Rupert Resources : MD&A for ten months ended 31 December 2024

Published: 2025-03-31 08:14:04 ET RUP.TO

Rupert Resources Limited

MANAGEMENT'S DISCUSSION AND ANALYSIS

TEN MONTHS ENDED DECEMBER 31, 2024

TABLE OF CONTENTS

................................................................................................................................................................ 1

Background ............................................................................................................................................. 5

Technical Information .............................................................................................................................. 5

Company Overview and Discussion of Operations ................................................................................ 5

Other developments during the ten months ended December 31, 2024 ................................................ 9

Status, Plans and Expenditures ............................................................................................................ 10

Achievement of plans and milestones in the ten months ended December 31, 2024 .......................... 11

Summary of Financial and Operating Performance .............................................................................. 12

Critical Accounting Policies and Estimates ........................................................................................... 23

Management's Report on Internal Controls and Procedures ................................................................ 25

Management's Responsibility for Financial Information ....................................................................... 25

Approval ................................................................................................................................................ 25

Additional Information ........................................................................................................................... 25

Statement Regarding Forward-Looking Information ............................................................................. 26

Background

This Management's Discussion and Analysis ("MD&A") of the financial position and results of operations is prepared as at March 27, 2025 and should be read in conjunction with the audited consolidated financial statements of Rupert Resources Ltd. (the "Company" or "Rupert") for the ten months ended December 31, 2024, which have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and International Accounting Standards. The Company has changed its year end date for the purpose of preparing annual consolidated financial statements from end-February to December 31, and is therefore reporting results for the 10 months ended December 31, 2024 transition year. The comparable prior year financial period is the 12 months ended February 29, 2024.

Unless otherwise noted, all currency figures in the MD&A are presented in Canadian Dollars.

Rupert is a publicly listed company, the common shares (the "Common Shares") of which have been listed since December 12, 2022 on the Toronto Stock Exchange ("TSX") under the symbol "RUP". Prior to being listed on the TSX, the Common Shares were listed on the TSX Venture Exchange ("TSX-V"). To the knowledge of directors and officers of Rupert, the Company's outstanding Common Shares are widely held. These holdings can change at any time at the discretion of the owner(s) of Common Shares.

This MD&A contains forward-looking information, such as statements regarding the Company's future plans and objectives that are subject to various risks and uncertainties, and those set forth in "Statement Regarding Forward-Looking Information" and "Risks and Uncertainties" in this MD&A. The Company cannot assure investors that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. The results for the periods presented are not necessarily indicative of the results that may be expected for any future periods. Investors are cautioned not to place undue reliance on this forward-looking information.

Technical Information

The technical information about the Company's mineral properties contained in this MD&A, other than information summarized or extracted from the Technical Report, has been prepared under the supervision of Mr. Craig Hartshorne, a Chartered Geologist at the Geological Society of London, who is a "qualified person" within the meaning of National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Mr. Hartshorne has reviewed the contents of this MD&A and has consented to the inclusion in this MD&A of all technical statements, other than information summarized or extracted from the Ikkari Pre-Feasibility Study (see "Company Overview and Discussion of Operations: Company Overview"), in the form and context in which they appear and confirms that such information fairly represents the underlying data and study results.

Company Overview and Discussion of Operations

Company Overview

Rupert is a company incorporated under the laws of the Province of British Columbia and is focused on making and advancing discoveries of scale and quality with high margin and low environmental impact potential. The Company has one project located in Finland and one project located in Ontario.

The Company's core focus is the 100%-held Rupert Lapland Project Area including, in particular, the Ikkari discovery ("Ikkari"), located within a wider 437km2 regional licence holding in the Central Lapland Greenstone Belt ("CLGB") of Northern Finland, as well as the nearby Pahtavaara mine ("Pahtavaara"), which is held on long term care and maintenance (together, the "Rupert Lapland Project Area"). No licence holdings are situated on Natura 2000 reservations.

In June 2023, amendments to the Finnish Mining Act of 2011 came into force. Exploration licences continue to be valid for up to 15 years but shall require majority landowner consent after the 10th anniversary, while the maximum duration of reservations is reduced to 1 year, previously 2. Should landowner consent not be forthcoming for extension of exploration licences beyond 10 years, the holder may apply to the government for support. Following their expiry, reservations can subsequently be applied for as exploration licences. Each are awarded by the Finnish Safety and Chemical Agency ("Tukes") and confer upon the holder exclusive rights of prospecting and exploration for minerals, while mining licences also confer rights of exploitation, and the establishment of facilities for collection and processing of minerals found in the area granted. Per the June 2023 amendments, municipalities also now have an increased role with the requirement that mining operations be allowed for in a detailed land use plan.

