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Rupert Resources Reports Results for the Three and Six Months Ending August 31, 2024

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Rupert Resources has released its unaudited financial results for the three and six months ending August 31, 2024. Key highlights include:

- Cash balance of $52,422,385 as of August 31, 2024
- Spent $17,711,186 on exploration projects during the six-month period
- Net loss of $(1,453,606) for the three months and $(2,199,432) for the six months
- Completed a 43,000-meter drill program in 2023/24, with 24,000 meters at Ikkari

The company is progressing with its Pre-feasibility Study (PFS) for the Ikkari project, with critical path items substantially complete. The 2024/25 exploration program is underway, focusing on six target areas along the 15km regional trend east of Ikkari. Rupert Resources is also advancing permitting and environmental work, aiming to file EIA report documents during 2025.

Rupert Resources ha pubblicato i risultati finanziari non verificati per i tre e sei mesi terminati il 31 agosto 2024. I punti salienti includono:

- Saldo di cassa di $52.422.385 al 31 agosto 2024
- Spesi $17.711.186 per progetti di esplorazione durante il periodo di sei mesi
- Perdita netta di $(1.453.606) per i tre mesi e $(2.199.432) per i sei mesi
- Completato un programma di perforazione di 43.000 metri nel 2023/24, con 24.000 metri a Ikkari

L'azienda sta procedendo con il suo Studio di Pre-Fattibilità (PFS) per il progetto Ikkari, con le attività critiche sostanzialmente completate. Il programma di esplorazione 2024/25 è in corso, concentrandosi su sei aree target lungo il trend regionale di 15 km a est di Ikkari. Rupert Resources sta anche avanzando con il lavoro di autorizzazione e ambientale, puntando a presentare la documentazione del rapporto EIA nel 2025.

Rupert Resources ha publicado sus resultados financieros no auditados para los tres y seis meses que terminaron el 31 de agosto de 2024. Los aspectos destacados incluyen:

- Saldo de efectivo de $52.422.385 al 31 de agosto de 2024
- Se gastaron $17.711.186 en proyectos de exploración durante el período de seis meses
- Pérdida neta de $(1.453.606) durante los tres meses y $(2.199.432) durante los seis meses
- Se completó un programa de perforación de 43.000 metros en 2023/24, con 24.000 metros en Ikkari

La empresa está avanzando en su Estudio de Prefactibilidad (PFS) para el proyecto Ikkari, con los elementos de la ruta crítica sustancialmente completos. El programa de exploración 2024/25 está en marcha, centrándose en seis áreas objetivo a lo largo de la tendencia regional de 15 km al este de Ikkari. Rupert Resources también está avanzando en los trabajos de permisos y medioambientales, con el objetivo de presentar la documentación del informe EIA durante 2025.

루퍼트 리소스는 2024년 8월 31일 종료된 3개월 및 6개월 간의 감사되지 않은 재무 결과를 발표했습니다. 주요 하이라이트는 다음과 같습니다:

- 2024년 8월 31일 기준 현금 잔고 $52,422,385
- 6개월 동안 탐사 프로젝트에 $17,711,186 사용
- 3개월 동안 $(1,453,606)의 순손실, 6개월 동안 $(2,199,432)의 순손실
- 2023/24년에 43,000미터 시추 프로그램을 완료하였고, 이카리에서 24,000미터 시추가 포함됨

회사는 이카리 프로젝트에 대한 예비 타당성 조사(PFS)를 진행 중이며, 주요 경로 요소들이 상당히 완료되었습니다. 2024/25 탐사 프로그램이 진행 중이며, 이카리 동쪽 15km 지역의 6개 목표 지역에 집중하고 있습니다. 루퍼트 리소스는 또한 허가 및 환경 작업을 진행하고 있으며, 2025년 동안 EIA 보고서 문서를 제출할 계획입니다.

Rupert Resources a publié ses résultats financiers non audités pour les trois et six mois se terminant le 31 août 2024. Les points saillants comprennent :

- Solde de trésorerie de $52.422.385 au 31 août 2024
- Dépenses de $17.711.186 pour des projets d'exploration durant le semestre
- Perte nette de $(1.453.606) pour les trois mois et $(2.199.432) pour les six mois
- Achèvement d'un programme de forage de 43.000 mètres en 2023/24, avec 24.000 mètres à Ikkari

L'entreprise progresse dans son étude de préfaisabilité (PFS) pour le projet Ikkari, avec des éléments de chemin critique largement terminés. Le programme d'exploration 2024/25 est en cours, axé sur six zones cibles le long de la tendance régionale de 15 km à l'est d'Ikkari. Rupert Resources avance également dans les travaux de permis et environnementaux, visant à soumettre la documentation du rapport EIA en 2025.

Rupert Resources hat ihre ungeprüften Finanz Ergebnisse für die drei und sechs Monate bis zum 31. August 2024 veröffentlicht. Zu den wichtigsten Highlights gehören:

- Bargeldbestand von $52.422.385 zum 31. August 2024
- $17.711.186 wurden im Zeitraum von sechs Monaten für Explorationsprojekte ausgegeben
- Nettoumsatz von $(1.453.606) für die drei Monate und $(2.199.432) für die sechs Monate
- Durchführung eines 43.000-Meter-Bohrprogramms in 2023/24, davon 24.000 Meter bei Ikkari

Das Unternehmen Fortschritte bei seiner Machbarkeitsstudie (PFS) für das Ikkari-Projekt, wobei die kritischen Pfadteile weitgehend abgeschlossen sind. Das Explorationsprogramm 2024/25 ist im Gange und konzentriert sich auf sechs Zielgebiete entlang des 15 km langen regionalen Trends östlich von Ikkari. Rupert Resources arbeitet auch an Genehmigungen und Umweltaufgaben mit dem Ziel, 2025 die EIA-Berichtdokumente einzureichen.

