April 7, 2025
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.
For further information, please contact:
Graham Crew
Chief Executive Officer
gcrew@rupertresources.com
Thomas Credland
Head of Corporate Development
tcredland@rupertresources.com
Rupert Resources Ltd. 82 Richmond Street East, Toronto, Ontario, M5C 1P1
info@rupertresources.com
Cautionary Note Regarding Forward Looking Statements
This press release contains statements which, other than statements of historical fact constitute “forward-looking statements” within the meaning of applicable securities laws, including statements with respect to equity awards. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, are intended to identify such forward-looking statements. Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the general risks of the mining industry, as well as those risk factors discussed or referred to in the Company’s Annual Information Form and Management Discussion & Analysis. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.
April 1, 2025
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Rupert Resources Ltd. (TSX:RUP) (“Rupert Resources” or the “Company”) is pleased to announce that it has closed the previously announced private placement of 6,322,500 common shares in the capital of the Company (the “Shares”) issued at a price of $4.50 per Share for gross proceeds of $28,451,250.00 (the “Private Placement”) and wishes to provide an update on appointments to the Company’s board of directors (the “Board”).
In connection with the Private Placement and the recently completed bought-deal equity financing undertaken by the Company, Agnico Eagle Mines Limited (“Agnico Eagle”) exercised its participation right to subscribe for 2,602,500 Shares, resulting in Agnico Eagle retaining approximately 14.0% interest in the Company on a non-diluted basis upon closing of the Private Placement. The issuance of the Shares to Agnico Eagle constitutes a related-party transaction under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). This Private Placement is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value of any securities issued to, nor the consideration paid by, Agnico Eagle would exceed 25.0% of the Company’s market capitalization. The Company did not file a material change report 21 days prior to closing the Private Placement, which the Company deemed reasonable in the circumstances in order to complete the Private Placement in a timely manner.
The Company also announces that it has appointed Kim Hagberg and Joanna Pearson as Independent non-executive directors to the Board.
Kim Hagberg was part of executive management team of Swedish telecom operator Tele2, as chief operations officer, from 2018 to 2025. Prior to this position, Kim worked in commercial areas holding various leading positions at the Swedish operators Telia and Tele2. Kim has been engaged in the telecom industry mainly in Sweden, but also in Canada, France and Switzerland and holds a Bachelors degree in Computer Science from the Mid Sweden University.
Joanna Pearson has over 25 years’ experience in financial reporting and risk management, operating in international jurisdictions. Joanna is also presently a non-executive director of Hochschild Mining plc (LSE:HOC) and Goldshore Resources Inc. (TSXV:GSHR). From 2020 to 2023, Joanna was chief financial officer of Endeavour Mining plc (LSE:EDV; TSXV:EDV) and for 12 years prior to that position, she was an audit partner with Deloitte LLP in Vancouver. Joanna is a Chartered Professional Accountant of British Columbia and holds the ICD.D designation from the Institute of Corporate Directors.
In addition, pursuant to its rights under the investor rights agreement between Rupert Resources and Agnico Eagle dated February 11, 2020, Agnico Eagle has designated Carol Plummer as its nominee to be appointed, or nominated for election, to the Board. As a result, Rupert Resources will nominate Carol Plummer for election as a director at the upcoming annual general meeting of the Company’s shareholders. Carol Plummer is Executive Vice-President, Sustainability, People & Culture at Agnico Eagle and has extensive operating experience, including in Finland, where she was previously the General Manager of Agnico Eagle’s Kittilä mine, located approximately 50km away from Rupert Resources’ Ikkari project.
Gunnar Nilsson, Chairman of Rupert Resources commented “We are pleased to welcome Kim Hagberg and Joanna Pearson to the Board. Kim has considerable experience in managing large, complex projects. Joanna holds extensive experience in financial management and audit. We are also looking forward to welcoming Carol Plummer to the Board at the next annual general meeting of the Company’s shareholders. Carol will bring with her a wealth of expertise, including as former general manager of Agnico’s Kittilä mine, which will be invaluable to the Company as it progresses with the Ikkari project. We are excited to bolster the experience of our Board and position the Company to successfully execute on our future plans.”
The net proceeds of the Private Placement will be used for on-going exploration expenditures, technical and environmental studies on the Company’s properties in Finland and for general corporate purposes.
