Rupert Resources — FEM Conference 2025
30 slides from Rupert Resources's conference presentation, October 2025
Slide 1: Advancing a High-Quality Discovery into Production
ADVANCING A HIGH-QUALITY DISCOVERY INTO PRODUCTION FEM Conference RUP-TSX October 2025 RUP-TSX
Slide 2: Cautionary Statement
CAUTIONARY STATEMENT {All figures are in US$ unless otherwise noted} and grade or quality continuity. Inferred Mineral Resources are based on limited information and have a great amount of uncertainty as to their existence and as to their economic and legal feasibility, although it is Cautionary Not
Slide 3: Developing Europe's Next Gold Producer
DEVELOPING EUROPE’S NEXT GOLD PRODUCER A NEW FOCUS ON DELIVERY Leadership Changes Derisking the execution phase & project financing Finland – #1 Mining Jurisdiction For Mining Investment • Graham Crew – CEO - Q4 2024 Fraser Institute Annual Survey of Mining Companies1 – 2025 • Formerly CTO La Mancha
Slide 4: Long Term Vision
LONG TERM VISION Develop Europe’s #1 Gold Miner NEAR-TERM DELIVERABLES LONG-TERM GOALS OUR TARGETS FEASIBILITY STUDY (“FS”) FS to be completed at the end of 2026 TRANSITIONING TO • Lowest quartile of cost curve • Progressing metallurgical, geotechnical and 1 PRODUCTION • Leading FCF margins hydrogeo
Slide 5: Feasibility Study Workstreams
FEASIBILITY STUDY WORSTREAMS PLANNING PHASE IN PROGRESS COMPLETED Processing Flow Sheet Review FS Final Scope & Tendering Resourcing CCD wash study | Plant de-risking | Digital twin Major work package development Project Director Appointed modelling Geotechnical Drilling & Site Study Implementation
Slide 6: Ikkari - One of the Major New Discoveries of This Exploration Cycle
IKKARI - ONE OF THE MAJOR NEW DISCOVERIES OF THIS EXPLORATION CYCLE Moz Found Exploration Expenditures Global exploration expenditure (USD Billions) BODDINGTON & BETZE POST RED LAKE CANADIAN MALARTIC, SWAN (FOSTERVILLE) BULYANHULU & KUPOL DETOUR LAKE & GREAT BEAR TROPICANA RED HILL & HEMLO & MORILA
Slide 7: Central Lapland – A New Tier 1 Destination
CENTRAL LAPLAND – A NEW “TIER 1” DESTINATION Growing mineral inventory and established mining infrastructure Land position as of May 2024. Company data Kittila (Suurikuusikko) mine • Discovered by GTK in 1986 • Acquired by Agnico Eagle in 2005 • First production in 2009 30km • 2Mtpa mill • 2024 gold
Slide 8: 2023 Mineral Resource: >10,000 oz/Vertical Meter
2023 MINERAL RESOURCE: >10,000 OZ/VERTICAL METER Within open pit shell, the resource cut-off grade is 0.4g/t Au Open pit resource shell constrained by 26m offset to >10,000oz/vm over property boundary 240m of vertical extent Transition from open pit resource to underground resource Outside open pit
Slide 9: Ikkari Mineral Reserve & Resource Statement
IKKARI MINERAL RESERVE & RESOURCE STATEMENT Mineral Resource Estimate 85% of Indicated Resources converted to Probable Reserves Cut-off grades determined by: Mineral • Gold Price: $1700 / oz Mining Cut-off Grade Gold Content Resource Tonnage (t) • Metallurgical Recovery: 95% Method Au (g/t) Au (g/t)
Slide 10: PFS Production Summary – Life of Mine
PFS PRODUCTION SUMMARY – (LIFE OF MINE) Average 167koz/yr over life of mine – 1ASIC of USD918/oz Average 227koz/yr over first 10 years – 1ASIC of USD717/oz 300 3.00 Thousand ounces produced per annum Ikkari OP (Years 1 to 10) 250 2.50 Average grade to mill (Au g/t) Ikkari UG (Years 10 to 20) 200 2.0
