Latest news with #Ikkari
AU Financial Review
2 hours ago
- Business
- AU Financial Review
What quitting taught this young CEO about leadership
Five months after the birth of her identical twin daughters, Stephanie Leathers returned from maternity leave to take on her first chief executive role. The retail executive had spent the previous six years working in C-suite roles at the fast-growing Australian fashion brand Aje, so when co-founder Adrian Norris asked her to run his new wellness brand, Ikkari, she jumped at the chance. 'It was pretty mental, but it almost felt like it was my other baby. [Ikkari] was something I'd been working on for six years at that point across the business, and I really wanted to see it through,' Leathers says.
National Post
15-05-2025
- Business
- National Post
Rupert Resources Reports Results for the Three Months Ending March 31, 2025
Article content TORONTO — Rupert Resources Ltd (' Rupert ' or the ' Company ') announces that it has published its unaudited financial results for the three months ending March 31, 2025 and accompanying Management's Discussion and Analysis for the same period. Article content Article content All of the above have been posted on the Company's website with the financial statements and MD&A also published on SEDAR+ at Article content Graham Crew, Chief Executive Officer of Rupert Resources said: Article content 'The release of the Ikkari pre-feasibility study (' PFS ') and maiden reserve estimate during the quarter marked a major milestone for Rupert, confirming the strong fundamentals and compelling value of the Ikkari project. Our winter exploration program delivered some exciting intercepts and continued to deepen our understanding. We remain confident in the opportunity to grow our four-million-ounce resource base through further discovery. Article content With over $100 million in cash, we are well funded through to the delivery of the definitive feasibility study (' DFS ')—continuing to advance and de-risk the Ikkari project, while aiming to unlock further value across the broader Rupert Lapland Project area through exploration. Article content As we enter this next phase, I want to acknowledge Tom Credland, who will be leaving the Company at the end of May. Over the past decade, Tom has played a central role in defining and executing Rupert's strategy, which led to the Ikkari discovery and funding of the development pathway. On behalf of the Board and the team, I thank him for his contribution and wish him every success in the future.' Article content During the three months ending March 31, 2025, the Company spent $6,648,051 on its exploration projects. As of March 31, 2025, Rupert held cash or cash equivalents of $85,678,319. This cash balance includes the proceeds of the previously announced $51,750,000 public offering that was closed on March 27, 2025. Following the period end, on April 1, 2025, the Company closed the private placement that was run in parallel with the bought deal for gross proceeds of $28,451,250. The Company recorded a net loss for the three months to end-March 31, 2025 of $(2,507,036) $(2,837,459) and a net loss per share of $(0.01). Article content All references to currency in this press release are in Canadian dollars. Article content Discussion of Operations Article content During the three months ended March 31, 2025 and up to the date of this announcement, Rupert's operational activities have been focussed on the Rupert Lapland Project Area and Ikkari in particular. Article content Rupert Lapland Project Area Article content 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 (' CLGB '). Article content Since July 2020, the Company has been engaged in a diamond drill program to further evaluate discoveries and targets 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 signatures of interest. Article content The 2024/2025 winter drill program at Ikkari was initiated during the first calendar quarter of 2025 and comprised of both hydrogeological and geotechnical drill programs to inform the upcoming DFS and environmental permit application. Article content The hydrogeological program comprised the installation of 26 vibrating wire piezometers (VWPs) across 8 holes, principally in the wall rock and key structural features surrounding the Ikkari mineralisation and envisaged operation. This brings the total VWPs installed in the vicinity of the Ikkari project to 55 representing a comprehensive monitoring network both during pump testing and subsequently throughout operations. As part of the upcoming pump test program, 4 large diameter holes for a total of 291m were successfully completed targeting areas of higher hydraulic conductivity that will be subject to pump testing in the coming months to inform and refine the groundwater model. Article content Geotechnical drilling, currently underway, will provide further logging and laboratory data within the planned underground mining area which will feed into the DFS mine design. During the quarter 2 of 5 planned diamond drill holes were completed for 1,117m. Article content Continuing Exploration Article content Following on from the exploration campaign during the winter 2023/24, including the discovery of widths and tenors of interest at Heinä South, a further 12 holes for 2305m have been drilled at Heinä South and promising intercepts continue to be intersected including 45.7g/t Au over 8m in Hole #125001 which included 362g/t Au over 1m (see press release April 17, 2025). The new drilling orientation, designed to test an interpreted WNW striking control on the high grade, had mixed success and high grade intercepts appear to be discontinuous between the two east-west striking lower grade trends defined in 2024. Refinement of the interpretation suggests that the high-grade intercepts occur at the intersection of these trends as opposed to forming a continuum along the WNW strike. Article content The area in and around the original 'Mike' target has been a key area of focus during the 2024/25 exploration season. The target area is located ~6km ENE from the Ikkari deposit