TORONTO June 16, 2026 /BusinessWire: Agnico Eagle Mines Limited (NYSE: AEM, TSX: AEM) (“Agnico Eagle”) and Rupert Resources Ltd (TSX: RUP, OTCQX: RUPRF, FSE:R05) (“Rupert”) today announced the successful completion of the previously-announced plan of arrangement (the “Arrangement”) under the provisions of the Business Corporations Act (British Columbia) pursuant to which, among other things, Agnico Eagle acquired all of the issued and outstanding common shares of Rupert (the “Shares”) that it did not already own (the “Transaction”).
Pursuant to the Arrangement, each Share was exchanged for: (i) 0.0401 of a common share of Agnico Eagle (the “Share Consideration”); and (ii) contingent consideration of up to C$3.00, in the form of a contingent value right (a “CVR”, and together with the Share Consideration, the “Consideration”), that is payable in cash upon certain milestones being achieved over the 10 year term of the CVR, all as more particularly described in Rupert’s management information circular dated May 7, 2026 (the “Circular”).
As a result of the completion of the Transaction, it is expected that the Shares will be de-listed from the Toronto Stock Exchange (the “TSX”) and withdrawn from quotation on the OTCQX Best Market of the OTC Markets Group (the “OTCQX”) shortly after the date hereof and Rupert will promptly apply to the applicable Canadian securities regulators to cease to be a reporting issuer (or equivalent) under applicable Canadian securities laws.
Further details regarding the Transaction are included in the Circular, a copy of which is available under Rupert’s issuer profile on SEDAR+ at www.sedarplus.ca.
Action Required by Rupert Shareholders
Registered holders of Shares are reminded to submit a duly completed Letter of Transmittal and the share certificate(s) and/or direct registration system statement(s), as applicable, representing their Shares to Computershare Investor Services Inc. (“Computershare”), the depositary for the Arrangement, to receive the Consideration they are entitled to under the Arrangement. If you have questions or require further information about the procedures to complete your Letter of Transmittal, please contact Computershare by telephone at 1 (800) 564-6253 (toll-free in North America) or (514) 982-7555 (outside North America), by facsimile at (905) 771-4082 or by email at corporateactions@computershare.com.
Non-registered holders of Shares are not required to submit a Letter of Transmittal. Non-registered holders of Shares will receive the Consideration they are entitled to through the intermediary in whose name their Shares are held and should contact such intermediary for assistance and instructions in depositing their Shares.
Listing of CVRs
As previously announced, the CVRs issuable to Rupert securityholders pursuant to the Arrangement have received conditional listing approval from the TSX. The listing, which will be the first of its kind on the TSX, will enable trading of the CVRs on the TSX and is expected to provide holders with enhanced liquidity and price discovery. The CVRs will trade under the symbol “AEM.CV”.
In connection with the listing of the CVRs, Agnico Eagle will provide an undertaking to the TSX to provide specified public disclosure in respect of the CVRs, as follows:
The TSX’s conditional approval is being provided on a discretionary basis pursuant to the TSX Sandbox program, which is designed to facilitate listing applications for novel securities such as the CVRs. The CVRs will exit the TSX Sandbox upon satisfaction of certain conditions, including continued compliance by Agnico Eagle with the TSX’s standard listing requirements and payment to holders in respect of the first milestone under the CVRs.
Listing of the CVRs remains subject to satisfaction of certain conditions, including the TSX’s minimum public distribution requirements. Subject to the satisfaction of these conditions, CVRs are expected to commence trading on June 18, 2026.
TORONTO June 11, 2026 /BusinessWire: Rupert Resources Ltd. (TSX: RUP, OTCQX: RUPRF, FSE:R05) (“Rupert” or the “Company”) announced today that the Company has obtained a final order from the Supreme Court of British Columbia approving the previously announced plan of arrangement under the provisions of the Business Corporations Act (British Columbia) pursuant to which, among other things, Agnico Eagle Mines Limited (NYSE: AEM, TSX: AEM) (“Agnico Eagle”) will acquire all of the issued and outstanding common shares of the Company (the “Shares”) that it does not already own (the “Arrangement”).
