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.
July 16, 2024 – Rupert Resources Ltd. (TSX:RUP) (“Rupert” or the “Company”) is pleased to announce that in connection with its previously announced “bought deal” public financing, the Company has entered into an agreement with Cormark Securities Inc. and BMO Capital Markets as co-lead underwriters on behalf of a syndicate of underwriters (collectively the “Underwriters”) to increase the size of the previously announced financing. The Company will now issue 6,983,300 common shares of the Company (the “Shares”) at a price of $3.58 per Share, for gross proceeds of $25,000,214 (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 August 1, 2024 (the “Closing Date”), and is subject to regulatory approval including that of the Toronto Stock Exchange.
The Company will also offer in a concurrent private placement approximately 3,250,000 Common Shares at the Offering Price on substantially the same terms as the Offering (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 short form prospectus.
The Shares to be issued under the Offering will be offered by way of a short form prospectus in British Columbia, Alberta, Ontario and Newfoundland, pursuant to National Instrument 44-101 – Short Form Prospectus Distributions and 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 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.
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.
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.
July 15, 2024 – Rupert Resources Ltd. (TSX:RUP) (“Rupert” or the (Company”) is pleased to announce that it has entered into an agreement with Cormark Securities Inc. and BMO Capital Markets as co-lead underwriters on behalf of a syndicate of underwriters (collectively the “Underwriters”), pursuant to which the Underwriters have agreed to purchase on a bought deal basis 5,586,600 common shares of the Company (the “Shares”) at a price of C$3.58 per Share (the “Offering Price”), representing total gross proceeds of approximately C$20 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 August 1, 2024 (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 approximately 2,600,000 Common Shares at the Offering Price on substantially the same terms as the Offering (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 short form prospectus.
The Shares to be issued under the Offering will be offered by way of a short form prospectus in British Columbia, Alberta, Ontario and Newfoundland, pursuant to National Instrument 44-101 – Short Form Prospectus Distributions and 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 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.
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.
Rupert Resources Ltd (“Rupert” or the “Company”) announces that it has published its unaudited financial results for the three months ending May 31, 2024 and accompanying Management’s Discussion and Analysis for the same period. The Company is also pleased to report that it has published its Sustainability Report covering 2023.
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
James Withall, Chief Executive Officer of Rupert Resources said “We remain well funded with C$27million of cash at the end of May. We confirm that we have now terminated discussions with the owners of the Fingold JV, having explored the potential to consolidate the ground adjacent to Ikkari. The company continues to focus on the PFS for Ikkari which we expect to publish in Q4 2024.”
Financial Highlights
During the three months ending May 31, 2024, the Company spent $11,006,629 on its exploration projects. As of May 31, 2024, Rupert held cash or cash equivalents of $26,686,221. The Company recorded a net loss and comprehensive loss for the quarter of $(745,826) and a net loss per share of $(0.01).
All references to currency in this press release are in Canadian dollars.
Operating Highlights
During the three months ended May 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.
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 CLGB.
Since July 2020 the Company has been engaged in a diamond drill program to further evaluate discoveries made within the Rupert Lapland Project Area, including Ikkari, as well as continuing to generate new targets through base of till (“BoT”) sampling, which continues across the Rupert Lapland Project Area and specifically over geophysical anomalies of interest.
Ikkari Preliminary Economic Assessment and Related Studies
Following publication in September 2021 of a maiden MRE for Ikkari, and further to on-going regional diamond and BoT drilling and sampling programs, in November 2022 the Company completed and announced the results of the Ikkari PEA, with the relevant NI 43-101-compliant technical report filed on Sedar in March 2023. The MRE was further updated in November 2023 with the relevant NI 43-101-compliant technical report filed on Sedar in December 2023. (see: “Company Overview – Ikkari”).
The Ikkari PEA and the Updated Ikkari MRE have served inter alia as the basis for the Pre-feasibility Study (“Ikkari PFS”) that was initiated during the twelve months ended February 29, 2024 and is expected to be completed in the fourth calendar quarter of 2024.
Ikkari Project Drilling
The 2023/24 drill program was completed during the second calendar quarter of 2024, comprising some 42,767 metres (“m”) of drilling, with 24,060m allocated to drilling within the Ikkari project footprint.
During the 2023/24 winter drilling season, which commenced during July 2023, additional Ikkari drill programmes have principally tested extensions to the mineralisation, including at depth, and provided further geotechnical, hydrogeological and metallurgical datapoints which will eventually feed into a Feasibility Study for Ikkari, which is expected to follow on from successful completion of the Ikkari PFS in calendar 2024.