The Company's interests in Finland represent its core focus and comprise the following:

Ikkari

Ikkari is a gold discovery made by the Company in 2020 pursuant to its on-going grassroots exploration activities across the Rupert Lapland Project Area. The maiden NI 43-101 compliant Mineral Resource estimate was announced by the Company in September 2021. Further to this, the Company conducted additional drilling activities in and around Ikkari, as well as progressing with technical / economic studies and environmental and permitting matters (see: "Discussion of Operations: Rupert Lapland Project Area", "Status, Plans and Expenditures" and "Achievement of Plans and Milestones in the ten months ended December 31, 2024").

In November 2022, the Company completed and announced the results of a preliminary economic assessment for Ikkari and Pahtavaara (the "Ikkari PEA"), which was further updated in November 2023 (the "Updated Ikkari MRE"). In February 2025, the Company announced the completion of a NI 43-101-compliant Pre-Feasibility Study - see the technical report entitled "Ikkari Pre-Feasiblity Study" (the "Ikkari PFS" or the "Technical Report") with an effective date of February 14, 2025 prepared by WSP Finaland Oy ("WSP") which is available on SEDAR+(www.sedarplus.ca)and on the Company's website(www.rupertresources.com).

The Ikkari PFS contemplates a phased mine plan in order to optimize cashflows in the earlier years of activity, with open-pit operation at Ikkari in the first 10 years, transitioning to Ikkari underground in years 10-20. It does not include Pahtavaara. The after-tax net present value ("NPV") (5% discount rate) is US$1.7 billion, with an unlevered internal rate of return ("IRR") of 38% and payback of 2.2 years, assuming a gold ("Au") price of US$2,150 per Troy ounce ("oz"). Over the 20-year life of mine ("LOM"), the PFS demonstrates recovered gold of 3.34 million ounces, with average annual production of 227,000 ozs of Au in the first 10 years and 167,000 ozs over the 20 year LOM.

The Ikkari PFS supported a maiden Mineral Reserve estimate for the project. The Mineral Reserve and Mineral Resource estimates, reported inclusive of reserves, as set out in the Ikkari PFS are as follows:

Ikkari Mineral Reserve

Category Mining Method Cut-off Tonnage Grade Au (g/t) (Mt) Au (g/t) Gold Content Kg

Ozs

Proven -

Probable Open Pit Underground Total

- 0.34 1.04

- 35.7 16.3 52.0

- 2.2 1.9 2.1

-

-

79 920

2 486 000

32 370

1 007 000

112 290

3 493 000

Notes:

1. Tonnages are rounded to the nearest 100,000 and ozs are rounded to the nearest 1,000.

2. Mineral Reserves were estimated using the CIM Best Practices Guidelines (as defined below) and classified using the

CIM Definition Standards (as defined below)

3. The Qualified Person within the meaning of NI 43-101 ("Qualified Person" or "QP") for the Mineral Reserve estimate

is Mr. Timothy Daffern, Technical Director with WSP. The effective date of the estimate is November 25, 2024.

4. Mineral Reserves are based on a gold price of US$1,700/oz and fixed metallurgical recovery of 95.0%

5. Open pit Mineral Reserves are converted from Indicated Mineral Resources only through the process of pit optimisation, mine design, schedule and are supported by a positive cash flow analysis.

6. Mine design was constrained by a minimum 20m offset to the project boundary

7. Open pit Mineral Reserves include 4% dilution and 4% mining losses applied in the production schedule.

8. Underground Mineral Reserves are stated using a 1.04 g/t stope cut-off grade. Underground Mineral Reserves are generated through the generation of optimised stopes, design of long hole open stoping, schedule and are supported by a positive cash flow analysis.

9. Underground Mineral Reserves account for planned dilution of 15%, unplanned dilution of 6%, secondary dilution of 3% and with mining losses of 4%.

10. Mineral Reserves are defined at the point where ore is delivered to the plant. All figures are rounded to reflect the relative accuracy of the estimates.

