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
SUBSEQUENT EVENTS – (POST PERIOD END)
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)).
Management Discussion & Analysis
TORONTO May 13, 2026 /BusinessWire: Rupert Resources Ltd (TSX: RUP, OTCQX: RUPRF, FSE:R05) (“Rupert” or the “Company”) announced today that it has filed and is in the process of mailing its management information circular (the “Circular”) and related materials for the special meeting (the “Meeting”) of holders (“Shareholders”) of its common shares (the “Shares”), the holders (“Optionholders”) of options to purchase Shares (“Options”), the holders (“DSU Holders”) of its deferred share units (“DSUs”), the holders (“PSU Holders”) of its performance share units (“PSUs”) and the holders (“RSU Holders” and, collectively with the Shareholders, Optionholders, DSU Holders and PSU Holders, the “Securityholders”) of its restricted share units (“RSUs” and, collectively with the Shares, Options, DSUs and PSUs, the “Securities”) to be held to approve the previously announced plan of arrangement (the “Arrangement”) pursuant to which, among other things, Agnico Eagle Mines Limited (NYSE: AEM, TSX: AEM) (“Agnico Eagle”) will acquire all of the issued and outstanding Shares that it does not already own. All dollar amounts in this news release are stated in Canadian dollars.
The Consideration
Pursuant to the Arrangement, each Share will be exchanged for: (i) upfront consideration of 0.0401 of a common share of Agnico Eagle (the “Share Consideration”); and (ii) contingent consideration of up to $3.00, in the form of a contingent value right (a “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, all as more particularly described in the Circular.
Unanimous Board Recommendation
The Board of Directors of Rupert (the “Board”) (with Agnico Eagle’s nominee director recusing herself), after careful consideration and having received the unanimous recommendation of the special committee of the Board comprised of independent directors (the “Special Committee”) and advice from Rupert’s legal and financial advisors, the Formal Valuation and the Fairness Opinions (each as defined below), unanimously recommends that Securityholders vote FOR the Arrangement.
Reasons for the Recommendation
In reaching the conclusion to recommend that Securityholders vote FOR the Arrangement, the Board (with Agnico Eagle’s nominee director recusing herself), on the recommendation of the Special Committee, with the assistance of its outside legal and financial advisors, carefully reviewed, considered and relied upon a number of factors, including, among others, the following:
A full description of the factors considered by the Special Committee and the Board is included in the Circular under the heading “The Arrangement – Reasons for the Recommendations”.
Meeting Information and Circular
The Meeting is scheduled to be held virtually via live audio webcast available online at meetnow.global/MQNJC67 on June 9, 2026 at 10:30 a.m. (Toronto Time).The Board has fixed the close of business (Toronto Time) on May 1, 2026 as the record date (the “Record Date”) for the determination of Securityholders entitled to receive notice of and to vote at the Meeting and any postponement or adjournment of the Meeting.
In order to proceed, the Arrangement must be approved by not less than (i) 66⅔% of the votes cast by Shareholders, voting as a separate class, present in person or represented by proxy and entitled to vote at the Meeting; (ii) 66⅔% of the votes cast by Securityholders, voting as a single class with one vote for each Share, Option, DSU, PSU and RSU held, present in person or represented by proxy and entitled to vote at the Meeting; and (iii) a simple majority of the votes cast by Shareholders present in person or represented by proxy and entitled to vote at the Meeting, excluding votes cast by Agnico Eagle and its affiliates.
The Arrangement is also subject to a number of conditions other than Securityholder approval, which are described in the Circular. These conditions must be satisfied or waived for the completion of the Arrangement to occur. As a result, even if the Arrangement is approved by Securityholders at the Meeting, there is no assurance that the Arrangement will ultimately be completed (or as to the timing of completion). If all of the conditions to completion of the Arrangement are satisfied or waived, we currently anticipate that closing will occur by the end of June 2026.
