VR Resources Ltd. reported receipt of additional geochemical data which increases the PMREO(3) content of the high-grade rare earth element mineralization intersected in HK22-013 at its Hecla-Kilmer critical metal project (H-K) located in Northern Ontario. The intersection for Hole 13, originally reported on July 21st, 2022 in NR-22-08, is now reported as: 243 m @ 1.02 % TREO(1), of which 21% are PMREO, within 287 m @ 0.90 % TREO, starting at surface and continuous to end of hole, and including: 66.61 m at 1.57 % TREO, starting at 155 m depth and including: 39 m @ 2.04 % TREO starting at 155 m. The 66.6 m @ 1.57% TREO is made up of 20.7% Magnet REO (Nd, Pr, Dy, Tb); The 39 m interval @ 2.04 % TREO contains 15.71% P2O5. Hole HK22-13 ended in high grade mineralization: 15 m @ 2.22% TREO with 21.3% PMREO.

The high grade mineralization is open beyond the end of the hole at 330m. As such, the hole was extended in the recent drill program, and Hole HK22-013ext was completed to 504 m. Data are pending. Explanation: VR utilizes analysis by lithium-borate fusion at ALS Laboratories in order to optimize the detection of the full suite of rare earth elements for its drill core samples from Hecla-Kilmer, in addition to standard ICP-MS and ICP-AES analyses for base metals and trace elements, and gold determination by atomic absorption assay.

If any sample exceeds 10,000 ppm Ce (cerium) or 1,000 ppm Pr (praseodymium), it is re-run using a higher instrument calibration in order to optimize the accuracy of data from high-grade mineralization. A total of 34 samples from Hole 22-13 exceeded the over-limit, and so the entire 66.61 metre intersection was re-analysed with the higher instrument calibration resulting in the results reported. Comment on Significance: The new data reported for Hole 13 demonstrate a 2% overall increase in PMREO at Hecla-Kilmer, driven largely by previous underreporting of praseodymium, one of the four high-demand rare earth oxides used in permanent magnets (the PMREO).

PMREO are more important in world markets because they are essential in the manufacturing of motors for electric vehicles and wind energy turbines, critical components in the emerging green economy. The high price of the four PMREOs partially reflects the constraints on demand because of the global monopoly controlled by China. These new data only re-emphasize that the polymetallic mineralization at Hecla-Kilmer competes with the world's best of breed REE deposits.

The proportion of TREO as PMREO, particularly praseodymium, neodymium, and terbium, is higher at Hecla-Kilmer than at existing carbonatite REE mines of Bayan Obo (largest) and Mountain Pass (highest grade). Next Steps: The discovery has progressed continuously since mineralization was first intersected at surface in Hole 4 during the first recce' program in October, 2020. Since then, VR has expanded geochemical techniques to include analysis by lithium-borate fusion to optimize detection of all REEs and utilized QEMSCAN thin section analysis to characterize REE mineralogy.

Going forward: VR has selected further high grade REE samples from across the property for scanning electron microprobe (SEM) research to determine exactly which minerals host the high value magnet rare earth elements. Initial results are expected by year-end, and work will be ongoing through 2023; VR has initiated the scoping for a metallurgical test /extraction study using a bulk sample of core from a drill hole with a broad intersection of mineralization starting at surface. This work is planned for the first half of 2023, utilizing the world-class REE expertise at SGS Laboratories in Ontario.

The strength of the discovery at Hecla-Kilmer is scale, that is, the sheer lateral breadth of the hydrothermal breccia system and high temperature potassic alteration, and the vertical extent of REE mineralization intersected in drill core and starting from surface. The plan map in Figure 2 provides the illustration: there are now intersections with > 1% TREO in 11 of the first 17 drill holes completed on the project, and they span some 2.5 km across the complex. The path towards advancing this discovery is strengthened by its location, just 23 km to the west of the provincial hydroelectric dam at Otter Rapids, with supporting and active Ontario Northern railroad and Highway 634 infrastructure.