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Toronto, Ontario (February 9th, 2023) – Rupert Resources Ltd. (“Rupert Resources” or the “Company”) (TSX: RUP) is pleased to announce that it intends to complete a non-brokered private placement of up to 10,120,000 common shares (the “Common Shares”) of the Company, at a price of C$4.70 per Common Share for gross proceeds of up to C$47,564,000 (the “Private Placement”).
Agnico Eagle have indicated their intention to participate in the private placement pro-rata their current shareholding in the Company.
The Private Placement is expected to close on or about February 24, 2023 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange. The Common Shares issued in connection with the Private Placement will be subject to a statutory hold period, in accordance with applicable securities legislation.
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.
February 8, 2023. Rupert Resources Ltd (“Rupert” or the “Company”) announces that it has divested 100% of its non-core Hirsikangas interests in Central Finland in exchange for the consideration of 890,000 new, common shares in Northgold AB (“Northgold”).
The Company has furthermore participated in a directed placement of shares in Northgold, purchasing 226,000 shares at a price of SEK 12.50 per share for a total value of SEK 2,825,000, equivalent to approximately 248,000 Euros or 350,000 Canadian dollars.
Northgold AB shares trade on the Nasdaq First North Growth Market Sweden under symbol “NG”.
Further to the above, the Company’s holding in Northgold totals 9.1 percent of the issued equity on a fully diluted basis.
James Withall, Chief Executive Officer of Rupert Resources Ltd said “We believe that this transaction offers the best route to realise value for our shareholders from our non-core Central Finland properties, enabling us to focus on Ikkari and our other properties in the Central Lapland Greenstone Belt of Northern Finland. The transaction with Northgold creates a critical mass of prospective ground and resources to fund and execute a successful regional exploration program. Rupert’s shareholders will be able to benefit from any future success through its significant holding of Northgold shares. ”
January 26, 2023. Rupert Resources Ltd (“Rupert” or the “Company”) announces that it has published its unaudited, condensed consolidated interim financial statements for the three and nine months ending November 30, 2022 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 performance
During the nine months ended November 30, 2022, the Company spent $20,297,767 (9 months ended November, 2021 – $ 16,513,835) on its exploration projects. As of November 30, 2022 Rupert held cash and cash equivalents of $28,994,038 (November 30, 2021 – $ 49,324,781). The Company recorded a net (loss) gain and comprehensive (loss) gain for the three months and nine months ended November 30, 2022 of $3,744,713 and $(6,573,531) respectively (three months and nine months ended November 30, 2021 – $(3,462,153) and $(8,435,622) respectively and a net (loss) gain per share for the three months and nine months ended November 30, 2022 of $(0.01) and $(0.03) respectively (three and nine months ended November 30, 2021 – $(0.01) and $(0.03) respectively).
Operating performance
During the three and nine months to end-November 2023 and up to the date of this document, Rupert’s operational activities have been primarily focussed on the Rupert Lapland Project Area and Ikkari in particular, located in the Central Lapland Greenstone Belt (“CLGB”), together with more limited exploration activity at Hirsikangas in Central Finland.
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.
Base of till (“BoT”) sampling continues across the Rupert Lapland Project Area, specifically over geophysical anomalies of interest and programs will begin on recently applied for exploration permits upon grant in the coming months.
On November 28, 2022 the company published the results of a Preliminary Economic Assessment technical report (“PEA”) for Ikkari. The full technical report is now available on Rupert Resources’s website here and has been filed on SEDAR. The PEA demonstrates an After-Tax Net Present Value (“NPV”) (5% discount) of $1.6 billion, an unlevered Internal Rate of Return (“IRR”) of 46% and payback after only two years, assuming a gold price of $1,650 per troy ounce (“oz”). A long project life in excess of 20 years is envisaged by the study recovering 4.25million ounces and with expected lowest quartile all-in sustaining cost (“AISC”) of $759/oz over LOM, and $596/oz during the Ikkari open-pit operation. (November 28, 2022 press release).
Numerous technical programs have commenced across multiple disciplines towards completion of a pre-feasibility study (“PFS”) within 12 to 18 months.
Near-term resource additions
A 2022/23 drill program comprising some 73,000 metres (“m”) of drilling, with circa 30,000m allocated to Ikkari infill drilling. Near-term resource addition is a point 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 through Base of Till and geophysical programs.
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.
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.
January 11, 2023 – Rupert Resources Ltd (“Rupert” or the “Company”) is pleased to provide a 2023 outlook and recap on key 2022 highlights for the Company’s 100% owned Rupert Lapland Project, (“the Project”) including our flagship Ikkari gold discovery and Pahtavaara mine and mill located in Northern Finland.