The Private Placement remains subject to the final approval of the Toronto Stock Exchange.
This press release is not an offer or a solicitation of an offer of securities for sale in the United States. The Shares have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
March 28, 2025
Rupert Resources Ltd (“Rupert” or the “Company”) announces that it has published its audited financial results for the ten months ending December 31, 2024 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.
As per its press release dated December 10, 2024, Rupert has changed its fiscal year-end from end-February to end-December to better align the Company’s financial statement and continuous disclosure requirements with its industry peers.
Financial Highlights
During the 10 months ending December 31, 2024, the Company spent $25,405,497 (twelve months ended February 28, 2024 – 31,528,290) on general exploration costs and purchase of property, plant and equipment. As of December 31, 2024, Rupert held cash or cash equivalents of $44,744,545. The Company recorded a net loss and comprehensive loss for 10 months to December 31, 2024 of $(8,142,325) (12 months ended February 29, 2024 – $(5,782,240) and a net loss per share of $(0.05) (12 months ended February 29, 2024 – $(0.04)).
All references to currency in this press release are in Canadian dollars.
Graham Crew, Chief Executive Officer of Rupert Resources said, “Our strong cash position of over $44 million at year-end provides a solid foundation for advancing Ikkari through critical development milestones in 2025. With the recent fundraising and excellent shareholder support the Company is well positioned to deliver the ongoing Environmental Impact Assessment & Engineering Studies for the Ikkari project, as well as systematically exploring to unlock value across our strategic land package in the Central Lapland Greenstone Belt.”
Operating Highlights
During the 10 months ended December 31, 2024 and up to the date of this document, Rupert’s operational activities have been focussed on the Rupert Lapland Project Area and Ikkari in particular.
Regional Exploration Program, including Ikkari
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 Central Lapland Greenstone Belt.
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 through base of till (“BoT”) sampling, which continues across the Rupert Lapland Project Area and specifically over geophysical anomalies of interest.
Ikkari Project Drilling
The 2023/24 drill program was completed during the second calendar quarter of 2024, comprising some 43,000 metres (“m”) of drilling, with 24,000m allocated to drilling within the Ikkari project footprint.
During the 2024/25 drill season the focus of drilling has been on hydrogeological testwork and monitoring as well as further geotechnical investigations to facilitate the full optimisation of the project at the definitive feasibility study stage, which is expected to follow on from successful completion of the Ikkari PFS.
Continuing Exploration
Following on from the exploration campaign during the winter 2023/24, including the discovery of widths and tenors of mineralisation of interest at Heinä South, and the structural reinterpretation of the wider Area 1, the 2024/25 exploration program is now underway with drilling planned at six target areas along the 15km regional trend east of Ikkari as well as two base metals target areas located at the east of Rupert’s 100%-held property. The aim of the on-going season is to systematically explore extensions to the prospective structures identified in an updated structural interpretation.
Engineering and Ikkari Related Studies
The Company anticipates commissioning a definitive feasibility study later in 2025 and, in working towards this objective, has been and continues conducting metallurgical, geotechnical and hydrogeological field and study programmes.
Advancing Permitting and Environmental Work
Permitting, specifically progression 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 started the environmental permitting process, with the aim of securing an environmental permit and thereafter a mining licence for Ikkari, in addition to those already held at Pahtavaara. The Company formally filed an EIA program with authorities during the second calendar quarter of 2023 and plans to file EIA report documents during the fourth quarter of 2025.
As part of this process the Company continues with numerous baseline environmental assessments, as well as on-going engagement across all stakeholder groups.
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(Toronto) March 27, 2025
Rupert Resources Ltd. (TSX:RUP) (“Rupert Resources” or the “Company”) is pleased to announce that it has closed the previously announced “bought deal” public offering of 11,500,000 common shares in the capital of the Company (the “Shares”) issued at a price of $4.50 per Share (the “Offering Price”) for gross proceeds of $51,750,000, which included the exercise, in full, of the Underwriters’ over-allotment option (the “Offering”). The Offering was conducted by Cormark Securities Inc., as lead underwriter and sole bookrunner, and BMO Capital Markets, Scotia Capital Inc. and Canaccord Genuity Corp. (collectively, the “Underwriters”).
