Rupert Resources

OK, Well, when I looked at the schedule, I knew that following Rob McEwen was gonna be no easy task, but I think for those that didn't see the video that Rob just showed of the development of of the the copper project, I think that, yeah, I think I'll be showing that to our feasibility team, very, very impressive concept., but, yeah, here to talk about, Rupert and, moving, moving Ikey into the development phases. Normal cautionary statement, of course. OK, so what are we up to at Rupert? So we're really about developing Europe's next gold producer. You would have seen recent news about Finland being the number one jurisdiction for mining investment. We'll talk a little bit more about that., Mining Journal recently rated II as the #2 of 612 gold mining projects globally. Low quartile costs and emissions. And we're continuing to explore. Exploration is still a core part of the Rupert DNA. So what are, what are we doing, what are we, we're focusing on to deliver the project, obviously I came on board at Q4 last year, To take this project really forward, we recently appointed Russell White as a project director. Russ is formerly head of projects for Sentiment. He built the Toro gold mine in Senegal and has had various senior project management roles with Endeavor Mining and Asseco., Mike Steiner, who's in the room, Mike joined us, earlier in this year in a corporate development capacity. so Michael also comes from Sentiment and, and Golden Star prior to that. So our focus is really about now moving to delivering IIRI as a project. we've got a strong funding position, we, as at the end of June we had 106 million Canadian to really take us through the studies and permitting for ICERI. So what does that mean? So that means that we are transitioning to to becoming a developer, to bringing II through to production, focus on quality and value. as I mentioned, low, low quartile costs, and we'll, we'll touch on why that is, and leading free cash flow margins, really driven by the ore body itself. a nice simple flow sheet, manageable capex, something that can be managed, and not put the balance sheet at risk. Responsible growth and again picking up on some of Rob's comments there, I think you know we're entering a new phase of mining and we really, it's really about demonstrating that we are responsible stewards. It's about making sure that we can show that we can look after the water and waste. I often tell people that Ikeri is a waste and water project with a gold byproduct because that's really where we're focusing our time and attention from from a permitting perspective. And then discovery continuing to, to use the Rupert methodology that is looking for targets, seeing if they're economic and moving on, focusing on that resource growth with a low cost of discovery. Near term deliverables, we're, we're into the feasibility work now, so doing a lot of work on, especially the geotechnical and hydrogeological work programs, optimization studies for waste and water in particular, as I mentioned, and then launch the remaining feasibility work streams early next year, things like appointing a major engineering partner to take us forward on the project. Environmental permitting EIA is our, our main focus at the moment, getting that report done, really a lot of environmental field work, studies again to de-risk that permit process., exploration has been very core to Rupa and the way we, the way we discovered III, so we're applying those methodologies. I'll talk a little bit more later in the presentation about what we're doing, but just having a look at the near mine potential and the wider potential in the belt and ranking those targets. So on the feasibility, the thing I would probably focus on there, we've got some world-class partners helping us on this project., WSP obviously led the, the PFS, and they're helping us again with a lot of that waste and water. Enveneer, a very important partner, are helping us on the permitting side, and you can see the, the, the quality of some of the people that are helping us. I won't go through the list. You can, you can have a look at the presentation on the, on the website, but obviously we we brought in Russell, as I mentioned, as a project director. We've been continuing the geotechnical drilling, process flow sheet optimization, mine waste characterization work, so a lot of work really going on to de-risk Ierri from a from an execution perspective. Just, just a reminder of of IRI itself, one of, one of the major discoveries in the last cycle, you know, 4 million ounce in resource, really, you know, a, a fantastic ore body, and we'll we'll talk a little bit more about what makes it so fantastic. So we talked about Finland being the number one jurisdiction, so, so here we are in northern Finland in Lapland. quite an extensive landholding there, but what you can see from this picture here is we're in a mining district. We've got Boliden with their Kavia mine to the east of us, we've got Agnico Eagle to the northwest of us, so we are in a in a mining area. Sedanulla, where we have a small office, is a mining town. Bolivia Ms run out of there. Seati, the development project for Anglo has run out of there. So we're we're in a mining district, and then, and beyond that, the infrastructure in northern Finland is, is quite fantastic. so there's a, there's a state highway that runs within 5 kilometers of Ikeri. And within 