along the Rajala Line structure. During the quarter a further 5 diamond drill holes for 1681m were drilled in the target area confirming the principal continuation of the high-strain zone occurs at the northern margin of the prospect and that the southern, lower strain domain and contact to the main Kumpu Basin is not prospective for economic gold mineralisation owing to the low-strain environment present there. These observations will feed into the continued systematic exploration along the Rajala Line further refining prospectivity and target ranking along the structure. Article content In the far east of the Rupert Lapland Project permit package, re-processing of historical Anglo American VTEM Electro Magnetic (EM) survey data highlighted the presence of untested conductors consistent with the geophysical signature expected from magmatic massive sulphides. These targets were tested with three diamond drill holes totalling 776m of drilling, the source of the conductor was determined to be remobilised, barren, massive sulphides probably of sedimentary provenance. No further follow up is planned for these targets though the potential for this portion of the permit package to host intrusion related magmatic massive sulphide deposits, similar in style to those present at the Sakatti deposit <15km SE of these targets, remains undiminished. Article content Scout drilling was undertaken at both the Kuusajaarvi project and Sikavaara East project, part of the non-core licence holdings of the company. At Sikavaara East 4 diamond drill holes for 624m targeted major structural contacts and co-incident low tenor BoT anomalism as part of the first pass drilling program. Long intervals of anomalous gold grades were intercepted within a graphitic black shale which accounts the low level gold anomalism present in BoT sampling whilst the structural feature, present in the airborne magnetics, was attributed to a late, barren brittle fault of significant width, also intersected by the drilling. At Kuusajaarvi drilling targeted an isolated high-grade Cu anomaly and further low grade Au anomalies. The high-grade copper anomaly was explained by the presence of remobilised chalcopyrite in an isolated quartz-carbonate vein within black shales while the low tenor BoT Au anomalism was attributed to anomalous Au at the contact between sediments and mafic intrusion. Following the scout drilling programs a re-evaluation of the potential for these licence to host deposits of economic significance will be undertaken. Article content The Company released the results of the Ikkari Pre-Feasibility Study confirming the high-margin nature of the project through an NPV of US$1.7bn, IRR of 38% and payback period of 2.2 years at a gold price of US$2150/oz, the long term consensus gold price in January 2025 (see press release February 18, 2025). Article content The Company anticipates commissioning a definitive feasibility study in mid-2025 and is already working to expedite this study by completing geotechnical and hydrogeological field work ahead of study commencement as well as completing metallurgical test work and process optimisation studies. Article content Further to this, a small number of trade-off studies targeting opportunities identified in the PFS are currently ongoing specifically targeting the interaction between mineral processing, water treatment and closure. This work will identify the go-forward strategy ahead of DFS commissioning. Article content Permitting, specifically progression of the environmental impact assessment (' EIA ') program and land use planning is also a key focus of the Company. 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. The Company then formally filed its EIA Program with the authorities during the second calendar quarter of 2023 and is on track to file EIA Report documents during the fourth quarter of 2025, with the aim of securing an environmental permit and thereafter a mining licence for Ikkari, in addition to those already held at Pahtavaara. Article content As part of this process the Company continues with numerous baseline environmental assessments, as well as on-going engagement across all stakeholder groups. Article content Management Changes Article content Thomas Credland, Head of Corporate Development, joined the Company in November 2015 and has been central to the development of Rupert Resources for nearly a decade. During this time, with the support of shareholders, the senior leadership team secured financing and implemented a large scale systematic exploration programme in Central Lapland which ultimately delivered the 4Moz Ikkari discovery. Article content Ahead of the next phase of the development of Ikkari through engineering, permitting and project financing workstreams, it has been agreed that Mr. Credland will be leaving the Company at the end of May 2025. He will remain available as an advisor to the Company in order to facilitate an efficient transition. Article content Michael Stoner will succeed Mr. Credland on a consulting basis while the Company reviews the resourcing of the investor relations and corporate development functions. He holds experience across investor relations, corporate development and strategy workstreams, most recently in the role of Head of Corporate at Centamin Plc. Article content The Company has placed Pahtavaara under long term care and maintenance, while maintaining the relevant operational permits. Article content An environmental bond of €640,000 and a further mining bond of € 210,000 are in place to ensure that the closure plan is implemented. Article content Following submission of a revised long term closure plan for Pahtavaara in late 2019 and further updates in 2021, the Company, in March 2023, received notice from the Regional State Administrative Authority (' PSAVI ') that it is seeking to increase the environmental bond for Pahtavaara to EUR14.2 million (approximately $21 million). PSAVI has assumed a requirement to source moraine material from outside of the current mining permit area and place this over all existing waste structures