The Circular provides important information on the Arrangement as well as related matters, including voting procedures, how to attend the virtual Meeting and instructions for Securityholders unable to attend the Meeting. Securityholders are urged to read the Circular and its appendices carefully and in their entirety. The Circular is available under Rupert’s issuer profile on SEDAR+ at www.sedarplus.ca and on Rupert’s website at www.rupertresources.com/special-meeting/.
Vote Today FOR the Arrangement
Your vote is important regardless of the number of Securities you own. If you are unable to be virtually present at the Meeting, we encourage you to submit your proxy or voting instruction form so that your Securities can be voted at the Meeting in accordance with your instructions.
Securityholders are encouraged to vote their Securities well in advance of the proxy voting deadline of 10:30 a.m. (Toronto Time) on June 5, 2026. The method in which Securityholders may vote is dependent on the manner in which their Securities are held.
Registered Securityholders as of the Record Date, being Shareholders holding their Shares with a physical certificate or direct registration system (“DRS”) statement and Optionholders, DSU Holders, PSU Holders and RSU Holders will receive a 15-digit control number with the Circular and can vote using the methods outlined on the form of proxy and summarized below.
Non-registered (beneficial) Shareholders as of the Record Date, being Shareholders who hold their Shares with a broker, bank or other intermediary, should carefully follow the instructions on the voting instruction form that they receive from their intermediary in order to vote the Shares that are held through that intermediary. Most intermediaries now delegate responsibility for obtaining instructions from clients to Broadridge Financial Solutions, Inc. (“Broadridge”). Broadridge typically prepares a voting instruction form with a 16-digit control number that it delivers to non-registered (beneficial) Shareholders and asks them to return instructions directly to Broadridge. For your Shares to be voted, you must follow the instructions on the voting instruction form that is provided to you.
| Voting Method | Registered Securityholders If (i) your Shares are held in your name and represented by a physical certificate or DRS statement or you are an Optionholder, DSU Holder, PSU Holder or RSU Holder and (ii) you have a 15-digit control number. | Non-Registered (Beneficial) Shareholders If your Shares are held with a broker, bank or other intermediary and have a 16-digit control number. |
| Internet @ | Go to www.investorvote.com. Enter the 15-digit control number printed on the form of proxy and follow the instructions on screen. | Go to www.proxyvote.com. Enter the 16-digit control number printed on the voting instruction form and follow the instructions on screen. |
| Telephone | Call 1-866-732-VOTE (8683) from a touch tone phone and follow the automatic voice recording instructions to vote. You will need your 15-digit control number to vote. | Complete, date, and sign the voting instruction form and fax it to the number listed on the voting instruction form. |
| Mail | Complete, sign and date the form of proxy and send it in the enclosed postage paid envelope to: Computershare Investor Services Inc. Attention: Proxy Department 320 Bay Street, 14th Floor Toronto, Ontario M5H 4A6 | Enter your voting instructions, sign and date the voting instruction form, and return the completed voting instruction form in the enclosed postage paid envelope. |
The proxy voting deadline is 10:30 a.m. (Toronto Time) on June 5, 2026. The voting instruction form must be returned to Broadridge (or other intermediary) well in advance of that date to have the Shares voted.
Securityholder Questions and Assistance
The Company has retained Laurel Hill Advisory Group (“Laurel Hill”) to assist in the solicitation of proxies with respect to the matters to be considered at the Meeting.
If you are a Securityholder and have any questions regarding the information contained in the Circular or require assistance in completing your form of proxy or voting instruction form, please contact Laurel Hill by telephone at 1-877-452-7184 (toll-free in Canada and the United States) or 1-416-304-0211 (International), by texting “INFO” to either number, or by email at assistance@laurelhill.com.
For questions on how to complete the Letter of Transmittal that must be submitted by registered Shareholders to receive the Consideration, please contact Computershare Investor Services Inc., which is acting as depositary for the Arrangement, by telephone at 1 (800) 564-6253 (toll-free in North America) or (514) 982-7555 (outside North America), by facsimile at (905) 771-4082 or by email at corporateactions@computershare.com.
