Rupert Resources Ltd. report drilling from its 2022-23 exploration program at its multi-million ounce Ikkari gold discovery at the 100% owned Rupert Lapland Project in Northern Finland. In November 2022, the company published a mineral resource estimate (“MRE”) and preliminary economic assessment (“PEA”) for the project demonstrating the potential for a high margin, low impact mine with a life of over 20 years. Resource Infill: Hole #123019 – 3.1 grams per tonne gold (“g/t Au”) over 145.7m from 36.0m (31m vertical) and 2.9g/t Au over 28m including 43g/t Au over 1m from 302m (265m vertical) on a western section of the deposit.

This further defines high grade mineralisation from surface in a part of the deposit currently classified as Inferred Resources and with lower estimated grade than the new intercept; Hole #123040 – 6.5g/t Au over 22m from 225m including 10.2g/t Au over 11m from 227m in the eastern portion of the PEA open pit; Hole #123042 – 3.9g/t Au over 96m from 146m including selected sub intervals of 5.8g/t Au over 17m from 168m and 9.1g/t Au over 18m from 194m also in the eastern portion of the PEA open pit. Extensions: Hole #123026 – 1.3g/t Au over 88.7m from 487.3m (429m vertical) including 3.1g/t Au over 13.0m from 495m and 2.7g/t Au over 7.0m from 521m (figure 2) at depth in the west of the deposit. The hole confirms the interpreted plunge direction in the west of Ikkari and provides further drill targets to the west of Ikkari at depth.

Hole #123030 – 3.2g/t Au over 44m from 534m at depth (476m vertical) including 8.9g/t Au over 7m from 552m. This intercept demonstrates potential for the expansion of higher-grade resources at depth in the Ikkari deposit below the current limits of the Indicated Resource. Hole #123032 – 2.5g/t Au over 28m from 617m at depth (508m vertical), below the limits of the Indicated Resource, including 19.3g/t Au over 1m from 621m and 23.4g/t Au over 1m from 641m extending the high-grades in the centre of the deposit to depth.

2022-2023 exploration program: The 2022/2023 work program commenced in August 2022 with over 52,000m completed by the end of April 2023. The 30,000m allocated to Ikkari infill and project drilling has been completed so that an update to the current resource can be commenced once all assays are received. Programs to test extensions at Ikkari as well as potential satellites and new regional targets across Rupert's 634km2 land position were undertaken in the latter two months of the winter drilling season (March and April) and results are pending.

The infill holes being completed target remaining areas of Inferred Resources within the Indicated Resource outline, they continue to upgrade the geological confidence and the continuity of mineralisation within the deposit. Holes #123019, #123023 and #123024, all delivered very continuous robust mineralised intercepts in the western portions typical of the Ikkari deposit and #123019 delivered grade in excess of those previously estimated for this part of the deposit. Holes #123040 and #123042 defined the northern contact to the mineralisation, increasing resource confidence in this area and confirmed the continuity of discrete high grade zones within the wider mineralised domain.

This drilling programme aims to convert all the Inferred Resources above 500m vertical to the Indicated Resource category for inclusion in the PFS study and provide greater confidence and resolution for mining engineering and trade-off studies in the PFS.