Rupert Resources

Rupert Resources reports results for the three and nine months ending November 30, 2023

January 15, 2024

Rupert Resources Ltd (“Rupert” or the “Company”) announces that it has published its financial results for the three and nine months ending November 30, 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 as well as on SEDAR at www.sedar.com. All references to currency in this press release are in Canadian dollars.


  • Cash of $43.6 million at end of November 2023.
  • Updated Mineral Resource Estimate (“MRE”) for the Ikkari Project was published in November showed a total Indicated Resource of 58.43 million tonnes (“Mt”) at a grade of 2.18 grams per tonne of gold (g/t Au) for 4.09Moz contained gold. 
  • Exploration activities have intensified in early 2024 with winter conditions allowing access to most prospective areas of Rupert’s land package.
  • Pre-feasibility study proceeding as expected to allow timely delivery of Environmental Impact Assessment later in 2024.

James Withall, Chief Executive Officer of Rupert Resources said, “Our twin track approach to augment and de-risk the 4Moz resource inventory we have at the Ikkari Project continues.  Drilling is underway at some of our most prospective targets on our core land package, we are well funded through our near-term work programs including the PFS and remain on the critical path for submission of our EIA report in calendar 2024.”

Financial summary

During the nine months ended November 30, 2023, the Company spent $20,380,006 (9 months ended November, 2022 – $20,297,767) on its exploration projects. As of November 30, 2023 Rupert held cash and cash equivalents of $43,605,144 (November 30, 2022 – $28,994,038). The Company recorded a net (loss) gain and comprehensive (loss) gain for the three months and nine months ended November 30, 2023 of $(308,922) and  $(4,163,418) respectively (three months and nine months ended November 30, 2022 – $3,744,713 and $(6,573,531) respectively and a net (loss) gain per share for the three months and nine months ended November 30, 2023 of $(0.01) and $(0.04) respectively (three and nine months ended November 30, 2022 – $(0.01) and $(0.03) respectively).  

Operating summary

During the nine months ended November 30, 2023 and up to the date of this release, Rupert’s operational activities have been focussed on the Rupert Lapland Project Area and Ikkari in particular.

Rupert Lapland Project Area

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

The results of an updated MRE for Ikkari were published in November 2023 with the relevant NI 43-101-compliant technical report filed on Sedar in December 2023. The Ikkari PEA, published in January 2023, and the Updated Ikkari MRE have served inter alia as the basis for the Pre-feasibility Study (“Ikkari PFS”) that was initiated during the nine months ended November 30, 2023, the parameters of which are currently being optimized.

2023/24 winter drilling campaign

Exploration drilling continues with winter ground conditions allowing access to the most prospective areas of Rupert’s property. As previously disclosed the 2023/24 winter program will undertake 30,000 meters of drilling focused on: (1) New targets in Area 1 based on new structural interpretation and higher resolution magnetic survey (2) Ikkari depth and lateral extensions and (3) New generative discoveries within the 490km2 land package in particularly along the 10km mineralized corridor east of Ikkari. 

Community engagement, permitting and environmental work

Permitting, specifically progression of the Environmental Impact Assessment (“EIA”) Programme and Land Use Planning is also a key focus of the Company.  The EIA Programme was initially 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 plans to file the EIA report documents during the second half of 2024.

As part of this process the Company continues with numerous baseline environmental assessments, as well as on-going engagement across all stakeholder groups. The Ikkari PFS is drawing from these processes as appropriate.