January 14, 2025
Rupert Resources Ltd (“Rupert” or the “Company”) announces that it has published its unaudited financial results for the three and nine months ending November 30, 2024 and accompanying Management’s Discussion and Analysis for the same period.
All of the above have been posted on the Company’s website www.rupertresources.com with the financial statements and MD&A also published on SEDAR+ at www.sedarplus.ca
Graham Crew, Chief Executive Officer of Rupert Resources said “The Prefeasibility study (“PFS”) for Ikkari is still expected to be published in Q1 2025 and our strong balance sheet with almost C$47M of cash provides us with good financial headroom to complete the PFS and fund this winter’s exploration campaign.”
Financial Highlights
During the nine months ended November 30, 2024, the Company spent C$23,854,930 (9 months ended November, 2023 – $20,380,006) on its exploration projects. As of November 30, 2024 Rupert held cash and cash equivalents of $46,935,928 (November 30, 2023 – $43,605,144). The Company recorded a comprehensive (loss) gain for the three months and nine months ended November 30, 2024 of $(3,141,366) and $(5,340,798)respectively (three months and nine months ended November 30, 2023 – $(308,922) and $(4,163,418) respectively and a net (loss) gain per share for the three months and nine months ended November 30, 2024 of $(0.01) and $(0.03) respectively (three and nine months ended November 30, 2023 – $(0.01) and $(0.04) respectively).
All references to currency in this press release are in Canadian dollars.
Discussion of Operations
During the three and nine months ended November 30, 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.
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 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 is on ensuring a thorough understanding of the short-spaced grade variability, the hydrogeological environment and geotechnical domains 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 success of the exploration campaign during the winter 2023/24, the discovery of significant widths and tenors of mineralisation 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 upcoming season is to systematically explore extensions to the prospective structures identified in an updated structural interpretation.
Engineering and Ikkari PFS Update
In August 2024, final metallurgical variability and bulk testwork results were released, providing evidence of favourable recoveries using the proposed gravity and whole ore leach flow sheet that will be applied in the Ikkari PFS. Other critical path work has been substantially finished with review and optimisation work underway through Q4 calendar 2024.
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 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 formally filed an EIA Programme with authorities during the second calendar quarter of 2023 and plans to file EIA report documents during 2025. 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.