10 kilometers you've got access to mains power, which is low carbon, mainly river hydro, and wind power in that region. Just, just a little bit on Ire itself and why it is such an important discovery and why it is such an important project. over that 1st 250 or so meters you've got more than 10,000 ounces per vertical meter, which benchmarks very well with some of the top development projects globally. And that over less than 1 kilometer of strike length and around 350 m wide, so you can see that it's very amenable to open pit mining and then beyond the open pit into the underground. So it is a very value driving ore body. strip ratio is low, and as you can see there, we're straight into the ore. You strip off the the till on the top and you're straight into the ore body. Some key numbers coming out of the PFS, so the PFS was, published in February this year. So of that 4 million ounce indicated resource, 3.5, almost 3.5 million of that converts into reserve, 2 almost 2.5 million ounces in the open pit, and then the underground, again at a nice consistent grade, you've got a, you've got a very consistent underground mine sitting below the open pit. I think it, you know, the gold, the reserves are done at a $1700 gold price. it's a, it's a very flat gray tonnage curve, so you know there there's no, there's no real low grade potential here, it's very consistent grade all the way down through the ore body. Onto the production summary, so certainly that open pit is a real driver of value at Ikey., you, you can see that over 220,000 ounces for that 1st 10 years, and then the underground comes in. The underground development starting about 4 years before the open pit is due to finish, so we've got that underground coming in at the end of the open pit, giving you that overall 20 year life. One of the things that we're working on and the feasibility is how we can optimize this this production rate. so, so there's a lot of potential there, but once we've got that milling capacity in the region. That brings in the opportunity for other satellite deposits as well. And again, just back to a couple of the points about Iri project, the low quartile costs really driven by that low strip ratio, consistent grade, really amenable to that open pit mining, you know, what this, what this slide here shows you is it'll be a low cost producer., and that again that is driven by not so much by the costs, but by the configuration of the ore body itself. So it's, it's a very value driving ore body. Just a reminder of some of the PFS results. And a reminder that this was done at the consensus gold price at the end of January, so we published in mid February. So the consensus at the time was 2150 an ounce, and I'll I'll show you the impact that you know, at at spot and and consensus now. But that 220,000 ounces a year. Almost $270 million of free cash flow over that 1st 10 years, so very cash generative, very high NPV, very good internal rate of return, and importantly a quick payback. So it means that we can, we expect that we'll be able to fund this with with a high proportion of debt and equity. All in US dollars Just to show those returns and and where we are today, so on this table here you can see as we move across to the right, $3500 an ounce, you're getting to almost $4 billion of of NPV. It is a NPV 5 and an internal rate of return of 59%. So it is delivering a lot of value this deposit. Just to show the, you know, we had a few questions about the value relative to the PEA. Obviously the ounces have come down a little bit between the PEA that we published in 2023 and the PFS in 2025, but they are higher quality ounces. We're delivering more margin, better free cash flow from, from the PFS study, and the opportunity still to optimize for the FS. Again, just to, just to highlight the, the low strip ratio, minimal pre-stripping as I said, straight into the or, overall life of mind strip ratio for the open pit of under 4 to 1. So again, very amenable to the open pit. Underground, very standard long hole openstoping, standard stoops, average production rate of 2 million tons with paste fill, so something that it should be very manageable and again opportunities to optimize the open pit underground transition. just just to highlight how simple this this project really is, we've got a very standard CIL flow sheet, 100 micron grinds, so, nothing too technical about it, very high metallurgic recovery, plus 95%, almost 30% gravity recovery, and, you know, a good mix of, of, of materials so that we can use the the co-disposal and looking at the different waste disposal methods for the project., one of the things that we've talked about really and and to Rob's point in the earlier presentation, you know, keeping the end in mind, having a really solid closure plan for this project. Again, just to highlight, very, very compact site, the main reason for that is making sure that we're looking after the nature values in the area. again, I'm gonna, I'm gonna show Rob's video to to the feasibility team. you know, the idea is you've got a geoformed, waste facility, tight footprint, something that will be returned very much to nature at the end of the, at the end of the mine life. I touched on this earlier, the regional infrastructure is extremely important to the project. You've got you've got the road within 4 kilometers, the power line, as I said, within 10 kilometers, so access to that