Receipt of Interim Court Order
On May 7, 2026, the Supreme Court of British Columbia (the “Court”) granted an interim order providing for the calling and holding of the Meeting, the granting of dissent rights and addressing other procedural matters related to the conduct of the Meeting (the “Interim Order”). A copy of the Interim Order is appended to the Circular. The anticipated hearing date for the application for the final order of the Court is June 11, 2026.
April 20, 2026
Rupert Resources Ltd. (“Rupert” or the “Company”) is pleased to announce that it has 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 (the “Transaction”).
Transaction Summary
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 C$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 C$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:
The total Transaction value based on the Share Consideration is approximately C$2.9 billion (on a 100% equity ownership basis).
The Share Consideration represents approximately a 67% premium to the closing price of the Rupert Shares on the Toronto Stock Exchange (the “TSX”) as of April 17, 2026, being the last trading day prior to announcement of the Transaction.
The Transaction is supported by a formal valuation and fairness opinion from Origin Merchant Partners (“Origin”) and a fairness opinion from BMO Capital Markets and is unanimously recommended by a special committee comprised entirely of independent directors of Rupert (the “Special Committee”) and the Board of Directors of Rupert (“Rupert Board”).
Benefits to Rupert Shareholders
Rupert’s Chief Executive Officer, Graham Crew commented:
“We are pleased to announce this Transaction with Agnico Eagle. It reflects the quality of the Ikkari Project and the tremendous work of our team, who discovered and advanced Ikkari from grassroots exploration into one of the most significant development projects in the gold sector. 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 portfolio. We believe this Transaction combines our local expertise at Ikkari with the right long-term owner to realise its full potential for shareholders, employees, local communities and regional stakeholders.”
Transaction Conditions and Timing
The Transaction will be implemented by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia).
Completion of the Transaction is subject to customary conditions, including, among others, court approval and: (i) the approval of two-thirds of the votes cast by the holders of Rupert Shares present in person or represented by proxy at a special meeting of Rupert securityholders (the “Meeting”) to be held to consider the Transaction; (ii) the approval of two-thirds of the votes cast by the holders of Rupert Shares, options to acquire Rupert Shares (“Options”), restricted share units of Rupert (“RSUs”), deferred share units of Rupert (“DSUs”) and performance share units of Rupert (“PSUs”), voting together as a single class, with one vote for each Rupert Share, Option, RSU, DSU and PSU held; and (iii) Minority Approval, discussed below.
The Transaction will be a “business combination” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”), as Agnico Eagle is a “related party” (as defined in MI 61-101) of Rupert by virtue of its approximately 13.9% current ownership of Rupert Shares (on a non-diluted basis). As a result, the Transaction requires: (i) an independent formal valuation prepared in accordance with MI 61-101 (the “Formal Valuation”); and (ii) the approval of a simple majority of the votes cast by holders of Rupert Shares, excluding Agnico Eagle and votes attached to Rupert Shares held by any other persons required to be excluded in accordance with MI 61-101, present in person or represented by proxy at the Meeting (the “Minority Approval”).
The Arrangement Agreement provides for customary deal protection provisions, including non-solicitation covenants of Rupert and “fiduciary out” provisions in favour of Rupert. Until securityholder approval is obtained, the Rupert Board is able to consider unsolicited acquisition proposals and where the Rupert Board determines that an acquisition proposal is a Superior Proposal (as defined in the Arrangement Agreement) it may change its recommendation that securityholders vote to approve the Transaction and enter into a Permitted Acquisition Agreement (as defined in the Arrangement Agreement). However, Rupert must hold a vote on the Transaction even if the Rupert Board has changed its recommendation. In addition, the Arrangement Agreement provides for a customary termination fee payable by Rupert if it changes its recommendation or enters into a Permitted Acquisition Agreement and in certain other specified circumstances. Each of Rupert and Agnico Eagle has made customary representations and warranties and covenants in the Arrangement Agreement, including covenants by Rupert regarding the conduct of its business prior to the closing of the Transaction.