to a thickness of up to 80cm. Article content The Company's proposed closure plan considered three options varying from a low CO 2 emission design through to the use of 30cm of moraine cover sourced from the mine site and similar to the historic closure permit. The Company has been conducting trials to show the efficacy of direct seeding of the tailings facility, which makes up 74% of the area of total waste structures at Pahtavaara, and had a permit granted to continue these trials until the end of 2024, further to which a final report on vegetation cover performance was submitted to environmental and local authorities in February 2025. Article content In March 2023, the Company filed an appeal against the PSAVI decision and will continue to liaise with the relevant authorities to arrive at the optimal long-term solution to plan for mine closure in line with industry best practice. Article content In January 2025 the Company was advised that its appeal to the regional administrative court was not upheld and in February 2025, a leave to appeal was filed before the Supreme Administrative Court of Finland. Article content An updated closure plan proposal will be submitted in the first half of 2025, following on-going work. Article content Neither the TSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release. Article content This press release contains statements which, other than statements of historical fact constitute 'forward-looking statements' within the meaning of applicable securities laws, including statements with respect to: results of exploration and development activities and mineral resources and future plans. The words 'may', 'would', 'could', 'will', 'intend', 'plan', 'anticipate', 'believe', 'Estimate', 'expect' and similar expressions, as they relate to the Company, are intended to identify such forward-looking statements. Investors are cautioned that forward-looking statements are based on the opinions, assumptions and Estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the general risks of the mining industry, as well as those risk factors discussed or referred to in the Company's Annual Information Form and Management's Discussion and Analysis, available on the Company's website and / or on SEDAR Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, Estimated or expected. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, Estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company does not intend, and does not assume any obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Article content Article content Article content Article content Article content Contacts Article content For further information, please contact: Graham Crew Chief Executive Officer Article content Article content
Business Wire
15-05-2025
- Business
- Business Wire
Rupert Resources Reports Results for the Three Months Ending March 31, 2025
TORONTO--(BUSINESS WIRE)--Rupert Resources Ltd ('Rupert' or the 'Company') announces that it has published its unaudited financial results for the three months ending March 31, 2025 and accompanying Management's Discussion and Analysis for the same period. All of the above have been posted on the Company's website with the financial statements and MD&A also published on SEDAR+ at Graham Crew, Chief Executive Officer of Rupert Resources said: 'The release of the Ikkari pre-feasibility study ("PFS") and maiden reserve estimate during the quarter marked a major milestone for Rupert, confirming the strong fundamentals and compelling value of the Ikkari project. Our winter exploration program delivered some exciting intercepts and continued to deepen our understanding. We remain confident in the opportunity to grow our four-million-ounce resource base through further discovery. With over $100 million in cash, we are well funded through to the delivery of the definitive feasibility study ('DFS')—continuing to advance and de-risk the Ikkari project, while aiming to unlock further value across the broader Rupert Lapland Project area through exploration. As we enter this next phase, I want to acknowledge Tom Credland, who will be leaving the Company at the end of May. Over the past decade, Tom has played a central role in defining and executing Rupert's strategy, which led to the Ikkari discovery and funding of the development pathway. On behalf of the Board and the team, I thank him for his contribution and wish him every success in the future.' Financial Highlights During the three months ending March 31, 2025, the Company spent $6,648,051 on its exploration projects. As of March 31, 2025, Rupert held cash or cash equivalents of $85,678,319. This cash balance includes the proceeds of the previously announced $51,750,000 public offering that was closed on March 27, 2025. Following the period end, on April 1, 2025, the Company closed the private placement that was run in parallel with the bought deal for gross proceeds of $28,451,250. The Company recorded a net loss for the three months to end-March 31, 2025 of $(2,507,036) $(2,837,459) and a net loss per share of $(0.01). All references to currency in this press release are in Canadian dollars. Discussion of Operations During the three months ended March 31, 2025 and up to the date of this announcement, 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 ('CLGB'). Since July 2020, the Company has been engaged in a diamond drill program to further evaluate discoveries and targets 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 signatures of interest. Ikkari Project Drilling The 2024/2025 winter drill program at Ikkari was initiated during the first calendar quarter of 2025 and comprised of both hydrogeological and geotechnical drill programs to inform the upcoming DFS and environmental permit application. The hydrogeological program comprised the installation of 26 vibrating wire piezometers (VWPs) across 8 holes, principally in the wall rock and key structural features surrounding the Ikkari mineralisation and envisaged operation. This brings the total VWPs installed in the vicinity of the Ikkari project to 55 representing