Pursuant to the Arrangement, each Share will be exchanged for: (i) 0.0401 of a common share of Agnico Eagle; and (ii) contingent consideration of up to C$3.00, in the form of a contingent value right (a “CVR”), that is payable in cash upon certain milestones being achieved over the 10 year term of the CVR, all as more particularly described in Rupert’s management information circular dated May 7, 2026 (the “Circular”). This final court approval follows the securityholder approval that was obtained at the special meeting of Rupert’s securityholders held on June 9, 2026.
The Company also announced that it currently anticipates that completion of the Arrangement will occur on or about June 16, 2026.
TORONTO June 9, 2026 /BusinessWire: Rupert Resources Ltd. (TSX: RUP, OTCQX: RUPRF, FSE:R05) (“Rupert” or the “Company”) is pleased to announce that, at the special meeting of holders (“Shareholders”) of its common shares (“Shares”), holders of its options to purchase Shares (“Options”), holders of its deferred share units (“DSUs”), holders of its performance share units (“PSUs”) and holders of its restricted share units (“RSUs” and, collectively with the Shareholders, holders of Options, DSUs, PSUs and RSUs, the “Securityholders”) held on June 9, 2026 (the “Meeting”), the special resolution (the “Arrangement Resolution”) approving the previously announced plan of arrangement under the provisions of the Business Corporations Act (British Columbia), pursuant to which, among other things, Agnico Eagle Mines Limited (NYSE: AEM, TSX: AEM) (“Agnico Eagle”) will acquire all of the issued and outstanding Shares that it does not already own (the “Arrangement”), was approved.
Pursuant to the Arrangement, each Share will be exchanged for: (i) 0.0401 of a common share of Agnico Eagle; and (ii) contingent consideration of up to C$3.00, in the form of a contingent value right (a “CVR”), that is payable in cash upon certain milestones being achieved over the 10 year term of the CVR, all as more particularly described in the management information circular of the Company dated May 7, 2026 (the “Circular”).
Further details regarding the Arrangement are included in the Circular, which was mailed to Securityholders in connection with the Arrangement and is filed under Rupert’s issuer profile on SEDAR+ at www.sedarplus.ca.
The Arrangement Resolution required approval by not less than: (i) 66⅔% of the votes cast by Shareholders, voting as a separate class, present in person or represented by proxy and entitled to vote at the Meeting; (ii) 66⅔% of the votes cast by Securityholders, voting as a single class with one vote for each Share, Option, DSU, PSU and RSU held, present in person or represented by proxy and entitled to vote at the Meeting; and (iii) a simple majority of the votes cast by Shareholders present in person or represented by proxy and entitled to vote at the Meeting, excluding votes cast by Agnico Eagle and its affiliates, as required by Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions.
The following is a summary of the votes cast on the Arrangement Resolution:
| Arrangement Resolution Vote | Outcome | Results of Ballot | |
| FOR | AGAINST | ||
| Shareholder Vote | Passed | 177,678,237 (99.98%) | 35,025 (0.02%) |
| Securityholder Vote | Passed | 181,504,969 (99.98%) | 35,025 (0.02%) |
| Shareholder Vote, Excluding Votes of Agnico Eagle | Passed | 144,906,626 (99.98%) | 35,025 (0.02%) |
Completion of the Arrangement remains subject to a number of conditions, which are described in the Circular, including the receipt of a final order from the Supreme Court of British Columbia (the “Final Order”). The hearing in respect of the Final Order is scheduled to take place on June 11, 2026. These conditions must be satisfied or waived for the completion of the Arrangement to occur. Assuming the timely receipt of all required approvals, the Arrangement is expected to close by the end of June 2026.
Listing of CVRs
Agnico Eagle has received conditional listing approval of the CVRs from the Toronto Stock Exchange (the “TSX”). Subject to the satisfaction of certain listing conditions, the CVRs are expected to be listed on the TSX following completion of the Arrangement.
TORONTO–(BUSINESS WIRE)–May 28, 2026–Rupert Resources Ltd. (TSX: RUP, OTCQX: RUPRF, FSE:R05) (“Rupert” or the “Company”) announced today that two leading independent proxy advisory firms, including Institutional Shareholder Services Inc. (“ISS”), have each recommended that holders (“Shareholders”) of the Company’s common shares (the “Shares”) vote FOR the special resolution (the “Arrangement Resolution”) approving the previously announced plan of arrangement pursuant to which, among other things, Agnico Eagle Mines Limited (NYSE: AEM, TSX: AEM) (“Agnico Eagle”) will acquire all of the issued and outstanding Shares that it does not already own (the “Arrangement”). The Arrangement Resolution will be considered for approval at the special meeting of securityholders of the Company (the “Meeting”) to be held on June 9, 2026 at 10:30 a.m. (Toronto time).