The Shares were offered by way of a prospectus supplement dated March 20, 2025 (the “Prospectus Supplement”) to the Company’s existing Canadian base shelf prospectus dated December 16, 2024 filed in British Columbia, Alberta, Ontario, New Brunswick and Newfoundland and Labrador. The Shares were also offered in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended, and in offshore jurisdictions on a private placement basis as agreed upon by the Company and the Underwriters, in each case in accordance with all applicable laws.
The Company plans to close its non-brokered private placement, previously announced on March 18, 2025, of up to 7,250,000 Common Shares at the Offering Price on substantially the same terms as the Offering for gross proceeds of up to $32.625 million (the “Private Placement”) on April 1, 2025. Agnico Eagle Mines Limited (“Agnico”) has indicated its intention to take up its rights to participate in the Private Placement to maintain its pro-rata ownership in the Company.
The net proceeds of the Offering and the Private Placement will be used for on-going exploration expenditures, technical and environmental studies on the Company’s properties in Finland and for general corporate purposes as set out in the Prospectus Supplement.
The Offering and the Private Placement remain subject to the final approval of the Toronto Stock Exchange.
This press release is not an offer or a solicitation of an offer of securities for sale in the United States. The Shares have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
The Base Shelf Prospectus is accessible, and the Prospectus Supplement will be accessible within two business days, through SEDAR+
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.
TORONTO, ON – (BUSINESS WIRE) – March 18, 2025 – Rupert Resources Ltd. (TSX:RUP) (“Rupert” or the “Company”) is pleased to announce that it has entered into an agreement with Cormark Securities Inc. as lead underwriter on behalf of a syndicate of underwriters (collectively the “Underwriters”), pursuant to which the Underwriters have agreed to purchase on a bought deal basis 10,000,000 common shares of the Company (the “Shares”) at a price of C$4.50 per Share (the Offering Price”), representing total gross proceeds of approximately C$45.0 million (the “Offering”). The Company has also granted the Underwriters an option (the “Over-Allotment Option”), exercisable at the Offering Price for a period of 30 days from and including the closing of the Offering, to purchase up to an additional 15% of the Offering to cover over-allotments, if any, on the same terms as the Offering. Closing is expected on or about March 27, 2025 (the “Closing Date”), and is subject to regulatory approval including that of the Toronto Stock Exchange.
The Company is also pleased to announce that it will offer in a concurrent private placement up to 7,250,000 Common Shares at the Offering Price on substantially the same terms as the Offering for gross proceeds of up to C$32.625 million (the “Private Placement”).
The net proceeds of the Offering and the Private Placement will be used for on-going exploration expenditures, technical and environmental studies on the Company’s properties in Finland and for general corporate purposes as will be set out in the Prospectus Supplement (as defined below).
The Shares will be offered by way of a prospectus supplement (the “Prospectus Supplement”) to the Company’s existing Canadian base shelf prospectus dated December 16, 2024 (the “Base Shelf Prospectus”). The Prospectus Supplement will be filed in British Columbia, Alberta, Ontario, New Brunswick and Newfoundland and Labrador. The Shares will also be offered in the United States on a private placement basis pursuant to one or more exemptions from the requirements of the United States Securities Act of 1933, as amended, and may also be offered in such other jurisdictions as may be agreed upon by the Company and the Underwriters, in each case in accordance with all applicable laws and provided that no prospectus, registration statement or similar document is required to be filed in such jurisdiction.
Access to the Prospectus Supplement, the Base Shelf Prospectus and any amendments thereto are provided in Canada in accordance with securities legislation relating to procedures for providing access to a shelf prospectus supplement, a base shelf prospectus supplement and any amendment to such documents. The Base Shelf Prospectus is, and the Prospectus Supplement will be (within two business days from the date hereof), accessible through SEDAR+ at www.sedarplus.com. An electronic or paper copy of the Prospectus Supplement, the Base Shelf Prospectus and any amendment thereto may be obtained, without charge, from Cormark Securities Inc. by phone at (416) 362-7485 or email at ecm@cormark.com by providing the contact with an email address or address, as applicable.
This press release is not an offer or a solicitation of an offer of securities for sale in the United States. The Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
About Rupert
Rupert Resources is a gold exploration and development company listed on the Toronto Stock Exchange under the symbol “RUP”. 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 new high quality gold discovery in Northern Finland.
