Rupert Resources Extends Mineralisation at Ikkari With First Drill Hole of New Season and Provides Update on Development Programs

Rupert Resources is pleased to report drilling from the start of its 2022-23 exploration program and provide an operational update on advancing its multi-million ounce Ikkari gold discovery at the 100% owned Rupert Lapland Project in Northern Finland.

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Ikkari has a maiden National Instrument 43-101 mineral resource estimate of 49 million tonnes ("Mt") at 2.5 grams per tonne gold ("g/t Au") for 3.95 million Inferred ounces (see Sept. 13, 2021 press release)¹.

James Withall, CEO of Rupert Resources commented, "We are in the unique position in our industry of having delineated the 4Moz Ikkari maiden resource less than two years out from the first discovery hole. We continue to add to our understanding of the Ikkari's value and future potential through the PEA work, metallurgical data continue to support extremely beneficial metallurgical characteristics previously released, coarse grind size, >95% recovery which underpin the potential for a low-emission, high margin operation. Building on the achievements to date, drilling has recommenced, focussed on expanding the limits of the Ikkari resource and at regional targets to demonstrate further opportunities in the emerging Central Lapland gold belt."

2022-2023 Exploration Program

The 2022/2023 work program, as of August 2022, is planned to include 72,800m of drilling. Around 30,000m will be allocated to Ikkari infill and project drilling with the balance divided equally between Ikkari extension and satellites; and regional exploration across Rupert's 634km² land position targeting additional discoveries of scale. Rupert is particularly focused on near-term resource additions over the upcoming winter drilling season to ensure these can be included in future economic and environmental assessments and the eventual permitting application for the Project.

Rupert is pleased to report results from the first hole of the 2022/2023 drilling season targeting extensions of mineralised zone in the east from previous holes.

• #122180 - 32.5m of 2.2g/t Au from 571m (500m vertical) extending mineralisation in the east by approximately 110m in the downdip direction, beyond the limits of the current resource estimate. The intercept included 1m at 11.3g/t and 0.7m at 17.3g/t demonstrating some of the high-grade characteristic common to Ikkari

Further infill drilling results from Ikkari that were received after the cut off date for the current resource update, demonstrate the broad, robust grades which the deposit delivers, including:

• #122115 - 34.2m of 7.1g/t Au from 99.8m and 27m of 4.3g/t Au from 143m
• #122111 - 23.0m of 4.4g/t Au from 89.0m
• #122102 - 86m of 1.2g/t Au from 199m in the west

A key milestone for Rupert will be the completion of a preliminary economic assessment (PEA) planned for Q4 2022. The PEA will include an updated mineral resource estimate for Ikkari incorporating 37,000m of additional drilling (2021 maiden resource based on 36,000m of drilling).

2022-23 Development Program

Metallurgy

Fourth round metallurgical test-work will commence this month. Approximately 1 tonne of samples along with 6m³ of site water have been shipped from Ikkari. These tests will provide further data for the feasibility study stage of the project. This follows the third-round test-work in early 2022 that reiterated potential for overall gold recoveries in excess of 95%. Furthermore, the test-work continues to demonstrate the potential for a coarse grind size which should have a significant positive impact to site power requirements. All the results to date continue to demonstrate a simple, highly efficient processing route for gold doré production is possible at the project.

Environmental monitoring and permitting

Rupert continues to progress key base line and monitoring programmes to enable timely completion of the Environmental Impact Assessment ("EIA") and permit application stages. Initiatives include:

• 12 shallow monitoring bores have been drilled along with four deep wells. These wells are equipped with continuous data monitors using the 4G comms network available, providing information to our consultants in the UK. A second phase will see an expansion of this programme providing the further data for feasibility studies and life cycle monitoring.
• Fourth year of baseline surface water monitoring, flora and fauna surveys
• Ongoing bulk waste rock and tailings waste characterisation test work
• EIA program design for pre-approval by Finnish authorities in Q4 2022.
• Desktop studies underway to fully understand the emissions profiles of mine plans and processing routes to allow consideration as part of future trade-off studies.

Completed 2021-22 Exploration Programs

Our completed 2021/22 program, as of July 2022, included a total of 80,817m of drilling, both Ikkari and regional. Infill drilling at Ikkari continued to return significant intervals of gold mineralisation, in places, at higher grades than estimated in September 2021's maiden resource estimate. Of note, as part of infill drilling, Hole #121160 returned a record 103m of 8g/t Au from 155m in the central section of the resource (see Feb. 1, 2022 release). Rupert is also pleased with regional target drilling that included the following highlights:

