Rupert Resources Reports Results for the Three Months Ending May 31, 2023 and Publishes Sustainability Report for 2022

Rupert Resources Ltd (“Rupert” or the “Company”) announces that it has published its financial results for the three months ending May 31, 2023 and accompanying Management’s Discussion and Analysis for the same period. The Company is also pleased to report that it has published its Sustainability Report covering 2022.

All of the above have been posted on the Company’s website www.rupertresources.com with the financial statements and MD&A also published on SEDAR at www.sedar.com.

Financial Highlights

During the three months ending May 31, 2023, the Company spent $7,915,058 (three months ended May 31, 2022 – $8,716,489) on its exploration projects. As of May 31, 2023, Rupert held cash or cash equivalents of $59,170,341. The Company recorded a net loss and comprehensive loss for the quarter of $(2,306,952) (three months ended May 31, 2022 – $(5,144,977)) and a net loss per share of $(0.01) (three months ended May 31, 2022 – $(0.01)).

All references to currency in this press release are in Canadian dollars.

James Withall, Chief Executive Officer of Rupert Resources said, “Today’s results continue to show a strong balance sheet and we are pleased to publish our second annual sustainability report. Looking forward to the next 12 months we aim to complete a resource update (Q4 2023) and pre-feasibility study (H1 2023) to demonstrate Ikkari’s potential to become a significant long-life, high-margin, low-impact gold mine. What sets Ikkari apart from other discoveries is the near surface, high grade orebody located close to existing infrastructure in a region already familiar with the benefits of sustainable mine development. A notable recent development in Lapland is the possibility to sign 100% carbon-free energy contracts, a significant point of difference from many other operations and projects around the world.”

Operating Highlights

During the quarter ending May 31, 2023 and up to the date of this document, Rupert’s operational activities have been entirely focussed on the Rupert Lapland Project Area and Ikkari in particular.

Regional Exploration Program, including Ikkari

The regional exploration program at the Rupert Lapland Project Area is designed to identify and evaluate the mineral potential contained in Rupert’s land package in the CLGB.

Since July 2020 the Company has been engaged in a diamond drill program to further evaluate discoveries made within the Rupert Lapland Project Area, including Ikkari, as well as continuing to generate new targets through base of till (“BoT”) sampling, which continues across the Rupert Lapland Project Area and specifically over geophysical anomalies of interest.