For further information, please contact:
Thomas Credland
Head of Corporate Development
tcredland@rupertresources.com
February 18, 2025
Rupert Resources Ltd (“Rupert” or the “Company”) has completed a Pre-feasibility study (“PFS” or “study”) for its 100% owned Ikkari Project (the “Ikkari Project” or “Ikkari”). Ikkari is located 40km from the town of Sodankylä in Northern Finland. An accompanying National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) technical report is available on the Company’s website at www.rupertresources.com and has also been filed on SEDAR+ at www.sedarplus.ca.
{All figures are in US$ unless otherwise noted}
PFS HIGHLIGHTS
Maiden Mineral Reserve declared for the Ikkari Project withProbable Mineral Reserve of 52Mt at 2.1g/t Au for 3.5Moz Au representing an 85% Mineral Resource to Mineral Reserve conversion.
All weather project economics with leverage to higher gold prices: After-tax Net Present Value (5% discount) (“NPV”) of $1.7 billion with unlevered Internal Rate of Return (“IRR”) of 38% and payback after 2.2 years, assuming long term market consensus gold price of $2,150 per troy ounce (“oz”). NPV of $2.5 billion with IRR of 49% and 1.7 year payback at $2,650/oz.
High margin production profile: Expected lowest quartile all-in sustaining cost (“AISC”) of $918/oz over LOM, and $717/oz during years 1 to 10 primarily due to a high open pit grade and low strip ratio.
Long life: 20-year life of mine (“LOM”) comprising an open-pit operation for the first 10 years with average annual production of 227koz per annum, transitioning to an underground operation (years 10 – 20).
Manageable initial capital requirement of $575 million including contingency with project maintaining the low capital intensity indicated by the 2022 Preliminary Economic Assessment (“PEA”).
100% Contained within Rupert Property: All project infrastructure contained within Rupert’s 100% owned exploration licences. Access road, power line and discharge pipeline permitted though separate auxiliary permitting process and do not require siting on mining or exploration permits held by Rupert Resources.
First gold pour targeted in 2030 based on Environmental Impact Assessment (“EIA”) submission and Definitive Feasibility Study (“DFS”) initiation in H2 2025, a 24-month permitting timeline and a 2½ year construction period.
Graham Crew, Chief Executive Officer of Rupert Resources said “The results of today’s study and declaration of 3.5Moz Probable Mineral Reserve confirm Ikkari’s ability to translate robust project fundamentals into compelling project value. The PFS confirms Ikkari’s potential for lowest quartile costs combined with manageable initial capital requirements in a Tier 1 jurisdiction for mining. Work on the Definitive Feasibility Study and Environmental Impact Assessment are already underway and we look forward to publishing results from our 2025 winter exploration campaign in due course.”
Full release including images and tables
January 14, 2025
Rupert Resources Ltd (“Rupert” or the “Company”) announces that it has published its unaudited financial results for the three and nine months ending November 30, 2024 and accompanying Management’s Discussion and Analysis for the same period.
All of 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
Graham Crew, Chief Executive Officer of Rupert Resources said “The Prefeasibility study (“PFS”) for Ikkari is still expected to be published in Q1 2025 and our strong balance sheet with almost C$47M of cash provides us with good financial headroom to complete the PFS and fund this winter’s exploration campaign.”
Financial Highlights
During the nine months ended November 30, 2024, the Company spent C$23,854,930 (9 months ended November, 2023 – $20,380,006) on its exploration projects. As of November 30, 2024 Rupert held cash and cash equivalents of $46,935,928 (November 30, 2023 – $43,605,144). The Company recorded a comprehensive (loss) gain for the three months and nine months ended November 30, 2024 of $(3,141,366) and $(5,340,798)respectively (three months and nine months ended November 30, 2023 – $(308,922) and $(4,163,418) respectively and a net (loss) gain per share for the three months and nine months ended November 30, 2024 of $(0.01) and $(0.03) respectively (three and nine months ended November 30, 2023 – $(0.01) and $(0.04) respectively).
All references to currency in this press release are in Canadian dollars.
Discussion of Operations
During the three and nine months ended November 30, 2024 and up to the date of this document, Rupert’s operational activities have been focussed on the Rupert Lapland Project Area and Ikkari in particular.
Rupert Lapland Project Area
Regional Exploration Program, including Ikkari
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 Central Lapland Greenstone Belt.
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 through base of till (“BoT”) sampling, which continues across the Rupert Lapland Project Area and specifically over geophysical anomalies of interest.
