Rupert Resources Ltd. (“Rupert” or the “Company”) announces that it has released its unaudited financial results for the three and six months ending August 31, 2022 and the accompanying management report for the same period.

Both of the above items have been posted on the Company’s website and on Sedar at

Financial performance

In the six months ended August 31, 2022the company spent $13,759,177 (6 months ended August 31, 2021$10,892,509) on its exploration projects. From August 31, 2022Rupert held cash or cash equivalents of $36,860,468. The Company recorded a net loss and an overall loss for the three months and six months ended August 31, 2022 of ($5,173,267) and ($10,318,244) respectively (three months and six months ended August 31, 2021$(1,494,403) and ($4,973,469) respectively) and a net loss per share for the quarters and six months ended August 31, 2022 of $(0.02) and $(0.03) respectively (three and six months ended August 31, 2021$(0.01) and $(0.02) respectively).

Operating Highlights

During the three and six months end of August 2022 and up to the date of this document, Rupert’s operational activities have mainly focused on the Rupert Lapland and Ikkari project area in particular, located in the Central Lapland (“CLGB”) greenstone belt, as well as more limited exploration activities at Hirsikangas in Central Finland.

Project area Rupert Laponie, CLGB, Northern Finland

The regional exploration program in the Rupert Laponie project area is designed to identify and evaluate the mineral potential contained in all of the Rupert lands in the CLGB.

Since July 2020 the Company is engaged in a diamond drill program to further evaluate discoveries made in the Rupert Lapland project area, including Ikkari, as well as to continue to generate new targets.

Basal till (“BoT”) sampling continues in the Rupert Lapland project area, particularly on geophysical anomalies of interest and programs will begin on exploration permits recently applied for when granted in the coming months.

Preliminary economic assessment of Ikkari and related studies

Following publication in September 2021 of Ikkari’s technical report and ongoing regional diamond and BoT drilling and sampling programs, a Preliminary Economic Assessment of Ikkari compliant with NI 43-101 (“Ikkari PEA”) is currently underway and is expected to be completed with an update to the MRE in the fourth quarter of calendar year 2022.

The Ikkari PEA project is led by Tetra Tech and includes an assessment of the economic potential of the Ikkari and Pahtavaara mineral resources as well as the satellite deposits which continued to be drilled during the winter 2021/22 exploration program, as well as thereafter. Various studies have been initiated that will contribute to the PEA, including but not limited to: optimization of planned mining methods, schedules and site layouts, hydrogeological and geotechnical assessments and metallurgical studies , including assessment of treatment options. The objective of the Ikkari PEA is to better define the optimal parameters that will be used in a pre-feasibility study (“PFS”) that should be launched after its completion.

Environmental Assessments of Ikkari and Pahtavaara

The Environmental Impact Assessment (‘EIA’) work programme, launched in 2021/22, is underway in Ikkari and Pahtavaara, with the aim of obtaining an environmental permit and then a mining permit for Ikkari in addition to those already detained at Pahtavaara. The Ikkari PEA also draws on this process, where appropriate.

Pahtavaara mine

Following the drilling programs at Pahtavaara mine as reported in October 2020 and July 2021, a Pahtavaara trade-off study is to be performed under the Ikkari PEA to define the most appropriate mining methods and cut-off grades and to complete an updated National Instrument 43-101 Technical Report. Ikkari’s PEA will also consider whether to develop Pahtavaara as a satellite mine to a new central processing facility at Ikkari, which could allow Pahtavaara to benefit from cost synergies and shared infrastructure.

Central Finland Properties


In 2022, IP surveys and limited drill testing were completed over the summer on the Ullava and Purontaka targets and results from these are being processed. Fieldwork continues in the Lesti Arc region and the southern extent of the Himanka Volcanic Belt, which also hosts the Hirsikangas deposit.


Management discussion and analysis

82 Richmond Street Eastoffice 203

Toronto, Ontario M5C 1P1

Tel: 416-304-9004

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