Rupert Res Ltd Stock Price, News & Analysis

Rupert Resources (TSX:RUP) has filed a final short form prospectus for its previously announced 'bought deal' public financing. The company plans to distribute 6,983,300 common shares at $3.58 per share, with an additional 1,047,400 shares available through an over-allotment option. A concurrent private placement of approximately 1,800,000 shares is also planned. The closing is expected around August 1, 2024, subject to regulatory approval.

Importantly, Rupert Resources has replaced its previous technical report (PEA) with an Updated Mineral Resource Estimate for the Ikkari Project, effective December 12, 2023. The company has initiated a pre-feasibility study (PFS) based on this update, expected to be completed in Q4 2024. Investors are cautioned that the previous PEA is no longer current and should not be relied upon for investment decisions.

Rupert Resources announced its unaudited financial results for the three months ending May 31, 2024, revealing a net loss of $745,826 and a net loss per share of $0.01. The company ended the quarter with $26.7 million in cash. Their primary focus remains the Ikkari project, with significant progress made in the pre-feasibility study (PFS), expected to be published in Q4 2024. Exploration activities continue in the Rupert Lapland Project Area, with 42,767 meters drilled in the 2023/24 program, including 24,060 meters within the Ikkari footprint. The company ceased talks with the Fingold JV but is advancing its Environmental Impact Assessment (EIA) program, aiming for an environmental permit in the first half of 2025.

Rupert Resources has published its 2023 Sustainability Report, now available on its website. CEO James Withall highlighted the company's progress in developing the Ikkari project, which aims to be a low-GHG-emissions gold mine due to its access to 100% renewable power, high open pit gold grade, and low strip ratio.

Rupert Resources maintains a three-pronged strategy: discovering high-quality, large deposits with minimal environmental impact; maximizing returns per share through value-accretive investments; and planning long-term sustainable development. The company is in important permitting and development stages for Ikkari and continues to engage with stakeholders to showcase the project's benefits while minimizing environmental impacts.

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Rupert Resources has announced that it could not reach terms to acquire the remaining 30% of the Fingold JV, which is held by B2Gold and Aurion Resources. The company remains focused on its Ikkari Project, a high-quality gold deposit noted for its continuity and grade. Rupert is progressing with its preliminary feasibility study and environmental impact statement, with plans to work closely with Finnish authorities. CEO James Withall emphasized the quality of Ikkari and the company's disciplined approach to shareholder investments. The project is expected to advance towards a PFS later in 2024.

Rupert Resources announced the grant of 295,079 performance share units (PSUs) to certain officers and employees. These PSUs will vest based on corporate performance objectives and can convert into common shares or cash equivalent. The company also granted 1,081,780 share options with an exercise price of $4.09, vesting over three years. Following these grants, there are 604,651 PSUs and 5,895,261 share options outstanding, representing 3.0% of the issued and outstanding shares.

Rupert Resources has released its audited financial results for the fiscal year ending February 29, 2024. The company reported spending $31.52 million on exploration and property purchases, a slight increase from the previous year's $29.08 million. Rupert held $36.83 million in cash and equivalents, and recorded a net loss of $5.78 million, improving from the prior year’s $10.67 million loss. Key operational activities included ongoing exploration in the Rupert Lapland Project Area and Ikkari, with significant drilling programs and progress towards a Pre-feasibility Study (PFS) expected by the end of 2024.

Rupert Resources has reported significant assay results from its recent project drilling at the Ikkari deposit. The highlights include drill hole #124043, which intersected 120 meters at 6.2g/t gold, marking the third-best intercept to date at Ikkari. Additional notable results include 22 meters at 2.9g/t gold and 56 meters at 3.5g/t gold. Drill hole #124041 recorded 28 meters at 9.7g/t gold and 13 meters at 34.5g/t gold, including 1 meter at 294g/t gold.

The latest drilling results are part of an ongoing program aimed at enhancing the confidence in the approximately 4Moz Indicated Mineral Resource Estimate and providing data for metallurgical testing and advanced engineering studies. The project is advancing well with a prefeasibility study targeted for delivery in the second half of 2024. CEO James Withall emphasized the continuity and high-grade nature of the mineralization near the surface, which is favorable for open-pit mining.

Rupert Resources reports follow-up assay results from the Heinä South satellite target and project drilling at Ikkari. The new results extend the broader mineralized zone, with high-grade intercepts like 10.5g/t Au over 24.40m and 112.5g/t Au over 2m. Project drilling at Ikkari continues to provide exceptional width and grade continuity, increasing confidence in the ~4Moz Indicated Resource. CEO James Withall expressed excitement over the results, highlighting the potential for higher grades and continuous mineralization. The winter drilling campaign focused on exploration at Heinä South and project drilling at Ikkari to enhance the Mineral Resource Model and future engineering studies.