Rupert Resources — Investor Presentation (April 2023)
34 slides from Rupert Resources's investor presentation, April 2023
Slide 1: Advancing a High-Quality, Multi-Million Ounce Gold Discovery
ADVANCING A HIGH-QUALITY, MULTI-MILLION OUNCE GOLD DISCOVERY Consolidated resource statement and preliminary economic assessment (PEA) RUP-TSX April 2023
Slide 2: Cautionary Statement
CAUTIONARY STATEMENT The independent and qualified person for the Mineral Resource Estimates as defined by NI43-101 is Brian Wolfe, Principal Consultant, {All figures are in US$ unless otherwise noted} International Resource Solutions Pty Ltd. These are mineral resources not mineral reserves as they
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 – low sensitivity to varying cut-of
Slide 4: 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 5: Consolidated Resource Statement
CONSOLIDATED RESOURCE STATEMENT Cut-off Grade Gold 2022 estimate assumptions Classification Target Area Mining Method Tonnage (Mt) Au (g/t) Au (g/t) Kg Ounces Cut-off grades determined at Open Pit 0.5 30,000,000 2.5 75,000 2,400,000 each target based on unit operating costs per tonne. Ikkari Undergr
Slide 6: Discovered by Design
DISCOVERED BY DESIGN Ikkari exploration programme in numbers $11 / $26 / $374 / resource oz resource oz recovered oz Acquisition and finding cost (since 2016)^ Of issued shareholder’s capital^ NPV per recovered ounce in 2022 PEA 73,000m 84% 6 to 8 Resources already in the Indicated Drilling metres i
Slide 7: Ikkari – Near Mine Drill Targets to Be Tested in 2023
IKKARI – NEAR MINE DRILL TARGETS TO BE TESTED IN 2023 Surface footprint of Block Model Assays multi-million ounce Au Grade (g/t) Au Grade (g/t) Kittilä mine for scale >4g/t >4g/t 3-4g/t 3-4g/t 2-3g/t 2-3g/t Heinä North 1-2g/t 1-2g/t 3.6gt Au / 10.5m 0.5-1g/t Island North 15.1g/t Au / 2m Heinä West D
Slide 8: PEA Production Summary
PEA PRODUCTION SUMMARY Years 1 to 11 LOM (22 years) Milled tonnes Million tonnes 37.9 71.6 Mill throughput Million tonnes per annum 3.5 3.5 Strip ratio Waste : Ore 3.6 4.6 Average processed gold grade Grams per tonne 2.1 1.9 Average metallurgical recovery % 95 95 Average annual gold production 000 t
Slide 9: Rupert Lapland Project Economics
RUPERT LAPLAND PROJECT ECONOMICS Project Economics Model inputs Life of mine Years 22 Gold price USD / troy ounce 1650 Net Present Value (5%) USD million 1,600 Exchange rate EUR / USD 1:1 Internal rate of return % 46 Corporate tax rate % 20 Payback Years 2.0 Capital expenditure (Initial) USD million
Slide 10: Rupert Lapland Cost Breakdown
RUPERT LAPLAND COST BREAKDOWN Initial capex USD millions Mining o/p pre-production 16.6 Process plant 131.0 Civils and infrastructure 29.5 Life of mine operating cost USD / tonne milled USD / oz Water treatment 96.4 Mining 18.1 333 Tailings 20.4 Water treatment 1.4 26 First fills & spares 10.0 Conce
Slide 11: 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 12: PEA Production Summary (Life of Project)
PEA PRODUCTION SUMMARY (LIFE OF PROJECT) Ikkari OP (years 1 to 11) Ikkari UG (years 10 to 23) Pahtavaara concentrate (years 12 to 25) Thousand ounces produced per annum 300 Ikkari production 250 Pahtavaara production 200 150 100 50 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
Slide 13: Ikkari After Tax Cash Flows
IKKARI AFTER TAX CASH FLOWS Rupert Lapland Project After Tax Cash Flows - Annual & Cumulative 300,000 FREE CASHFLOW CUMULATIVE CASHFLOW 3,000,000 250,000 2,500,000 Cumulative After Tax Cash Flow US$,000 Annual After Tax Cash Flow U$,000 200,000 2,000,000 150,000 1,500,000 100,000 1,000,000 50,000 50
Slide 14: Ikkari – Lowest Quartile Costs
IKKARI – LOWEST QUARTILE COSTS 2022F Production vs. Cost of Production Moz Au | US$/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 15: Ikkari vs Global Gold Projects Studies Released 2021+
IKKARI VS Global Gold Projects Studies Released 2021+ Ratio of NPV to capital expenditure Data from press releases, investor presentations and NI 43-101 reports and Scotiabank 15 RUP-TSX
Slide 16: Ikkari vs Global Gold Projects Studies Released 2021+
IKKARI VS Global Gold Projects Studies Released 2021+ NPV (USD) per ounce produced Data from press releases, investor presentations and NI 43-101 reports and Scotiabank RUP-TSX
Slide 17: 2022 Resource Block Model
2022 RESOURCE BLOCK MODEL Troy Ounces Au 0 200000 400000 600000 800000 -50 -100 -150 -200 Meters below surface (50 meter Intervals) -250 -300 -350 -400 -450 -500 -550 -600 Metres drilled -650 Indicated -700 Resources Inferred -750 Resources -800 -850 See the Company’s November 28, 2022 press release