Pursuant to the Arrangement, each Share (other than Shares owned by Agnico Eagle and its affiliates and any dissenting Shareholders) will be exchanged for: (i) upfront consideration of 0.0401 of a common share of Agnico Eagle; and (ii) contingent consideration of up to $3.00, in the form of a contingent value right (a “CVR”) that is payable in cash upon certain milestones being achieved over the 10 year term of the CVR, all as more particularly described in the management information circular of the Company dated May 7, 2026 (the “Circular”).
Securityholders Encouraged to Vote Ahead of the Proxy Deadline
The board of directors of the Company recommends that Rupert securityholders vote FOR the Arrangement now, and in any event, in advance of the proxy voting deadline of Friday, June 5, 2026 at 10:30 a.m. (Toronto time).
The Company’s notice of meeting, Circular and other related meeting materials have been mailed to securityholders and can also be accessed online under Rupert’s issuer profile on SEDAR+ at www.sedarplus.ca and on Rupert’s website at www.rupertresources.com/special-meeting/.
Your vote is important regardless of the number of securities you own. If you are unable to be virtually present at the Meeting, we encourage you to submit your proxy or voting instruction form so that your securities can be voted at the Meeting in accordance with your instructions.
Securityholders are encouraged to vote their securities well in advance of the proxy voting deadline of 10:30 a.m. (Toronto Time) on June 5, 2026. The method in which securityholders may vote is dependent on the manner in which their securities are held.
Registered securityholders as of the close of business on May 1, 2026 (the “Record Date”), being Shareholders holding their Shares with a physical certificate or direct registration system (“DRS”) statement and optionholders, DSU holders, PSU holders and RSU holders will receive a 15-digit control number with the Circular and can vote using the methods outlined on the form of proxy and summarized below.
Non-registered (beneficial) Shareholders as of the Record Date, being Shareholders who hold their Shares with a broker, bank or other intermediary, should carefully follow the instructions on the voting instruction form that they receive from their intermediary in order to vote the Shares that are held through that intermediary. Most intermediaries now delegate responsibility for obtaining instructions from clients to Broadridge Investor Communications Solutions (“Broadridge”). Broadridge typically prepares a voting instruction form with a 16-digit control number that it delivers to non-registered (beneficial) Shareholders and asks them to return instructions directly to Broadridge. For your Shares to be voted, you must follow the instructions on the voting instruction form that is provided to you.
| Voting Method | Registered Securityholders If (i) your Shares are held in your name and represented by a physical certificate or DRS statement or you are an optionholder, DSU holder, PSU holder or RSU holder and (ii) you have a 15-digit control number. | Non-Registered (Beneficial) Shareholders If your Shares are held with a broker, bank or other intermediary and have a 16-digit control number. |
| Internet @ | Go to www.investorvote.com. Enter the 15-digit control number printed on the form of proxy and follow the instructions on screen. | Go to www.proxyvote.com. Enter the 16-digit control number printed on the voting instruction form and follow the instructions on screen. |
| Telephone | Call 1-866-732-VOTE (8683) from a touch tone phone and follow the automatic voice recording instructions to vote. You will need your 15-digit control number to vote. | Complete, date, and sign the voting instruction form and fax it to the number listed on the voting instruction form. |
| Mail | Complete, sign and date the form of proxy and send it in the enclosed postage paid envelope to: Computershare Investor Services Inc. Attention: Proxy Department 320 Bay Street, 14th Floor Toronto, Ontario M5H 4A6 | Enter your voting instructions, sign and date the voting instruction form, and return the completed voting instruction form in the enclosed postage paid envelope. |
The proxy voting deadline is 10:30 a.m. (Toronto Time) on June 5, 2026. The voting instruction form must be returned to Broadridge (or other intermediary) well in advance of that date to have the Shares voted.