Positive
  • Strong cash position of $52.4 million as of August 31, 2024
  • Successful completion of 43,000-meter drill program in 2023/24
  • Pre-feasibility Study for Ikkari project progressing with critical path items substantially complete
  • Favorable metallurgical test results for Ikkari project
  • Ongoing exploration program targeting six areas along 15km regional trend
Negative
  • Net loss of $1.45 million for Q2 and $2.2 million for H1 2024
  • Significant exploration expenditure of $17.7 million in six months

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 August 31, 2024 and accompanying Management’s Discussion and Analysis for the same period.

All of the above have been posted on the Company’s website www.rupertresources.com with the financial statements and MD&A also published on SEDAR+ at www.sedarplus.ca

James Withall, Chief Executive Officer of Rupert Resources said “Following the completion of the successful financings over the summer the company remains well funded heading into the winter drilling season and CEO transition with a cash balance of $52M. The PFS for Ikkari continues to progress with critical path items substantially complete. Review and optimisation work will be undertaken in Q4 2024 by the incoming CEO.”

Financial Highlights

During the six months ending August 31, 2024, the Company spent $17,711,186 on its exploration projects. As of August 31, 2024, Rupert held cash or cash equivalents of $52,422,385. The Company recorded a net loss and comprehensive loss for the three and six months to end-August 2024 of $(1,453,606) and $(2,199,432) respectively and a net loss per share of $(0.01) and $(0.02) respectively.

All references to currency in this press release are in Canadian dollars.

Discussion of Operations

During the three and six months ended August 31, 2024 and up to the date of this document, Rupert’s operational activities have been focussed on the Rupert Lapland Project Area and Ikkari in particular.

Rupert Lapland Project Area

Regional Exploration Program, including Ikkari

The regional exploration program at the Rupert Lapland Project Area is designed to identify and evaluate the mineral potential contained in Rupert’s land package in the CLGB.

Since July 2020 the Company has been engaged in a diamond drill program to further evaluate discoveries made within the Rupert Lapland Project Area, including Ikkari, as well as continuing to generate new targets through base of till (“BoT”) sampling, which continues across the Rupert Lapland Project Area and specifically over geophysical anomalies of interest.

The Updated Ikkari MRE has served as the basis for the Pre-feasibility Study (“Ikkari PFS”) that was initiated during the twelve months ended February 29, 2024.

Ikkari Project Drilling

The 2023/24 drill program was completed during the second calendar quarter of 2024, comprising some 43,000 metres (“m”) of drilling, with 24,000m allocated to drilling within the Ikkari project footprint.

During the 2024/25 drill season the focus of Ikkari project drilling will be on ensuring a thorough understanding of the short-spaced grade variability, the hydrogeological environment and geotechnical domains to facilitate the full optimisation of the project at the definitive feasibility study stage which is expected to follow on from successful completion of the Ikkari PFS.

Continuing Exploration

Following on from the success of the exploration campaign during the winter 2023/24, the discovery of significant widths and tenors of mineralisation at Heinä South, and the structural reinterpretation of the wider Area 1, the 2024/25 exploration program is now underway with drilling planned at six target areas along the 15km regional trend east of Ikkari as well as two base metals target areas located at the east of Rupert’s 100% property. The aim of the upcoming season is to systematically explore extensions to the prospective structures identified in an updated structural interpretation.

Engineering and PFS update

In August final metallurgical variability and bulk testwork results were released providing evidence of favourable recoveries using the proposed gravity and whole ore leach flow sheet that will be applied in the upcoming PFS. Other critical path work has been substantially finished and review and optimisation work will be undertaken in calendar Q4 2024.

Advancing Permitting and Environmental Work

Permitting, specifically progression of the Environmental Impact Assessment (“EIA”) Programme and Land Use Planning is also a key focus of the Company. The EIA Programme was initially presented to the respective authorities on November 30, 2022 and formally started the environmental permitting process, with the aim of securing an environmental permit and thereafter a mining licence for Ikkari, in addition to those already held at Pahtavaara. The Company formally filed an EIA Programme with authorities during the second calendar quarter of 2023 and plans to file EIA report documents during 2025.

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

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. 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 Management's Discussion and Analysis for the year ended February 29, 2024, available on the Company’s website www.rupertresources.com and on SEDAR www.sedar.com . 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.

For further information, please contact:

James Withall

Chief Executive Officer

jwithall@rupertresources.com



Thomas Credland

Head of Corporate Development

tcredland@rupertresources.com



Rupert Resources Ltd

82 Richmond Street East, Suite 203, Toronto, Ontario M5C 1P1

Tel: +1 416-304-9004

Web:
http://rupertresources.com/

Source: Rupert Resources Ltd.

FAQ

What was Rupert Resources' (RUPRF) cash balance as of August 31, 2024?

Rupert Resources reported a cash balance of $52,422,385 as of August 31, 2024.

How much did Rupert Resources (RUPRF) spend on exploration in the six months ending August 31, 2024?

Rupert Resources spent $17,711,186 on its exploration projects during the six months ending August 31, 2024.

What was the net loss for Rupert Resources (RUPRF) in the three months ending August 31, 2024?

Rupert Resources reported a net loss of $(1,453,606) for the three months ending August 31, 2024.

How many meters of drilling did Rupert Resources (RUPRF) complete in its 2023/24 program?

Rupert Resources completed a 43,000-meter drill program in 2023/24, with 24,000 meters allocated to drilling within the Ikkari project footprint.

When does Rupert Resources (RUPRF) plan to file its EIA report documents for the Ikkari project?

Rupert Resources plans to file EIA report documents for the Ikkari project during 2025.

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