Rupert Resources Ltd (“Rupert” or the “Company”) announces that it has published its audited financial results for the twelve months ending February 28, 2021 and accompanying Managements 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.
During the 12 months ending February 28, 2021, the Company spent $14,637,057 (12 months ended February 29, 2020 - $9,571,101) on its exploration projects. As of February 28, 2021, Rupert held cash or cash equivalents of $21,724,305. The Company recorded a net loss and comprehensive loss for the year of $(7,343,327) (12 months ended February 29, 2020 - $(5,159,127)) and a net loss per share of $(0.05) (12 months ended February 29, 2020 - $(0.04)).
James Withall, Chief Executive Officer of Rupert Resources said, “Following the closing of the $48.7million financings earlier in June, Rupert’s work programmes are now fully funded for at least the next two years. Further funding beyond the forecast budget is anticipated from in-the-money options and warrants. We now have full visibility on our cash position and capital structure as we continue to derisk the Ikkari discovery whilst continuing our program to find deposits of scale in Northern Finland.”