a comprehensive monitoring network both during pump testing and subsequently throughout operations. As part of the upcoming pump test program, 4 large diameter holes for a total of 291m were successfully completed targeting areas of higher hydraulic conductivity that will be subject to pump testing in the coming months to inform and refine the groundwater model. Geotechnical drilling, currently underway, will provide further logging and laboratory data within the planned underground mining area which will feed into the DFS mine design. During the quarter 2 of 5 planned diamond drill holes were completed for 1,117m. Continuing Exploration Following on from the exploration campaign during the winter 2023/24, including the discovery of widths and tenors of interest at Heinä South, a further 12 holes for 2305m have been drilled at Heinä South and promising intercepts continue to be intersected including 45.7g/t Au over 8m in Hole #125001 which included 362g/t Au over 1m (see press release April 17, 2025). The new drilling orientation, designed to test an interpreted WNW striking control on the high grade, had mixed success and high grade intercepts appear to be discontinuous between the two east-west striking lower grade trends defined in 2024. Refinement of the interpretation suggests that the high-grade intercepts occur at the intersection of these trends as opposed to forming a continuum along the WNW strike. The area in and around the original 'Mike' target has been a key area of focus during the 2024/25 exploration season. The target area is located ~6km ENE from the Ikkari deposit along the Rajala Line structure. During the quarter a further 5 diamond drill holes for 1681m were drilled in the target area confirming the principal continuation of the high-strain zone occurs at the northern margin of the prospect and that the southern, lower strain domain and contact to the main Kumpu Basin is not prospective for economic gold mineralisation owing to the low-strain environment present there. These observations will feed into the continued systematic exploration along the Rajala Line further refining prospectivity and target ranking along the structure. In the far east of the Rupert Lapland Project permit package, re-processing of historical Anglo American VTEM Electro Magnetic (EM) survey data highlighted the presence of untested conductors consistent with the geophysical signature expected from magmatic massive sulphides. These targets were tested with three diamond drill holes totalling 776m of drilling, the source of the conductor was determined to be remobilised, barren, massive sulphides probably of sedimentary provenance. No further follow up is planned for these targets though the potential for this portion of the permit package to host intrusion related magmatic massive sulphide deposits, similar in style to those present at the Sakatti deposit <15km SE of these targets, remains undiminished. Scout drilling was undertaken at both the Kuusajaarvi project and Sikavaara East project, part of the non-core licence holdings of the company. At Sikavaara East 4 diamond drill holes for 624m targeted major structural contacts and co-incident low tenor BoT anomalism as part of the first pass drilling program. Long intervals of anomalous gold grades were intercepted within a graphitic black shale which accounts the low level gold anomalism present in BoT sampling whilst the structural feature, present in the airborne magnetics, was attributed to a late, barren brittle fault of significant width, also intersected by the drilling. At Kuusajaarvi drilling targeted an isolated high-grade Cu anomaly and further low grade Au anomalies. The high-grade copper anomaly was explained by the presence of remobilised chalcopyrite in an isolated quartz-carbonate vein within black shales while the low tenor BoT Au anomalism was attributed to anomalous Au at the contact between sediments and mafic intrusion. Following the scout drilling programs a re-evaluation of the potential for these licence to host deposits of economic significance will be undertaken. Engineering and Ikkari Related Studies The Company released the results of the Ikkari Pre-Feasibility Study confirming the high-margin nature of the project through an NPV of US$1.7bn, IRR of 38% and payback period of 2.2 years at a gold price of US$2150/oz, the long term consensus gold price in January 2025 (see press release February 18, 2025). The Company anticipates commissioning a definitive feasibility study in mid-2025 and is already working to expedite this study by completing geotechnical and hydrogeological field work ahead of study commencement as well as completing metallurgical test work and process optimisation studies. Further to this, a small number of trade-off studies targeting opportunities identified in the PFS are currently ongoing specifically targeting the interaction between mineral processing, water treatment and closure. This work will identify the go-forward strategy ahead of DFS commissioning. 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. 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. The Company then formally filed its EIA Program with the authorities during the second calendar quarter of 2023 and is on track to file EIA Report documents during the fourth quarter of 2025, with the aim of securing an environmental permit and thereafter a mining licence for Ikkari, in addition to those already held at Pahtavaara. As part of this process the Company continues with numerous baseline environmental assessments, as well as on-going engagement across all stakeholder groups. Management Changes Thomas Credland, Head of Corporate Development, joined the Company in November 2015 and has been central to the development of Rupert Resources for nearly a decade. During this time, with the support of shareholders, the senior leadership team secured financing and implemented a large scale systematic exploration programme in Central Lapland which ultimately delivered the 4Moz Ikkari discovery. Ahead of the next phase of the development of Ikkari through