• Discovered a new mineralised zone 500m north of Ikkari and 500m south of Heinä Central (see Aug. 17, 2022 press release)
• Drilling demonstrates both the satellite potential at Heinä Central, located 1 kilometre (km) north of Ikkari, and highlights associated high-grade copper potential with multiple intervals including copper grades in excess of 1% (see Nov. 29, 2021 press release)
• New drilling at Heinä South, 1km northwest of Ikkari, has yielded further bonanza gold veins (quartz-carbonate) (See March 16, 2022 press release)

New drilling from Ikkari

Hole #122180 was drilled in the eastern part of the Ikkari deposit and is the deepest hole on this section of the deposit. The hole intersected the mineralised zone at >500m vertical depth and the intercept of 32m of 2.2g/t Au provides robust continuity, extending the mineralised zone to depth (figure 2, table 2 for details of other mineralised intercepts within this hole). Even further east than this hole, #122142 intersected 7.1m of 4.3g/t Au from 183m and on the easternmost section drilled to date, #122138 intersected 16m at 1.1g/t Au from 486m (385m vertical). Neither of these sections have been drilled to the same depth extent as the intercept of 32m of 2.2g/t Au in 121180, and follow up drilling to depth on these sections is planned as a priority. Other drill holes in the eastern extent of the deposit, reported here (#122122, #122133 and #122138), are not as well mineralised, but are considered likely to have missed a potential mineralised plunge to the east and north. Further drilling in this area is planned for the upcoming drilling season.

Other drilling reported here comprises predominantly infill holes that support the resource, with key results from the central part of the deposit continuing to reflect the excellent continuity of the high-grade zone in this section. For example, #122115 intersected 34.2m of 7.1g/t Au from 99.8m and 27m of 4.3g/t Au from 143m and #122033 intersected 32m of 2.8 g/t Au from 406m (including 2m of 7.7g/t and 2m of 17.7g/t Au) and 26m of 1.6g/t Au from 461m.

In the western part of the deposit, infill drill further confirmed previous drilling from this area with results from the main mineralised zone including #122102 that intersected 86m of 1.2g/t Au from 199m and 10m of 3.5g/t Au from 515m, and #122051 that intersected 23m of 2.1g/t Au from 387m.

Geological interpretation

Ikkari and Heinä Central were discovered using systematic regional exploration that initially focused on geochemical sampling of the bedrock/till interface through glacial till deposits of 5m to 40m thickness. No outcrop is present, and topography is dominated by low-lying swamp areas.

The Ikkari deposit occurs within rocks that have been regionally mapped as 2.05-2.15 billion years ("Ga") old Savukoski group greenschist-metamorphosed mafic-ultramafic volcanic rocks, part of the Central Lapland Greenstone Belt ("CLGB"). Gold mineralisation is largely confined to the structurally modified unconformity at a significant domain boundary. Younger sedimentary lithologies are complexly interleaved, with intensely altered ultramafic rocks, and the mineralized zone is bounded to the north by a steeply N-dipping cataclastic zone. In general, alteration and structure appear to be sub-vertical, with lithologies generally dipping ~70 degrees north.

The main mineralized zone is strongly altered and characterised by intense veining and foliation that frequently overprint original textures. An early phase of finely laminated, grey ankerite/dolomite veins is overprinted by stockwork-like irregular siderite ± quartz ± chlorite ± sulphide veins. These vein arrays are often deformed with shear-related boudinage and in situ brecciation. Magnetite and/or haematite are common, in association with pyrite. Hydrothermal alteration commonly comprises quartz-dolomite-chlorite-magnetite (±haematite). Gold is hosted by disseminated and vein-related pyrite. Multi-phase breccias are well developed within the mineralised zone, with early silicified cataclastic phases overprinted by late, carbonate- iron-oxide- rich, hydrothermal breccias which display a subvertical control. All breccias frequently host disseminated pyrite, and are often associated with bonanza gold grades, particularly where magnetite or haematite is prevalent. In the sedimentary lithologies, albite alteration is intense and pervasive, with pyrite-magnetite (± gold) hosted in veinlets in brittle fracture zones.

At Heinä Central, the multiple sulphide zones identified (25 to >50% pyrrhotite + chalcopyrite + pyrite) are hosted by cataclastic quartz-dolomite breccia within a sedimentary sequence that includes interbedded siltstone and carbonaceous shale. This sequence is intruded by mafic dykes, and intermediate intrusives are also present. Brecciation is associated with a broad, complex, folded structural zone that is related to decoupling along lithological contacts and localised folding.