Slide 11: Ikkari – Lowest Quartile Costs
IKKARI – LOWEST QUARTILE COSTS 2024 Guidance Production vs. Cost of Production Moz Au | US$/oz Americas Africa Europe / CIS APAC Global $2,500 1st Quartile 2nd Quartile 3rd Quartile 4th Quartile US$1,106/oz AISC US$1,348/oz AISC US$1,405/oz AISC US$1,619/oz AISC Range: US$850/oz – US$1,225/oz US$1,2
Slide 12: PFS Results Summary
PFS RESULTS SUMMARY PFS highlights compelling project economics ($ = US dollar) 227 kOz / Year $269M FCF / Year $717/oz AISC1 FIRST 10 YEARS FIRST 10 YEARS at $2150/oz Gold Price FIRST 10 YEARS 167kOz/Year LOM $358M FCF first 10 years at $2650/oz Gold Price $918/oz AISC1 LOM 20 Year LOM $1,700M NPV
Slide 13: Ikkari Project Offers Exceptional Economics
IKKARI PROJECT OFFERS EXCEPTIONAL ECONOMICS PFS highlights attractive returns and quick payback throughout the gold price cycle Payback (years) 5000 3.0 2.2 1.7 1.4 1.2 70% 4500 NPV (5%) IRR 59% 4000 60% 51% 3500 50% 45% 3000 36% 40% 2500 2000 3,880 30% 25% 1500 3,060 20% 2,460 1000 1,670 10% 500 93
Slide 14: Ikkari vs Gold Project Studies Released 2021 Onwards
IKKARI VS GOLD PROJECT STUDIES RELEASED 2021 ONWARDS NPV per ounce from PEA ($370/oz) to PFS ($515/oz ) on consensus gold pricing Stage 800 Development NPV (USD) per ounce produced 700 DFS 600 PFS 500 PEA 400 300 200 100 0 Skouries Hemi Assafou Kurmuk Borborema Kone Estelle Eskay Creek Kirazli Mt Gi
Slide 15: Ikkari Mining Highlights
IKKARI MINING HIGHLIGHTS OPEN PIT • Minimal pre-stripping • Low strip ratio • 3.5Mtpa average over 10 years OP stage Strip ratio (waste:ore) 1 2.6 : 1 2 4.6 : 1 Total 3.66 : 1 Strip ratio inclusive of pre-stripping UNDERGROUND • Long Hole Open Stoping • Stope dimensions - 15m wide, 30m high • 2Mtpa
Slide 16: PFS Flowsheet
PFS FLOWSHEET 95.8% Metallurgical recovery using conventional process Ikkari is non-refractory with exceptional recovery by proven flowsheet 100 microns Coarse grinding to liberate gold Low-cost option to final product 29% Recovery to gravity circuit Contribution from gravity is significant Non-acid
Slide 17: Site Layout
SITE LAYOUT 3D processing plant schematic Co-disposal facility peat storage area Collection pond peat storage area Open pit Processing plant ROM pad RUP-TSX
Slide 18: Regional Infrastructure
REGIONAL INFRASTRUCTURE 220 KV POWER LINES located 5 km from Ikkari. Access to 100% IKKARI renewable power PROPOSED DISCHARGE PIPELINE buried 1.5m underground KUOLAVAARA Keulakkopää windfarm (7 km from Ikkari) 51MW capacity. SODANKYLÄ located 40 km from Ikkari (8,000 inhabitants) NATIONAL MAIN ROAD
Slide 19: Communities
COMMUNITIES In person engagement with local stakeholders since Day 1 • 51 logged public events since 2016 • Rupert discussed the project with 1,763 individuals in 2024 • Borealis stakeholder management tool • Ikkari.fi – Finnish language website • Exploration News (coverage of over 20k people biannu
Slide 20: Ikkari Project Timeline
IKKARI PROJECT TIMELINE 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Environmental baseline studies EIA Program EIA Authority Completed Final Statement Authority Environmental Impact Authority Environmental Permit EIA program preparation Review Review Assessment Application Environmental permit