engineering, permitting and project financing workstreams, it has been agreed that Mr. Credland will be leaving the Company at the end of May 2025. He will remain available as an advisor to the Company in order to facilitate an efficient transition. Michael Stoner will succeed Mr. Credland on a consulting basis while the Company reviews the resourcing of the investor relations and corporate development functions. He holds experience across investor relations, corporate development and strategy workstreams, most recently in the role of Head of Corporate at Centamin Plc. Pahtavaara Mine The Company has placed Pahtavaara under long term care and maintenance, while maintaining the relevant operational permits. An environmental bond of €640,000 and a further mining bond of € 210,000 are in place to ensure that the closure plan is implemented. Following submission of a revised long term closure plan for Pahtavaara in late 2019 and further updates in 2021, the Company, in March 2023, received notice from the Regional State Administrative Authority ('PSAVI') that it is seeking to increase the environmental bond for Pahtavaara to EUR14.2 million (approximately $21 million). PSAVI has assumed a requirement to source moraine material from outside of the current mining permit area and place this over all existing waste structures to a thickness of up to 80cm. The Company's proposed closure plan considered three options varying from a low CO 2 emission design through to the use of 30cm of moraine cover sourced from the mine site and similar to the historic closure permit. The Company has been conducting trials to show the efficacy of direct seeding of the tailings facility, which makes up 74% of the area of total waste structures at Pahtavaara, and had a permit granted to continue these trials until the end of 2024, further to which a final report on vegetation cover performance was submitted to environmental and local authorities in February 2025. In March 2023, the Company filed an appeal against the PSAVI decision and will continue to liaise with the relevant authorities to arrive at the optimal long-term solution to plan for mine closure in line with industry best practice. In January 2025 the Company was advised that its appeal to the regional administrative court was not upheld and in February 2025, a leave to appeal was filed before the Supreme Administrative Court of Finland. An updated closure plan proposal will be submitted in the first half of 2025, following on-going work. Neither the TSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release. Cautionary Note Regarding Forward Looking Statements This press release contains statements which, other than statements of historical fact constitute 'forward-looking statements' within the meaning of applicable securities laws, including statements with respect to: results of exploration and development activities and mineral resources and future plans. The words 'may', 'would', 'could', 'will', 'intend', 'plan', 'anticipate', 'believe', 'Estimate', 'expect' and similar expressions, as they relate to the Company, are intended to identify such forward-looking statements. Investors are cautioned that forward-looking statements are based on the opinions, assumptions and Estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the general risks of the mining industry, as well as those risk factors discussed or referred to in the Company's Annual Information Form and Management's Discussion and Analysis, available on the Company's website and / or on SEDAR . Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, Estimated or expected. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, Estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company does not intend, and does not assume any obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
The Market Online
12-05-2025
- Business
- The Market Online
Junior miner bolsters board with founder of Kirkland Lake Gold
North Peak Resources (TSXV:NPR), a junior gold miner in Nevada, has added industry luminary Harry Dobson to its board as director and executive chairman Dobson is a founding shareholder of Kirkland Lake Gold North Peak Resources is a Canadian-based gold exploration and development company advancing its flagship Prospect Mountain mine complex in Eureka, Nevada North Peak Resources stock has given back 16.51 per cent year-over-year and 26.25 per cent since 2020 North Peak Resources (TSXV:NPR), a junior gold miner in Nevada, has added industry luminary Harry Dobson to its board as director and executive chairman. Dobson is a former founding shareholder and chairman of Kirkland Lake Gold, which sold to Agnico Eagle in 2021 for C$13.5 billion, and a current founding shareholder of Rupert Resources (TSX:RUP), whose Ikkari project boasts a pre-feasibility study detailing an after-tax net present value (5 per cent) of US$1.7 billion. He previously served as chairman of several resource companies, including American Pacific Mining and Lytton Minerals. A former investment banker and senior partner of Yorkton Securities, Dobson is currently engaged in merchant banking and venture capital in North America and Europe, in addition to serving as chairman of Western Gold Exploration (TSXV:WGLD) and Borders & Southern Petroleum. According to Monday's news release, Dobson's appointment follows Mike Sutton's decision to step down from North Peak's board and transition to the role of technical advisor. Learn about North Peak Resources' high-conviction exploration thesis, supported by a historical gold camp with production of over 2.9 million ounces, by reading our recent profile on the company. Leadership insights 'Harry is a founding shareholder of North Peak, and the company will benefit greatly from his extensive insight and experience in strategically financing and building mining assets into world-class deposits,' Rupert Williams, North Peak Resources' chief executive officer, said in a statement. 'We welcome him to the board and as executive chairman and look forward to benefiting from his guidance as we continue to explore at Prospect Mountain in Nevada.' 