Toronto, Ontario (March 11, 2024) – In response to the announcement today by Aurion Resources Inc. (“Aurion”), Rupert Resources Ltd. (TSX: RUP) (the “Company”) today confirmed that it is in preliminary discussions with B2Gold Corporation (“B2Gold”) regarding the potential purchase of B2Gold’s 70% interest in a joint venture between B2Gold and Aurion that has rights in respect of properties located near the Company’s flagship Ikkari project in northern Finland (the “Possible Transaction”).
No definitive agreement has been entered into at this time, and there can be no assurance that any such agreement will be reached, that any such agreement will ultimately result in a completed transaction or that any of the expected objectives or outcomes will be realized. The Company intends to provide further updates as circumstances warrant and in accordance with applicable securities laws.
Toronto (March 3, 2024) – Rupert Resources Ltd. (“Rupert” or the “Company”) reports follow-up assay results from its Heinä South satellite target (located 1km from Ikkari). The results confirm evidence of broader mineralised zones than previously seen at Heinä South. New assays are also published from drilling at Ikkari demonstrating that mineralisation remains open down plunge to the west with both wide and high-grade intercepts achieved.
Highlights
James Withall, CEO of Rupert Resources commented “The initial results from #124019 are confirmation of more continuous mineralisation at Heinä South which, along with extensional drilling at Ikkari, remains the current focus of our winter drilling campaign. During this drilling season we will continue to test a number of the targets at shallow depths which have the potential to become satellite deposits to the 4Moz Ikkari deposit alongside the works to advance project engineering and permitting.”
Toronto (February 8, 2024) – Rupert Resources Ltd. (“Rupert” or the “Company”) reports new results from its Heinä South satellite target (located 1km from Ikkari). The results confirm the Heinä South mineralised trend to over 1km and provide evidence of broader mineralised zones not previously seen in this target area.
Highlights
Heinä South Extension Exploration – part of the “West of Ikkari” drill program
Disciplined, systematic exploration to grow resource inventory continues
James Withall, CEO of Rupert Resources commented “Today’s results reiterate the exceptional prospectivity of this region and the potential to find satellite orebodies in close proximity to Ikkari where we have already demonstrated critical mass of over 4Moz. Exploration activities including our grassroots base of till prospecting and follow-up diamond drilling with four rigs are now active will continue throughout the key winter season through to the end of April 2024”.
January 16, 2024
Rupert Resources Ltd (“Rupert” or the “Company”) announces that it has appointed Riikka Aaltonen to its Board as an Independent Non-Executive Director, effective immediately. In her role, Ms Aaltonen will sit on the Board’s Technical Committee. Susan Milton has concurrently retired from the Board.
Gunnar Nilsson, Chairman of Rupert Resources Ltd said “The Board would like to take this opportunity to thank Susan Milton for her contribution since she was appointed in June 2016. Over Susan’s tenure, Rupert completed the acquisition of its core land package in the Central Lapland Greenstone Belt of Northern Finland and commenced the systematic exploration campaign leading to the discovery of the world-class 4Moz Ikkari gold deposit. We are pleased to welcome Riikka Aaltonen as an Independent Director to the Board of Rupert Resources. Riikka will add considerable experience on Finnish legislature, policy and governance as we progress Ikkari through permitting towards production over the next few years.”
Concurrent to her appointment, the Company furthermore announces that pursuant to the Company’s Amended and Restated Equity Incentive Plan dated November 9, 2022 (the “Plan”), a total of 200,000 options were awarded to Ms. Aaltonen (the “Options”). The Options were granted with an effective date of January 15, 2024 with an exercise price of $3.53 per share, being the closing price of the Company’s shares on the TSX on January 12, 2024. The Options are exercisable for a five-year period from the date of grant, with 1/3rd of the Options vesting on each calendar anniversary.
Following the award of the Options, there are 5,293,481 options outstanding under the Plan, representing 2.5% of the issued and outstanding shares of the Company.
Biography of Riikka Aaltonen
Riikka Aaltonen was a Senior Adviser working with permitting and mineral policy from 2008 to 2023 in various departments of the Finnish Government at national level in Helsinki and latterly for the Regional Council of Lapland in Rovaniemi. Prior to this, Riikka worked in exploration and mining in both Finland and Sweden with roles for Boliden and LKAB. Riikka holds an MSc in Geology and Mineralogy from the University of Turku, Finland.
January 15, 2024
Rupert Resources Ltd (“Rupert” or the “Company”) announces that it has published its financial results for the three and nine months ending November 30, 2023 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 as well as on SEDAR at www.sedar.com. All references to currency in this press release are in Canadian dollars.
Highlights
James Withall, Chief Executive Officer of Rupert Resources said, “Our twin track approach to augment and de-risk the 4Moz resource inventory we have at the Ikkari Project continues. Drilling is underway at some of our most prospective targets on our core land package, we are well funded through our near-term work programs including the PFS and remain on the critical path for submission of our EIA report in calendar 2024.”
Financial summary
During the nine months ended November 30, 2023, the Company spent $20,380,006 (9 months ended November, 2022 – $20,297,767) on its exploration projects. As of November 30, 2023 Rupert held cash and cash equivalents of $43,605,144 (November 30, 2022 – $28,994,038). The Company recorded a net (loss) gain and comprehensive (loss) gain for the three months and nine months ended November 30, 2023 of $(308,922) and $(4,163,418) respectively (three months and nine months ended November 30, 2022 – $3,744,713 and $(6,573,531) respectively and a net (loss) gain per share for the three months and nine months ended November 30, 2023 of $(0.01) and $(0.04) respectively (three and nine months ended November 30, 2022 – $(0.01) and $(0.03) respectively).