Securityholder Questions and Assistance
The Company has retained Laurel Hill Advisory Group (“Laurel Hill”) to assist in the solicitation of proxieswith respect to the matters to be considered at the Meeting.
If you are a Rupert securityholder and requireassistance in your consideration of the Arrangement or in completing your form of proxy or voting instruction form, please contact Laurel Hill by telephoneat 1-877-452-7184 (toll-free in Canada and the United States) or 1-416-304-0211 (International), by texting“INFO” to either number, or by email at assistance@laurelhill.com.
August 11, 2025
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 www.rupertresources.com with the financial statements and MD&A also published on SEDAR+ at www.sedarplus.ca
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, 2022.The 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:
The combined cost for the above for the 12 months to June 30, 2026, together with general and administration costs, is approximately $35 million.
Management’s Discussion & Analysis
Toronto, Ontario (June 25, 2025) – Rupert Resources Ltd. (“Rupert Resources” or the “Company”) announces the voting results from the 2025 Annual Meeting.
The nine nominees listed in its management information circular (the “Circular”) dated May 26, 2025 were elected as directors at the Annual Meeting of Shareholders of Rupert Resources (the “Meeting”). Carol Plummer will now join the board of directors as a nominee for Agnico Eagle, one of the Company’s largest shareholders. Carol is currently the Executive Vice President, Sustainability, People & Culture at Agnico Eagle, and has extensive operating experience, including in Finland, where she was previously the General Manager of Agnico Eagle’s Kittilä mine. Carol was also recently appointed Chair of the Mining Association of Canada.
Gunnar Nilsson, Non-Executive Chairman of Rupert Resources said:
“We appreciate the support of shareholders in passing all resolutions at the 2025 annual meeting. We are also very pleased to welcome Carol Plummer to the Board. Her operational experience in Finland will be a valuable addition to the diverse skill set offered by the existing non-executive directors.”
There were 121,850,560 common shares represented in person or by proxy at the Meeting (representing 52.06% of the issued and outstanding common shares of the Corporation being 234,056,848 as of the record date for the Meeting). The voting results for the Meeting are set out below.
At the Meeting, the following resolutions as set out in the Circular, were passed as ordinary resolutions of Rupert’s shareholders. Proxies and votes received at the Meeting were as follows:
Election of Directors:
| DIRECTOR | FOR | WITHHELD | ||
| Gunnar Nilsson | 118,320,785 | 99.95% | 64,794 | 0.05% |
| Michael Ouellette | 112,107,574 | 94.70% | 6,278,005 | 5.30% |
| Andre Lauzon | 117,247,131 | 99.04% | 1,138,448 | 0.96% |
| William Washington | 117,251,531 | 99.04% | 1,134,048 | 0.96% |
| Riikka Aaltonen | 118,313,885 | 99.94% | 71,694 | 0.06% |
| Graham Crew | 118,317,885 | 99.94% | 67,694 | 0.06% |
| Carol Plummer | 118,312,585 | 99.94% | 72,994 | 0.06% |
| Joanna Pearson | 118,312,585 | 99.94% | 72,994 | 0.06% |
| Kim Hagberg | 118,311,085 | 99.94% | 74,494 | 0.06% |
Appointment of Auditors:
An ordinary resolution to appoint MNP LLP to serve as the independent auditors of the Corporation and authorizing the directors of the Corporation to fix the auditors’ remuneration was also approved by ballot.
Based on proxies and votes received at the Meeting, 121,796,111 common shares (approximately 99.96%) voted “for”, and 54,449 common shares (approximately 0.04%) “withheld”.
Article Amendments:
A Special Resolution adopting certain amendments to the existing articles of the Company, in order to make certain necessary changes required in connection with the Company’s graduation to the TSX and certain other housekeeping amendments (collectively, the “Article Amendments”. The details of the Article Amendments were set out in Schedule C of the Management Information Circular dated May 26, 2025.
Based on proxies and votes received at the Meeting, 112,042,314 common shares (approximately 94.64%) voted “for”, and 6,343,265 common shares (approximately 5.36%) “against”.
