Rupert Resources Announces Grant of Equity Awards

TORONTO, April 07, 2025 (GLOBE NEWSWIRE) -- Rupert Resources Ltd. (“Rupert Resources” or the “Company”) announced today that pursuant to the Company’s amended and restated equity incentive plan dated November 9, 2022 (the “Plan”), the Company has granted 239,734 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 two 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 668,324 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 119,867 restricted share units (“RSUs”) to certain officers and employees of the Company. The RSUs are subject to certain vesting conditions, including continued service provisions, with 1/3 vesting after 12 months, 1/3rd after 24 months and the remainder after 36 months. Following the award of the RSUs, there are 119,867 restricted share units outstanding under the Plan.

The Company furthermore announces that in accordance with the rules of the Plan it granted a total of 826,331 options to certain officers and employees of the Company or its subsidiaries (the “Options”). The Options were granted on April 7, 2025 with an exercise price of $4.50 per share. 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 4,454,645 options outstanding under the Plan, representing 1.9% of the issued and outstanding shares of the Company.

Awards of PSUs, DSUs and Options were applied based on a price for the Company’s shares of $4.50 per share, being the offering price of the “bought deal” public equity offering and the “private placement” of shares as announced by the Company on March 27 and April 1, 2025 respectively.

About Rupert Resources

Rupert Resources is a gold exploration and development company listed on the Toronto Stock Exchange. 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 high-quality, multi-million ounce gold discovery in Northern Finland.