RUPERT RESOURCES LTD - RUPRF STOCK NEWS

Rupert Resources has reported exceptional gold recoveries from metallurgical testwork at its Ikkari project. Key highlights include:

1. A bulk sample demonstrated 96.4% Au recovery from a head grade of 1.99g/t, including a significant gravity recoverable gold component.

2. Variability samples returned recoveries between 93.4% and 98.8% across a range of head grades.

3. Drill hole #124054 intersected 192m at 3.6g/t Au from 39m downhole, including 12.45m at 9.8g/t Au from 123.25m.

4. The company has identified seven priority targets for drill testing in the winter 2024/2025 season.

5. A pre-feasibility study is targeted for delivery in the second half of 2024.

Rupert Resources announces a significant leadership change, with Graham Crew appointed as the new Chief Executive Officer and Director, effective October 14, 2024. Crew will succeed James Withall, who has led the company since April 2017 and will step down from the Board but continue as an advisor. Under Withall's tenure, Rupert Resources made a major greenfield gold discovery at Ikkari, now progressing towards development as a long-life, high-margin project.

Graham Crew brings over 25 years of international mining experience, most recently as Chief Technical Officer for La Mancha Resource Capital. His expertise in operations, project development, and corporate strategy aligns with Rupert's next phase of growth, focusing on engineering, permitting, and stakeholder engagement for the Ikkari project in northern Finland.

Rupert Resources (TSX:RUP) has successfully closed its previously announced "bought deal" public offering, raising $28,749,906.00 in gross proceeds. The company issued 8,030,700 common shares at a price of $3.58 per share, which included the full exercise of the Underwriters' over-allotment option. The offering was conducted by Cormark Securities Inc. and BMO Capital Markets as co-lead underwriters and joint bookrunners, along with Canaccord Genuity Corp.

The offering was completed through a short form prospectus dated July 26, 2024, in several Canadian provinces and in the United States on a private placement basis. Rupert Resources plans to use the net proceeds for on-going exploration expenditures, technical and environmental studies on its properties in Finland, and for general corporate purposes. The offering is subject to final approval from the Toronto Stock Exchange.

Rupert Resources (TSX:RUP) has filed a final short form prospectus for its previously announced 'bought deal' public financing. The company plans to distribute 6,983,300 common shares at $3.58 per share, with an additional 1,047,400 shares available through an over-allotment option. A concurrent private placement of approximately 1,800,000 shares is also planned. The closing is expected around August 1, 2024, subject to regulatory approval.

Importantly, Rupert Resources has replaced its previous technical report (PEA) with an Updated Mineral Resource Estimate for the Ikkari Project, effective December 12, 2023. The company has initiated a pre-feasibility study (PFS) based on this update, expected to be completed in Q4 2024. Investors are cautioned that the previous PEA is no longer current and should not be relied upon for investment decisions.

Rupert Resources announced its unaudited financial results for the three months ending May 31, 2024, revealing a net loss of $745,826 and a net loss per share of $0.01. The company ended the quarter with $26.7 million in cash. Their primary focus remains the Ikkari project, with significant progress made in the pre-feasibility study (PFS), expected to be published in Q4 2024. Exploration activities continue in the Rupert Lapland Project Area, with 42,767 meters drilled in the 2023/24 program, including 24,060 meters within the Ikkari footprint. The company ceased talks with the Fingold JV but is advancing its Environmental Impact Assessment (EIA) program, aiming for an environmental permit in the first half of 2025.

Rupert Resources has published its 2023 Sustainability Report, now available on its website. CEO James Withall highlighted the company's progress in developing the Ikkari project, which aims to be a low-GHG-emissions gold mine due to its access to 100% renewable power, high open pit gold grade, and low strip ratio.

Rupert Resources maintains a three-pronged strategy: discovering high-quality, large deposits with minimal environmental impact; maximizing returns per share through value-accretive investments; and planning long-term sustainable development. The company is in important permitting and development stages for Ikkari and continues to engage with stakeholders to showcase the project's benefits while minimizing environmental impacts.

The TSX Exchange and its Regulation Services Provider do not take responsibility for the report's adequacy or accuracy.

Rupert Resources has announced that it could not reach terms to acquire the remaining 30% of the Fingold JV, which is held by B2Gold and Aurion Resources. The company remains focused on its Ikkari Project, a high-quality gold deposit noted for its continuity and grade. Rupert is progressing with its preliminary feasibility study and environmental impact statement, with plans to work closely with Finnish authorities. CEO James Withall emphasized the quality of Ikkari and the company's disciplined approach to shareholder investments. The project is expected to advance towards a PFS later in 2024.

Rupert Resources announced the grant of 295,079 performance share units (PSUs) to certain officers and employees. These PSUs will vest based on corporate performance objectives and can convert into common shares or cash equivalent. The company also granted 1,081,780 share options with an exercise price of $4.09, vesting over three years. Following these grants, there are 604,651 PSUs and 5,895,261 share options outstanding, representing 3.0% of the issued and outstanding shares.

Rupert Resources has released its audited financial results for the fiscal year ending February 29, 2024. The company reported spending $31.52 million on exploration and property purchases, a slight increase from the previous year's $29.08 million. Rupert held $36.83 million in cash and equivalents, and recorded a net loss of $5.78 million, improving from the prior year’s $10.67 million loss. Key operational activities included ongoing exploration in the Rupert Lapland Project Area and Ikkari, with significant drilling programs and progress towards a Pre-feasibility Study (PFS) expected by the end of 2024.