Rupert Resources — Investor Presentation (March 2024)
35 slides from Rupert Resources's investor presentation, March 2024
Slide 1: Advancing a High-Quality, +Four Million Ounce Gold Discovery
ADVANCING A HIGH-QUALITY, +FOUR MILLION OUNCE GOLD DISCOVERY Investor presentation RUP-TSX March 2024
Slide 2: Cautionary Statement
CAUTIONARY STATEMENT {All figures are in US$ unless otherwise noted} November 2022 Preliminary Economic Assessment and Mineral Resource Estimates for the Pahtavaara and Heinä Central Projects. The results of the PEA are set forth in an independent technical report prepared in accordance with Nationa
Slide 3: An "All-Weather" Discovery
AN “ALL-WEATHER” DISCOVERY A gold deposit with the potential for exceptional returns through all cycles HIGH-QUALITY HIGH-QUALITY OUNCES; HIGH-INVESTOR RETURNS Cohesive deposit comprised of broad intervals of strong and BY DEFINITION consistent gold mineralization – +4Moz in the Indicated resources
Slide 4: Discovered by Design
DISCOVERED BY DESIGN Ikkari exploration programme in numbers $19 / indicated $29 / indicated $374 / resource oz resource oz recovered oz . Acquisition and finding cost (since 2016). Or Of issued shareholder’s capital. Or NPV per recovered ounce in 2022 PEA $14.3/global resource oz ^ $22.6/global res
Slide 5: Central Lapland – A New "Tier 1" Destination
CENTRAL LAPLAND – A NEW “TIER 1” DESTINATION Growing mineral inventory and established mining infrastructure Au CuEq Moz Moz MT (g/t) (%) Au AuEq 2Mtpa mill Kittilä Rupert Lapland (Ikkari and Pahtavaara) capacity AGNICO EAGLE Indicated Resources 60.3 2.2 — 4.3 Inferred Resources 12.1 1.9 — 0.7 40km
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 Est Unreported Moz Found Exploration Expenditures BODDINGTON & BETZE POST RED LAKE CANADIAN MALARTIC, SWAN (FOSTERVILLE) Exploration Expenditures (USD billion) BULYANHULU & KUPOL DETOUR LAKE & GREAT BEAR TROPICANA RED HILL & 30
Slide 7: How New Discoveries Can Evolve
HOW NEW DISCOVERIES CAN EVOLVE Focus on finding new zones and satellites 1 0.8 Relative Size (Year 15= 100%) 0.6 Growth curve for individual deposits (assuming a constant cut-off grade) 0.4 0.2 0 0 5 10 15 Years after Discovery MinEx Consulting © November 2011. Percentage figures are based on an ana
Slide 8: Ikkari Resource Statement (November 2023)
IKKARI RESOURCE STATEMENT (NOVEMBER 2023) Cut-off Grade Gold Content 2023 resource estimate Resource Category Mining Method Tonnage (t) Au (g/t) Au (g/t) Kg Ounces assumptions 0.30 38 385 000 2.16 2 662 000 82 800 Cut-off grades determined by: 0.35 37 866 000 2.18 82 600 2 656 000 Open Pit 0.40 37 3
Slide 9: Global Resource Statement (November 2023)
GLOBAL RESOURCE STATEMENT (NOVEMBER 2023) Resource estimate Cut-off Grade Gold assumptions Classification Target Area Mining Method Tonnage (t) Au (g/t) Au (g/t) Kg Ounces Cut-off grades determined at each Open Pit 0.4 37,308 000 2.21 82,400 2,649 000 deposit based on unit operating costs per tonne.
