Mr. James Withall reports

RUPERT RESOURCES FILES FINAL SHORT FORM PROSPECTUS IN CONNECTION WITH BOUGHT DEAL EQUITY FINANCING AND PROVIDES CLARIFICATION WITH RESPECT TO THE PREVIOUSLY FILED "PRELIMINARY ECONOMIC ASSESSMENT IKKARI AND PAHTAVAARA - FINLAND

Rupert Resources Ltd., in connection with its previously announced bought deal public financing, has filed a final short form prospectus dated July 26, 2024, to qualify the distribution of 6,983,300 common shares of the company at a price of $3.58 per share and up to an additional 1,047,400 shares at the offering price to be issued upon exercise of an overallotment option, the particulars of which are further described in the final prospectus. Closing is expected on or about Aug. 1, 2024, and is subject to regulatory approval, including that of the Toronto Stock Exchange.

The company will also offer in a concurrent private placement approximately 1.8 million shares on substantially the same terms as the offering.

Access to the final prospectus and any amendment is provided in accordance with securities legislation relating to procedures for providing access to a short form prospectus and any amendment. The final prospectus is accessible on SEDAR+. An electronic or paper copy of the final prospectus and any amendment may be obtained, without charge, from Cormark Securities Inc. by phone at 416-362-7485 or e-mail at ecm@cormark.com, or BMO Capital Markets by phone at 905-791-3151 extension 4312 or e-mail at torbramwarehouse@datagroup.ca by providing the contact with an e-mail address or address, as applicable.

Prospective investors under the final prospectus or otherwise are cautioned that the company's previously filed technical report covering the Rupert Lapland project area entitled "Preliminary Economic Assessment Ikkari and Pahtavaara - Finland," with an effective date of March 10, 2023, has been replaced and superseded in its entirety by the company's subsequently filed technical report updating the mineral resource estimate at the company's Ikkari discovery entitled "Updated Mineral Resource Estimate for the Ikkari Project - Finland," with an effective date of Dec. 12, 2023. The updated Ikkari MRE is the only current technical report of the company and is available under the company's profile on SEDAR+. The company has initiated a prefeasibility study based on the updated Ikkari MRE, which is anticipated to be completed in the fourth calendar quarter of 2024.

The PEA and all references to the PEA in the documents incorporated by reference in the final prospectus have been explicitly carved out of, and do not form a part of, the final prospectus. The previously disclosed PEA is no longer current and should not be relied upon by potential investors under the final prospectus or otherwise in making an investment decision in respect of the company. The information contained in this paragraph was requested to be disclosed by the staff of the Ontario Securities Commission in connection with a staff review.

About Rupert Resources Ltd.

Rupert Resources is a gold exploration and development company listed on the Toronto Stock Exchange under the symbol RUP. The company is focused on making and advancing discoveries of scale and quality with high margin. The company's principal focus is Ikkari, a new high-quality gold discovery in northern Finland. Ikkari is part of the company's Rupert Lapland project, which also includes the Pahtavaara gold mine, mill and exploration permits.

We seek Safe Harbor.