TORONTO May 13, 2026 /BusinessWire: Rupert Resources Ltd. (TSX: RUP, OTCQX: RUPRF, FSE: R05) (“Rupert” or the “Company”) is pleased to announce that it has published its unaudited financial results for the three months ending March 31, 2026 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 the Company’s profile on SEDAR+ at www.sedarplus.ca.
All references to currency in this press release are in Canadian dollars, unless specified otherwise.
Q1 2026 HIGHLIGHTS
- In February 2026, Ausenco Engineering (“Ausenco”) was appointed to lead the Ikkari Project Feasibility Study (“FS”).
- Updated guidance was also issued for the next project milestones; Environmental Impact Assessment (“EIA”) targeted for Q4 2026, with completion of the FS expected in H1 2027. In light of the announcement of the Transaction with Agnico Eagle (each as defined below) on April 20, 2026, (see below) the timing of these project milestones may be subject to change.
- Cash and cash equivalents of $89 million as at March 31, 2026.
SUBSEQUENT EVENTS – (POST PERIOD END)
- On April 20, 2026 the Company announced that it had entered into a definitive arrangement agreement (the “Arrangement Agreement”) with Agnico Eagle Mines Limited (NYSE: AEM, TSX: AEM) (“Agnico Eagle”) pursuant to which Agnico Eagle has agreed to acquire all of the outstanding common shares of Rupert (the “Rupert Shares”) it does not already own by way of plan of arrangement under the Business Corporations Act (British Columbia) (the “Transaction”).
- Under the terms of the Transaction, each Rupert Share will be exchanged for: (i) upfront consideration of 0.0401 of a common share of Agnico Eagle (“Agnico Share”), representing approximately $12.00 based on the five-day volume weighted average trading price per Agnico Share as at April 17, 2026 (the “Share Consideration”); and (ii) contingent consideration of up to $3.00, in the form of a contingent value right (“CVR” and together with the Share Consideration, the “Consideration”), that is payable in cash upon certain milestones being achieved over the 10 year term of the CVR. The CVR milestones, which relate to the mining rights currently 100% owned by Rupert (the “Acquired Properties”), are as follows:
- $1.00 upon the public announcement of at least 5 million ounces of gold in mineral reserves on the Acquired Properties;
- $1.00 upon the public announcement of: (i) the Acquired Properties reaching commercial production and (ii) the Acquired Properties reaching 7.5 million ounces of gold in aggregate mineral reserves and production; and
- $1.00 upon the public announcement of: (i) the Acquired Properties reaching commercial production and (ii) the Acquired Properties reaching 10 million ounces of gold in aggregate mineral reserves and production.
- On May 7, 2026, the Supreme Court of British Columbia granted an interim order providing for the calling and holding of the securityholder meeting to approve the Transaction (the “Meeting”), the granting of dissent rights and addressing other procedural matters related to the conduct of the Meeting.
- Completion of the Transaction is subject to customary conditions, including, among others, court approval and a securityholder vote that is expected to take place at the Meeting to be held virtually on June 9, 2026.
- Subject to the satisfaction of all conditions to closing set out in the Arrangement Agreement, it is anticipated that the Transaction will be completed in June 2026.
Graham Crew, Chief Executive Officer of Rupert said:
“Q1 2026 marked a period of strong progress for Rupert and the Ikkari project. The appointment of Ausenco as lead consultant for the Feasibility Study in February represented a key milestone in advancing the Ikkari project towards development. In parallel, we continued systematic exploration across our recently expanded land package in the Central Lapland Greenstone Belt, initiating targeting work on new priority areas whilst also progressing infill drilling around Ikkari and Heinä South.
Post quarter end we announced the Transaction with Agnico Eagle, one of the world’s leading gold producers. Rupert shareholders will retain meaningful exposure to the Acquired Properties, including Ikkari’s future upside through the CVRs, while also participating in Agnico Eagle’s broader mining portfolio. We continue to believe this Transaction, which combines Rupert’s deep understanding of Ikkari with the local expertise and operational capabilities of Agnico Eagle to realise the assets full potential for shareholders, employees, local communities and regional stakeholders.”
Financial Highlights
During the three months ended March 31, 2026, the Company spent $7,574,845 (three months ended March 31, 2025 – $6,872,366) on general exploration costs and purchase of property, plant and equipment. As of March 31, 2026, Rupert held cash or cash equivalents of $89,004,509. The Company recorded a comprehensive loss for the three months ended March 31, 2026 of $(2,839,702) (comprehensive income for the three months ended March 31, 2025 – $3,507,377 and a net loss per share of $(0.01) (three months ended March 31, 2025 – $(0.01)).
PDF of press release
Management Discussion & Analysis
Financial Statements