In connection with the Transaction, each of the directors and executive officers of Rupert, and certain Rupert shareholders, collectively representing 28.75% of the Rupert Shares, have entered into a voting support agreement (collectively, the “Voting Support Agreements”) with Agnico Eagle, pursuant to which each of them has agreed, among other things, to vote all of their Rupert Shares (including any Rupert Shares issued upon the exercise of any securities convertible, exercisable or exchangeable into Rupert Shares) in favour of the Transaction, subject to the terms of the Voting Support Agreements.
Subject to the satisfaction of all conditions to closing set out in the Arrangement Agreement, it is anticipated that the Transaction will be completed early in the third quarter of 2026. Upon closing of the Transaction, it is expected that the Rupert Shares will be delisted from the TSX and that Rupert will cease to be a reporting issuer under applicable Canadian securities laws.
Special Committee and Board Recommendations
The Special Committee, on behalf of the Rupert Board, obtained and oversaw the preparation of the Formal Valuation from Origin, which concluded that, subject to the scope of review, assumptions, limitations and qualifications set forth therein, as of April 17, 2026, the fair market value of the Rupert Shares was in the range of C$9.00 to C$12.50 per Rupert Share, and the value of the CVRs was in the range of C$0.40 to C$0.90 per CVR. Each of Origin and BMO Capital Markets has also provided an opinion (the “Fairness Opinions”) to the Special Committee and to the Rupert Board respectively stating that, as of the date of such opinions and based upon and subject to various assumptions, limitations and qualifications set forth therein, the Consideration to be received by Rupert shareholders (other than Agnico Eagle and its affiliates) pursuant to the Arrangement Agreement is fair, from a financial point of view, to such shareholders.
The Rupert Board (with Agnico Eagle’s nominee director recusing herself) has evaluated the Arrangement Agreement with the company’s management and legal and financial advisors and, following the receipt and review of a unanimous recommendation from the Special Committee which took into account, among other things, the Formal Valuation and the Fairness Opinions, the Rupert Board has unanimously (with Agnico Eagle’s nominee director abstaining) approved the Transaction and determined that the Transaction is in the best interests of Rupert, and has resolved to recommend that Rupert securityholders vote in favour of the Transaction, all subject to the terms and conditions contained in the Arrangement Agreement.
The foregoing summary is qualified in its entirety by the provisions of the applicable documents. A copy of the Fairness Opinions and the Formal Valuation, and a description of the various factors considered by the Special Committee and the Board in their respective determinations to approve the Transaction, as well as other relevant background information, will be included in the management information circular to be sent to the securityholders of Rupert in advance of the Meeting expected to be held in June 2026 (the “Information Circular”). Copies of the Arrangement Agreement, the plan of arrangement, the Voting Support Agreements and certain related documents will be filed with the applicable Canadian securities regulators and will be available in due course on SEDAR+ (www.sedarplus.ca) under Rupert’s issuer profile.
None of the securities to be issued pursuant to the Arrangement Agreement have been or will be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and any securities issued in connection with the Transaction are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of the U.S. Securities Act and applicable exemptions under state securities laws. This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities.
Advisors and Counsel
BMO Capital Markets is acting as financial advisor to Rupert. Blake, Cassels & Graydon LLP is acting as legal advisor to Rupert. Origin Merchant Partners is acting as financial advisor and independent valuator to the Special Committee.
Full press release available as pdf
TORONTO March 26, 2026 /BusinessWire: Rupert Resources Ltd (TSX: RUP, OTCQX: RUPRF, FSE:R05) (“Rupert” or the “Company”) is pleased to announce that it has published its audited financial results for the twelve months ending December 31, 2025 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.