Slide 18: Ikkari Recent Drilling Highlights
IKKARI RECENT DRILLING HIGHLIGHTS Continuing to test the limits of mineralisation PLAN VIEWS September 2021 September 2022 Downhole intercepts and contours (grams x metres) >200 >50 Resource >150 >25 boundary 1) Long section shown is a 130m wide as shown on the plan map inset >100 >10 2) Downhole in
Slide 19: Ikkari Open Pit (Years 1 to 11)
IKKARI OPEN PIT (YEARS 1 TO 11) Cohesive deposit morphology with low strip ratio to depth of 276m 1) See the Company’s November 28, 2022 press release for further information. In compliance with National Instrument 43-101. Dr Charlie Seabrook, RPGeo., is the Qualified Person who supervised the prepa
Slide 20: Ikkari Mining Highlights
IKKARI MINING HIGHLIGHTS OPEN PIT • Minimal pre-stripping • Low initial strip ratio OP stage Strip ratio (waste:ore) 1 1.6 2 2.7 3a 5.0 3b 5.5 Total 3.6 UNDERGROUND • Sublevel caving method See the Company’s November 28, 2022 press release for further information. In compliance with National Instrum
Slide 21: Flowsheet
FlOWSHEET Recirculating load 95-98% Ikkari RoM Crushing Metallurgical recovery using SAG Mill Gravity conventional process Ball Mill Ikkari is non-refractory Stockpile 175 microns Linear Screen Coarse grinding to liberate gold MIBC Low cost option to final product PAX Na2SIO3 Flotation NaCN Lime CIL
Slide 22: Site Layout
<> RUPERT > SITE LAYOUT ? RESOURCES MAJOR CONTOURS 25m JOR CONTOURS 5m
Slide 23: Ikkari - Low Emissions, High-Margin Potential
IKKARI - LOW EMISSIONS, HIGH-MARGIN POTENTIAL GLOBAL GOLD MARKET GHG EMISSIONS 800MW power surplus in Lapland by 2030 Opportunity to develop a mine with CO2e well below industry average* (due to access to renewable power, relatively high open pit grades and processing characteristics of Ikkari mater
Slide 24: De-Risking Discovery
DE-RISKING DISCOVERY Permitting Finland has a clearly defined pathway for planning and acquiring permits Environment Baseline data collection began in 2018. The company is developing a full life cycle impact assessment Social Active engagement with key local stakeholders, regular information meeting
Slide 25: Pahtavaara – Contribution in Years 12–25
PAHTAVAARA – CONTRIBUTION IN YEARS 12 – 25 Supplementary high grade mill feed for Ikkari • 11g/t concentrate to be trucked to Ikkari mill • Average contribution of 27koz per annum over 13 years • Initial start-up capital of USD15million • USD 5 million closure bond • No plans to be included in PFS •
Slide 26: 2023 Catalysts
OUTLOOK Maintaining momentum: we are focused on unlocking the full geological and economic potential of our assets 2023 CATALYSTS IKKARI DEVELOPMENT EXPLORATION STRATEGIC Infill drilling for further resource Ikkari depth extensions Further work on low emissions reclassification potential Ongoing dri
Slide 27: Continuous Focus on Value Creation and Returns
OUTLOOK Values underpinning our company from Day 1 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 environme
Slide 28: Appendix
APPENDIX 28
Slide 29: Capital Structure
CAPITAL STRUCTURE CAPITAL STRUCTURE Shares on Issue 202,142,348 Gold price (USD/troy oz) Options / share units on issue 6,312,253 Rupert Resources share price (RUP - TSXV) Fully Diluted Shares 208,454,601 VanEck Junior Gold Miners ETF (GDXJ) 4.50 Market Cap (at CAD 4.50/shr) C$909M RELATIVE PERFORMA
Slide 30: Central Lapland – A New "Tier 1" Destination
CENTRAL LAPLAND – A NEW “TIER 1” DESTINATION Growing mineral inventory and established mining infrastructure Moz 2Mtpa mill Kittilä MT Au g/t CuEq % AuEq capacity AGNICO EAGLE Rupert Lapland (Ikkari and Pahtavaara) — Indicated Resources 48.3 2.5 3.9 40km Inferred Resources 20.4 1.9 1.3 — Kevitsa BOL
Slide 31: Rupert Discoveries and Geological Interpretation
RUPERT DISCOVERIES AND GEOLOGICAL INTERPRETATION 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. Sisnak
Slide 32: Ikkari Cross-Section
IKKARI CROSS-SECTION Robust mineralisation demonstrated to at least 500m vertical 1) See the Company’s February 2, 2022 and September 19, 2022 press releases for further information. In compliance with National Instrument 43-101. Dr Charlie Seabrook, RPGeo., is the Qualified Person who supervised th
Slide 33: Ikkari and Pahtavaara Resource Sensitivity
IKKARI AND PAHTAVAARA RESOURCE SENSITIVITY See the Company’s November 28, 2022 press release for further information. In compliance with National Instrument 43-101. Dr Charlie Seabrook, RPGeo., is the Qualified Person who supervised the preparation of the scientific and technical 33 RUP-TSX disclosu
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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