Rupert Resources Reports Results for the Three and Nine Months Ending November 30, 2023

Rupert Resources Ltd (“Rupert” or the “Company”) announces that it has published its financial results for the three and nine months ending November 30, 2023 and accompanying Management’s Discussion and Analysis for the same period.

Both of the above have been posted on the Company’s website www.rupertresources.com as well as on SEDAR at www.sedar.com. All references to currency in this press release are in Canadian dollars.

Highlights

• Cash of $43.6 million at end of November 2023.
• Updated Mineral Resource Estimate (“MRE”) for the Ikkari Project was published in November showed a total Indicated Resource of 58.43 million tonnes (“Mt”) at a grade of 2.18 grams per tonne of gold (g/t Au) for 4.09Moz contained gold.
• Exploration activities have intensified in early 2024 with winter conditions allowing access to most prospective areas of Rupert’s land package.
• Pre-feasibility study proceeding as expected to allow timely delivery of Environmental Impact Assessment later in 2024.

James Withall, Chief Executive Officer of Rupert Resources said, “Our twin track approach to augment and de-risk the 4Moz resource inventory we have at the Ikkari Project continues. Drilling is underway at some of our most prospective targets on our core land package, we are well funded through our near-term work programs including the PFS and remain on the critical path for submission of our EIA report in calendar 2024.”

Financial summary

During the nine months ended November 30, 2023, the Company spent $20,380,006 (9 months ended November, 2022 – $20,297,767) on its exploration projects. As of November 30, 2023 Rupert held cash and cash equivalents of $43,605,144 (November 30, 2022 - $28,994,038). The Company recorded a net (loss) gain and comprehensive (loss) gain for the three months and nine months ended November 30, 2023 of $(308,922) and $(4,163,418) respectively (three months and nine months ended November 30, 2022 – $3,744,713 and $(6,573,531) respectively and a net (loss) gain per share for the three months and nine months ended November 30, 2023 of $(0.01) and $(0.04) respectively (three and nine months ended November 30, 2022 – $(0.01) and $(0.03) respectively).