Rupert Resources Announces Change to Board of Directors

Rupert Resources Ltd (“Rupert” or the “Company”) announces that it has appointed Andre Lauzon to its Board of Directors effective immediately. In his role as an independent non-executive director Mr Lauzon will also Chair the Company’s technical committee.

Gunnar Nilsson, Chairman of Rupert Resources said “We are pleased to welcome Andre Lauzon to the Board of Directors where he will chair the technical committee at an important time for the Company as we work towards completion of our prefeasibility study for Ikkari. Andre brings over 25 years experience across a number of disciplines on both base metals and gold projects at various stages of development. We expect to make further appointments to strengthen and broaden the capability of our Board as required.”

Concurrent to his appointment, Mr Lauzon, the Company furthermore announces that pursuant to the Company’s Amended and Restated Equity Incentive Plan dated November 9, 2022 (the “Plan”), a total of 200,000 options were awarded to Mr. Lauzon (the “Options”). The Options were granted with an effective date of October 23, 2023 with an exercise price of $3.42 per share, being the closing price of the Company’s shares on the TSX on October 20, 2023. The Options are exercisable for a five-year period from the date of grant, with 1/3rd of the options vesting after 12 months, 1/3rd after 24 months and the remainder after 36 months.

Following the award of the Options, there are 4,693,481 options outstanding under the Plan, representing 2.5% of the issued and outstanding shares of the Company.

Biography of Andre Lauzon

Andre Lauzon was appointed Chief Operating Officer and Senior Vice President of Hudbay Minerals Inc. in January 2022, leading Hudbay’s international operating teams and responsible for business development, technical services, exploration and corporate social responsibility.

Andre has over 25 years of international experience in technical, operations, and executive management roles at global mining companies, including Vale Inco where he provided technical expertise to the company’s global base metal mines and managerial oversight of various milling and mining operations. He holds an Honours Bachelor of Science degree in Geology and a Master of Science specialization in Geostatistics from Laurentian University.