11. Totals may not sum due to rounding.

Ikkari Mineral Resource (inclusive of Mineral Reserves)

Resource Category

Mining Method

Cut-off

Tonnage (t)

Grade

Au (g/t)

Au (g/t)

Open Pit

0.4

37 308 000

2.21

82 400

2 649 000

Indicated

Underground

0.9

21 122 000

2.12

44 700

1 437 000

Total Indicated

58 430 000

2.18

127 100

4 086 000

Open Pit

0.4

1 271 000

0.81

1 000

33 000

Inferred

Underground

0.9

2 305 000

1.39

3 200

103 000

Total Inferred

3 576 000

1.18

4 200

136 000

Notes:

Gold Content Kg Ozs

1. Mineral Resource estimates are reported in-situ and inclusive of Mineral Reserves.

2. Mineral Resources were estimated using the CIM Best Practices Guidelines and classified using the CIM Definition Standards.

3. Tonnage and ounces are rounded to the nearest 1 000.

4. g/t = grams per tonne, ounces are reported as troy ounces.

5. Totals may not add up correctly due to rounding.

6. The QP for this Mineral Resource estimate is Mr. Brian Thomas, P.Geo., an independent QP, within the meaning of NI

43-101 and an employee of WSP Canada Inc. based in Sudbury, Ontario, Canada

7. The effective date of this Mineral Resource estimate is October 24, 2023

8. Cut-off grade defined by Gold Price, $1700/oz, Metallurgical Recovery 95%, Open Pit Mining Costs $2.9/t, Underground Mining Cost $29/t, Processing Cost $11.30/t, G&A, Rehabilitation & Closure $4.8/t, Royalty 0.75%.

9. Open pit Mineral Resources constrained within a Whittle Optimized open pit shell using the above assumptions with a

26m offset to the property boundary enforced.

10. Underground Mineral Resources constrained within the estimation domains to meet the Reasonable Prospects for Eventual Economic Extraction ("RPEEE") criteria for underground mining.

Discussion of Operations

During the ten months ended December 31, 2024 and up to the date of this MD&A, Rupert's operational activities have been focussed on the Rupert Lapland Project Area and Ikkari in particular.

Rupert Lapland Project Area

Regional Exploration Program, including Ikkari

The regional exploration program at the Rupert Lapland Project Area is designed to identify and evaluate the mineral potential contained in Rupert's land package in the CLGB.

Since July 2020, the Company has been engaged in a diamond drill program to further evaluate discoveries made within the Rupert Lapland Project Area, including Ikkari, as well as continuing to generate new targets through base of till ("BoT") sampling, which continues across the Rupert Lapland Project Area and specifically over geophysical anomalies of interest.

Ikkari Project Drilling

The 2023/24 drill program was completed during the second calendar quarter of 2024, comprising some 43,000 metres ("m") of drilling, with 24,000m allocated to drilling within the Ikkari project footprint.

During the 2024/25 drill season the focus of drilling has been on hydrogeological testwork and monitoring as well as further geotechnical investigations to facilitate the full optimisation of the project at the definitive feasibility study stage, which is expected to follow on from successful completion of the Ikkari PFS.

Continuing Exploration

Following on from the exploration campaign during the winter 2023/24, including the discovery of widths and tenors of mineralisation of interest at Heinä South, and the structural reinterpretation of the wider Area 1, the 2024/25 exploration program is now underway with drilling planned at six target areas along the 15km regional trend east of Ikkari as well as two base metals target areas located at the east of Rupert's 100%-held property. The aim of the on-going season is to systematically explore extensions to the prospective structures identified in an updated structural interpretation.

Engineering and Ikkari Related Studies

The Company anticipates commissioning a definitive feasibility study later in 2025 and, in working towards this objective, has been and continues conducting metallurgical, geotechnical and hydrogeological field and study programmes.

Advancing Permitting and Environmental Work

Permitting, specifically progression of the environmental impact assessment ("EIA") program and land use planning is also a key focus of the Company. The EIA Program was initially presented to the relevant environmental authorities in Finland on November 30, 2022 and formally started the environmental permitting process, with the aim of securing an environmental permit and thereafter a mining licence for Ikkari, in addition to those already held at Pahtavaara. The Company formally filed an EIA program with authorities during the second calendar quarter of 2023 and plans to file EIA report documents during the fourth quarter of 2025.

As part of this process the Company continues with numerous baseline environmental assessments, as well as on-going engagement across all stakeholder groups.

