Dr. Michael Gunning reports

VR ANNOUNCES $500K NON-BROKERED FINANCING TO BOLSTER TREASURY AND BUDGET FOR PLANNED UPCOMING DRILL PROGRAM AT NEW BOSTON POLYMETALLIC PORPHYRY COPPER SYSTEM IN NEVADA

VR Resources Ltd. has arranged a non-brokered private placement for $500,000.

The financing will consist of up to 3,333,333 units at a price of 15 cents per unit for gross proceeds of up to $500,000. Each unit will consist of one common share of the company and one-half of one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share at an exercise price of 20 cents per common share for a period of 18 months from the closing date of the financing.

In accordance with the policies of the TSX Venture Exchange, the company may pay a finder's fee of up to 6 per cent in cash for subscriptions to the financing.

The closing date is expected to be on or before April 12, 2024, and is subject to all regulatory approvals, including the approval of the exchange. The securities issued in connection with this financing will be subject to a hold period of four months plus one day from the closing date in accordance with applicable securities legislation.

Certain insiders of the company may participate in the financing. The issuance of units to insiders of the company pursuant to the financing will be considered related-party transactions within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transaction). The company intends to rely on exemptions from the formal valuation and minority approval requirements of sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of such insider participation, based on a determination that fair market value of the participation in the financing by insiders will not exceed 25 per cent of the market capitalization of the company, as determined in accordance with MI 61-101.

Use of proceeds

VR Resources plans to use the gross proceeds of the financing for mineral exploration in Nevada and for general working capital. More specifically, the company plans to use the funds to bolster the program budget for a planned drill program on its New Boston polymetallic copper-molybdenum-silver property in Nevada. The financing will build upon the funds expected to be received from the recently announced transaction and sale of the company's Hecla-Kilmer rare earth element property in Northern Ontario (see the news release dated March 11, 2024).

From VR Resources' chief executive officer, Dr. Michael Gunning: "This financing is about fiscal discipline and conviction.

"The upcoming drill program planned on the polymetallic copper-moly-silver porphyry system on our New Boston is founded on the non-dilutive funds from the recently announced sale of our Hecla-Kilmer property and P-REE-Nb discovery. In the meantime, the goal of this financing is to bolster the New Boston drill budget, for two reasons:

1. "Fiscal discipline: Additional funds will provide a contingency on inflation, which despite our experience in Nevada and our control on costs, will affect every single line item on our budget.
2. "Conviction: Should we encounter the copper mineralization that we see at surface in the East zone bowl throughout our initial planned holes, these additional funds will allow us to be more flexible and aggressive with regard to letting the planned holes run longer or considering additional holes."

About VR Resources Ltd.

VR Resources is an established junior exploration company based in Vancouver (TSX Venture Exchange: VRR, Frankfurt Stock Exchange: 5VR and OTCQB: VRRCF). VR Resources evaluates, explores and advances large-scale, blue-sky opportunities in copper, gold and critical metals in Nevada, United States, and Ontario, Canada. The company has also made Canada's newest diamond discovery in Northern Ontario and controls a new field of kimberlite targets around it. VR Resources applies modern exploration technologies and leverages in-house experience and expertise in greenfield exploration to large-footprint mineral systems in underexplored areas/districts. The foundation of VR Resources is the proven record of its board in early-stage exploration, discovery, and mergers and acquisitions. The company is well financed for its mineral exploration and corporate obligations. VR Resources owns its properties outright and evaluates new opportunities on a continuing basis, whether by staking or acquisition.

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