Rupert Resources reports Ikkari gold PEA with NPV at US$1.6B

Alisha Hiyate | November 28, 2022 | 11:32 am News Europe Gold 
Ikkari gold project in northern Finland.
Drilling at the Ikkari gold project in northern Finland. Credit: Rupert Resources

Rupert Resources (TSXV: RUP) announced the results from its preliminary economic assessment (PEA study) for the company’s 100%-owned Rupert Lapland project, including its flagship Ikkari gold discovery and Pahtavaara mine and mill located in northern Finland.

According to the study,  the after-tax net present value (5% discount) of US$1.6 billion with unlevered internal rate of return of 46% and payback after only two years, assuming a gold price of $1,650 per ounce. The deposit, originally discovered in 2020, is projected 22 years of life and is expected to produce 200,00 oz. of gold between years one and 11. According to company, current capital costs for the project are estimated at US $404 million.

As well, the Ikkari deposit’s updated mineral resource estimate upgrades 84% of inferred ounces to the indicated resource category and defines a cohesive deposit with broad intervals of consistent high-grade gold. 

“This PEA study indicates exceptionally high-margin and meaningful returns on a robust project. The results are a testament to both the quality of the asset and our technical team,” said James Withall, CEO of Rupert Resources.

“In only three years, we’ve gone from discovery hole to a preliminary study outlining an after-tax NPV of $1.6 billion, anchored by Ikkari. What excites us is that we still have room to grow at Ikkari and other satellite targets that we will be drill testing this winter. We have a real opportunity to not only advance Ikkari as outlined in our PEA, but systematically develop a cornerstone asset in a significant new gold camp over time,” Withall said. 

The first inferred resource, delivered in 2021, was 3.95 million oz. gold in 49 million tonnes grading 2.5 g/t gold.


For more information visit www.RupertResources.com.

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