information on financings

The financing was described in full in the news release dated April 4, 2023. The units for both financings consist of one common share and one-half of a common share purchase warrant, with each whole warrant entitling the holder to purchase an additional common share at 23 cents for a period of 18 months, until Oct. 19 and Nov. 9, 2025, respectively for the first and second tranche.

The company paid cash fees totalling $2,394 in connection with the final tranche for total aggregate of $53,644 of cash fees for certain placements into the financing.

The securities that were issued today for the final tranche are subject to a statutory four-month-and-one-day hold period expiring on Sept. 10, 2023.

About VR Resources Ltd.

VR is an established junior exploration company focused on unique, greenfield opportunities on large-footprint mineral systems for critical metals, copper and gold in the Western United States and Canada. VR is the continuance of four years of active exploration in Nevada by a Vancouver-based private company. The foundation of VR is the diverse experience and proven record of its board in early-stage exploration, discovery, and mergers and acquisitions The company is well financed for its exploration strategies and corporate obligations. VR owns its properties outright and evaluates new opportunities on a continuing basis, whether by direct staking or acquisition.

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