2025 HIGHLIGHTS
Graham Crew, Chief Executive Officer of Rupert Resources said:
“2025 was a year of strong progress for Rupert Resources. In February 2025 we published the Pre-Feasibility Study for the Ikkari Project, which demonstrated extremely positive project economics at a gold price assumption well below today’s spot price, confirming Ikkari as a large-scale, low-cost gold development opportunity located in a stable jurisdiction.
Following the PFS, we have established a solid foundation to advance the Ikkari Project to the next stage. The Board and Projects team have been strengthened to ensure momentum, disciplined project management and a clear focus on execution. Extensive optimisation work has been completed across processing, waste management and water management. These refinements have simplified the project design and further strengthen the permitting pathway.
The appointment of Ausenco as lead consultant for the Feasibility Study in February this year marks another important milestone in advancing the project.
At the same time, we remain committed to systematically exploring across our recently expanded land package in the Central Lapland Greenstone Belt, with more than $16m committed to exploration over 2026 and 2027.”
Financial Highlights
During the twelve months ending December 31, 2025, the Company spent $25,060,680 (ten months ended December 31, 2024 – $25,390,569) on general exploration costs and purchase of property, plant and equipment. As of December 31, 2025, Rupert held cash or cash equivalents of $94,233,854. The Company recorded comprehensive income for the twelve months to December 31, 2025 of $2,105,207 (comprehensive loss for the ten months ended December 31, 2024 – $(8,142,325) and a net loss per share of $(0.04) (ten months ended December 31, 2024 – $(0.05)).
Management Discussion & Analysis
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.
Full press release with map of Ikkari project layout
18 December, 2025
Rupert Resources Ltd (“Rupert” or the “Company”) today provides an update on its exploration strategy across its existing 425km2 land package and the addition of 1150km2 of new exploration permit applications and reservations in the Central Lapland Belt (“CLB”), of Northern Finland. The updated exploration strategy will be progressed in parallel with the advancement of the Ikkari project through the feasibility study and environmental permitting during 2026.
HIGHLIGHTS
Graham Crew, Chief Executive Officer of Rupert Resources said:
“Following a structured and extensive review of our exploration strategy and the impressive dataset gathered over the past decade in the Central Lapland Belt, we remain highly encouraged by the prospectivity of our land position. The consolidation of additional ground across key structural targets reflects our confidence in the belt-scale opportunity.
As Ikkari progresses toward development, we are purposefully rebalancing our exploration portfolio. Near-mine exploration will continue to focus on high-return opportunities, while deeper, capital-intensive drilling in and around the Ikkari deposit is deferred until it can be funded from operating cash flow. In parallel, we are increasing our focus on regional greenfield exploration where the potential exists to replicate the low discovery cost and transformational impact the Ikkari discovery achieved. This disciplined approach is aimed at building a pipeline of potential projects and delivering value for our shareholders.”
Exploration Strategy Review
During the 2025 summer season, Rupert’s exploration team, complimented by external experts conducted a review of all exploration data gathered since the Company began exploration in the CLB in 2016.
The review incorporated a reassessment of existing targets and a belt-scale targeting exercise that leveraged geological insights gained from the Ikkari discovery and resource development as well as advanced analytical tools such as the Vrify AI platform. This work identified several underexplored structural corridors with the potential to host deposits of similar scale.
Scope of the review
The review process was built around the significant data set that has been gathered by the Company over ten years of exploration activities in the CLB and complimented by extensive and world-class regional geophysical database supplied through the Geological Survey of Finland (GTK). The Company data set included:
Since 2016 the exploration team has refined its targeting model and exploration processes, delineating bedrock mineralisation at 8 separate targets including the 4.1Moz Ikkari deposit (see press release February 18, 2025). The exploration model has proven both successful and cost effective over challenging terrain with limited outcrop and bedrock covered by glacial till.