James Withall, Chief Executive of Rupert Resources said “We ended 2022 with several notable milestones including the announcement of PEA results for Ikkari, completion of a baseline sustainability report and graduation to the Toronto Stock Exchange. Exploration remains the key focus for us in the first quarter of 2023 remembering that the $1.6billion Ikkari Project is still only three years out from its discovery drill hole.”
Building on a compelling PEA for Ikkari
The independent Preliminary Economic Assessment technical report (“PEA”) for Ikkari is now available on Rupert Resources’s website here and has been filed on SEDAR. The PEA demonstrates an After-Tax Net Present Value (“NPV”) (5% discount) of $1.6 billion, an unlevered Internal Rate of Return (“IRR”) of 46% and payback after only two years, assuming a gold price of $1,650 per troy ounce (“oz”). A long project life in excess of 20 years is envisaged by the study recovering 4.25million ounces and with expected lowest quartile all-in sustaining cost (“AISC”) of $759/oz over LOM, and $596/oz during the Ikkari open-pit operation. (November 28, 2022 press release)
Numerous technical programs have commenced across multiple disciplines towards completion of a pre-feasibility study (“PFS”) within 12 to 18 months.
Near-term resource additions
The 2022/2023 drill program, that began August 2022, is planned to include 72,800m of drilling. Around 30,000m will be allocated to Ikkari infill and project drilling. This past year, Rupert continued to intersect broad intervals of consistent high-grade gold mineralisation, including Hole #121160 that returned a record 103 metres (m) of 8 grams per tonne gold (g/t Au) from 155m in the central section of the resource, as well as a nearer surface interval of 2.5g/t Au over 80m from 48m. (February 1, 2022 press release). Rupert is particularly focused on near-term resource additions over the upcoming winter drilling season to ensure these can be included in future economic and environmental assessments and the eventual permitting application for the Project.
Continued focus on discovery
Exploration will remain a key focus going forwards. The mineralised limits of the Ikkari deposit are untested and the broader mineralising system that hosts surrounding discoveries has only been tested at shallow depths. The exploration team has six known targets to be tested and continues to generate new targets through the ongoing Base of Till and geophysical programs. More than 42,000m of drilling will be focused on Ikkari extension and satellites; and regional exploration across Rupert’s 714km2 land position targeting additional discoveries of scale. In the past year, Rupert discovered a new mineralised zone 500m north of Ikkari and 500m south of Heinä Central (August 17, 2022 press release). New drilling at Heinä South, 1km northwest of Ikkari, has yielded further bonanza gold in quartz-carbonate veins (March 16, 2022 press release). The planned exploration drilling will include testing deeper extensions at Ikkari as indicated by the first drill hole of the 2022/23 season which yielded 32.5m of 2.2g/t Au from 571m (500m vertical) extending mineralisation in the east by approximately 110m in the downdip direction (September 19, 2022 press release).
Advancing permitting and environmental work
Permitting, specifically the progression of the Environmental Impact Assessment Program works and Land Use Planning will be a significant focus in 2023. Rupert has expanded our environmental team to ensure the skills are in place internally alongside our EIA consultant Envineer and Land Use Planning consultant SWECO. The EIA Program was presented to the respective authorities on November 30, 2022 and formally started the environmental permitting process. Key stakeholders have been invited to participate in a steering committee that will begin meeting in 2023.
Rupert Resources is pleased to announce that further to graduation from the TSX Venture Exchange (“TSX-V”), trading of its common shares (the “Common Shares”) will today commence on the Toronto Stock Exchange (the “TSX”).
The Common Shares will commence trading on the TSX effective as of the open of the market today, December 12, 2022 under the existing symbol “RUP”. In conjunction with graduation onto the TSX, the Common Shares have been delisted from the TSX-V, effective upon the commencement of trading on the TSX.
December 8, 2022 – Rupert Resources is pleased to announce it has received approval for the listing of its common shares (the “Common Shares”) on the Toronto Stock Exchange (the “TSX”).
The Common Shares will commence trading on the TSX effective as of the opening of the market on December 12, 2022. Upon listing on the TSX, the Common Shares will continue to trade under the symbol “RUP”. In conjunction with the graduation onto the TSX, the Common Shares will be delisted from the TSX Venture Exchange upon the commencement of trading on December 12, 2022.
James Withall, CEO of Rupert Resources commented “The graduation to the main TSX is an important step in the growth and maturity of the business as we frame the exceptional economic potential of the Ikkari Discovery in the recently announced Preliminary Economic Assessment (see announcement by the Company of November 28, 2022) and move ahead with the 2022/23 winter drilling programme. We remain well financed with cash of $35 million at the end of August 2022.”
