Rupert’s Finland project PFS sees first gold pour in 2030
Rupert Resources Ltd. [RUP-TSX] has announced the results of a pre-feasibility study (PFS) for its 100%-owned Ikkari gold project in northern Finland.
Highlights of the PFS include a probable mineral reserve of 52 million tonnes at 2.1 g/t or 3.5 million ounces. The company said that represents a 85% mineral resource to mineral reserve conversion.
The PFS envisages a 20-year life of mine, consisting of an open pit operation for the first 10 years with average annual production of 227,000 ounces annually, transitioning to an underground operation in years 10 to 20.
The lowest quartile all-in-sustaining cost is forecast to be US$918 per ounce of the life of the mine and US$717 during years one to 10, primarily due to a high open pit grade and low strip ratio.
The initial capital requirement is pegged at $575 million, including contingency with the project maintaining the low capital intensity indicated in the 2022 preliminary economic assessment (PEA).
The first gold pour is targeted for 2030. The forecast is based on an Environmental Impact Assessment submission and Definitive Feasibility Study initiation in the second half of 2025, a 24-month permitting timeline and two and a half year construction period.
“The results of today’s study and declaration of 3.5 million ounces of probable mineral reserves confirm Ikkari’s ability to translate robust project fundamentals into compelling project value,” said Rupert CEO Graham Crew. “The PFS confirms Ikkari’s potential for lowest quartile costs combined with management initial capital requirements in a Tier 1 jurisdiction for mining,’’ he said. “Work on the definitive feasibility study and environment impact assessment are already underway and we look forward to publishing results from our 2025 winter exploration campaign in due course.’’
Rupert shares advanced on the news, rising 1.8% or #0.09 to $4.91. The shares trade in a 52-week range of $5.08 and $2.90.
Ikkari is part of the Rupert Lapland Project, which also includes the Pahtavaara gold mine, mill, and exploration permits, plus concessions, which are located in the Central Lapland Greenstone Belt. Pahtavaara operated between 1996 and 2014, producing almost 450,000 ounces of gold, and still contains an inferred resource of 474,000 ounces, according to a NI 43-101 technical report released in April, 2018.
Rupert’s Finland properties are adjacent to the Kittila gold mining operations of Agnico-Eagle Mines Ltd. [AEM-TSX, AEM-NYSE], which holds a 9.9% stake in the junior.
Ikkari is located 30 kilometres from the town of Sodankyla and is accessible via a 30-kilometre tarmac road as well as 5.0 kilometres of forestry gravel roads.
The deposit was discovered using systematic exploration that initially focused on geochemical sampling of bedrock/till interface through glacial till deposits of 5.0 metres to 40 metres thickness. No outcrop is present, and topography is dominated by low-lying swamp areas.