Dr. Michael Gunning reports

VR ARRANGES $800K NON-BROKERED PRIVATE PLACEMENT FOR ADDITIONAL DRILLING AT THE NORTHWAY KIMBERLITE DISCOVERY IN NORTHERN ONTARIO

VR Resources Ltd. has arranged a non-brokered private placement for $800,000. The company plans to direct the proceeds immediately into the completion of an additional drill hole later this month, targeting the large kimberlite breccia complex discovered at its Northway property in Northern Ontario. This drill hole will enable the company to increase the amount of drill core available for the initial microdiamond evaluation of the kimberlite at Northway, to be completed at the SRC laboratory in Saskatoon following completion of the drilling.

The financing includes one flow-through subscription and one hard-dollar subscription by two institutional investors, both current core shareholders in VR. The flow-through component will consist of up to 2,051,282 units (FT units) at a price of 19.5 cents per FT unit for gross proceeds of up to $400,000. Each FT unit will consist of one flow-through common share of the company and one-half of a common share purchase warrant, with each whole warrant entitling the holder to acquire one additional common share at an exercise price of 25 cents per common share for a period of 36 months from the closing date. The hard-dollar component will consist of up to 2,222,222 units at a price of 18 cents per HD unit for gross proceeds of up to $400,000. Each HD unit will consist of one common share of the company and one common share purchase warrant, with each whole warrant entitling the holder to acquire one additional common share at an exercise price of 25 cents per common share for a period of 36 months from the closing date of the financing.

The company may pay a finder's fee of up to 6 per cent cash for subscriptions to the financing.

The closing date for the placement is expected to be on or before June 30, 2023, and is subject to all regulatory approvals, including the approval of the TSX Venture Exchange. The securities issued in connection with this financing will be subject to a hold period of four months plus one day from the date of closing, in accordance with applicable securities legislation.

Use of proceeds

VR plans to use the gross proceeds of the financing for mineral exploration in Northern Ontario, and for general working capital for the company. More specifically, the company plans to use the proceeds to complete an additional drill hole later this month into the large kimberlite breccia complex discovered at its Northway property located in Northern Ontario (see news release dated May 18, 2023), and thereby take advantage of the drill equipment which remains on site following the recent drill program at the nearby Hecla-Kilmer property.

About the Northway property and project

The Northway property is located in Northern Ontario. It is approximately 12 kilometres northeast of the company's REE (rare earth element) critical metal discovery at its Hecla-Kilmer project. The nearest town is Moosonee, located on tidewater at James Bay approximately 125 kilometres to the northeast. Kapuskasing is located approximately the same distance to the southwest, on the Trans-Canada Highway (Provincial Highway 11).

Exploration is based out of a camp at the hydroelectric facility at Otter Rapids, located about 50 km to the southeast of Northway. Provincial Highway 634 provides road access to Otter Rapids from Smooth Rock Falls, located at the junction of Highway 634 with the Trans-Canada Highway. The property itself is just 15 km west of the Ontario Northern railway (ONR), which provides service to the communities on James Bay.

The Northway property consists of 64 contiguous claims in a single, four km by seven km block 1,315 hectares in size. It was expanded to a district-scale project by directly staking 284 new claims in 19 additional properties, covering magnetic anomalies near Northway and proximal to the ONR line, within an area of 50 km by 70 km overall.

The properties are owned 100 per cent by VR. There are no underlying payments or interests on the property, and no royalty interests because the property was staked by VR directly.

Northway is located on provincial Crown land in Northern Ontario, with mineral rights administered by the Ontario Ministry of Northern Development, Mines, Natural Resources and Forestry (MNDM). There are no annual payments, but the MNDM requires certain annual exploration expenditures and reporting. The property falls within the traditional territories of the Moose Cree and Taykwa Tagamou first nations.

About VR Resources Ltd.

VR is an established junior exploration company focused on unique, greenfield opportunities on large-footprint mineral systems in the Western United States and Canada. The foundation of VR is the diverse experience and proven record of its board in early-stage exploration, discovery and M&A (mergers and acquisitions). The company is financed for its exploration and corporate obligations. VR owns its properties outright and evaluates new opportunities on a continuing basis, whether by direct staking or acquisition.

We seek Safe Harbor.