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

Mr. Graham Crew reports RUPERT RESOURCES REPORTS RESULTS FOR THE THREE AND NINE MONTHS ENDING SEPTEMBER 30, 2025 Rupert Resources Ltd. has published its unaudited financial results for the three and nine months ended Sept. 30, 2025, and accompanying management 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+. Highlights: Feasibility study (FS) progress -- waste and water optimization studies nearing completion; simplified waste and improved water management flow sheet improves operability and is expected to streamline the permitting process; Strengthened team -- appointment of Russell White as project director enhances execution capability for next project phase; Exploration strategy update -- focused review under way to prioritize near-term targets within the Central Lapland greenstone belt (CLGB) for the winter season; Financial strength -- $100-million in cash and short-term investments supports advancement of FS, permitting and continuing exploration. Graham Crew, chief executive officer of Rupert Resources, said: "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. "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. We remain convinced of the scale of opportunity in the CLGB and have partnered with Vrify and their AI [artificial intelligence] platform to make the most efficient use of all of the world-class data set we have collected in the region. "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." Financial overview During the nine months ended Sept. 30, 2025, investing cash flows at the company's exploration and evaluation assets totalled $19-million. As of Sept. 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 $100.3-million. The company recorded a net loss for the nine months ended Sept. 30, 2025, of $6.7-million and a net loss per share of three cents. All references to currency in this press release are in Canadian dollars. Corporate update People In line with the company's focus on advancing the Ikkari project toward production, Russell White was appointed to the role of project director during Q3 2025. This further increases the team's execution capability given his experience as head of projects from Centamin and Toro Gold and senior project management roles at Endeavour Mining and Ausenco. Discussion of operations During the three and nine months ended Sept. 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 Ikkari project drilling The 2024/2025 winter drill program at Ikkari was completed during the second quarter of 2025 and comprised both hydrogeological and geotechnical drill programs to inform the coming FS and environmental permit application. The hydrogeological program comprised the installation of a further 26 vibrating wire piezometers (VWPs) surrounding the Ikkari mineralization and envisaged operation. Pump testing from four large-diameter holes to further inform the groundwater model is complete and the groundwater model update is under way. Geotechnical drilling of the underground portion of the Ikkari deposit concluded during the second quarter with five holes completed in total for 2,896 metres. Televiewer imaging and interpretation and geotechnical logging are complete and laboratory test work is under way. Ikkari feasibility study Following the release of the Ikkari prefeasibility study (PFS) in Q1 2025, the company is advancing the FS workstreams by progressing geotechnical and hydrogeological modelling and metallurgical test work during Q3 2025. During Q3 2025, the hydrogeological pump testing was completed, with modelling of these data continuing into Q4 2025. Geotechnical logging and lab test work were conducted during Q3 2025, with interpretation of these data to follow during Q4 2025. This is expected to further validate the PFS pit designs and pit-slope angles as well as confirm the parameters for the underground designs. Waste and water optimization studies Since the release of the PFS, the company initiated an integrated process water and mine contact water optimization study following up recommendations in the PFS. This work focuses on: Reducing cyanide concentration in the leach circuit whilst maintaining exceptional gold recovery; The recycling of cyanide within the process plant; Reducing detox reagent consumption, thereby reducing requirements for subsequent water treatment. Test work to support this study is continuing through Q4 2025 ahead of finalization for inclusion in the FS workstreams in Q1 2026. A simplified mine waste management concept has now been developed. It is designed to streamline operations and permitting while maintaining a strong focus on closure planning, an important consideration in the environmental permitting process. The concept combines best practices in filtered tailings storage, commonly used in Arctic climates such as Canada, with local waste-rock management practices to minimize environmental impact. These refined design concepts will be presented alongside the co-disposal designs included in the PFS as alternative waste management options for permitting. Advancing permitting and environmental work Permitting, specifically progress 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 Nov. 30, 2022, and formally filed with the authorities during the second calendar quarter of 2023. The company is continuing to advance related studies and a report with the aim of securing environmental and water permit and, thereafter, a mining licence for Ikkari, in addition to those already held at Pahtavaara. As part of this process, the company continues baseline environmental assessments and impact modelling, incorporating the optimized waste and water management designs, together with continuing engagement across all stakeholder groups. Continuing exploration Drilling activity was reduced during Q3 2025 while the exploration team progressed a review of the permit package and all data gathered to date. This data review feeds into a broader review of the exploration strategy with the aim of prioritization of the targets across the company's extensive landholding in the Central Lapland greenstone belt and the generation of additional targets outside of the company's landholding across the belt. The review is due to be completed during Q4 2025 and will inform planning for the next winter drill program. During the quarter, 2,900 metres of exploration drilling were completed across 13 holes, bringing exploration drilling to a total of 12,500 metres year to date. The drilling in Q3 2025 focused on testing the near-surface continuity of targets within the Ikkari-Saitta-Mike trend, following up on the prior winter's drilling results. Logging of the drill core has identified continuation of the geology and structures that showed mineralization in the last winter drill program; however, no mineralization has yet been visually identified. The assay results for are expected to be returned later during Q4. 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 12 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 toward a completed FS by Q1 2027 incorporating optimized waste and water management designs. Continuing exploration in the Rupert Lapland project area: Exploration activities at targets elsewhere in the Rupert Lapland project area, including, but not limited to, Heina South, Mike, Naattua and Rajala, with the aim being to demonstrate the potential scale of the discoveries and define potentially new economic mineralization in the area. Generative exploration: The company will work to 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 and the broader CLGB, including, but not limited to, at Kuusajarvi, 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 under way at Ikkari, with the overall 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 has now been filed. Geological Studies: Further to the exploration programs outlined above, the company utilizes 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 Sept. 30, 2026, together with general and administration costs, is approximately $35-million to $40-million. We seek Safe Harbor.