TORONTO Feb. 19 2026 /BusinessWire: Rupert Resources Ltd (TSX: RUP, OTCQX: RUPRF, FSE:R05) (“Rupert” or the “Company”) is pleased to announce it has appointed Ausenco Engineering (“Ausenco”) to lead the feasibility study and provides an update on progress at Ikkari, a high-quality, multi-million ounce gold development project located in Northern Finland.
HIGHLIGHTS
Graham Crew, Chief Executive Officer of Rupert Resources said:
“We are pleased to announce that the Ikkari Project has formally entered the feasibility phase. The appointment of Ausenco represents an important milestone in advancing the project towards development.
Over the past year, the team has completed significant optimisation work, across processing, waste and water management. These refinements simplify the project design, strengthen the permitting pathway and are being incorporated ahead of the EIA submission, now targeted for Q4 2026. The updated design remains closely aligned with the PFS, while further reducing both technical and environmental risk.
With a strengthened project team and key engineering partners in place, Ikkari continues to advance with momentum, discipline and strong execution focus.”
Award of Engineering Contract
With the FS workstreams well advanced, and the basis of design and scope for the FS complete, Ausenco, a global engineering group, has been appointed as the lead consultant for the Ikkari Project.
Ausenco was selected due to its proven experience in the design and execution of gold processing plants comparable in scale and flowsheet design to Ikkari. Ausenco brings proven expertise in cold climate environments, supporting efficient construction and reliable long-term operations.
Ausenco will lead FS engineering for the process plant and supporting infrastructure, working alongside specialist local & international consultants to ensure the study, permitting requirements and execution strategy are aligned with the Finnish regulatory framework.
Ausenco has an excellent track record of delivering feasibility studies that support project financing and execution readiness.
FS Scope & Project Layout
The completion of the basis of design and the scope for the FS, alongside the appointment of Ausenco, enables the final FS work packages to be awarded to specialist consultants. The FS is expected to be completed at the end of H1 2027.
The FS and the EIA are based on a design and layout that closely align with the PFS, with all mining, processing and waste infrastructure contained within the Ikkari project boundary.
FS Workstreams and Project Optimisation
The optimisation studies and testwork completed during the last 12 months have identified several opportunities which simplify the Ikkari Project and reduce environmental impacts.
Process plant
Extensive metallurgical testwork confirms gold recoveries above 95%, while enabling lower cyanide consumption with further potential for cyanide recycling within the leach circuit. This is expected to reduce cyanide and detoxification reagent costs.
Mine waste facilities
The mine waste management design has been simplified to separate stacked filtered tailings and managed waste rock facilities. This approach reduces geotechnical complexity, improves operational flexibility and supports a lower-impact closure strategy. This design is in line with best available technologies which are widely viewed as best operating practice in environmental legislation.
Water treatment facilities and discharge
Water management represents a significant component of project capital. Following optimisation work, the contact water treatment design has been simplified, with potential capital and operating cost improvements to be quantified in the FS.
Design studies are progressing for treated water discharge to the Kitinen River, alongside baseline and engineering work related to the planned diversion of a small upstream section of the Saittajoki River.
Mining
The PFS demonstrated Ikkari’s potential to operate in the lowest quartile of carbon emission intensity for gold production. The FS is evaluating further emissions reduction opportunities, including alternative fuel strategies and partial fleet electrification.
Mining execution strategies are also under review, including owner-operated versus contract models, to optimise long-term cost structure.
The FS will also assess grade sequencing and stockpiling strategies to enhance early-year cash flow from the open pit.
Geotechnical drilling
3,580 metres of geotechnical drilling were completed during 2025. This work will inform open pit and underground mine design work for the FS during 2026. Field investigations for surface infrastructure are ongoing with site investigations of the process plant, mine waste facility and other infrastructure locations continuing over the coming months.
Hydrogeology
During 2025, several wide-diameter bore holes were drilled in the immediate vicinity of the mining area and groundwater pump tests run over several months. The data collected has further informed the groundwater modelling process, which is now completed and ready to support mine water management planning.
Power
The Ikkari Project benefits from its proximity to state power infrastructure and discussions with Fingrid Oyj, the state-owned utility, are progressing. Preliminary planning and design work for grid connection is underway. Route planning expected to be completed by the end of March 2026, following the recent appointment of Despro Oy as design consultant in January 2026.
EIA Report
The EIA submission is now targeted for Q4 2026. This timing reflects the incorporation of recent optimisation work across waste and water management into the final project design, resulting in a simplified configuration and reduced environmental impact.
The additional study period has also enabled the collection of further seasonal baseline and waste characterisation data and refinement of environmental impact modelling, strengthening the technical foundation of the submission.
Strengthened Ikkari Project Team
Project Director – Russell White
Russell White was appointed Ikkari Project Director in Q3 2025. He brings more than 35 years of experience in project delivery and operations, including engineering, construction and commissioning across multiple jurisdictions. His background includes senior roles with Centamin, Toro Gold and Endeavour Mining, with direct experience advancing projects from feasibility through to production.
Study Manager – Shane Miller
Shane Miller joined as Ikkari Study Manager in Q4 2025. With over 25 years of industry experience, Shane has led studies from early-stage projects through to detailed designs across a range of commodities. He previously held senior technical and project roles with Rio Tinto, most recently contributing to the Jadar Project in Serbia.