Operating summary
During the nine months ended November 30, 2023 and up to the date of this release, 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
The results of an updated MRE for Ikkari were published in November 2023 with the relevant NI 43-101-compliant technical report filed on Sedar in December 2023. The Ikkari PEA, published in January 2023, and the Updated Ikkari MRE have served inter alia as the basis for the Pre-feasibility Study (“Ikkari PFS”) that was initiated during the nine months ended November 30, 2023, the parameters of which are currently being optimized.
2023/24 winter drilling campaign
Exploration drilling continues with winter ground conditions allowing access to the most prospective areas of Rupert’s property. As previously disclosed the 2023/24 winter program will undertake 30,000 meters of drilling focused on: (1) New targets in Area 1 based on new structural interpretation and higher resolution magnetic survey (2) Ikkari depth and lateral extensions and (3) New generative discoveries within the 490km2 land package in particularly along the 10km mineralized corridor east of Ikkari.
Community engagement, 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 plans to file the EIA report documents during the second half of 2024.
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.
December 11, 2023
Rupert Resources Ltd (“Rupert” or the “Company”) announces that it has appointed Bill Washington as an Independent Non-Executive Director, effective immediately. In his role as an independent non-executive director Mr Washington will also sit on the Audit and Remuneration committees. The Company expects to make further changes to the Board in the New Year.
Gunnar Nilsson, Chairman of Rupert Resources said “We are pleased to welcome Bill Washington as an Independent Director to the Board of Rupert Resources. Bill will add considerable investment banking and Canadian capital markets experience as we continue to progress the world class Ikkari Gold Discovery.”
Concurrent to his appointment, the Company furthermore announces that pursuant to the Company’s Amended and Restated Equity Incentive Plan dated November 9, 2022 (the “Plan”), a total of 200,000 options were awarded to Mr. Washington (the “Options”). The Options were granted with an effective date of December 7, 2023 with an exercise price of $4.12 per share, being the closing price of the Company’s shares on the TSX on December 6, 2023. The Options are exercisable for a five-year period from the date of grant, with 1/3rd of the Options vesting on each calendar anniversary.
Following the award of the Options, there are 5,093,481 options outstanding under the Plan, representing 2.5% of the issued and outstanding shares of the Company.
Biography of Bill Washington
Bill Washington was the Head of Global Mining & Metals at National Bank Financial Markets from July 2011 until his retirement from the firm at the end of 2015. He joined National Bank as part of the acquisition of Wellington West Capital Markets where he had served as the Head of Investment Banking since August 2004. Prior to joining Wellington West, where he focused exclusively on the mining sector, Bill worked as an investment banker at National Bank Financial/First Marathon, Gordon Capital and Lancaster Financial/TD Securities from 1994.
Prior to entering investment banking he worked as a civil engineer on major infrastructure projects in the U.K., Spain and Hong Kong for six years. Bill holds a Bachelor of Applied Science (Civil Engineering) from the University of British Columbia and has an MBA from the University of Western Ontario (Ivey). Bill also acts as an Independent Director for Wesdome Gold Mines Ltd and was previously a Director of Copper Mountain Mining Ltd until its acquisition by Hudbay Minerals Inc in June 2023.
November 28, 2023 – Rupert Resources Ltd. (“Rupert” or the “Company”) reports an updated Mineral Resource Estimate for its Ikkari Project showing a total Indicated Resource of 58.43 million tonnes (“Mt”) at a grade of 2.18 grams per tonne of gold (g/t Au) for 4.09Moz contained gold. Today’s release also provides an update on the 2023/24 winter drilling campaign.
Highlights
James Withall, CEO of Rupert Resources commented “The Rupert Team have achieved an exceptional result to deliver an Indicated Resource of over 4 million ounces at Ikkari in just over three years since the discovery. The conversion of 96% of the deposit to the Indicated category, and yield over 10,000 oz per vertical metre between 40 – 280m below surface, reflects the outstanding quality and cohesive nature of the Ikkari deposit that will drive the economics of the engineering studies currently underway. The exploration team has now shifted back to “discovery mode” with the early onset of winter drilling conditions allowing access to our highest priority targets. Over the next six months the focus is on adding value through the twin paths of de-risking the development of existing resources and further demonstrating the mineralising system on our significant land position with the aim of increasing our global resource base beyond five million ounces.”
October 26, 2023
Rupert Resources Ltd (“Rupert” or the “Company”) announces that it has appointed Andre Lauzon to its Board of Directors effective immediately. In his role as an independent non-executive director Mr Lauzon will also Chair the Company’s technical committee.
Gunnar Nilsson, Chairman of Rupert Resources said “We are pleased to welcome Andre Lauzon to the Board of Directors where he will chair the technical committee at an important time for the Company as we work towards completion of our prefeasibility study for Ikkari. Andre brings over 25 years experience across a number of disciplines on both base metals and gold projects at various stages of development. We expect to make further appointments to strengthen and broaden the capability of our Board as required.”
Concurrent to his appointment, Mr Lauzon, the Company furthermore announces that pursuant to the Company’s Amended and Restated Equity Incentive Plan dated November 9, 2022 (the “Plan”), a total of 200,000 options were awarded to Mr. Lauzon (the “Options”). The Options were granted with an effective date of October 23, 2023 with an exercise price of $3.42 per share, being the closing price of the Company’s shares on the TSX on October 20, 2023. 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 4,693,481 options outstanding under the Plan, representing 2.5% of the issued and outstanding shares of the Company.