Ikkari Project Drilling
The 2023/24 drill program was completed during the second calendar quarter of 2024, comprising some 43,000 metres (“m”) of drilling, with 24,000m allocated to drilling within the Ikkari project footprint.
During the 2024/25 drill season the focus of drilling is on ensuring a thorough understanding of the short-spaced grade variability, the hydrogeological environment and geotechnical domains to facilitate the full optimisation of the project at the definitive feasibility study stage which is expected to follow on from successful completion of the Ikkari PFS.
Continuing Exploration
Following on from the success of the exploration campaign during the winter 2023/24, the discovery of significant widths and tenors of mineralisation at Heinä South, and the structural reinterpretation of the wider Area 1, the 2024/25 exploration program is now underway with drilling planned at six target areas along the 15km regional trend east of Ikkari as well as two base metals target areas located at the east of Rupert’s 100%-held property. The aim of the upcoming season is to systematically explore extensions to the prospective structures identified in an updated structural interpretation.
Engineering and Ikkari PFS Update
In August 2024, final metallurgical variability and bulk testwork results were released, providing evidence of favourable recoveries using the proposed gravity and whole ore leach flow sheet that will be applied in the Ikkari PFS. Other critical path work has been substantially finished with review and optimisation work underway through Q4 calendar 2024.
Advancing Permitting and Environmental Work
Permitting, specifically progression 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 respective authorities on November 30, 2022 and formally started the environmental permitting process, with the aim of securing an environmental permit and thereafter a mining licence for Ikkari, in addition to those already held at Pahtavaara. The Company formally filed an EIA Programme with authorities during the second calendar quarter of 2023 and plans to file EIA report documents during 2025. As part of this process the Company continues with numerous baseline environmental assessments, as well as on-going engagement across all stakeholder groups. The Ikkari PFS is drawing from these processes as appropriate.
Toronto, Ontario (December 12, 2024) – Rupert Resources Ltd. (TSX: RUP) (the “Company”) today provides an update on the Prefeasibility Study (“PFS”) for its flagship Ikkari Project as well as a summary of its exploration programs as Central Lapland enters the key winter drilling season
Graham Crew, new Chief Executive Officer of Rupert Resources says “After two months in the role, I am more excited than ever about the opportunities at Ikkari and across our 100% owned land package. We are in the final stages of completing the PFS for Ikkari and plan to publish the report in the first quarter of 2025. Planning for the DFS will commence immediately thereafter. We are looking forward to our key winter drilling season in early 2025, during which we plan to return to Heinä South and test targets east of Ikkari identified through a new geophysical survey.”
2024 Highlights
2025 catalysts
Ikkari project update
The company is in the final stages of completing its PFS for Ikkari with critical path items including mine, mill and waste facility design finished and final review underway. The study will be published in Q1 2025 with work on a Definitive Feasibility Study planned to commence shortly afterwards. The Environmental Impact Assessment (EIA) Report is planned for submission in H2 2025, with excellent progress on the EIA program over 2024.
Exploration update
The focus of the exploration team over the last few months has been the progression of a number of key targets along the main regional structure east of Ikkari (“The Rajala Line”). Previous scout drilling has confirmed the same intercalated ultramafic and sedimentary units that host the Ikkari deposit up to 15km along strike to the east. During the Autumn, a wide spaced Induced Polarization (IP) survey was undertaken to identify areas at depth that exhibit a similar structural setting to Ikkari (Figure 1). The survey has successfully outlined several locations along strike which share a similar large-scale structural setting to that at Ikkari. Given that these do not sub-crop below the glacial till they would not be expected to present a Base of Till (BoT) anomaly which has been the primary targeting tool for the other seven discoveries in Area 1. Follow-up drill testing of these settings will be prioritized in 2025. During Q1 2025 focus will also return to Heinä South where drilling intersected 25m at 16.5g/t Au in hole 124019 (see press release 3 March 2024) and 24.4m at 10.5g/t Au in hole 124061 (see press release May 1, 2024) during the previous drill campaign. The objective of the follow up drilling will be to establish a control to the high-grade mineralisation following a detailed geological review of the 2024 program.
Figure 1: Exploration Targets Winter 2025 (A: Ikkari Deposit, B: Heina South, C: Rajala Line IP survey area)