infrastructure in northern Finland is very important. One of the important things again to that environmental stewardship, the, the discharge pipeline, so one of the things that we put into the, the pre-feasibility study was a pipeline going from Ikeri, 38 kilometers down to the Kitinin River. As a way to dispose of the water that we're cleaning, something is seen as as the as the best method in Finland, something that Agnico's had to do with their Kittla mine to get their water permits and similarly for for the kibitza mine and plan for Seati as well. So we've put that into the feasibility, you know, roughly of the of the feasibility capex at 575 million. About 35 to 40% of that is to do with the water treatment, so really, again, making sure that we are being the right stewards and demonstrating to the community and the authorities that we are the right people to build and operate this this mine. There's some something that the company is extremely proud of and it and it predates me starting last year, but it is, is, Making sure that we're spending a lot of time getting the support of the local communities, making sure that we're engaging, making sure that we are trying to educate where we can, making sure that people understand what the end goal, what we're planning for II is. So a lot of time and effort going into making sure that we communicate as widely as we can. People, so you can see the list of the events there and probably some external validation that came through earlier this year. Finland has adopted the Towards Sustainable Mining protocols. We were independently audited and received that AAA rating for community engagement, so something that the team is rightfully proud of and something that is important to delivering the value for Ikeri. Our timelines, so, one of the things I would, I would point out on this overall timeline, you know, we, we're, we're planning things going well for first goal towards the end of 2030. probably the key thing to note in that timeline is really the environmental permitting. as I said, we're into the environmental impact assessment now and starting to prepare the environmental permit application. That's a very iterative process with the authorities, so making sure that we are engaging well and making sure that we're communicating well. The environmental permit process then goes, once it's approved by the authorities, then goes into a public review period, and that's that's where it's a little bit less in our control, but what we can control is what we give the authorities in terms of something that they can stand behind, they can support. And show that we again, as I mentioned, we are the right stewards for the environmental protection, you know, waste and water are very important and and especially water is very important to the people in the local community., yeah, so, so that environmental permitting is really the, the critical path item for us and why we're focused so much on waste and water for the ICRI project. Just, just coming back to the exploration, so. So, You know, as I mentioned, we're having a look, we're having a look at our overall capital allocation for, for exploration. We're still currently spending that $10 to $12 million Canadian per year on exploration., we're looking along the trend, along the Ikey trend. We have had some good hits at at Mike and SETA and places like that, but we're starting to look at deeper targets. So this, this is the this is the, the discussion that we're having with, we've gone sort of gone back this summer and had a good review of all of the data that we've produced over 10 years of exploring in this district. And having a look at what is our strategy going forward, do we keep trying to drill some of these deeper targets that have got some high grade hits but don't maybe hang together as well as we would like, or do we start to look at the wider package and, and continuing to do what something that Rupert has done really well, which is to identify, Quickly check targets to see whether they're economic and move on, if we don't think there's an economic target there, so, just looking at that, at that exploration discipline. Planning to in towards the end of this year, recommunicate that exploration strategy. OK, so just kind of bring it back to, so what are we planning over the next 5 years? so as I said for now our focus is now moving from being an explorer to being a developer. So we're planning to deliver that goal, that first production from the Ikeri mine. Realize those lowest quartile in sustaining costs and achieve those low quartile carbon emissions as I mentioned, and from our exploration program continue to discover and add ounces to our portfolio. So those are our targets over the next 5 years. And with that, I'll finish there and I've got about 20 seconds for. For maybe one question. OK, there we go. One quick one, I guess throughout the whole., throughout the whole history, I'd have to do a quick calculation for you, Howard, but it's, but it's been that kind of $10 to $12 million a year kind of average kind of started slow and then gone up. Some of that over the last couple of years has gone close to II into developing Ikey and you know some some of the geological work has been for Ikeri, but that kind of that kind of run rate, call it $10 million Canadian per year. Great. Well, I appreciate the, the update, Graham, and thank you for coming out today. Thank you.