Rupert Resources Reports Results for the 12-Month Period Ended February 28, 2021

TORONTO – (COMMERCIAL THREAD) – Rupert Resources Ltd (“Rupert“or the”Company“) announces that it has published its audited financial results for the twelve months ending February 28, 2021 and the accompanying management report for the same period.

Both of the above items have been posted on the Company’s website www.rupertresources.com and on Sedar at www.sedar.com.

During the 12 months ending February 28, 2021, the Company spent $ 14,637,057 (12 months ended February 29, 2020 – $ 9,571,101) on its exploration projects. As of February 28, 2021, Rupert held cash or cash equivalents of $ 21,724,305. The Company recorded a net loss and comprehensive income for the year of $ (7,343,327) (12 months ended February 29, 2020 – ($ 5,159,127)) and a net loss per share of (0.05) $ (12 months ended February 29, 2020) – $ (0.04)).

James Withall, Chief Executive Officer of Rupert Resources, said: “After funding of $ 48.7 million closed earlier in June, Rupert’s work programs are now fully funded for at least the next two years. Additional funding beyond budget is expected from in-course options and warrants. We now have full visibility into our cash position and capital structure as we continue to reduce the risk of the Ikkari discovery while continuing our research program for large deposits in northern Finland. “

Highlights of operations

Discussion of operations

In 2020/21 and up to the date of this document, Rupert’s operational activities have been fully focused on Pahtavaara and Hirsikangas, with an emphasis on Pahtavaara.

Pahtavaara, Northern Finland

Pahtavaara is composed of a set of mining licenses, exploration licenses, claims and exploration reserves totaling an area of ​​509 km² and held by wholly owned subsidiaries of the Company and comprising the Pahtavaara mine (the “Pahtavaara Mine”).

The work program at Pahtavaara is designed to identify and assess the mineral potential contained in the Pahtavaara license area, including in the vicinity of the Pahtavaara mine. After the completion in May 2020 of a program of approximately 25,662m (comprising a 16,569m regional diamond drilling campaign and an additional 9,093m at the Pahtavaara mine), in July 2020, Rupert began a 40,000-50,000m campaign (later increased to approximately 60,000m) diamond drilling program to further assess six new discoveries made in an area within the Pahtavaara permit package known as Zone 1, as well as continue to generate new targets.

Base till sampling continues in the Pahtavaara license area, with approximately 16,935 samples collected until the end of May 2021 on geophysical anomalies of interest.

Following the completion of a 9,093-meter drilling program at the Pahtavaara mine in 2020, which among others identified high-grade plunging shoots near the surface, as well as potential extensions of mineralization on the southern flank of the deposit, it was concluded that further drilling should be done before updating the resource estimate. minerals at the Pahtavaara mine. As of mid-May 2021, 9,131 m of a planned diamond drilling program of approximately 10,000 meters had been undertaken both above and below ground.

Financial highlights

Rupert’s net loss totaled $ 7,343,327 for the 12 months ended February 28, 2021, with a basic and diluted loss per share of $ 0.05. This compares to a net loss of $ 5,159,127 with a basic and diluted loss per share of $ 0.04 for the 12 months ended February 29, 2020. No income was recorded during these two periods. As at February 28, 2021, the Company had cash and cash equivalents of $ 21,724,305 (February 29, 2020: ($ 14,313,403).

All currency references in this press release are in Canadian dollars.

About Rupert

Rupert is a Canadian gold exploration and development company listed on the TSX Venture Exchange under the symbol “RUP”. The Company owns the Pahtavaara Gold Mine, Concentration Plant and Exploration Licenses and Concessions located in the Greenstone Belt of Central Lapland, Northern Finland (“Pahtavaara”) . Pahtavaara previously produced over 420koz of gold and 474koz remains in an inferred mineral resource (4.6 Mt grading 3.2 g / t Au at a cut-off grade of 1.5 g / t Au, see technical report entitled “NI 43-101 Technical Report: Pahtavaara Project, Finland” with an effective date April 16, 2018, prepared by Brian Wolfe, Senior Consultant, International Resource Solutions Pty Ltd., an independent Qualified Person under of National Standard 43-101 – Disclosure Standards for Mining Projects). The Company also owns a 100% interest in the Surf Inlet property in British Columbia, a 100% interest in properties in Central Finland and a 20% interest in the Gold Center property located adjacent to the Red Lake mine in Ontario.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Caution regarding forward-looking statements

This press release contains statements that constitute “forward-looking statements”, including estimates of mineral resources and the operating performance and plans of the company. The words “may”, “would”, “could”, “will”, “intend to”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and expressions Similar statements, with respect to Company, are intended to identify such forward-looking statements. Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management believed to be reasonable as of the date the statements are made and are inherently subject to various risks and uncertainties and other known and unknown factors. that could cause events or results to differ materially from those projected in the forward-looking statements. These factors include general mining industry risks, as well as risk factors discussed or mentioned in the Company’s annual MD&A for the year ended February 28, 2021 available at www.sedar.com. If one or more of these risks or uncertainties materialize, or if the assumptions underlying the forward-looking statements prove to be incorrect, actual results may differ materially from those described in this document as being expected, anticipated, anticipated, believed, estimated or expected. The Company does not intend and assumes no obligation to update these forward-looking statements, except as otherwise required by applicable law.

This press release contains statements which, other than statements of historical fact, constitute “forward-looking statements” within the meaning of applicable securities laws, including statements regarding: results of exploration activities, mineral resources . The words “may”, “would”, “could”, “will”, “intend to”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and expressions Similar statements, with respect to Company, are intended to identify such forward-looking statements. Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management believed to be reasonable as of the date the statements are made and are inherently subject to various risks and uncertainties and other known and unknown factors. that could cause events or results to differ materially from those projected in the forward-looking statements. These factors include general mining industry risks, as well as risk factors discussed or mentioned in the Company’s annual MD&A for the year ended February 28, 2021 available at www.sedar.com. If one or more of these risks or uncertainties materialize, or if the assumptions underlying the forward-looking statements prove to be incorrect, actual results may differ materially from those described in this document as being intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify material factors which could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors which may cause actual actions, events or results to differ materially from those described in the forward-looking information, there may be other factors which may cause actual actions to differ. actions, events or results are not as expected, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company does not intend and assumes no obligation to update these forward-looking statements, except as otherwise required by applicable law.

About Geraldine Higgins

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