Rupert Resources Announces Award of Performance Share Units and Stock Options

TORONTO–(BUSINESS WIRE)–Rupert Resources Ltd. (“Rupert Resources” or the “Company”) announced today that pursuant to the Company’s Amended and Restated Stock Incentive Plan dated August 4, 2021 (the “Plan”), the Company has granted 140,852 performance shares (“PSUs”) to certain officers and employees of the Corporation or its subsidiaries. The PSUs will vest based on certain corporate performance objectives and each PSU will be converted into one common share of the Corporation, or its cash equivalent, subject to the level of achievement of these performance objectives. Following the grant of the PSUs, there are 381,253 performance share units outstanding under the plan.

The Company further announces that in accordance with the rules of the Plan, it has granted a total of 745,000 options to certain officers and employees of the Company or its subsidiaries (the “Options”). The options were granted on June 14, 2022 at an exercise price of $5.23 per share, being the closing price of the Company’s shares on the TSX-V on June 13, 2022. The options can be exercised during one five-year period from the date of grant, with 1/3rd of options vested after 12 months, 1/3rd after 24 months and the remainder after 36 months. Following the grant of the options, there are 6,708,500 options outstanding under the plan, representing 3.5% of the issued and outstanding shares of the Company.

Further details regarding the plan are set forth in the Company’s management information circular dated July 8, 2021, which is available on SEDAR at www.sedar.com.

About Rupert Resources

Rupert Resources is a gold exploration and development company listed on the TSX Venture Exchange under the symbol “RUP”. The Company is focused on making and advancing scale and quality discoveries with high margin and low potential for environmental impact. The company is primarily focused on Ikkari, a new high-grade gold discovery in northern Finland with an inferred mineral resource estimate of 49 Mt at 2.5 g/t gold for 3.95 million ounces1. Ikkari is part of the Company’s “Rupert Lapland Project”, which also includes the Pahtavaara gold mine, processing plant and exploration permits and concessions located in the greenstone belt of northern central Lapland of Finland (“Pahtavaara”). The Company also holds a 100% interest in the Surf Inlet property in British Columbia, a 100% interest in properties in central Finland and a 20% interest in the Gold Center property located adjacent to the Red Lake mine in Ontario.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Caution Regarding Forward-Looking Statements

This press release contains statements that, other than statements of historical fact, constitute “forward-looking statements” within the meaning of applicable securities laws, including statements regarding: results of exploration activities and mineral resources . The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and expressions similar, with respect to the Company, are intended to identify such forward-looking statements. Investors are cautioned that forward-looking statements are based on management’s beliefs, assumptions and estimates believed to be reasonable as of the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause events or results to differ materially from those projected in the forward-looking statements. These factors include general risks of the mining industry, as well as risk factors discussed or referred to in the Company’s Annual MD&A for the fiscal year ended February 28, 2022 available on Sedar (www.sedar.com). Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may differ materially from those described herein as anticipated, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking information, there may be other factors that cause the actions , events or results are not those anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company does not intend and undertakes no obligation to update these forward-looking statements, except as otherwise required by applicable law.

1 National Instrument 43-101 Inferred Mineral Resource (“IRM”) estimate for Ikkari of 49 million tonnes (“Mt”) at 2.5 grams per tonne gold (“g/t Au”), for a total of 3.95 million ounces (“oz”) (see the technical report titled “NI 43-101 Technical Report: Ikkari Project, Finland” with an effective date of September 13, 2021 prepared by Brian Wolfe, Principal Consultant, International Resource Solutions Pty Ltd., an Independent Qualified Person under NI 43-101: the “Ikkari Technical Report”).

MRE was estimated using the “Best Practice Guidelines for Estimating Mineral Resources and Mineral Reserves” from the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) . It was calculated using the Multiple Indicator Kriging (MIK) method and is classified as an Inferred Mineral Resource as defined by the CIM. Numbers are affected by rounding. The MRE was reported using cut-off grades of 0.6 g/t Au for the mineralization potentially mineable by open pit methods and 1.2 g/t Au for the part potentially mineable by underground methods. The thresholds were based on a gold price of 1,430 USD/oz Au, with an overall recovery of 92% and costs derived from benchmarks and first principles (see: Ikkari’s technical report). Mineral Resources do not include Mineral Reserves and do not have demonstrated economic viability. There is no certainty that any part of the Mineral Resources will be converted into Mineral Reserves.

Bonny J. Streater