Pahtavaara Mine

The Company has placed Pahtavaara under long term care and maintenance, while maintaining the relevant operational permits.

An environmental bond of €640,000 and a further mining bond of € 210,000 are in place to ensure that the closure plan is implemented.

Following submission of a revised long term closure plan for Pahtavaara in late 2019 and further updates in 2021, the Company, in March 2023, received notice from the Regional State Administrative Authority ("PSAVI") that it is seeking to increase the environmental bond for Pahtavaara to EUR14.2 million (approximately $21 million). PSAVI has assumed a requirement to source moraine material from outside of the current mining permit area and place this over all existing waste structures to a thickness of up to 80cm.

The Company's proposed closure plan considered three options varying from a low CO2 emission design through to the use of 30cm of moraine cover sourced from the mine site and similar to the historic closure permit. The Company has been conducting trials to show the efficacy of direct seeding of the tailings facility, which makes up 74% of the area of total waste structures at Pahtavaara, and had a permit granted to continue these trials until the end of 2024, further to which a final report on vegetation cover performance was submitted to environmental and local authorities in February 2025.

In March 2023, the Company filed an appeal against the PSAVI decision and will continue to liaise with the relevant authorities to arrive at the optimal long-term solution to plan for mine closure in line with industry best practice.

In January 2025 the Company was advised that its appeal to the regional administrative court was not upheld and in February 2025, a leave to appeal was filed before the Supreme Administrative Court of Finland.

An updated closure plan proposal will be submitted in 2025, following on-going work.

The Company anticipates that the environmental bond will be increased by a further amount and has provided for this accordingly in its audited consolidated financial statements for the ten months ended December 31, 2024, as well as prior financial periods.

Other developments during the ten months ended December 31, 2024

On March 11, 2024 the Company provided confirmation that it was in preliminary discussions with B2Gold Corporation ("B2Gold") regarding the potential purchase of B2Gold's 70% interest in a joint venture (the "Fingold JV") between B2Gold and Aurion Resources that has rights in respect of properties located near the Company's Ikkari project.

On April 3, 2024 the Company announced the retirement of Mr. George Ogilvie from the board of directors of the Company (the "Board"), who had been a Non-Executive Director since June 2020.

Further results from the 2023/2024 winter drilling campaign in the Rupert Lapland Project Area were announced on each of March 3, 2024 and May 1, 2024.

On May 31, 2024, the Company granted 1,121,117 stock options with an exercise price of $4.09 to certain officers, directors and employees of the Company, expiring on May 30, 2029. The options vest 1/3 on each of May 30, 2025, May 30, 2026 and May 30, 2027.

On May 31, 2024, the Company granted 147,540 PSUs to certain officers and employees of the Company. The number of Common Shares that can be issued to settle vested PSUs is between 0 to 295,079, based on the Company's share price performance relative to the share price performance of the GDXJ Index. The PSUs are scheduled to vest upon the completion of a 36-month performance period.

On July 8, 2024, the Company announced it has been unable to reach acceptable terms to acquire 100% of the Fingold JV to consolidate further exploration licences near to the Ikkari project. The Company had made a number of non-binding proposals based on its understanding of underlying value and taking into consideration the best interests of all stakeholders in the project and all shareholders.

On August 1, 2024, the Company closed equity financings, raising in total $35,191,504 before fees. The financings comprised two components: a bought deal equity offering (the "August 2024 Public Offering"); and a private placement (the "August 2024 Private Placement"). The Public Offering comprised an issuance of 8,030,700 Common Shares at a price of $3.58 (the "August 2024 Offering Price") for gross proceeds of $28,749,906, which included the exercise, in full, of the underwriter's overallotment option of an additional 1,047,400 Common Shares. Through the August 2024 Private Placement, the Company also issued 1,799,329 Common Shares at the August 2024 Offering Price with the same terms as the August 2024 Public Offering for gross proceeds of $6,441,598 (together: the "August 2024 Financings"). The Company paid cash commissions of $1,573,369, legal fees of $462,272 and other expenses of $134,239.

On September 3, 2024, the Company provided an update on the Ikkari project, including gold recoveries from metallurgical test-work, drill intercepts from Ikkari and Heina South and an exploration update and outlook for the upcoming 2024-25 season. Heina South is an exploration licence within the Rupert Lapland Project Area and is located in the vicinity of Ikkari.