'In addition, on behalf of the board, I would like to thank Mike Sutton for his guidance as we evaluated and secured the Prospect Mountain mine complex and we will continue to benefit from his technical expertise with the company, as well as across the wider group,' Williams added. About North Peak Resources North Peak Resources is a Canadian-based gold exploration and development company advancing its flagship Prospect Mountain mine complex in Eureka, Nevada. North Peak Resources stock (TSXV:NPR) is up by 1.72 per cent trading at C$0.88 as of 11:08 am ET. The stock has given back 16.51 per cent year-over-year and 26.25 per cent since 2020. Join the discussion: Find out what everybody's saying about this junior gold stock on the North Peak Resources Ltd. Bullboard and check out the rest of Stockhouse's stock forums and message boards. The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
The Market Online
07-05-2025
- Business
- The Market Online
A gold exploration stock with high-conviction upside
Investing in gold exploration stocks can be a fearful, anxiety-inducing affair, given that the underlying companies do not generate revenue, require leadership with highly specialized knowledge, depend on raising capital to pursue exploration and find themselves tethered to market sentiment surrounding their target commodities. Add to this the decade-plus timeframe it takes to usher a project from exploration to production, and it's no surprise that wide price-value dislocation are common in the sector, or that the high risk tolerance and thorough due diligence required to pick a winning gold exploration stock often delivers exponential returns. Rather than resting conviction on past profitability, junior mining investors must identify differentiated businesses in capable hands, operating at the right place and time, to grant themselves a worthwhile chance at harvesting meaningful shareholder value. This is why it's paramount to capitalize when that diamond in the rough hits the light just right. A proven gold mine development team takes on Nevada Based on the framework we've just laid out, an essential gold exploration stock to consider for your next investment is North Peak Resources (TSXV:NPR), market capitalization C$35.54 million, a Nevada-based junior miner founded in 2020 to create value from opportunities in the American West prospective for low-cost, long-life assets. The gold exploration stock has given back over 25 per cent since 2020, divorced from gold's over 100 per cent gain over the period, despite its strong value proposition, driven by: Its flagship Prospect Mountain property's robust exploration upside and high-profile neighbors, representing multi-million-ounce potential. A leadership team under the Dobson Group, whose track record is comprised of several multi-million-ounce success stories including Kirkland Lake Gold's Macassa and Rupert Resources' Ikkari deposit. Gold demand's favorable long-term prospects, supporting projects across the mining lifecycle, including underappreciated explorers like North Peak positioned to signal the market with positive news flow. Let's examine each element in detail to underscore the bargain North Peak Resources stock represents today, at the earliest stage of demonstrating why Prospect Mountain deserves its place in its historic high-grade mining camp. The Prospect Mountain property North Peak's fully permitted Prospect Mountain asset resides on the Battle Mountain Eureka Carlin trend, within the unexplored centre of Nevada's tier-one Eureka mining camp, the latter having produced about 3 million ounces of gold since the 1880s. Prospect Mountain has housed over 20 small historic mines (slide 4) – including the Williams Mine averaging 3.9 ounces of gold and 28.56 ounces of silver – granting North Peak an abundance of historical occurrences to extend and/or discover high-grade mineralization. The 80-per-cent-owned property, acquired for 5 million North Peak shares – with a 3-million-share option to acquire the remaining 20 per cent – is strategically positioned between larger miners with established resources. Let's introduce them now: McEwen Mining (TSX:MUX), led by mining luminary Rob McEwen, acquired Timberline Resources in 2024, including an over 400,000-ounce gold resource with the potential for expansion as per 2024 drilling. Additionally, McEwen's Nevada-based Gold Bar Mine, in production since 2019, houses a 164,000-ounce gold reserve and a 106,100-ounce resource. i-80 Gold (TSX:IAU), a gold producer and explorer, is developing the nearby Archimedes and Mineral Point projects on their Ruby Hill property, which boast a combined 3.8-million-ounce gold resource. Golden Lake Exploration (CSE:GLM), for its part, owns the Jewel Ridge project, where an over 10-kilometre-long mineralized corridor intersecting with i-80's land package yielded intercepts as high as 9 grams per ton (g/t) gold. Spurred on by the Eureka camp's illustrious mining history, North Peak saw an opportunity to acquire Prospect Mountain, family controlled since 1979, and monetize its considerable exploration upside into potentially significant shareholder value, facilitated by 11 miles of underground tunnels, enabling year-round drilling, as well as a plan of operations in place for a 1,000-ton-per-day (tpd) underground mining operation. The company has since applied modern exploration techniques for the first time to its flagship property, including magneto-telluric (MT) and induced polarization (IP) geophysical surveys, mapping and soil sampling, identifying a 3-kilometre gold-silver anomaly at surface with a conductive geophysical anomaly directly underneath the historical workings. This work led to a first test drill hole in 2023, which intercepted narrow zones of high-grade zinc sulphides within the geophysical anomaly, confirming sulphides are the most likely source of the geophysical anomaly, and that the best gold mineralization mirrored the surface workings and was most likely to lie to the north of the drillhole. A 27-hole surface drilling