Rupert Resources — Investor Presentation (February 2026)
22 slides from Rupert Resources's investor presentation, February 2026
Slide 1: Advancing a High-Quality Gold Asset into Production
ADVANCING A HIGH-QUALITY GOLD ASSET INTO PRODUCTION Corporate Presentation Corporate Presentation February 2026 February 2026 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 Ikkari: Europe's Next World Class Gold Mine
DEVELOPING IKKARI EUROPE’S NEXT WORLD CLASS GOLD MINE Ikkari – Ranked #2 of 612 Global Mining Projects Mining Journal Project Pipeline Index2 - 2025 • World-class >4Moz gold resource • Lowest quartile costs & emissions Finland – #1 Mining Jurisdiction For Mining Investment Fraser Institute Annual Su
Slide 4: Central Lapland – A Tier 1 Destination
CENTRAL LAPLAND – A “TIER 1” DESTINATION GROWING MINERAL INVENTORY & 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 produ
Slide 5: Experienced Leadership Team
EXPERIENCED LEADERSHIP TEAM ABILITY TO ADVANCE IKKARI INTO PRODUCTION CORPORATE MANAGEMENT Graham Crew – CEO since Q4 2024 Formerly CTO at La Mancha Resource Capital & COO Golden Star Resources Michael Stoner – Corporate Development since Q2 2025 Formerly Head of Corporate at Centamin & Business Dev
Slide 6: Progressing Ikkari into Production
PROGRESSING IKKARI INTO PRODUCTION KEY MILESTONES FOR 2026 & 2027 ENVIRONMENTAL PERMITTING FEASIBILITY STUDY (”FS”) PROJECT FINANCING EIA report submission Q4 2026 To be completed H1 2027 To be completed 2027 • Detailed environmental field work & studies to • Ausenco Engineering appointed to lead FS
Slide 7: Optimisation Studies from PFS to DFS
OPTIMISATION STUDIES FROM PFS TO DFS INITIATIVES TO UNLOCK VALUE AND REDUCE ENVIRONMENTAL IMPACT Area Purpose Impact Reduced cyanide / grind Reduced reagent costs and lower volumes of waste Processing Reduced cyanide load, balanced with a slightly finer grind size to maintain recovery products for r
Slide 8: Ikkari Compelling Project Economics
IKKARI COMPELLING PROJECT ECONOMICS KEY PFS HIGHLIGHTS ($ = US dollar) Annual Production AISC1 227 koz/year first 10 years $717 /oz first 10 years 167 koz/year LOM $918 /oz LOM Life of Mine Reserve Estimate Initial Capex 20 years 3.5 Moz $575 m Strong regional expansion Grade of 2.1g/t Au in Upfront
Slide 9: Exceptional Project Economics
EXCEPTIONAL PROJECT ECONOMICS ATTRACTIVE RETURNS & QUICK PAYBACK THROUGHOUT GOLD PRICE CYCLE IKKARI PROJECT POST TAX RETURNS PROFILE (US$m, Discounted @ 5%) Payback (Years) 2.2 1.7 1.4 1.0 0.9 0.8 90% 7,000 NPV (US$m, 5%) 79% 73% 80% IRR 66% 6,000 70% 59% 5,000 51% 60% 4,000 50% 36% 6,330 40% 3,000
Slide 10: Peer Group Comparison
PEER GROUP COMPARISON RUPERT RESOURCES IS UNDERVALUED COMPARED TO PEERS P / NAV 1.38x 1.21x 0.86x 0.70x 0.71x 0.73x 0.48x 0.51x 0.51x 0.40x 0.29x 0.34x 0.28x Troilus Omai Thesis WIA Rupert Meridian Osisko Dev Dakota New Found Collective Snowline Gold Montage Skeena Mining EV / Resource (US$ / oz Au
Slide 11: Exploring for Satellite Feed for Ikkari
EXPLORING FOR SATELLITE FEED FOR IKKARI 80% of drill holes along 12km regional structure intercept at least 0.4g/t Au Drill hole assays Au (g/t) Heinä Central Heinä North Island North Saitta 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/t Au /
Slide 12: Targeted Regional Exploration Programme Underway
TARGETED REGIONAL EXPLORATION PROGRAMME UNDERWAY Renewed focus on exploration with Ikkari project drilling largely complete Expanded Land Package 1,150 km2 of new exploration licenses & reservations added 1,575 km2 total land package Proven Methodology Combining geological insights from Ikkari disco
Slide 13: Rupert Resources Highlights
RUPERT RESOURCES HIGHLIGHTS BRINGING IKKARI INTO PRODUCTION 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 13 RUP-TSX
Slide 14: Mineral Reserve & Resource Statement
MINERAL RESERVE & RESOURCE STATEMENT 85% of Indicated Resources converted to Probable Reserves Mineral Resource Estimate 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) Kg Oun
Slide 15: 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 2.00
Slide 16: 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 17: Mining Highlights
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 average
Slide 18: 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 19: Site Layout – FS Layout
SITE LAYOUT – FS LAYOUT 3D processing plant schematic Processing plant ROM pad
Slide 20: Excellent Regional Infrastructure
EXCELLENT 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
Slide 21: 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 22: 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
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