Rupert Resources Advances 4Moz Gold Project Towards Pre-Feasibility Study

• Rupert Resources announced a 4 million ounce indicated mineral resource estimate for the Ikkari discovery
• The high-grade, wide mineralization should support attractive economics with low costs
• The pre-feasibility study is underway, targeting completion by mid-2023
• Exploration drilling is resuming around Ikkari and nearby targets seeking further discoveries
• The company is well-funded to advance studies and exploration

In an interview, James Withall, CEO of Rupert Resources provided an update on the company’s 100% owned Ikkari discovery in Finland. A recently announced mineral resource estimate outlined 4 million ounces of indicated resources, achieving a key milestone. With wide, high-grade mineralization, Ikkari is shaping up to be an exceptional project capable of supporting a potentially low-cost, large-scale mining operation.

Pre-Feasibility Study Underway

A pre-feasibility study initiated earlier this year is targeting completion by mid-2023. As Withall explained, “It was an important milestone and it set the milestone for the team to achieve a 4 million oun or higher number...it’s all about having confidence in the quality and the potential economics of the development of the project". The study will provide crucial details required to convert resources into reserves, which become the foundation for feasibility and development decisions.

Advantageous Deposit Geometry

Unlike most gold deposits consisting of narrow veins, Ikkari’s mineralization extends up to 200 meters in width, with over 800 meters of strike length delineated so far. As Withall noted, “These are the characteristics that make it quite an exceptional deposit”. Compared to other prominent recent gold discoveries in the region, Ikkari contains over twice the gold per meter drilled. This wide geometry enables more efficient, lower-cost mining.

Attractive Open Pit and Underground Potential

The reported resources contain a sizable open pit component of 2.65 million ounces at 2.2 g/t gold. Additional underground resources add another 1.4 million ounces, highlighting the project’s scalability. The consistent grades at varying cut-off levels underscore the deposit’s exceptional nature across mining scenarios. As Withall summarized, “The key thing for this resource and people might not be familiar with these curves but basically, the amount of ounces that we have doesn't vary that much as you change the cut-off grades.”

Well-Funded for Advancement

Thanks to prudent financial management, Rupert Resources ended its latest quarter with C$54 million to fund critical work streams. This ensures the company can simultaneously advance engineering evaluations and its promising regional exploration portfolio without dependence on uncertain financing markets. As Withall explained, “We're not going into a strong gold market thinking right the first thing we've got to do is raise money so then we can drill."

Returning Focus to Exploration Upside

With Ikkari’s indicated resources established, efforts will refocus on exploration drilling to unlock additional upside. As Withall highlighted, “This is where we look to add more value ultimately”. Previous discoveries along the 12-kilometer mineralized trend remain early-stage and underexplored, including targets adjacent to Ikkari. The company will also evaluate deeper extensions below the known deposit. Success could augment the forthcoming development scenario.

Bolstered by wide, high-grade mineralization, Ikkari is emerging as a potentially tier-one gold project. Ongoing pre-feasibility studies will further confirm these prospects over the coming year. Significant exploration opportunities around the district offer substantial upside potential. With a well-funded balance sheet, Rupert Resources appears primed to capitalize on these dual value drivers.

Investment Thesis for Rupert Resources

• Recent 4 million ounce resource estimate establishes Ikkari as a large-scale, potentially low-cost project
• Favorable geometry supporting attractive economics from both open pit and underground
• Prefeasibility study should detail robust financial returns to underpin valuations
• Well-funded to advance studies and exploration simultaneously
• Substantial exploration upside along 12 km mineralized trend, including around Ikkari
• Exploration success could significantly increase production profile and mine life

With an initial 4 million ounce resource estimate now in hand, Rupert Resources has validated Ikkari as a significant new gold discovery. Ongoing pre-feasibility studies will quantify expected operating metrics and economics by mid-2023. Meanwhile, the compelling regional exploration upside offers investors substantial additional leverage. Led by a proven technical team, Rupert Resources appears positioned to realize substantial value from Finland’s newest gold district.