program in June 2024 was aimed at areas of historical surface mines within the oxide zones, successfully confirming high-grade historical intersections and the potential for mineral expansion. Results from that program released in September extended mineralization in the Williams and bonanza-grade Wabash historic mines, plus the Silver Connor fault in between, prompting a phase-II drilling program. In October 2024, North Peak proceeded to lock in more upside by expanding Prospect Mountain's plan of operations for surface exploration by 642 per cent to 189.9 acres, setting the gold exploration company up to continue delivering positive news flow and creating upward pressure for its stock price. Initial phase-II drilling results released in November are highlighted by 85.7 g/t gold over 3 metres in the historic workings of the Wabash mine – northwest of any previous drilling – establishing a new western trend and the potential Colorado trend, in addition to confirming Wabash's bonanza-grade history. Drill holes, surface samples, EPAR locations and interpreted trends at Prospect Mountain. (Source: North Peak Resources) Cross-section highlighting potential new Western lode. (Source: North Peak Resources) Phase-II and initial phase-III drilling results hit the wire in January 2025, delivering highlights of 42.7 metres grading 2.1 g/t gold at Williams, as well as 19.8 metres at 0.37 g/t gold confirming continuing with Wabash, suggesting the potential for a bulk-tonnage, low-grade gold halo around the high-grade lodes in the northern part of the Wabash-Williams area. North Peak also investigated a vertical drillhole by Homestake in 2001 in Prospect Mountain East that returned 10.67 metres at 4.05 g/t gold and 16 g/t silver at a depth of 173.74-184.41 metres testing the Dunderberg shale Hamburg dolomite contact, known throughout the district as an important control on gold mineralization. North Peak drilled three follow-up holes, hitting a highlight of 3 metres of 0.85 g/t gold near the historic intersection, justifying further investigation, even though the contact was not tested due to difficult ground conditions. McEwen Mining tested the contact in 2024 to the southeast of the Prospect Mountain property. 2024 drilling at Prospect Mountain North. (Source: North Peak Resources) The company intends to continue proving out Prospect Mountain's depth and width potential with a 3,000-5,000-metre fully funded exploration program slated for summer 2025. The program, which will last for 18 months, will focus on these areas of interest: An undrilled carbonate-replacement-style footprint along the ridge of Prospect Mountain. A prospective new area south of the Diamond mine historical workings. Deeper drilling of the Homestake drillhole at Prospect Mountain East Testing the shallowest portion of the previously mentioned IP and MT geophysical anomaly to the north, enabled by the property's expanded plan of operations. Testing underground anomalies and a mining area active in the 1960s, setting the stage for a more robust underground program potentially in 2026. 'The surface drilling at Wabash-Williams in the north of the property shows the potential for substantial high-grade gold mineralization within and around the historic mining areas,' Rupert Williams, North Peak Resources' chief executive officer, stated in a recent interview with Stockhouse. 'We aim to follow up the success here and identify several open-pittable oxide gold projects along the 3 km strike. We now know mineralization extends from the top of the mountain to at least 1 km depth, and given the success of our peers, we are targeting a world-class gold discovery. It all depends on whether or not the geology is kind to us, but we think we've got a hell of a property here. We're very encouraged by what we've uncovered so far and we're confident in future intercepts thanks to Prospect Mountain and the Eureka camp's rich exploration history.' Further exploration could be funded by approximately US$20 million in gold in historic surface dumps on Prospect Mountain, which management believes could net out at around US$10 million to the company, contingent on a revenue-sharing agreement with a third-party leach pad provider. Given high-grade results to date, North Peak's leadership team believes its flagship property is in the early stages of substantiating multi-deposit, multi-million-ounce potential. And they'd know, given their decorated mine development track record. Leadership looking to replicate past successes North Peak is a member company of the Dobson Group, a gold mine developer with a proven history of applying modern exploration techniques to historical mines, discovering and developing over 40 million ounces in resources and reserves and generating significant shareholder value. Here's a breakdown: Dobson founded Kirkland Lake Gold in Northern Ontario in 2001 with an investment of a few million dollars, going on to grow the company into one of the most profitable gold producers in the world, rewarding investors with an over 20x return over its first decade as a public company. The miner merged with Agnico Eagle in 2021 for C$13.5 billion, at which time production exceeded 1 million ounces per year. Dobson's eye for value next took it to Finland, where it founded Rupert Resources (TSX:RUP) in 2004, biding its time in the tier-1 Central Lapland district for the right environment to build value through exploration and production. In 2015, the company secured the former Pahtavaara gold mine along with a large land package. As the price of gold reached US$2,000 per ounce in 2020, adding 60 per cent since 2018 driven by a trade war between the U.S. and China, Dobson capitalized on gold market sentiment once more, yielding the 2020 discovery of the Ikkari prospect that led to the delineation of a 4.1 million ounce gold resource. Ikkari's 2025 pre-feasibility study details an after-tax net present value (5 per cent) of US$1.7 billion, as gold continues to test all-time-highs, with the property's exploration upside continuing to bear fruit and a definitive feasibility