On October 14, 2024, upon the resignation of James Withall, the Company's former Chief Executive Officer ("CEO"), the Company appointed Graham Crew as the new CEO and a Director on the Board.

On October 15, 2024, the Company granted 238,095 PSUs to a certain officer of the Company. A fair value of $1,226,641 was determined using the Monte Carlo simulation at the date of grant. The number of common shares that can be issued to settle vested PSUs is between 0 to 476,190, based on the Company's share price performance relative to the share price performance of the GDXJ Index. The PSUs vest upon the completion of a 36 month performance period.

On December 12, 2024, the Company announced that it would be changing its fiscal year end from end-February to December 31 and would therefore be reporting results for the 10 months ended December 31, 2024, as its "transition year" as such term is defined in National Instrument 51-102 - Continuous Disclosure Obligations.

On December 19, 2024, the Company provided an update on the Ikkari project.

During the ten months ended December 31, 2024, the Company settled 78,591 performance share units ("PSUs"). 51,833 of the PSUs were exercised into common shares and 26,758 PSUs were settled through a cash payment of $101,269.

During the ten months ended December 31, 2024, 2,445,613 stock options were exercised at a price of $0.87 to $3.20 per share for total proceeds of $4,692,112.

Other Events after the Reporting Period

On February 18, 2025, the Company announced the publication of a Canadian NI 43-101 compliant Pre-Feasibility Study for Ikkari (See: "Company Overview and Discussion of Operations - Company Overview").

On March 18, 2025, the Company announced its intention to complete equity financings totalling $84.4 million by way of a short form prospectus supplement offering (the "March 2025 Public Offering") and a concurrent non-brokered private placement (the "March 2025 Private Placement") (together: the "March 2025 Financings"). The March 2025 Public Offering contained over-allotment provisions that allowed for an increase of 15% in the overall number of shares to be issued (the "March 2025 Over-Allotment").

On March 27, 2025, the Company announced that it had closed the March 2025 Financings, raising in total $51,750,000 million before expenses. The March 2025 Financings comprised an issuance pursuant to the March 2025 Public Offering of 11,500,000 common shares in the capital of the Company (the "Common Shares") at a price of $4.50 per Common Share (the "March 2025 Offering Price") for gross proceeds of approximately $51,750,000, which included the exercise, in full, of the underwriter's March 2025 Over-Allotment option of an additional 1,500,000 Common Shares. The company also announced that it planned to close on April 1, 2025 the March 2025 Private Placement of up to 7,250,000 Common Shares on substantially the same terms as the March 2025 Public Offering (for gross proceeds of $32,625,000).

Status, Plans and Expenditures

As at the date hereof, the Company's mineral properties are at the exploration and development stage. The Company's core focus for approximately the following twelve months remains to further advance its assets within the Rupert Lapland Project Area, in particular Ikkari, including the following:

1) Project Studies. Further to the completion of the Ikkari PFS in February 2025, the Company anticipates the commissioning of a definitive feasibility study later in 2025, and is, in connection with this, currently progressing metallurgical, geotechnical and hydrogeological field and study programmes.

2) Continuing exploration in the Rupert Lapland Project Area. Continued exploration activities at other previously identified targets elsewhere in the Rupert Lapland Project Area, including but not limited to Heinä South, Mike, Naattua and Rajala, with the aim to demonstrate the potential scale of the discoveries and define potentially new economic mineralisation in the area.

3) Generative exploration. Identify further precious and base metal anomalies using geophysics, geochemical analysis of base of till samples, and geological mapping and sampling elsewhere within the Rupert Lapland Project Area, including but not limited to, at Kuusajärvi, Sikavaara East, Sayna and Area 51. These are being followed up using diamond drilling as appropriate to define potential.

4) Permitting and Environmental. An EIA process is underway at Ikkari, with the aim of securing an environmental permit for Ikkari in addition to that already held at Pahtavaara. Permitting and land use planning are key areas of focus for the Company, which plans to file an EIA report for Ikkari in the fourth quarter of 2025. An updated closure plan for Pahtavaara is also expected to be filed in the second quarter of 2025.

5) Geological Studies. Further to the exploration programmes outlined above, the Company utilises a small number of external consultants to undertake structural and geophysical interpretations to enhance its exploration.

The combined cost for the above for the 12 months to December 31, 2025, together with general and administration costs, is approximately $38 million.

