Rupert Resources (TSX-RUP) - New CEO's Vision for Finland's 4M Oz Gold Project

Interview with Graham Crew, CEO of Rupert Resources Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/rupert-resources-tsxvrup-ikkari-shaping-up-as-tier-one-gold-asset-4674

Recording date: 20th November 2024

Rupert Resources, advancing its 4-million-ounce Ikkari gold deposit in Finland, is entering a transformative phase under new CEO Graham Crew, who brings significant mine-building experience to guide the project through development.

The Ikkari deposit, discovered in 2020, stands out for its exceptional characteristics. With 96% of the resource in the indicated category and approximately 10,000 ounces per vertical meter in the first few hundred meters, the project offers robust fundamentals. Metallurgical recoveries exceeding 95% further enhance the project's technical merit.

"The deposit itself is very robust in terms of the endowment, the ounces, the grade close to the surface... it's going to be a relatively low-cost deposit on a world scale because of the quality of the deposit," notes Crew, highlighting the project's economic potential.

The company has outlined a clear development timeline. A Preliminary Feasibility Study is due to complete in 2024, followed by Environmental Impact Assessment submission in 2025. Finland's transparent permitting process typically takes 12 months, suggesting potential project permits by end-2026. A recent $35 million financing ensures funding through these near-term milestones.

Notably, management plans to develop the project independently rather than position for sale. Base case economics using $1,700 gold provide significant margin potential at current prices while maintaining conservative planning parameters. The development strategy emphasizes quality over speed, particularly important given recent sector challenges with capital cost overruns.

The project benefits from its Finnish location, offering a stable mining jurisdiction with skilled workforce and established infrastructure. The permitting process, while thorough, follows predictable timelines with extensive stakeholder consultation throughout.

Additional upside exists through several satellite targets within 10km of Ikkari. Management views this regional potential as complementary to development activities, potentially providing resource growth without compromising core project advancement.

Key risks to monitor include gold price volatility, capital cost environment, permitting progress, and future construction funding requirements. However, the company's conservative approach to development planning and focus on technical excellence aims to mitigate execution risks.

With few advanced gold projects progressing toward production in premium jurisdictions, Rupert Resources gives investors exposure to a high-quality development story with clear catalysts through 2024-26. The combination of asset quality, jurisdictional advantage, and experienced leadership positions the company to potentially capture significant value as it advances toward production.

View Rupert Resources' company profile: https://www.cruxinvestor.com/companies/rupert-resources

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