study planned for 2027. Investors in Rupert Resources stock have enjoyed an over 500 per cent return since 2020. With an enviable pedigree to back up its future endeavors, Dobson assembled the North Peak team in 2020 with its sights set on the third in a trifecta of significantly value-accretive gold companies. Let's meet them now: The newly hired Rupert Williams, CEO and Director, is a mining financier that has played key roles in raising more than £500 million since 2010. He has served as director at Smaller Company Capital, a company focused on raising funds in the natural resources industry, since 2015. As a co-founder of Ocean Equities in 2003, he led a team of junior and mid-cap mining analysts to capitalize on rising commodity prices by orchestrating capital raises in the primary and secondary markets. Andrew Dunlop, CPA, CA, Chief Financial Officer (CFO), has built his accounting expertise in the mining sector over the past 10 years with a focus on assets in North and South America. Dunlop's previous roles include Corporate Controller at Discovery Silver (TSX:DSV), owner of the largest undeveloped silver resource in the world, providing executive guidance for finance, accounting, treasury, taxation and regulatory filings. Prior to Discovery Silver, Dunlop was Corporate Controller and Vice President of Finance for Sierra Metals from 2015–2019 and Corporate Controller of Scorpio Mining from 2011–2015. Chelsea Hayes, Director of Business Development, boasts an over 25-year marketing and communications track record. As a founding Director of U.K. financial PR consultancy, Pelham Public Relations, in 2004, she helped to grow the brand into a £6 million business advising technology, media, mining and energy companies. She has since contributed to the founding and growth of numerous other businesses in the U.K. Hayes is also a Director of Western Gold Exploration (TSXV:WGLD). Gordon Chmilar, Director, is a corporate lawyer with 20 years in practice and the founder of Modern Finance Law in Calgary, Alberta. Chmilar has made a name for himself representing issuers, underwriters and investors in public and private securities offerings, with a specialization in international mining, technology and oil & gas. Mike Sutton, Director, is an exploration geologist with a 40-year career highlighted by co-founding Kirkland Lake Gold, where he shared Ontario's Prospector of the Year Award for co-discovering the high-grade South Mine Complex. Sutton is a Director of Rupert Resources and Galway Resources, playing a key role in the latter's takeover by AUX for US$340 million. John Thomson, Director, served as CFO of Kirkland Lake Gold during its early years of exploration, investment and growth. He has built joint venture and distributor relationships across the world in the consumer goods and pharmaceutical sectors, including in senior roles at numerous international companies, including PepsiCo. He also recently built a successful consulting business advising institutional investors and management teams in the media, mining and technology sectors. Ty Erickson, Director, offers North Peak a home-grown perspective, growing up in Eureka and Ely, Nevada. He holds a board certification in obstetrics/gynecology, female pelvic medicine and reconstructive surgery and serves on the faculty as an urogynecologist at the UNLV School of Medicine in Las Vegas. Erickson has taught surgery in twenty countries on four continents and has served as a director of four health care organizations. Dr. Erickson's grandfather, Einar, worked as an exploration geologist in Nevada for over 60 years and acquired the Prospect Mountain Mine over 40 years ago. His passing led to the property going up for sale and finding a home in the Dobson Group portfolio. De-risked by high-grade results and high-profile neighbors both present and historical, as well as a leadership team that knows how to identify and monetize early-stage mineral project potential, it should now be resoundingly clear that North Peak is an underappreciated opportunity, one where a falling share price, a ripping gold price and a property worthy of long-term conviction converge into potentially exponential returns. A complete-package gold exploration stock Unlike the high risk required to invest in the average junior miner, whose prospects may depend on unproven management, assets only partially understood, and expected target commodity demand that may prove premature, North Peak Resources addresses all of these concerns with flying colors, supporting strong, data-driven potential to deliver leverage above the gold price. The pessimistic sentiment surrounding the gold exploration stock, down by over 25 per cent since 2020, is both a counterexample to the efficient market hypothesis and a bargain of irrational proportions, demonstrating how North Peak's complete-package value proposition has yet to receive the recognition it deserves. 'We couldn't have dreamed of gold prices as high as they are (US$3,429 per ounce as of May 6) three or four years ago and I think momentum will return to junior gold miners,' Williams added. 'The market capitalization of the entire sector is probably less than Apple, so if funds start to pour in, there are limited assets for investors to buy, potentially creating a tide that lifts all ships, leading to some pretty spectacular valuations. We're not there yet, but I do believe this inflection point is approaching, and I want to make sure North Peak is in a position to capitalize by actively drilling and creating positive news flow as we build up a war chest of funds.' With 2025 exploration only a few months away, it's only a matter of time before the broader market keys into the North Peak thesis and acts upon the high-quality gold exploration upside it's been missing. Join the discussion: Find out what everybody's saying about this gold exploration stock on the North Peak Resources Ltd. Bullboard and check out Stockhouse's stock forums and message boards. This is sponsored content issued on behalf of North Peak Resources Ltd., please see full disclaimer here.