Figures & Tables

Figures and tables featured in the Appendix at end of release, include:

• Figure 1. Location of new drilling at Ikkari
• Figure 2. Long section showing new drilling at Ikkari
• Table 1. Collar locations of new drill holes
• Table 2. New Intercepts from new drilling at Ikkari

About the Rupert Lapland Project

The Rupert Lapland Project is located in the epicentre of the Central Lapland Greenstone Belt, Northern Finland, where the company has made six new discoveries including the high quality Ikkari Project with an inferred mineral resource estimate of 49Mt at 2.5 g/t gold for 3.95 million ounces¹. The Rupert Lapland Project also contains the Pahtavaara mine and mill (on active care & maintenance) within a regional land package of some 634km². The Company acquired the project for USD2.5m in 2016 and is undertaking exploration both at the existing mine and across the region to demonstrate the potential for significant economic mineralisation. The Ikkari deposit and five other discoveries are located in a structural corridor that lies between the Kittilä Group allochthon to the north and the younger Kumpu Group basin to the south. The mineralised area is dominated by large E-W to ENE trending faults which have controlled broad to isoclinal folding within the sediment-dominated (Savukoski Group) rock package. A complex network of cross cutting structures has focused multi-stage fluid flow, with gold mineralisation associated with massive to fine-grained disseminated sulphides and concentrated at favourable structural intersections.

Review by Qualified Person, Quality Control and Reports

Dr Charlotte Seabrook, MAIG, RPGeo., Exploration Manager of Rupert, is the Qualified Person as defined by National Instrument 43-101 responsible for the accuracy of scientific and technical information in this news release.

Samples are prepared by ALS Finland in Sodankylä and assayed in ALS laboratories in Ireland, Romania or Sweden. All samples are under watch from the drill site to the storage facility. Samples are assayed using fire assay method with aqua regia digest and analysis by AAS for gold. Over limit analysis for >10 ppm Au is conducted using fire assay and gravimetric finish for assays over >100ppm Au. For multi-element assays, Ultra Trace Level Method by HF-HNO3-HClO4 acid digestion, HCl leach and a combination of ICP-MS and ICP-AES are used. The Company's QA/QC program includes the regular insertion of blanks and standards into the sample shipments, as well as instructions for duplication. Standards, blanks and duplicates are inserted at appropriate intervals. Approximately five percent (5%) of the pulps and rejects are sent for check assaying at a second laboratory.

Base of till samples are prepared in ALS Sodankylä by dry-sieving method prep-41 and assayed for gold by fire assay with ICP-AES finish. Multi-elements are assayed in ALS laboratories in either of Ireland, Romania or Sweden by aqua regia with ICP-MS finish. Rupert maintains a strict chain of custody procedure to manage the handling of all samples. The Company's QA/QC program includes the regular insertion of blanks and standards into the sample shipments, as well as instructions for duplication.

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 discoveries of scale and quality with high margin and low environmental impact potential. 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 and concessions located in the Central Lapland Greenstone Belt of Northern 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% carried participating interest in the Gold Centre 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.

Cautionary Note Regarding Forward Looking Statements

This press release contains statements which, other than statements of historical fact constitute "forward-looking statements" within the meaning of applicable securities laws, including statements with respect to: results of exploration activities and mineral resources. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, are intended to identify such forward-looking statements. Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at 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 actual events or results to differ materially from those projected in the forward-looking statements. These factors include the general risks of the mining industry, as well as those risk factors discussed or referred to in the Company's annual Management's Discussion and Analysis for the year ended February 28, 2022 available here. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, 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 forward-looking information, there may be other factors that cause actions, events or results not to be as 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 does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.

¹ National Instrument 43-101 inferred mineral resource estimate ("MRE") for Ikkari of 49 million tonnes ("Mt") at 2.5 grams per tonne gold ("g/t Au"), for 3.95 million ounces ("oz") in total (see the technical report entitled "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").

The MRE has been estimated using the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") "Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines". It was calculated using the multiple indicator kriging method (MIK) and is classified as an inferred mineral resource as defined by the CIM. Numbers are affected by rounding. The MRE was reported using cut-offs of 0.6g/t Au for mineralisation potentially mineable by open pit methods and 1.2g/t Au for that portion that is potentially extractable by underground methods. The cut-offs were based on a gold price of US$1430/oz Au, with a 92% overall recovery and costs derived from benchmarks and first principles (see: the Ikkari 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 to Mineral Reserves.

APPENDIX

Table 1. Collar locations of new drill holes

Table 2. New Intercepts from Ikkari

No upper cut-off grade and a 0.4g/t Au and 0.1% Cu lower cut-off applied. Italic intervals indicate only copper cut off applied. Unless specified, true widths cannot be accurately determined from the information available. Bold intervals referred to in text of release. Refer to https://rupertresources.com/news/ for details of previously released drilling intercepts. EOH- End of Hole. NSI - No significant intercept.

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For further information, please contact:
James Withall
Chief Executive Officer
jwithall@rupertresources.com

Thomas Credland
Head of Corporate Development
tcredland@rupertresources.com

Rupert Resources Ltd.
82 Richmond Street East, Suite 203, Toronto, Ontario M5C 1P1
Tel: +1 416-304-9004
Web: http://rupertresources.com/