Latest news with #Ikkari
Business Wire
11-08-2025
- Business
- Business Wire
Rupert Resources Reports Results for the Three and Six Months Ending June 30, 2025
TORONTO--(BUSINESS WIRE)--Rupert Resources Ltd ('Rupert' or the 'Company') announces that it has published its unaudited financial results for the three and six months ending June 30, 2025 and accompanying Management's Discussion and Analysis for the same period. 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 Q1 2025 release of the Ikkari pre-feasibility study ('PFS') demonstrated the compelling value of the project. During Q2 2025 we continued to advance metallurgical test work, waste management, geotechnical, hydrogeological and optimization studies identified in the PFS for the feasibility study ('FS') and anticipate awarding further work packages during H2 2025. Our winter exploration program delivered some exciting intercepts and continued to deepen our geological understanding of the satellite targets. During the second quarter, drilling activities focussed on hydrogeological and geotechnical drill programs to support the FS. Ahead of the next winter drill programme we are progressing a review of the permit package and all data gathered to date. The workshop is aimed at further refinement of our exploration strategy and prioritisation of the targets across our extensive landholding in the Central Lapland Greenstone Belt ('CLGB'). With over $100 million in cash and short term investments, we are well funded through to the delivery of the FS—continuing to advance and de-risk the Ikkari project, while aiming to unlock further value across the Rupert Lapland Project area through exploration.' Financial Highlights During the six months ending June 30, 2025, the Company spent $13,884,945 on its exploration projects. As of June 30, 2025, Rupert held cash or cash equivalents, together with short term investments comprising short-dated Canadian state-backed treasury instruments, for a combined total of $106,006,693. These holdings were strengthened by the proceeds of the $51,750,000 public offering that was closed on March 27, 2025 as well as those from the $28,451,250 private placement that was closed on April 1, 2025. The Company recorded a net loss for the six months to end-June 30, 2025 of $(4,707,773) and a net loss per share of $(0.02). All references to currency in this press release are in Canadian dollars. Discussion of Operations During the three and six months ended June 30, 2025 and up to the date of this MD&A, 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 completed during the second calendar quarter of 2025 and comprised of both hydrogeological and geotechnical drill programs to inform the upcoming FS and environmental permit application. The hydrogeological program comprised the installation of a further 26 vibrating wire piezometers (VWPs) surrounding the Ikkari mineralisation and envisaged operation. Pump testing from 4 large diameter holes to further inform the groundwater model is underway. Geotechnical drilling of the underground portion of the Ikkari deposit concluded during the second quarter with 5 holes completed in total for 2896m. Tele-viewer imaging and interpretation, geotechnical logging and laboratory test work are underway. Continuing Exploration Following on from the exploration campaign during the winter 2023/24, promising intercepts continue to be intersected at Heinä South including 45.7g/t Au over 8m in Hole #125001 which included 362g/t Au over 1m (see press release April 17, 2025). 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. Exploration along the Rajala line structure, ENE from Ikkari, has focussed on and around the Mike and Rajala targets. At Mike the principal continuation of the high-strain zone which hosts the Ikkari mineralisation was confirmed at the northern margin of the prospect with the southern, lower strain domain and contact to the main Kumpu Basin less prospective. At Rajala, follow-up drilling of promising intercepts from 2024 did not intersect the same mineralisation. The observations from these targets 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, most prospective for magmatic sulphide base metal deposits, electromagnetic (EM) anomalies consistent with massive sulphide mineralisation were tested and determined to be remobilised, barren, massive sulphides. Scout drilling was also undertaken at Kuusajaarvi, Sikavaara East and Säynä, part of the non-core licence holdings of the Company to the west of the main tenement package. Targets at Sikavaara East and Säynä comprised structural contacts and low-tenor BoT anomalies. At Kuusajaarvi, drilling targeted an isolated high-grade Cu anomaly and further low grade Au anomalies. Following the scout drilling programs, a re-evaluation of the potential for these licences 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 NPV5 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 is now advancing towards a feasibility study and ahead of this, is currently progressing geotechnical and hydrogeological field programs, metallurgical test work and process optimisation studies, all of which will inform the study. Targeting opportunities identified in the PFS, a small number of trade-off and project optimisation studies are currently ongoing, specifically targeting the interaction between mineral processing, waste management, water treatment and closure. This work will identify the go-forward strategy in the FS. 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, Company then formally filed its EIA Program with the authorities during the second calendar quarter of 2023 and is continuing to advance the EIA Studies and Report documents 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. Outlook As at the date hereof, the Company's mineral properties are at the exploration and development stage. The Company's core focus for approximately the following twelve months remains to further advance its assets within the Rupert Lapland Project Area, in particular Ikkari, including the following: Project Studies. Further to the completion of the Ikkari PFS in February 2025, the Company is advancing towards the FS and is currently progressing metallurgical, geotechnical and hydrogeological field and study programmes as well as other project optimisation work. Continuing exploration in the Rupert Lapland Project Area. Continued exploration activities at other previously identified targets elsewhere in the Rupert Lapland Project Area, including but not limited to Heinä South, Mike, Naattua and Rajala, with the aim being to demonstrate the potential scale of the discoveries and define potentially new economic mineralisation in the area. Generative exploration. Identify further precious and base metal anomalies using geophysics, geochemical analysis of base of till samples, and geological mapping and sampling elsewhere within the Rupert Lapland Project Area, including but not limited to, at Kuusajärvi, Sikavaara East, Sayna and Area 51. These are being followed up using diamond drilling as appropriate to define potential. Permitting and Environmental. An EIA process is underway at Ikkari, with the aim of securing an environmental permit for Ikkari in addition to that already held at Pahtavaara. Permitting and land use planning are key areas of focus for the Company, continuing to advance the EIA Studies and Report documents. An updated closure plan for Pahtavaara is also expected to be filed later in 2025. Geological Studies. Further to the exploration programmes outlined above, the Company utilises a small number of external consultants to undertake structural and geophysical interpretations to enhance its exploration. The combined cost for the above for the 12 months to June 30, 2026, together with general and administration costs, is approximately $35 million. For further information, please contact: Graham Crew Chief Executive Officer Michael Stoner Corporate Development info@ Rupert Resources Ltd 82 Richmond Street East, Suite 203, Toronto, Ontario M5C 1P1 Web: Expand 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.