External consultants
This review was carried out by the Company’s exploration team complimented by world renowned external experts:
Next steps for Area-1
Since the Ikkari discovery, exploration has focused predominantly on targets within a nominal trucking distance of the proposed Ikkari mill. To date, this work has delineated a number of mineralised prospects, and the most promising targets, Heinä South and Heinä SW, will continue to be advanced with follow-up drilling targeting the down-plunge continuation of intercepts such as 16.5g/t over 25m in drill hole 124019 (see press release March 3, 2024) and 45.7g/t over 8m in drill hole 125001 (see press release April 17, 2025).
The Rupert Exploration team has identified a number of potential targets at depth and along strike from Ikkari. These targets, by their nature will be higher cost (deeper) drill targets, and if successful, unlikely to be value additive to Ikkari in the first 10 years of operation, as outlined in the 2025 PFS. An initial drilling and assay cost estimate of $20-$30m was developed as part of the strategy review. As a result, the Company has elected to defer this drilling programme until the Ikkari project enters the production phase and the programme can be funded from cash flow.
Existing Joint Venture Agreements
During 2021 the Company entered into a joint venture agreement with S2 Resources (now Valkea Resources). The minimum spend commitment of C$1.65 million has been met through the initial phase of exploration and the company is in the process of earning a 70% interest in the property by spending C$5 million on the project.
The scout drilling completed to date has confirmed the presence of gold mineralisation but is yet to delineate a target of sufficient grade or volume to indicate economic potential. Systematic exploration on the untested portions of the permits will continue in 2026. .
New permit areas & reservations
Following a comprehensive belt-scale structural reinterpretation and prospectivity analysis, the company has reserved or placed applications for an exploration permit on a total of 1150km2 of highly prospective ground. Reservations secure the permit areas for up to 2 years whilst further evaluation and reconnaissance exploration activities occur. The most prospective portions of these will then be converted into applications for exploration permits. Granting of an exploration permit, a process that normally takes 3-4 months, allows for mechanised exploration to commence aimed at the delineation of drill targets and the drill testing of these. The most attractive exploration opportunities are summarised below:
Exploration Budget
The investment in exploration is expected to continue at a similar rate to recent years, however the composition of the workstreams will evolve as activities transition into lower cost regional exploration programmes across a large land area. A total of C$16 million is expected to be invested in the initial phase of work at new exploration ground over the next two years. Continuity of funding at this level enables the company to systematically explore the significant land holding, focussing resources on the most prospective areas.
The initial phase of work is primarily geophysics and BoT drilling covering a large land area, 2026 is expected to see approximately C$7-8m investment across the new exploration permits. As targets progress beyond the initial phase of work and diamond drilling testing commences in 2027, a higher of level of spending could be anticipated. Funding will be contingent on the quality of the targets delineated and the results of the drill testing allowing the company the flexibility allocate capital to the strongest targets.
In addition to the investment in the new exploration ground, work is expected to continue around the Ikkari project and more widely across the existing exploration permits. A total of C$9 million is expected to be invested on the existing Area 1 and Pahtavaara permit areas over the next two years. This programme has three main objectives:
Full press release with map of CLB exploration permits and reservations
November 12, 2025
Rupert Resources Ltd (“Rupert” or the “Company”) announces that it has published its unaudited financial results for the three and nine months ending September 30, 2025 and accompanying Management’s Discussion and Analysis for the same period.
The above have been posted on the Company’s website www.rupertresources.com with the financial statements and MD&A also published on SEDAR+ at www.sedarplus.ca
Highlights:
Graham Crew, Chief Executive Officer of Rupert Resources said:
“During the quarter we made solid progress across all permitting & feasibility study workstreams, particularly in waste and water management, where optimisation studies are delivering more robust solutions that should streamline the permitting process and improve operability.
