Rupert Resources Ltd (RUP) Q3 2024 earnings summary

Executive summary

• Published unaudited financial results for the three and nine months ending November 30, 2024, with a focus on advancing the Ikkari Prefeasibility Study (PFS) and ongoing exploration in the Rupert Lapland Project Area.

• Maintains a strong cash position to support completion of the PFS and fund the winter exploration campaign.

Financial highlights

• Spent C$23.85M on exploration projects in the nine months ended November 30, 2024, up from C$20.38M year-over-year.

• Held cash and cash equivalents of C$46.94M as of November 30, 2024, compared to C$43.61M a year earlier.

• Recorded a comprehensive loss of C$3.14M for the quarter and C$5.34M for the nine months, versus losses of C$0.31M and C$4.16M in the prior year periods.

• Net loss per share was C$0.01 for the quarter and C$0.03 for the nine months, compared to C$0.01 and C$0.04 in the prior year.

Outlook and guidance

• Ikkari PFS expected to be published in Q1 2025, with a definitive feasibility study to follow upon successful completion.

• Winter 2024/25 exploration program underway, targeting six areas along a 15km trend east of Ikkari and two base metals targets.

• Plans to file EIA report documents during 2025 as part of the permitting process for Ikkari.