Toronto, Ontario (September 15, 2023) – Rupert Resources Ltd. (“Rupert Resources” or the “Company”) announces Mr. Mike Sutton’s retirement as of today from the Board of the Company. Eventual replacement of Mr. Sutton as a non-Executive Director is under consideration.
James Withall, CEO of Rupert Resources, said “I would like to recognise Mike’s many years of service as a Director and his valuable contribution to the Rupert Resources team in the development and success of the Company.”
Gunnar Nilsson, the Company’s Chairman, said “Mike has been with the Company as a Director throughout the transformative period since 2016, from the original acquisition of Pahtavaara through to the discovery of the Ikkari deposit in 2020 and the continuing exploration and development which has followed. With his extensive professional experience, his guidance especially in technical matters has been of key importance. On behalf of the Company, I wish to thank him for his contribution over this time and wish him all the best for the future.”
Toronto (August 16, 2023) – Rupert Resources (“Rupert” or “The Company”) is pleased to report drill results from its 2022/23 exploration program at its multi-million ounce Ikkari gold discovery at the 100% owned Rupert Lapland Project in Northern Finland. In November 2022, the company published a mineral resource estimate (“MRE”) and preliminary economic assessment (“PEA”) for the project demonstrating the potential for a high margin, low impact mine with a life of over 20 years (see November 28, 2022 press release and footnotes 1&2).
HIGHLIGHTS
Ikkari – Further results from Infill and extension program
Ikkari North (0.5km north of Ikkari)
New drilling at Ikkari North successfully targeted the Eastern continuation of mineralisation hosted within an E-W structural corridor. Within this trend multiple intense breccia zones host gold and pyrite mineralisation. Drilling during the winter 2023 has extended the footprint of the mineralisation 200m to the east from previous drilling during the winter 2022 (see previous press release dated August 17, 2022).
James Withall, CEO of Rupert Resources commented “Diamond drilling for the 2023/24 season has commenced on several targets with the base of till program set to resume in September after the summer break. The results published today highlight the potential of the mineralising system in Area 1 to yield more discoveries. A significant portion of the drilling in 2022/23 was allocated to infill drilling to upgrade the confidence level of Ikkari resource ahead of the upcoming pre-feasibility study; with this work behind us, the focus can switch back to exploration, both in Area 1 and along the 15km structural corridor extending eastwards from the multi-million ounce Ikkari discovery where new base of till and geophysical anomalies have been identified.”
Link to full release including images and tables
Toronto, Ontario (August 14, 2023) – Rupert Resources Ltd. (“Rupert Resources” or the “Company”) announces that the six nominees listed in its management information circular (the “Circular”) dated July 7, 2023 were elected as directors at the Annual Meeting of Shareholders of Rupert Resources (the “Meeting”). There were 97,621,673 common shares represented in person or by proxy at the Meeting (representing 48.15% of the issued and outstanding common shares of the Corporation being 202,742,873 as of the record date for the Meeting). The voting results for the Meeting are set out below.
| DIRECTOR | FOR | WITHHELD | ||
| Susan Milton | 93,703,714 | 98.79% | 1,145,688 | 1.21% |
| Gunnar Nilsson | 85,736,235 | 90.39% | 9,113,167 | 9.61% |
| George Ogilvie | 92,863,300 | 97.91% | 1,986,102 | 2.09% |
| Michael Ouellette | 92,863,300 | 97.91% | 1,986,102 | 2.09% |
| Mike Sutton | 89,513,350 | 94.37% | 5,336,052 | 5.63% |
| James Withall | 73,930,089 | 77.94% | 20,919,313 | 22.06% |
At the Meeting, the following resolutions as set out in the Circular, were passed as ordinary resolutions of Rupert’s shareholders. Proxies and votes received at the Meeting were as follows:
| Resolutions | For | Withheld |
| Re-appointment of Auditors | 100% | 0.00% |
| For | Against | |
| Equity Incentive Plan (as defined in the Circular) | 73.16% | 26.84% |
The results of the matters considered at the Meeting are reported in the Report of Voting Results as filed under the Company’s issuer profile on SEDAR+ (www.sedarplus.ca) on August 14, 2023.