Continuing Exploration
On-going exploration is a further key focus. Following an update to the structural model for the Ikkari deposit, exploration is focussed on the interpreted continuation of prospective structures both at Ikkari and further to the north at Heinä South. New targets within the Rupert Lapland Project Area are being generated and tested through BoT sampling, geophysical programs and scout diamond drilling as appropriate, with the 2023/24 field season now completed.
Heinä South, 1km NW of Ikkari, has been a focus for exploration drilling with positive initial results from the winter drilling program followed-up to define a mineralised trend of greater thickness and continuity than previously encountered at Heinä South. In total 21 holes for 4984m have defined mineralisation over a strike length of 250m to a depth of 200m from surface. Mineralisation remains open in all directions and work continues to assess the controls on higher-grade mineralisation immediately north of the main, thicker mineralised trend on the southern margin.
Advancing Permitting and Environmental Work
Permitting, specifically progression of the Environmental Impact Assessment (“EIA”) Programme and Land Use Planning is also a key focus of the Company. The EIA Programme 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 the first half of calendar 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 (July 8, 2024) – Rupert Resources Ltd. (TSX: RUP) (the “Company”) today advises that, further to its press release dated March 11, 2024, it has been unable to reach acceptable terms to acquire the full 100% of the Fingold JV to consolidate further exploration licences near to the Ikkari Project (“Ikkari”). Fingold is a joint venture held 70% by B2Gold and 30% by Aurion Resources.
The Company continues to advance Ikkari, a gold deposit with exceptional resource continuity and open pit grade; best in class recoveries from a conventional processing route and in close proximity to excellent infrastructure and renewable power. Work programmes on the preliminary feasibility study and environmental impact statement are well underway and the Company will work with the Finnish authorities to ensure the optimal project scope is realised.
James Withall, Chief Executive of Rupert Resources said “Ikkari is one of the world’s highest quality new gold discoveries and is located in one of the best jurisdictions for mining globally. We continue to advance the project towards a PFS later in 2024 and will work with the authorities to ensure we are able to develop the optimal project for local stakeholders whilst continuing our disciplined approach to ensure that investments remain accretive for Rupert shareholders.”
May 29, 2024
Rupert Resources Ltd (“Rupert” or the “Company”) announces that it has published its audited financial results for the twelve months ending February 29, 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.
Financial Highlights
During the 12 months ending February 29, 2024, the Company spent $31,520,382 (twelve months ended February 28, 2023 – $29,078,639) on general exploration costs and purchase of property, plant and equipment. As of February 29, 2024, Rupert held cash or cash equivalents of $36,829,838. The Company recorded a net loss and comprehensive loss for the year of $(5,782,240) (12 months ended February 28, 2023 – $(10,673,487)) and a net loss per share of $(0.04) (12 months ended February 28, 2023 – $(0.07)).
All references to currency in this press release are in Canadian dollars.
James Withall, Chief Executive Officer of Rupert Resources said, “We continue to target completion of a PFS for Ikkari by the end of 2024 with critical path items such as process testwork and mine design proceeding well. Drilling completed over the 2023/24 winter drilling season built on the November 2023 MRE which estimated a 4Moz Resource with over 96% in the Indicated category. We are excited by the satellite potential presented by Heina South and the high grade infill drill results reported from Ikkari in May 2024. Ikkari remains a best in class orebody and multiple opportunities remain to optimise the project.”
Operating Highlights
During the twelve months ended February 29, 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 CLGB.
Since July 2020 the Company has been engaged in a diamond drill program to further evaluate discoveries made within the Rupert Lapland Project Area, including Ikkari, as well as continuing to generate new targets through base of till (“BoT”) sampling, which continues across the Rupert Lapland Project Area and specifically over geophysical anomalies of interest.
Ikkari Preliminary Economic Assessment and Related Studies
Following publication in September 2021 of a maiden MRE for Ikkari, and further to on-going regional diamond and BoT drilling and sampling programs, in November 2022 the Company completed and announced the results of the Ikkari PEA, with the relevant NI 43-101-compliant technical report filed on Sedar in March 2023. The MRE was further updated in November 2023 with the relevant NI 43-101-compliant technical report filed on Sedar in December 2023. (see: “Company Overview – Ikkari”).
The Ikkari PEA and the Updated Ikkari MRE have served inter alia as the basis for the Pre-feasibility Study (“Ikkari PFS”) that was initiated during the twelve months ended February 29, 2024 and is expected to be completed in the fourth calendar quarter of 2024.
Ikkari Project Drilling
The 2023/24 drill program was completed during the second calendar quarter of 2024, comprising some 35,000 metres (“m”) of drilling, with circa 20,000m allocated to drilling within the Ikkari project footprint. Near-term resource addition and the conversion of Inferred Resources to Indicated Resources were points of particular focus for the Company and Updated Ikkari MRE was filed on SEDAR in December 2023.
