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
NI 43-101 technical report
Presentation