July 10, 2023. Rupert Resources Ltd (“Rupert” or the “Company”) announces that it has published its financial results for the three months ending May 31, 2023 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 2022.
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.sedar.com.
Financial Highlights
During the three months ending May 31, 2023, the Company spent $7,915,058 (three months ended May 31, 2022 – $8,716,489) on its exploration projects. As of May 31, 2023, Rupert held cash or cash equivalents of $59,170,341. The Company recorded a net loss and comprehensive loss for the quarter of $(2,306,952) (three months ended May 31, 2022 – $(5,144,977)) and a net loss per share of $(0.01) (three months ended May 31, 2022 – $(0.01)).
Operating Highlights
During the quarter ending May 31, 2023 and up to the date of this document, Rupert’s operational activities have been entirely 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 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 mineral resource estimate (“MRE”) for Ikkari, and further to on-going regional diamond and BoT drilling and sampling programs, the Company initiated the Ikkari preliminary economic assessment (“Ikkari PEA”), including an updated MRE, the principal results of which were announced by the Company in November 2022, with the relevant NI 43-101-compliant technical report filed on Sedar in January 2023.
The Ikkari PEA served inter alia to better define the optimum parameters that will be used in a Pre-feasibility Study (“Ikkari PFS”) that has been initiated during the quarter ended May 31, 2023.
Near-term resource addition
A 2022/23 drill program was completed during the quarter ended May 31, 2023, comprising some 68,000 metres (“m”) of drilling, with circa 30,000m allocated to Ikkari infill drilling. Near-term resource addition and the conversion of Inferred Resources to Indicated Resources are points of particular focus for the Company in order to ensure inclusion in future economic and environmental assessments and the eventual permitting of Ikkari.
Continuing exploration
On-going exploration is a further key focus, with the mineralised limits of the Ikkari deposit untested and the broader mineralising system that hosts surrounding discoveries only tested at shallow depths. There are six known targets to be tested and new target generation continues on other properties within the Rupert Lapland Project Area through BoT sampling, geophysical programs and eventual scout diamond drilling.
Advancing permitting and environmental work
Permitting, specifically the progression of the Environmental Impact Assessment (“EIA”) Program works and Land Use Planning is also a key focus of the Company. The EIA Program was 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 filed an EIA Program with authorities during the second calendar quarter of 2023 and plans to file EIA documents by the summer of 2024.The Ikkari PFS will draw from this process as appropriate.
Pahtavaara Mine
The Ikkari PEA has identified the opportunity to develop Pahtavaara later in the life of the Ikkari operation as a satellite mine to a new central processing facility at Ikkari. This would allow Pahtavaara to benefit from cost synergies and shared infrastructure (see “Description of Business”). In the meantime, the Company is placing Pahtavaara under long term care and maintenance, while maintaining the relevant operational permits.
All references to currency in this press release are in Canadian dollars.
James Withall, Chief Executive Officer of Rupert Resources said, “Today’s results continue to show a strong balance sheet and we are pleased to publish our second annual sustainability report. Looking forward to the next 12 months we aim to complete a resource update (Q4 2023) and pre-feasibility study (H1 2024) to demonstrate Ikkari’s potential to become a significant long-life, high-margin, low-impact gold mine. What sets Ikkari apart from other discoveries is the near surface, high grade orebody located close to existing infrastructure in a region already familiar with the benefits of sustainable mine development. A notable recent development in Lapland is the possibility to sign 100% carbon-free energy contracts, a significant point of difference from many other operations and projects around the world.”
May 29, 2023
Rupert Resources Ltd (“Rupert” or the “Company”) announces that it has published its audited financial results for the twelve months ending February 28, 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 and on Sedar at www.sedar.com.