We also took a disciplined approach to refining our exploration strategy across the Central Lapland Greenstone Belt ahead of the next winter program, ensuring our efforts remain focused on the most prospective targets. We remain convinced of the scale of opportunity in the CLGB and have partnered with Vrify and their AI platform to make the most efficient use of all of the world class data set we have collected in the region.
Finally, I’m pleased to welcome Russell White as Project Director, his track record of delivering feasibility studies and developing mines strengthens our capability to advance Ikkari towards production.”
Financial Overview
During the nine months ending September 30, 2025, investing cash flows at the Company’s exploration and evaluation assets totalled $19.0M. As of September 30, 2025, Rupert held cash or cash equivalents, together with short term investments comprising short-dated Canadian state-backed treasury instruments, for a combined total of $100.3M.
The Company recorded a net loss for the nine months to end-September 30, 2025 of $(6.7)M and a net loss per share of $(0.03).
All references to currency in this press release are in Canadian dollars.
Corporate Update
People
In line with the Company’s focus on advancing the Ikkari project towards production, Russell White was appointed to the role of Project Director during Q3 2025. This further increases the team’s execution capability given his experience as Head of Projects from Centamin, Toro Gold and senior project management roles at Endeavour Mining and Ausenco.
Discussion of Operations
During the three and nine months ended September 30, 2025 and up to the date of this MD&A, Rupert’s operational activities have been focussed on the Rupert Lapland Project Area and Ikkari in particular.
Rupert Lapland Project Area
Ikkari Project Drilling
The 2024/2025 winter drill program at Ikkari was completed during the second quarter of 2025 and comprised of both hydrogeological and geotechnical drill programs to inform the upcoming FS and environmental permit application.
The hydrogeological program comprised the installation of a further 26 vibrating wire piezometers (VWPs) surrounding the Ikkari mineralisation and envisaged operation. Pump testing from 4 large diameter holes to further inform the groundwater model is complete and groundwater model update underway.
Geotechnical drilling of the underground portion of the Ikkari deposit concluded during the second quarter with 5 holes completed in total for 2896m. Tele-viewer imaging and interpretation and geotechnical logging are complete and laboratory test work is underway.
Ikkari Feasibility Study
Following the release of the Ikkari Pre-Feasibility Study (“PFS”) in Q1 2025, the Company is advancing the FS workstreams by progressing geotechnical and hydrogeological modelling and metallurgical test work during Q3 2025.
During Q3 2025 the hydrogeological pump testing was completed, with modelling of this data continuing into Q4 2025. Geotechnical logging and lab test work was conducted during Q3 2025 with interpretation of this data to follow during Q4 2025. This is expected to further validate the PFS pit designs and pit slope angles as well as confirming the parameters for the underground designs.
Waste and Water Optimisation Studies
Since the release of the PFS the Company initiated an integrated process water and mine contact water optimisation study following up recommendations in the PFS. This work focuses on:
Test work to support this study is continuing through Q4 2025 ahead of finalisation for inclusion in the FS workstreams in Q1 2026.
A simplified mine waste management concept has now been developed. It is designed to streamline operations and permitting, while maintaining a strong focus on closure planning, an important consideration in the environmental permitting process.
The concept combines best practices in filtered tailings storage, commonly used in Arctic climates such as Canada, with local waste-rock management practices to minimise environmental impact. These refined design concepts will be presented alongside the co-disposal designs included in the PFS as alternative waste management options for permitting.
Advancing Permitting and Environmental Work
Permitting, specifically progress of the environmental impact assessment (“EIA”) program and land use planning is also a key focus of the Company. The EIA Program was initially presented to the relevant environmental authorities in Finland on November 30, 2022 and formally filed with the authorities during the second calendar quarter of 2023. The Company is continuing to advance related studies and report with the aim of securing environmental and water permit and thereafter a mining licence for Ikkari, in addition to those already held at Pahtavaara.
As part of this process the Company continues baseline environmental assessments and impact modelling, incorporating the optimised waste and water management designs, together with ongoing engagement across all stakeholder groups.