Slide 10: 2023 Resource: Higher Grade Core Confirmed
2023 RESOURCE : HIGHER GRADE CORE CONFIRMED OPEN PIT (INDICATED) UNDERGROUND (INDICATED) 50,000,000 5.0 50,000,000 5.0 Grade Au (g/t) and Moz Au Contained Grade Au (g/t) and Moz Au Contained 45,000,000 45,000,000 40,000,000 4.0 40,000,000 4.0 35,000,000 35,000,000 30,000,000 3.0 30,000,000 3.0 25,00
Slide 11: 2023 Resource Block Model: >10,000 oz/Vertical Meter
2023 RESOURCE BLOCK MODEL: >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
Slide 12: Comparing Major New Discoveries
COMPARING MAJOR NEW DISCOVERIES Great Bear(1) Hemi(2) Ikkari(3) Discovery hole Early 2019 Late 2019 March 2020 Maiden resource February 2023 June 2021 September 2021 Latest resource February 2023 November 2023 November 2023 Indicated 33.1Mt of 2.57g/t Au (2.7Moz) 165.8Mt of 1.30g/t Au (6.9Moz) 58.4M
Slide 13: Ikkari Drill Coverage (November 2023)
IKKARI DRILL COVERAGE (NOVEMBER 2023) 111,896m across 800m of strike 1) See the Company’s November 28, 2023 press release for further information. In compliance with National Instrument 43-101. Craig Hartshorne, CGeol., is the Qualified Person who supervised the preparation of the 13 RUP-TSX scienti
Slide 14: Resource Extends to Limit of Drilling
RESOURCE EXTENDS TO LIMIT OF DRILLING 14 RUP-TSX See the Company’s November 28, 2023 press release for further information. In compliance with National Instrument 43-101. Craig Hartshorne CGeol., is the Qualified Person who supervised the preparation of the scientific and technical disclosure in thi
Slide 15: Regional Prospectivity and Land Position (Jan 2024)
REGIONAL PROSPECTIVITY AND LAND POSITION (JAN 2024) 15 RUP-TSX 1) Footnotes
Slide 16: Systematic Exploration Approach
SYSTEMATIC EXPLORATION APPROACH Resource Reconnaissance Drill testing definition sampling and Mapping and further geophysics target definition Revised structural interpretation Detailed Geophysics Historic Data Compilation 16 RUP-TSX
Slide 17: Ikkari – Regional Setting (GTK Geology)
IKKARI – REGIONAL SETTING (GTK GEOLOGY) Kittila (Agnico Eagle) Kevitsa (Boliden) Pahtavaara Ikkari (Rupert) (Rupert) Sakatti (Anglo American) 2023-2024 regional exploration target 17 RUP-TSX
Slide 18: 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 19: Regional Schematic Section (2023)
REGIONAL SCHEMATIC SECTION (2023) Nattuua Island North Mike Heinä Central Saitta Koppelo Ikkari B Heinä North Heinä South Ikkari North B’ Rajala line seds/breccia cumulates Kumpu Kittilä mafics ultramafic Mafics/ volcanoclastics • Ultramafic Intrusions may use similar structures as gold/sulphide flu
Slide 20: Winter 2023/24 Primary Target Area
WINTER 2023/24 PRIMARY TARGET AREA Based on new geological interpretation and geophysical survey 20 RUP-TSX See the Company’s February 8, 2024 press release for further information. In compliance with National Instrument 43-101. Craig Hartshorne, CGeol., is the Qualified Person who supervised the pr
Slide 21: Heinä South – Promising New Results
HEINÄ SOUTH – PROMISING NEW RESULTS Highest grades in Area 1, located 1km from Ikkari See the Company’s March 3, 2024 press release for further information. In compliance with National Instrument 43-101. Craig Hartshorne, CGeol., is the Qualified Person who supervised the preparation of the scientif
Slide 22: Company and Ikkari Discovery History
COMPANY AND IKKARI DISCOVERY HISTORY Environmental Impact assessment (EIA) was started. EIA program was completed and Ikkari area exploration permit Maiden resource estimate submitted to authorities. was granted. Base line Submission of was completed, for Ikkari environmental monitoring Systematic b
Slide 23: 2024 Catalysts