Slide 21: Significant Untested Potential Along Strike
SIGNIFICANT UNTESTED POTENTIAL ALONG STRIKE 80% of drill holes along 12km regional structure intercept at least 0.4g/t Au Drill hole assays Heinä Central Heinä North Island North Saitta A’ Au (g/t) 0.1-1.0 Inferred 2.7Mt at 1.8g/t Au 3.5gt Au / 10.5m 249g/t Au / 0.5m 1.4g/t Au / 11m & 0.51% Cu 15.1g
Slide 22: Exploration History and Ikkari Discovery
EXPLORATION HISTORY AND IKKARI DISCOVERY Systematic Discovery of Heinä Rupert Finland Oy exploration Discovery of Ikkari Discovery of Ikkari South western commenced and Heinä South North extension Established 2016 2018 2020 2022 2024 2017 2019 2021 2023 2025 Exploration permits First discoveries in
Slide 23: Exploration Permits
EXPLORATION PERMITS Strategic Suurikuusikko Landholding Agnico Eagle in the Central Lapland Greenstone Belt Kevitsa Boliden Pahtavaara EXPLORATION PERMITS AND Rupert Resources APPLICATIONS Ikkari Rupert Resources 402 km² Known gold occurrence Gold deposit Sakatti Anglo American Base metal deposit Op
Slide 24: Strategic Landholding in the Central Lapland Greenstone Belt
STRATEGIC LANDHOLDING IN THE CENTRAL LAPLAND GREENSTONE BELT Exploration Permit Drillhole Base of Till (Au ppm) 0.00 – 0.02 0.02 – 0.1 0.1 – 0.2 0.2 – 0.5 0.5 – 1.0 1.0 – 100 RUP-TSX
Slide 25: Geology & Mineralisation of Ikkari
GEOLOGY & MINERALISATION OF IKKARI Geological Setting Host Rocks Mineralogy Ikkari is located in the Central Lapland Mineralisation is hosted by strongly Gold is free, fine-grained, and strongly Greenstone Belt and occupies a complex deformed Savukoski Group ultramafic associated with pyrite content
Slide 26: Ikkari Geology and Grade
IKKARI GEOLOGY AND GRADE • Highest grade around the MSCU- B ‘mineralised corridor’ B’ Northern Felsic contact near top of section 200.9m @ 1.5g/t • Clear spatial relationship between intercalated felsic material and grade at 161m @ 3.4g/t 72m @ 1.5g/t depth further south on section 182m @ 2.0g/t • L
Slide 27: Ikkari Geology and Grade
IKKARI GEOLOGY AND GRADE C ‘mineralised corridor’ C’ • Correlation between grade and 33m @ 4.6g/t 15m @ 5.7g/t intercalated felsics still clear • Highest grades at northern side of 65m @ 6.2g/t 26m @ 2.1g/t ultramafic sequence 158m @4.3g/t 58m @ 3.3g/t 105m @ 3.5g/t 66m @ 3.1g/t C B 60m @ 2.2g/t 32m
Slide 28: Driving Discovery Through Strategic Exploration
DRIVING DISCOVERY THROUGH Exploration across Ikkari extensions and permitted areas satellites STRATEGIC Exploration continues across Targeting high-potential zones EXPLORATION multiple permitted areas to maximise discovery potential within Area 1 to expand resource base Maximising value Strategic la
Slide 29: Our Five Year Plan
OUR FIVE YEAR PLAN Re-Rating potential offered by transition to production at the high-margin Ikkari Project DELIVER Gold Production From The Ikkari Mine REALISE Lowest Quartile All-in Sustaining Costs ACHIEVE Lowest Quartile Carbon Emissions DISCOVER 3Moz of Additional Resource Inventory 29 RUP-TSX
Slide 30: Contact Details
CONTACT DETAILS Graham Crew Chief Executive Officer gcrew@rupertresources.com Michael Stoner Corporate Development mstoner@rupertresources.com Rupert Resources 82 Richmond Street East Suite 203, Toronto, Ontario M5C 1P1 RUPERTRESOURCES.COM