Continuing Exploration
Drilling activity was reduced during Q3 2025 while the exploration team progressed a review of the permit package and all data gathered to date. This data review feeds into a broader review of the exploration strategy with the aim of prioritisation of the targets across our extensive landholding in the Central Lapland Greenstone Belt and the generation of additional targets outside of our landholding across the belt.
The review is due to be completed during Q4 2025 and will inform planning for the next winter drill programme.
During the quarter 2,900m of exploration drilling was completed across 13 holes, bringing exploration drilling to a total of 12,500m year to date. The drilling in Q3 2025 focussed on testing the near surface continuity of targets within the Ikkari-Saitta-Mike trend, following up on the prior winters drilling results. Logging of the drill core has identified continuation of the geology and structures that showed mineralisation in the last winter drill programme; however, no mineralisation has yet been visually identified. The assay results for are expected to be returned later during Q4.
Outlook
As at the date hereof, the Company’s mineral properties are at the exploration and development stage. The Company’s core focus for approximately the following twelve months remains to further advance its assets within the Rupert Lapland Project Area, in particular Ikkari, including the following:
The combined cost for the above for the 12 months to September 30, 2026, together with general and administration costs, is approximately $35-40 million.
Management’s Discussion & Analysis
Toronto (April 17, 2025)
Rupert Resources Ltd (“Rupert” or the “Company”) today provides an exploration update from its properties in the Central Lapland, Northern Finland including new drilling results and interpretations from Heinä South (1km from the 4Moz Ikkari Project, see press release dated February 18, 2025) and from other targets along the 12km regional structure east-northeast from Ikkari (the “Rajala” line).
HIGHLIGHTS
Graham Crew, Chief Executive Officer of Rupert Resources said “We are encouraged by today’s results and the potential to add to the 4Moz resource inventory at Ikkari through continued drilling success at satellite discoveries. Exploration remains a core part of Rupert’s DNA and we continue to systematically generate, test and assess exploration targets applying our proven exploration methodology and economic criteria to ensure efficient utilisation of exploration expenditure.”
Heinä South
As reported previously, drilling in 2024 had delineated continuous lower grade mineralisation over down hole widths of up to 29m to the southwest of the previously discovered Heinä South gold occurrence, this was typified in #124001 1.1g/t Au over 24.50m (see press release February 8, 2024). In addition to this, very-high grade mineralisation was intersected to the north of this trend. Structural interpretation during the summer months hypothesized a WNW structural control to the high-grade mineralisation sub parallel to the drill direction. This was tested in early 2025 by drilling on a different orientation specifically to target the high-grade mineralisation.
Drilling recommenced at Heinä South in January 2025. Hole #125001 intersected 45.7g/t Au over 8m including 362g/t Au over 1m. To the north several narrow, high-grade, intersections were encountered with #125015 intersecting 83g/t Au over 1m, #125007 intersecting 66g/t Au over 1m and #125010 intersecting 31g/t Au over 1m.
Ikkari – Saitta – Mike Trend
A 13-line 26km IP survey was undertaken during Autumn 2024 and followed up with widely spaced drilling, including several holes to depth, along the trend. The program has confirmed the presence of the same stratigraphy that hosts that Ikkari orebody along the >7km strike length and provided evidence for a high-strain zone, analogous in orientation and dip of that present at the Ikkari orebody, occurring at depth. These observations confirm the inherent prospectivity of this trend and will feed into more detailed targeting over the coming months.
Target Generation
To date, since December, >2000 base of till (BoT) samples have been taken as part of Rupert’s continued greenfield exploration program. BoT has focused on the Rajala area, 15km northeast from Ikkari and the recently acquired Sayna exploration permit, 20km northwest from Ikkari. These grassroots campaigns will form the basis of Rupert’s target definition work informing future drill programmes through the balance of 2025 and into 2026.
