Market Herald logo

Subscribe

Be the first with the news that moves the market
  • During the three months ending May 31, 2022, the company spent $8,716,489 on its exploration projects.
  • During the quarter, Rupert’s operational activities have been primarily focused on the Rupert Lapland Project Area and Ikkari
  • Rupert Resources is a gold exploration and development company focused on making and advancing discoveries of scale and quality with high margin and low environmental impact potential
  • The company’s principal focus is Ikkari – a new high-quality gold discovery in Northern Finland with an inferred mineral resource estimate of 49Mt at 2.5 g/t gold for 3.95 million ounces
  • Rupert Resources Ltd. (RUP) is down 1.22 per cent trading at C$4.05 as of 2:24 pm EDT

Rupert Resources (RUP) has released its unaudited financial results for the three months ending May 31, 2022.

The company also released the Managements Discussion and Analysis for the same period.

Financial highlights:

During the three months ending May 31, 2022, the company spent $8,716,489 (three months ended May 31, 2021 – $5,947,360) on its exploration projects.

As of May 31, 2022, Rupert held cash or cash equivalents of $45,755,018.

The company recorded a net loss and comprehensive loss for the quarter of $5,144,977 (three months ended May 31, 2021) – $3,479,066) and a net loss per share of $0.01 for the three months ended May 31, 2021 – $0.01.

Operating highlights:

During the quarter, Rupert’s operational activities have been primarily focused on the Rupert Lapland Project Area and Ikkari in particular, located in the Central Lapland Greenstone Belt (CLGB) together with more limited exploration activity at Hirsikangas in central Finland.

Rupert Resources is a gold exploration and development company focused on making and advancing discoveries of scale and quality with high margins and low environmental impact potential.

The company’s principal focus is Ikkari – a new high-quality gold discovery in Northern Finland with an inferred mineral resource estimate of 49Mt at 2.5 g/t gold for 3.95 million ounces.

Ikkari is part of the company’s Rupert Lapland Project,” which also includes the Pahtavaara gold mine, mill, and exploration permits and concessions located in the Central Lapland Greenstone Belt of Northern Finland (Pahtavaara).

Rupert Resources also holds a 100 per cent interest in the Surf Inlet Property in British Columbia, a 100 per cent interest in properties in Central Finland, and a 20 per cent carried participating interest in the Gold Centre property located adjacent to the Red Lake mine in Ontario.

Rupert Resources Ltd. (RUP) is down 1.22 per cent trading at C$4.05 as of 2:24 pm EDT.


More From The Market Herald
The Market Herald Video

" Mandalay Resources (TSX:MND) announces Q2 financial results

Mandalay (MND) announced its financial results for the quarter ended June 30, 2022.
First Mining - CFO, Andrew Marshall

" Pan Global Resources (TSXV:PGZ) taps Andrew Marshall as new Chief Financial Officer

Pan Global Resources (PGZ) has appointed Andrew Marshall as Chief Financial Officer.
Monarch Mining - CEO, Jean Marc Lacoste.

" Monarch (TSX:GBAR) announces MRE for Croinor Gold Deposit

Monarch (GBAR) has unveiled its mineral resource estimate (MRE) for its Croinor Gold Deposit in Quebec.

" Britannia Mining Solutions (CSE:BLAB) to deploy 10 additional Chrysos PhotonAssay units

Britannia Life Sciences (BLAB) has signed purchase agreements with Chrysos Corporation Limited.