Rupert Resources — Investor Presentation (September 2025)
25 slides from Rupert Resources's investor presentation, September 2025
Slide 1: Advancing a High-Quality Discovery into Production
ADVANCING A HIGH-QUALITY DISCOVERY INTO PRODUCTION Investor Presentation RUP-TSX September 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: 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 22 RUP-TSX
Slide 23: 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
Slide 24: Capital Structure
CAPITAL STRUCTURE CAPITAL STRUCTURE 900% Shares on Issue 234,276,141 Rupert Resources share price (RUP) Gold Price Options / share units on issue 5,029,689 800% VanEck Junior Gold Miners ETF (GDXJ) Fully Diluted Shares 239,305,830 700% Market Cap (at CAD 5.90/shr) C$1.38Bn RELATIVE PERFORMANCE 600%
Slide 25: 2025 Prefeasibility Study - List of Contributors
2025 PREFEASIBILITY STUDY List of Contributors Lead Consultant Laboratories (Sample Prep, Assay & QC) • WSP (Finland, UK & Ireland, Canada) • ALS Minerals (Finland, Romania, Ireland) • Eurofins / Labtium (Finland) Specialist Consultants & Engineering • CRS (Finland) • Mine Environment Management Ltd
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