Rupert Resources' Sept. 30 cash at $100.3-million

Executive Summary

• Rupert Resources Ltd. reported unaudited financial results for the three and nine months ended September 30, 2025, posting a net loss of $6.7 million for the nine-month period and holding $100.3 million in cash and short-term investments.
• The company is advancing the Ikkari Feasibility Study (FS), with waste and water optimization studies nearing completion to streamline permitting and improve operability.
• Operational focus remains on the Ikkari project, including the completion of hydrogeological and geotechnical drilling, while exploration strategy is being reviewed to prioritize targets for the upcoming winter season.

Key Details

• Financial Performance (9 Months Ended Sept 30, 2025):
  • Net loss: $6.7 million.
  • Net loss per share: $0.03.
  • Investing cash flows at exploration and evaluation assets: $19 million.
  • Cash and short-term investments (including Canadian state-backed treasury instruments): $100.3 million.
• Ikkari Feasibility Study (FS) Progress:
  • Waste and water optimization studies are nearing completion; expected to finalize in Q1 2026 for inclusion in the FS.
  • Optimization focuses on reducing cyanide concentration, recycling cyanide, and reducing detox reagent consumption.
  • Simplified mine waste management concept developed, combining filtered tailings storage with local waste-rock management practices.
  • Geotechnical and hydrogeological modelling continuing into Q4 2025 to validate PFS pit designs and underground parameters.
• Drilling Activities:
  • 2024/2025 Winter Program: Completed in Q2 2025. Included hydrogeological and geotechnical drilling to inform FS and environmental permits.
  • Hydrogeological: Installation of 26 vibrating wire piezometers (VWPs); pump testing from four large-diameter holes complete; groundwater model update underway.
  • Geotechnical: 5 holes completed for 2,896 metres in the underground portion; televiewer imaging and logging complete; lab test work underway.
  • Q3 2025 Exploration Drilling: 2,900 metres across 13 holes completed.
    • Focus: Testing near-surface continuity of targets within the Ikkari-Saitta-Mike trend.
    • Results: Logging identified continuation of geology/structures showing mineralization from prior winter program, but no new mineralization visually identified yet.
    • Assay results expected in Q4 2025.
    • Total year-to-date exploration drilling: 12,500 metres.
• Corporate Updates:
  • Russell White appointed as Project Director in Q3 2025 to enhance execution capability for the Ikkari project.
  • Partnership with Vrify to utilize AI platform for efficient use of data sets in the Central Lapland greenstone belt (CLGB).
• Permitting and Environmental:
  • Environmental Impact Assessment (EIA) program formally filed in Q2 2023.
  • Company aiming to secure environmental and water permits and a mining licence for Ikkari.
  • Updated closure plan for Pahtavaara filed.
• Outlook and Budget:
  • Target to complete FS by Q1 2027.
  • Combined cost for project studies, continuing exploration, generative exploration, permitting, and G&A for the 12 months to Sept 30, 2026, is estimated at $35 million to $40 million.

Notable Quotes

• Graham Crew, CEO: "During the quarter, we made solid progress across all permitting and feasibility study workstreams, particularly in waste and water management, where optimization studies are delivering more robust solutions that should streamline the permitting process and improve operability."
• Graham Crew, CEO: "We also took a disciplined approach to refining our exploration strategy across the Central Lapland greenstone belt ahead of the next winter program, ensuring our efforts remain focused on the most prospective targets."
• Graham Crew, CEO: "Finally, I'm pleased to welcome Russell White as project director; his track record of delivering feasibility studies and developing mines strengthens our capability to advance Ikkari towards production."