Financial Highlights
During the 12 months ending February 28, 2023, the Company spent $29,078,639 (twelve months ended February 28, 2022 – $23,798,498) on general exploration costs and purchase of property, plant and equipment. As of February 28, 2023, Rupert held cash or cash equivalents of $70,499,292. The Company recorded a net loss and comprehensive loss for the year of $(10,673,487) (12 months ended February 28, 2022 – $(12,096,620)) and a net loss per share of $(0.07) (12 months ended February 28, 2022 – $(0.05)).
All references to currency in this press release are in Canadian dollars.
James Withall, Chief Executive Officer of Rupert Resources said, “We exited the year with C$70 million dollars in the treasury and are well set to execute our work programmes including advancing with the prefeasibility study for Ikkari as well as permitting matters and continuing with our exploration programs to delineate further resources and discoveries of scale at our core Rupert Lapland Project.”
Toronto (May 23, 2023) – Rupert Resources (“Rupert” or “The Company”) is pleased to report drilling from its 2022-23 exploration program at its multi-million ounce Ikkari gold discovery at the 100% owned Rupert Lapland Project in Northern Finland.
In November 2022, the company published a mineral resource estimate (“MRE”) and preliminary economic assessment (“PEA”) for the project demonstrating the potential for a high margin, low impact mine with a life of over 20 years (see November 28, 2022 press release and footnotes 1&2).
Highlights from today’s published results (figure 1) include:
Resource Infill
Extensions
James Withall, CEO of Rupert Resources commented “We have received more positive results from the winter 2022/23 drill programme that demonstrate the exceptional continuity of the Ikkari deposit, potential for grade uplift in the core of Ikkari and extensions at depth in the west in previously untested areas. We have a significant number of results pending from drilling undertaken in recent months that has been focussed on extensions at Ikkari and targets with satellite potential. Our business model in its simplest form, is to continue finding low cost ounces whilst advancing engineering and permitting to de-risk and optimise the critical mass of high-margin resources we have already defined at Ikkari in the November 2022 PEA.”
March 21, 2022 – Rupert Resources (“Rupert” or “The Company”) is pleased to report drilling from its 2022-23 exploration program at its multi-million ounce Ikkari gold discovery at the 100% owned Rupert Lapland Project in Northern Finland and provides further project updates.
In November 2022, the company published a preliminary economic assessment (“PEA”) for the project demonstrates the potential for a24-year life of mine (LoM) at an average annual production of 200,000 troy ounce (“oz”) gold. After-Tax Net Present Value (“NPV”) (5% discount) of $1.6 billion with unlevered Internal Rate of Return (“IRR”) of 46% and payback after two years, assuming a gold price of $1,650 per oz. An expected lowest quartile all-in sustaining cost (“AISC”) of $759/oz is outlined over LOM, and $596/oz during the open-pit operation. Low sensitivity to cut-off grade and low initial strip ratio is also detailed. (see November 28, 2022 press release).
Highlights from infill drilling results aimed at further upgrading areas of inferred resources at Ikkari include:
Significant results to date,outside of the current block model include:
James Withall, CEO of Rupert Resources commented “We are now at the mid-point of the 2022/23 drilling campaign with winter conditions allowing drilling of Ikkari at depth. Initial results confirm the exceptional continuity of the Ikkari resource and the potential for resource expansions in the west and at depth. We have also identified further mineralisation 7km east from Ikkari along the main regional structure on our land package at Koppelo”
Link to full release including images and tables
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Toronto, Ontario (February 27, 2023) – Rupert Resources Ltd. (“Rupert Resources” or the “Company”) reports that it has closed the previously announced non-brokered private placement and has issued 10,120,000 common shares of the Company (“Common Shares”) at a price of C$4.70 per Common Share for gross proceeds of C$47,564,000 (the “Private Placement”).
Agnico Eagle Mines Limited (“Agnico Eagle”), exercised its participation right to subscribe for 1,525,000 Common Shares, retaining a 14.9% interest in the Company on a partially diluted basis. The issuance of the Common 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 intends to use the proceeds from the Private Placement to fund on-going exploration and development expenditures on the Company’s properties in Finland and for general corporate purposes.
The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Common Shares in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.
