March 28, 2025
Rupert Resources Ltd (“Rupert” or the “Company”) announces that it has published its audited financial results for the ten months ending December 31, 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.
As per its press release dated December 10, 2024, Rupert has changed its fiscal year-end from end-February to end-December to better align the Company’s financial statement and continuous disclosure requirements with its industry peers.
Financial Highlights
During the 10 months ending December 31, 2024, the Company spent $25,405,497 (twelve months ended February 28, 2024 – 31,528,290) on general exploration costs and purchase of property, plant and equipment. As of December 31, 2024, Rupert held cash or cash equivalents of $44,744,545. The Company recorded a net loss and comprehensive loss for 10 months to December 31, 2024 of $(8,142,325) (12 months ended February 29, 2024 – $(5,782,240) and a net loss per share of $(0.05) (12 months ended February 29, 2024 – $(0.04)).
All references to currency in this press release are in Canadian dollars.
Graham Crew, Chief Executive Officer of Rupert Resources said, “Our strong cash position of over $44 million at year-end provides a solid foundation for advancing Ikkari through critical development milestones in 2025. With the recent fundraising and excellent shareholder support the Company is well positioned to deliver the ongoing Environmental Impact Assessment & Engineering Studies for the Ikkari project, as well as systematically exploring to unlock value across our strategic land package in the Central Lapland Greenstone Belt.”
Operating Highlights
During the 10 months ended December 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.
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 Central Lapland Greenstone Belt.
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 Project Drilling
The 2023/24 drill program was completed during the second calendar quarter of 2024, comprising some 43,000 metres (“m”) of drilling, with 24,000m allocated to drilling within the Ikkari project footprint.
During the 2024/25 drill season the focus of drilling has been on hydrogeological testwork and monitoring as well as further geotechnical investigations to facilitate the full optimisation of the project at the definitive feasibility study stage, which is expected to follow on from successful completion of the Ikkari PFS.
Continuing Exploration
Following on from the exploration campaign during the winter 2023/24, including the discovery of widths and tenors of mineralisation of interest at Heinä South, and the structural reinterpretation of the wider Area 1, the 2024/25 exploration program is now underway with drilling planned at six target areas along the 15km regional trend east of Ikkari as well as two base metals target areas located at the east of Rupert’s 100%-held property. The aim of the on-going season is to systematically explore extensions to the prospective structures identified in an updated structural interpretation.
Engineering and Ikkari Related Studies
The Company anticipates commissioning a definitive feasibility study later in 2025 and, in working towards this objective, has been and continues conducting metallurgical, geotechnical and hydrogeological field and study programmes.
Advancing Permitting and Environmental Work
Permitting, specifically progression of the environmental impact assessment (“EIA”) program and land use planning is also a key focus of the Company. The EIA Program was initially presented to the relevant environmental authorities in Finland 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 program with authorities during the second calendar quarter of 2023 and plans to file EIA report documents during the fourth quarter of 2025.
As part of this process the Company continues with numerous baseline environmental assessments, as well as on-going engagement across all stakeholder groups.