Amendments to Equity Incentive Plan and Renewal of Unallocated Entitlements Thereunder:
An ordinary resolution for amendments to the Company’s amended and restated equity incentive plan dated November 9, 2022 (the “Equity Incentive Plan”), as set out in Schedule D of the Management Information Circular (collectively, the “Equity Incentive Plan Amendments”), the details of which were set out in Schedule “D” of the Company’s Management Information Circular dated May 26, 2025, together with renewal of unallocated entitlements to continue granting stock options, performance share units and restricted share units under the Plan until June 25, 2028 (collectively, the “Entitlement Renewals”)..
Based on proxies and votes received at the Meeting, 115,652,408 common shares (approximately 97.69%) voted “for”, and 2,733,171 common shares (approximately 2.31%) “against”.
The results of the matters considered at the Meeting are reported in the Report of Voting Results as filed under the Company’s issuer profile on SEDAR+ (www.sedarplus.ca) on June 25, 2025.
May 15, 2025
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 www.rupertresources.com with the financial statements and MD&A also published on SEDAR+ at www.sedarplus.ca
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 CO2 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.
Management’s Discussion & Analysis
The Base Shelf Prospectus is accessible, and the Prospectus Supplement will be accessible within two business days, through SEDAR+
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TORONTO, ON – (BUSINESS WIRE) – March 18, 2025 – Rupert Resources Ltd. (TSX:RUP) (“Rupert” or the “Company”) is pleased to announce that it has entered into an agreement with Cormark Securities Inc. as lead underwriter on behalf of a syndicate of underwriters (collectively the “Underwriters”), pursuant to which the Underwriters have agreed to purchase on a bought deal basis 10,000,000 common shares of the Company (the “Shares”) at a price of C$4.50 per Share (the Offering Price”), representing total gross proceeds of approximately C$45.0 million (the “Offering”). The Company has also granted the Underwriters an option (the “Over-Allotment Option”), exercisable at the Offering Price for a period of 30 days from and including the closing of the Offering, to purchase up to an additional 15% of the Offering to cover over-allotments, if any, on the same terms as the Offering. Closing is expected on or about March 27, 2025 (the “Closing Date”), and is subject to regulatory approval including that of the Toronto Stock Exchange.
The Company is also pleased to announce that it will offer in a concurrent private placement up to 7,250,000 Common Shares at the Offering Price on substantially the same terms as the Offering for gross proceeds of up to C$32.625 million (the “Private Placement”).
The net proceeds of the Offering and the Private Placement will be used for on-going exploration expenditures, technical and environmental studies on the Company’s properties in Finland and for general corporate purposes as will be set out in the Prospectus Supplement (as defined below).
The Shares will be offered by way of a prospectus supplement (the “Prospectus Supplement”) to the Company’s existing Canadian base shelf prospectus dated December 16, 2024 (the “Base Shelf Prospectus”). The Prospectus Supplement will be filed in British Columbia, Alberta, Ontario, New Brunswick and Newfoundland and Labrador. The Shares will also be offered in the United States on a private placement basis pursuant to one or more exemptions from the requirements of the United States Securities Act of 1933, as amended, and may also be offered in such other jurisdictions as may be agreed upon by the Company and the Underwriters, in each case in accordance with all applicable laws and provided that no prospectus, registration statement or similar document is required to be filed in such jurisdiction.
Access to the Prospectus Supplement, the Base Shelf Prospectus and any amendments thereto are provided in Canada in accordance with securities legislation relating to procedures for providing access to a shelf prospectus supplement, a base shelf prospectus supplement and any amendment to such documents. The Base Shelf Prospectus is, and the Prospectus Supplement will be (within two business days from the date hereof), accessible through SEDAR+ at www.sedarplus.com. An electronic or paper copy of the Prospectus Supplement, the Base Shelf Prospectus and any amendment thereto may be obtained, without charge, from Cormark Securities Inc. by phone at (416) 362-7485 or email at ecm@cormark.com by providing the contact with an email address or address, as applicable.
This press release is not an offer or a solicitation of an offer of securities for sale in the United States. The Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
About Rupert
Rupert Resources is a gold exploration and development company listed on the Toronto Stock Exchange under the symbol “RUP”. The Company is focused on making and advancing discoveries of scale and quality with high margin and low environmental impact potential. The Company’s principal focus is Ikkari, a new high quality gold discovery in Northern Finland.
For further information, please contact:
Thomas Credland
Head of Corporate Development
tcredland@rupertresources.com
