Dr. Michael Gunning reports

VR INCREASES PREVIOUSLY ANNOUNCED PRIVATE PLACEMENT

VR Resources Ltd. has increased its previously announced private placement from $500,000 to $900,000.

The terms of the financing are unchanged from those announced on March 14 in NR-24-004. The company will issue 5,982,665 units at a price of 15 cents per unit for gross proceeds of $897,400. 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 cash for subscriptions to the financing.

The closing date is expected to be on or before March 28, 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 the 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 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 this spring. The financing will build upon the funds expected to be received from the recently announced transaction and sale of the company's Hecla-Kilmer REE (rare-earth element) property in Northern Ontario (see NR24-03 dated March 11, 2024).

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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