Rupert Resources Ltd (“Rupert” or the “Company”) announces that it has published its unaudited financial results for the three and six months ending August 31, 2022 and accompanying Management’s Discussion and Analysis for the same period.
Both of the above have been posted on the Company’s website www.rupertresources.com and on Sedar at www.sedar.com.
Financial performance
During the six months ended August 31, 2022, the Company spent $13,759,177 (6 months ended August 31, 2021 – $10,892,509) on its exploration projects. As of August 31, 2022, Rupert held cash or cash equivalents of $36,860,468. The Company recorded a net loss and comprehensive loss for the three months and six months ended August 31, 2022 of $(5,173,267) and $(10,318,244) respectively (three months and six months ended August 31, 2021 – $(1,494,403) and $(4,973,469) respectively) and a net loss per share for the three months and six months ended August 31, 2022 of $(0.02) and $(0.03) respectively (three and six months ended August 31, 2021 – $(0.01) and $(0.02) respectively).
Operating Highlights
During the three and six months to end-August 2022 and up to the date of this document, Rupert’s operational activities have been primarily focussed on the Rupert Lapland Project Area and Ikkari in particular, located in the Central Lapland Greenstone Belt (“CLGB”), together with more limited exploration activity at Hirsikangas in Central Finland.
Rupert Lapland Project Area, CLGB, Northern Finland
The regional exploration program at the Rupert Lapland Project Area is designed to identify and evaluate the mineral potential contained in Rupert’s land package in the CLGB.
Since July 2020 the Company has been engaged in a diamond drill program to further evaluate discoveries made within the Rupert Lapland Project Area, including Ikkari, as well as continuing to generate new targets.
Base of till (“BoT”) sampling continues across the Rupert Lapland Project Area, specifically over geophysical anomalies of interest and programs will begin on recently applied for exploration permits upon grant in the coming months.
Ikkari Preliminary Economic Assessment and Related Studies
Following publication in September 2021 of the Ikkari Technical Report, and the on-going regional diamond and BoT drilling and sampling programs, a NI 43-101-compliant Preliminary Economic Assessment of Ikkari (“Ikkari PEA”) is currently underway and is expected to be completed along with an update to the MRE in the fourth quarter of calendar 2022.
The Ikkari PEA project is led by Tetra Tech, and encompasses an evaluation of the economic potential of the Ikkari and Pahtavaara mineral resources as well as satellite deposits that have continued to be drilled during the 2021/22 winter exploration program, as well as subsequently. Various studies have been initiated and which will contribute to the PEA, including but not limited to: optimisation of planned mining methods, schedules and site layouts, hydrogeological and geotechnical evaluations and metallurgical studies, including assessment of processing options. The aim of the Ikkari PEA is to better define the optimum parameters that will be used in a Pre-feasibility Study (“PFS”) that is expected to be initiated subsequent to its completion.
Ikkari and Pahtavaara Environmental Assessments
The Environmental Impact Assessment (“EIA”) work program, initiated during 2021/22, is on-going at each of Ikkari and Pahtavaara, with the aim of securing an environmental permit and thereafter a mining licence for Ikkari in addition to those already held at Pahtavaara. The Ikkari PEA is also drawing from this process as appropriate.
Pahtavaara Mine
Further to the drilling programs at the Pahtavaara Mine as reported in October 2020 and July 2021, a trade-off study of Pahtavaara is to be completed as part of the Ikkari PEA in order to define the most suitable mining methods and cut-off grades and to complete an updated National Instrument 43-101 Technical Report. The Ikkari PEA will also review the opportunity to develop Pahtavaara as a satellite mine to a new central processing facility at Ikkari, which may allow Pahtavaara to benefit from cost synergies and shared infrastructure.
Central Finland Properties
In 2022, IP surveys and limited drill testing were carried out in the summer at both Ullava and Purontaka targets and the results from these are being processed. Field work continues at the Lesti Arc area and southern extent of Himanka volcanic belt, which also hosts the Hirsikangas deposit.