During the 2023/24 winter drilling season, which commenced during the July 2023, additional drilling programmes have principally tested further extensions, including at depth, and provided further geotechnical, hydrogeological and metallurgical datapoints which will eventually feed into a Feasibility Study for Ikkari, which is expected to follow on from successful completion of the Ikkari PFS in calendar 2024.
Continuing Exploration
On-going exploration is a further key focus. Following an update to the structural model for the Ikkari deposit, exploration is focussed on the interpreted continuation of prospective structures both at Ikkari and further to the north. New targets within the Rupert Lapland Project Area are being generated and tested through BoT sampling, geophysical programs and scout diamond drilling as appropriate, with the 2023/24 field season now largely completed.
Heinä South, 1km NW of Ikkari, has been a focus for exploration drilling with positive initial results from the winter drilling program followed-up to define a mineralised trend of greater thickness and continuity than previously encountered at Heinä South. To date 16 holes for 3873m have defined mineralisation over a strike length of 250m to a depth of 200m from surface. Mineralisation remains open in all directions and work continues to assess the controls on higher-grade mineralisation immediately north of the main trend,
Advancing Permitting and Environmental Work
Permitting, specifically progression of the Environmental Impact Assessment (“EIA”) Programme and Land Use Planning is also a key focus of the Company. The EIA Programme 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 the first half of calendar 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.
Rupert Resources audited financial statements for 12 months to end February 2024
Rupert Resources MD&A for 12 months to end February 2024
Toronto (May 16, 2024) – Rupert Resources Ltd. (“Rupert” or the “Company”) reports assay results from project drilling at Ikkari (Figure 1). The drilling, principally for metallurgical sampling produced some of the best intercepts achieved to date at Ikkari (Tables 1 & 2).
Highlights
Ikkari
James Withall, CEO of Rupert Resources commented “The project drilling results reported from Ikkari today confirm the robustness of the Ikkari mineral resource with exceptionally continuous high-grade mineralisation near surface that will conceptually be captured in a low strip ratio, open pit in the early years of operations. The PFS engineering is progressing well on the existing resource and is building on the scope outlined in the November 2022 PEA. We continue to evaluate other opportunities which will only be pursued if they meet our long standing corporate objectives and build meaningful shareholder value.”
Full release including images and tables
Toronto (May 1, 2024) – Rupert Resources Ltd. (“Rupert” or the “Company”) reports follow-up assay results from the Heinä South satellite target (located 1km from Ikkari, Figure 1) and project drilling at Ikkari. The results from exploration drilling at Heinä South extend the broader mineralised zone to over 250m strike length and 200m vertical extent and include high-grade intercepts such as #124061 which intersected 10.5g/t Au over 24.40m including 112.5g/t Au over 2m (Figure 2). Project drilling at Ikkari continues to provide intercepts of exceptional width and grade continuity, increasing confidence in the ~4Moz Indicated Resource (see press release 28th November 2023).
Highlights
Heinä South
Ikkari
James Withall, CEO of Rupert Resources commented “These exciting results from Heinä South demonstrate the potential for higher-grades within the more continuous mineralisation which we have now traced over a strike length of 250m. Exploration, focussed on Heina South, along with extensional and project drilling at Ikkari, has been the focus of our winter drilling campaign. During the winter season we have followed-up promising intercepts, at shallow depths, to the west of the Heinä South trend which has the potential to become a satellite ore body to the 4Moz Ikkari deposit. Project drilling at Ikkari continues to both increase confidence in the Mineral Resource Model and provide additional material ahead of the next round of metallurgical test work which will feed into future, more advanced engineering studies.”
Toronto, Ontario (April 3, 2023) – Rupert Resources Ltd. (“Rupert Resources” or the “Company”) announces the retirement from the Board of the Company of Non-Executive Director George Ogilvie, who continues to focus on his role as Chief Executive Officer of Arizona Sonoran Copper Company Inc. Mr Ogilvie’s roles as chair of the Technical and Remuneration committees have been assumed by André Lauzon and Bill Washington respectively.
Gunnar Nilsson, the Chairman of Rupert Resources said “George Ogilvie’s tenure on the Board of Rupert Resources since June 2020 has seen delineation of the world-class 4Moz Ikkari deposit, financings totalling over $120million and the completion of a preliminary economic assessment for Ikkari showing a potential value $1.6billion. We thank George for his contribution on the Board and particularly for his leadership on the Technical and Remuneration committees and his valuable insights on various corporate matters over the past four or so years. We wish him well for the future.”
George Ogilvie, departing Non-Executive Director said “I would like to extend my thanks to the Board and Management of Rupert and wish the Company well with their endeavours to progress the world-class Ikkari discovery towards production.”