OUTLOOK Maintaining momentum: we are focused on unlocking the full geological and economic potential of our assets 2024 CATALYSTS IKKARI DEVELOPMENT EXPLORATION STRATEGIC PFS underway Drilling of Area 1 targets based on new Further work on low emissions geological model potential Open pit and underg
Slide 24: Capital Structure
CAPITAL STRUCTURE CAPITAL STRUCTURE Gold price (USD/troy oz) 4.50 Shares on Issue Rupert Resources share price (RUP - TSXV) 202,557,873 4.00 VanEck Junior Gold Miners ETF (GDXJ) Options / share units on issue 6,224,972 Fully Diluted Shares 208,454,601 3.50 RELATIVE PERFORMANCE Market Cap (at CAD 3.3
Slide 25: Appendix
APPENDIX 2 5
Slide 26: Sustainability and Responsible Development
SUSTAINABILITY AND RESPONSIBLE DEVELOPMENT COMPANY VALUES CORPORATE SOCIAL RESPONSIBILITY POLICY The Company commits to prioritising and evaluating health, safety, social, and environmental considerations across its operations, whilst seeking to achieve RESPONSIBLE sustainable development as a core
Slide 27: PEA Highlights
PEA HIGHLIGHTS Continuing to deliver with disciplined strategy, technical rigour and value creation INDUSTRY LEADING MARGINS AND PROJECT ECONOMICS USD After 46% 2 years tax project NPV Internal using 5% discount rate rate of 1.6B and USD1650/oz return Payback Lowest quartile cost Low initial capex A
Slide 28: PEA NPV and IRR Sensitivity
PEA NPV (USD MILLION) and IRR (%) SENSITIVITY Gold price USD / oz Disc Rate 1,300 1,475 1,650 1,825 2,000 0% 1,527 2,119 2,710 3,302 3,893 5% 897 1,249 1,600 1,952 2,303 8% 664 934 1,204 1,474 1,744 10 % 546 776 1,007 1,237 1,467 IRR 33% 40% 46% 52% 57% Initial capital costs Operating costs Disc Rat
Slide 29: Ikkari – Lowest Quartile Costs
IKKARI – LOWEST QUARTILE COSTS 2022F Production vs. Cost of Production Moz Au | US$/oz Americas Africa Europe / CIS Australasia Global 1st Quartile 2nd Quartile 3rd Quartile 4th Quartile US$813/oz AISC US$1,090/oz AISC US$1,250/oz AISC US$1,667/oz AISC Range: US$595/oz – US$1,030/oz US$1,030/oz – US
Slide 30: Ikkari – Lowest Quartile Carbon Emissions Potential
IKKARI – LOWEST QUARTILE CARBON EMISSIONS POTENTIAL Existing advantages 100% renewable power contracts available (800MW power surplus in Lapland by 2030) High open pit grade Low strip ratio High recoveries and straightforward flow sheet Upside Electrification of mine fleet and light vehicles Carbon
Slide 31: Identifying Drill Targets Using Base of Till Sampling
IDENTIFYING DRILL TARGETS USING BASE OF TILL SAMPLING • Systematic base of till traverses • Across ‘fertile’ structural trends • Followed by targeted infill • To define drill-ready targets 2019 Au BoT anomalies (ppm) 0.02 – 0.1 0.1 – 0.2 0.2 – 0.5 0.5 – 1.0 1.0 – 100 Footnotes 2023 31 RUP-TSX 31
Slide 32: Rupert Discoveries and Geological Interpretation (2020)
RUPERT DISCOVERIES AND GEOLOGICAL INTERPRETATION (2020) RUPERT DISCOVERIES RUPERT LAPLAND PROJECT GEOLOGICAL (listed in order of discovery) INTERPRETATION AND LOCATION OF 1. Heinä South 2. Heinä North GOLD OCCURENCES 3. Heinä Central 4. Island Pahtavaara Mine & Mill 5. Saitta 6. Ikkari Ikkari and 7.
Slide 33: Continuous Focus on Value Creation and Returns
OUTLOOK CONTINUOUS FOCUS ON VALUE CREATION AND RETURNS Focus on discoveries of Ensure investment is Develop sustainably and scale & quality (high accretive to valuation and plan for the long term margin and potential for maximize the return on low environmental impact) shareholders capital 33 RUP-TS
Slide 34: Contact Details
CONTACT DETAILS James Withall Chief Executive Officer jwithall@rupertresources.com Thomas Credland Head of Corporate Development tcredland@rupertresources.com Rupert Resources 82 Richmond Street East Suite 203, Toronto, Ontario M5C 1P1 RUPERTRESOURCES.COM
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