Yahoo
18-06-2025
- Business
- Yahoo
Finex Metals Begins Trading on TSX Venture Exchange and Advances 2025 Exploration Program
VANCOUVER, British Columbia, June 18, 2025 (GLOBE NEWSWIRE) -- FinEx Metals Ltd. (TSX-V: FINX) ("FinEx" or the "Company") is pleased to announce that its common shares will begin trading today on the TSX Venture Exchange (the 'Exchange') under the symbol FINX. The listing marks a key milestone as FinEx actively advances its 2025 field program across multiple targets in Finland's Central Lapland Greenstone Belt. Tero Kosonen, the Chairman and Chief Executive Officer of FinEx, comments: "Our listing on the Exchange comes at a time when gold's strategic relevance is growing globally. With a district-scale land position in Finland's premier gold belt and a steadily advancing field program, FinEx provides its shareholders with exposure to potential discovery-stage exploration projects in a structurally bullish gold environment'. 2025 Exploration Program Now Underway The 2025 field season is fully funded with a $4M treasury and underway with concurrent exploration initiatives across the Ruoppa, Nuuti, Somma and Hangas project areas: Drone magnetic survey covering the Ruoppa, Nuuti, Somma and Hangas projects in June 2025; Soil sampling and bedrock mapping at the Nuuti and Somma projects from June to August 2025; Trenching to target extensions of Ruoppa East and Outamaa mineralization from July to August 2025; Top of Bedrock drilling on the Ruoppa project in July 2025; and Diamond core drilling (approximately 2,500 metres) targeting Ruoppa East mineralization from August to September 2025. About the Ruoppa Project The Company's flagship Ruoppa project is situated in the Central Lapland Greenstone Belt in Finland, adjoining Agnico Eagle's Kittilä mine land position, the largest gold mine in Europe, and in proximity to the land position that hosts Rupert Resources' recent Ikkari discovery. Previous work by FinEx at Ruoppa identified a series of high-grade gold targets that extend over approximately 2.7 km. High-grade rock grab samples from trenches include 52 samples above 1 g/t Au with the highest value measuring 95.1 g/t Au, within a zone extending over 250 m. Ruoppa is fully permitted for drilling and a first-pass diamond drill program is scheduled for August 2025. For more information on the Ruoppa project, refer to the NI 43-101 Technical Report dated April 14, 2015, as filed on SEDAR+ at About FinEx Metals Ltd. FinEx Metals Ltd. (TSX-V: FINX) is a gold-focused mineral exploration company with a portfolio of 100% owned, royalty free projects near existing mining operations in the Central Lapland Greenstone Belt in Finland. The Company's flagship Ruoppa project adjoins Agnico Eagle's Kittilä mine land position, the largest gold mine in Europe, and in proximity to the land position that hosts Rupert Resources recent Ikkari discovery. For more information, please visit the Company's website at FinEx Metals is part of the NewQuest Capital Group, a discovery-driven investment group that builds value through the incubation and financing of mineral projects and companies. Further information about NewQuest can be found on the company website at Qualified Person The scientific and technical information contained in this news release has been reviewed and approved by Dr. Petri Peltonen, MAusIMM(CP), EurGeol, a 'Qualified Person' ('QP') as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Dr. Peltonen is not independent by reason of being a Contractor and Shareholder of the Company. On Behalf of the Board of Directors Tero Kosonen Chairman and Chief Executive Officer+1 (604) 681-9100tero@ For further information, please contact: Brennan Zerb Investor Relations Manager+1 (778) 867-5016brennan@ Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release. Forward-Looking Statements: This news release includes certain forward-looking statements and forward-looking information (collectively, 'forward-looking statements') within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the proposed listing on the TSX Venture Exchange, future capital expenditures, exploration activities and the specifications, targets, results, analyses, interpretations, benefits, costs and timing of them, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward looking information can be identified by words such as 'pro forma', 'plans', 'expects', 'may', 'should', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates', 'believes', 'potential' or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, risks related to the anticipated business plans and timing of future activities of the Company, including the Company's exploration plans and the proposed expenditures for exploration work thereon, the ability of the Company to obtain sufficient financing to fund its business activities and plans, the ability of the Company to obtain the required permits, changes in laws, regulations and policies affecting mining operations, the Company's limited operating history, currency fluctuations, title disputes or claims, environmental issues and liabilities, as well as those factors discussed under the heading "Risk Factors" in the Company's prospectus dated June 13, 2025 and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company's profile on the SEDAR+ website at Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements, except as otherwise required by in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
AU Financial Review
10-06-2025
- 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.