November 28, 2022 – Rupert Resources Ltd (“Rupert” or the “Company”) is pleased to announce results from its Preliminary Economic Assessment (“PEA” or “study”) for the Company’s 100% owned Rupert Lapland Project, (“the Project”) including our flagship Ikkari gold discovery and Pahtavaara mine and mill located in Northern Finland.
{All figures are in US$ unless otherwise noted}
James Withall, CEO of Rupert Resources, commented:
“This PEA study indicates exceptionally high-margin and meaningful returns on a robust project. The results are a testament to both the quality of the asset and our technical team. In only three years, we’ve gone from discovery hole to a preliminary study outlining an after-tax NPV of $1.6 billion, anchored by Ikkari. What excites us is that we still have room to grow at Ikkari and other satellite targets that we will be drill testing this winter. We have a real opportunity to not only advance Ikkari as outlined in our PEA, but systematically develop a cornerstone asset in a significant new gold camp over time.”
Full release including images and tables
Rupert Resources Ltd (“Rupert” or the “Company”) announces that it has published its unaudited financial results for the three and six months ending August 31, 2022 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 performance
During the six months ended August 31, 2022, the Company spent $13,759,177 (6 months ended August 31, 2021 – $10,892,509) on its exploration projects. As of August 31, 2022, Rupert held cash or cash equivalents of $36,860,468. The Company recorded a net loss and comprehensive loss for the three months and six months ended August 31, 2022 of $(5,173,267) and $(10,318,244) respectively (three months and six months ended August 31, 2021 – $(1,494,403) and $(4,973,469) respectively) and a net loss per share for the three months and six months ended August 31, 2022 of $(0.02) and $(0.03) respectively (three and six months ended August 31, 2021 – $(0.01) and $(0.02) respectively).
Operating Highlights
During the three and six months to end-August 2022 and up to the date of this document, Rupert’s operational activities have been primarily focussed on the Rupert Lapland Project Area and Ikkari in particular, located in the Central Lapland Greenstone Belt (“CLGB”), together with more limited exploration activity at Hirsikangas in Central Finland.
Rupert Lapland Project Area, CLGB, Northern Finland
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.
Base of till (“BoT”) sampling continues across the Rupert Lapland Project Area, specifically over geophysical anomalies of interest and programs will begin on recently applied for exploration permits upon grant in the coming months.
Ikkari Preliminary Economic Assessment and Related Studies
Following publication in September 2021 of the Ikkari Technical Report, and the on-going regional diamond and BoT drilling and sampling programs, a NI 43-101-compliant Preliminary Economic Assessment of Ikkari (“Ikkari PEA”) is currently underway and is expected to be completed along with an update to the MRE in the fourth quarter of calendar 2022.
The Ikkari PEA project is led by Tetra Tech, and encompasses an evaluation of the economic potential of the Ikkari and Pahtavaara mineral resources as well as satellite deposits that have continued to be drilled during the 2021/22 winter exploration program, as well as subsequently. Various studies have been initiated and which will contribute to the PEA, including but not limited to: optimisation of planned mining methods, schedules and site layouts, hydrogeological and geotechnical evaluations and metallurgical studies, including assessment of processing options. The aim of the Ikkari PEA is to better define the optimum parameters that will be used in a Pre-feasibility Study (“PFS”) that is expected to be initiated subsequent to its completion.
Ikkari and Pahtavaara Environmental Assessments
The Environmental Impact Assessment (“EIA”) work program, initiated during 2021/22, is on-going at each of Ikkari and Pahtavaara, with the aim of securing an environmental permit and thereafter a mining licence for Ikkari in addition to those already held at Pahtavaara. The Ikkari PEA is also drawing from this process as appropriate.
Pahtavaara Mine
Further to the drilling programs at the Pahtavaara Mine as reported in October 2020 and July 2021, a trade-off study of Pahtavaara is to be completed as part of the Ikkari PEA in order to define the most suitable mining methods and cut-off grades and to complete an updated National Instrument 43-101 Technical Report. The Ikkari PEA will also review the opportunity to develop Pahtavaara as a satellite mine to a new central processing facility at Ikkari, which may allow Pahtavaara to benefit from cost synergies and shared infrastructure.
Central Finland Properties
In 2022, IP surveys and limited drill testing were carried out in the summer at both Ullava and Purontaka targets and the results from these are being processed. Field work continues at the Lesti Arc area and southern extent of Himanka volcanic belt, which also hosts the Hirsikangas deposit.
