Rupert Resources announces grant of performance share units and share options

June 14, 2022

Rupert Resources Ltd. (“Rupert Resources” or the “Company”) announced today that pursuant to the Company’s amended and restated equity incentive plan dated August 4, 2021 (the “Plan”), the Company has granted 140,852 performance share units (“PSUs”) to certain officers and employees of the Company or its subsidiaries. The PSUs will vest according certain corporate performance objectives and each PSU will convert into up to one common share of the Company, or the cash equivalent thereof, subject to the level of achievement of such performance objectives. Following the award of the PSUs, there are 381,253 performance share units outstanding under the Plan.

The Company furthermore announces that in accordance with the rules of the Plan it granted a total of 745,000 options to a certain certain officers and employees of the Company or its subsidiaries (the “Options”). The Options were granted on June 14, 2022 with an exercise price of $5.23 per share, being the closing price of the Company’s shares on the TSX-V on June 13, 2022. The Options are exercisable for a five-year period from the date of grant, with 1/3rd of the options vesting after 12 months, 1/3rd after 24 months and the remainder after 36 months. Following the award of the Options, there are 6,708,500 options outstanding under the Plan, representing 3.5% of the issued and outstanding shares of the Company.

Further details regarding the Plan are set out in the management information circular of the Company dated July 8, 2021, which is available on SEDAR at