See "Statement Regarding Forward-Looking Information" and "Risks and Uncertainties".

During the ten months ended December, 2024, the Company spent approximately $25 million at the Rupert Lapland Project Area (twelve months ended February 29, 2024: $28 million). (See "Analysis of Exploration and Evaluation Assets").

Additional financing will be required to fund operating expenses through further exploration and development activities. (See "Liquidity and Capital Resources").

There have been no actual or anticipated changes which would adversely affect the financial condition or performance of the Company, nor industry or economic factors that would affect the Company's performance.

Costs incurred by the Company up to December 31, 2024 on the Rupert Lapland Project Area amounted to approximately $154 million on a cumulative basis.

Achievement of plans and milestones in the ten months ended December 31, 2024

The key plans and milestones of the Company for the ten months ended December 31, 2024 were as follows:

•

The EIA program for Ikkari was submitted to environmental authorities in Finland in April 2023 and feedback was received in August 2023. This then enabled preparation of an EIA report with respect to the Ikkari project to be initiated.

•

To continue to further progress, the Ikkari PFS was prepared, further to completion of the Ikkari PEA in November 2022 and the Updated Ikkari MRE in December 2023.

•

To continue to undertake regional exploration to demonstrate the potential for other gold and base metal occurrences within the Rupert Lapland Project Area.

• Advance with the longer-term care and maintenance program for Pahtavaara.

The development of Ikkari during the ten months ended December 31, 2024 and up to the date of this MD&A was consistent with these plans. In particular the Company:

•

The EIA report for Ikkari continues to progress and is expected to be filed in the fourth quarter of 2025.

•

The Ikkari PFS was published in February 2025 (see: "Other developments during the ten months ended December, 2024 - Other Events after the Reporting Period").

•

A dismantling program for Pahtavaara underground mine (only) was presented to the relevant authorities in Finland in May 2023 and is now complete and the mine is on long term care and maintenance. Work to extend the mining permit for Pahtavaara is currently underway.

•

Completed successful drilling programs for the 2023/24 winter drilling program in the Rupert Lapland Project Area which continue to demonstrate previously unidentified mineralisation, as well as completed project-related drilling at Ikkari.

For further discussion of the above, see "Discussion of Operations", "Other developments during the ten months ended December 31, 2024" and "Other Events after the Reporting Period".

Risks and Uncertainties

In common with other companies operating in natural resources exploration, the Company is subject to ongoing risk factors and uncertainties, including, among others, title risks, commodity prices, liquidity and financing risks, exchange rate risks, permitting risks, operating and environmental hazards encountered in the exploration, development and mining business and changing laws and public policies, as well as the risks disclosed elsewhere in this MD&A. Risk management is the responsibility of the Company's management team, with guidance from the Audit Committee under policies approved by the Board. The Board also provides regular guidance on overall risk management.

Summary of Financial and Operating Performance

Summary of Overall Financial Performance

The Company reports in Canadian dollars. The functional currency of the Company's assets in Finland is the Euro. The presentational currency of the Company is Canadian Dollars. The audited consolidated financial statements of the Company for the transition year for the ten months ended December 31, 2024 are prepared in accordance with IFRS as issued by the IASB. The Company has changed its year end date for the purpose of preparing annual consolidated financial statements from end-February to end-December, and is therefore reporting results for the 10 months transition year ended December 31, 2024. The comparable prior year financial period is the 12 months ended February 29, 2024.

Ten Months

Twelve Months

Ended

Ended

December 31,

February 29,

2024

2024

$

$

Net loss

10,496,833

(7,951,472)

Cash and cash equivalents

44,744,545

36,829,838

Exploration assets

153,678,600

129,856,715

Net assets

191,104,926

159,307,076

The net loss for the Company of $(10,496,833) for the ten months ended December 31, 2024 (twelve months ended February 29, 2024: $(7,951,472)) was after the following principal items:

•

General and administrative ("G&A") costs of $(6,142,020) for the ten months ended December 31, 2024 (twelve months ended February 29, 2024: $(6,547,573)). See "Results from Operations".

•

Share-based payments of $(1,701,012) for the ten months ended December 31, 2024 (twelve months ended February 29, 2024: $(1,336,373)).

Disclaimer

Rupert Resources Ltd. published this content on March 31, 2025, and is solely responsible for the information contained herein. Distributed via , unedited and unaltered, on March 31, 2025 at 12:13 UTC.