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RUP-TSX February 2026 Corporate Presentation ADVANCING A HIGH-QUALITY GOLD ASSET INTO PRODUCTION Corporate Presentation February 2026
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RUP-TSX {All figures are in US$ unless otherwise noted} Cautionary Note Regarding Forward-Looking Information This presentation contains statements which, other than statements of historical fact, constitute “forward- looking information” within the meaning of applicable securities laws, including statements with respect to: results of exploration and development activities and Mineral Resources. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, are intended to identify such forward-looking statements. Forward-looking statements included in this presentation include, but are not limited to, statements relating to: the Mineral Resource and Mineral Reserve estimates; plans and expectations regarding future exploration programs; plans and expectations regarding future project development; the progression of the Environmental Impact Assessment (“EIA”) and Definitive Feasibility Study (“DFS”) on the timeline contemplated herein, if at all; operating and cost estimates; future gold prices; the life of mine (“LOM”); the achievement of commercial production at Ikkari (as defined below) on the timeline contemplated herein, if at all; and the plans of Rupert Resources Ltd. (“Rupert” or the “Company”) for future advancement of its 100% owned Ikkari Project (the “Ikkari Project” or “Ikkari”). Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the general risks of the mining industry, as well as those risk factors discussed or referred to in the Company's annual Management's Discussion and Analysis for the year ended February 29, 2024, available on the Company’s website at www.rupertresources.com and on SEDAR+ at www.sedarplus.ca. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward- looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company does not intend, and does not assume any obligation to update any forward- looking statement, whether as a result of new information, future events or results or otherwise. Cautionary Note Regarding Mineral Resources and Mineral Reserved Unless otherwise indicated, the scientific and technical disclosure included in this press release, including all Mineral Resource and Mineral Reserve estimates contained in such technical disclosure, has been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council on May 10, 2014 (the “CIM Definition Standards”). Readers are cautioned that Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all, or any part, of Mineral Resources will be converted into Mineral Reserves. Inferred Mineral Resources are Mineral Resources for which quantity and grade or quality are estimated based on limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. Inferred Mineral Resources are based on limited information and have a great amount of uncertainty as to their existence and as to their economic and legal feasibility, although it is reasonably expected that the majority of inferred Mineral Resources could be upgraded to indicated Mineral Resources with continued exploration. Inferred Mineral Resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves. Further notes to Mineral Resource and Mineral Reserve estimates are found in Appendix B of this presentation. The accompanying NI 43-101 technical report for the Ikkari Project (the “Ikkari Technical Report”) is available on the Company’s website at www.rupertresources.com and has also been filed on SEDAR+ at www.sedarplus.ca. Cautionary Note to U.S. Investors Concerning Resource Estimate This presentation has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ in certain material respects from the disclosure requirements promulgated by the Securities and Exchange Commission (the “SEC”). For example, the terms “mineral reserve”, “proven mineral reserve”, “probable mineral reserve”, “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are Canadian mining terms as defined in accordance with NI 43-101 and the CIM Definition Standards. These definitions differ from the definitions in the disclosure requirements promulgated by the SEC. Accordingly, information contained in this presentation may not be comparable to similar information made public by U.S. companies reporting pursuant to SEC disclosure requirements. Review by Qualified Person, Quality Control and Reports Craig Hartshorne, CGeol. Rupert’s Resource Geologist, is the qualified person, within the meaning of NI 43-101 (the “Qualified Person”), responsible for the accuracy of, and has approved, the scientific and technical information in this document. 2 CAUTIONARY STATEMENT
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RUP-TSX 1) Fraser Institute Report available here: https://www.fraserinstitute.org/sites/default/files/2025-07/annual-survey-of-mining-companies-2024_0.pdf 2) Mining Journal Project Pipeline Report available here: https://www.mining-journal.com/edition/1001634/project-pipeline-index-2025 3 DEVELOPING IKKARI Building an Exploration Portfolio Two-tiered approach to exploration • Satellite targets proximal to Ikkari • Exciting greenfield exploration opportunities Ikkari – Ranked #2 of 612 Global Mining Projects Mining Journal Project Pipeline Index2 - 2025 • World-class >4Moz gold resource • Lowest quartile costs & emissions Finland – #1 Mining Jurisdiction For Mining Investment Fraser Institute Annual Survey of Mining Companies1 – 2025 • A safe and stable location for long term investment • Supportive, pro-mining government EUROPE’S NEXT WORLD CLASS GOLD MINE
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RUP-TSX GROWING MINERAL INVENTORY & ESTABLISHED MINING INFRASTRUCTURE 4 CENTRAL LAPLAND – A “TIER 1” DESTINATION Land position as of May 2024. Company data 30km Kittila (Suurikuusikko) mine • Discovered by GTK in 1986 • Acquired by Agnico Eagle in 2005 • First production in 2009 • 2Mtpa mill • 2024 gold production of 219koz Kevitsa mine • Discovered by GTK in 1987 • Acquired by Boliden in 2016 • First production in 2012 • 10Mtpa mill and concentrator Ikkari Project • Discovered in 2020 • Indicated Mineral Resource of >4Moz gold Sakatti Project • Discovered in 2009 • Indicated Mineral Resource of 3.5Mt at 3.5% Cu, 2.4% Ni & 2.5g/t PGE • Inferred Mineral Resource of 40.9Mt at 1.77% Cu, 0.8% Ni, & 1.4g/t PGE F I N L A N D Each of the Sakatti Project, Kittila (Suurikuusikko) mine and Kevitsa mine are adjacent properties to the Company’s Ikkari Project in the Central Lapland area, and the Company has no right to explore or mine such adjacent properties. Investors are cautioned that mineral deposits on adjacent properties do not necessarily indicate and certainly donot prove the existence, nature or extent of mineral deposits on Ikkari. Other companies active in the region
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RUP-TSX ABILITY TO ADVANCE IKKARI INTO PRODUCTION EXPERIENCED LEADERSHIP TEAM 5 Graham Crew – CEO since Q4 2024 Formerly CTO at La Mancha Resource Capital & COO Golden Star Resources Michael Stoner – Corporate Development since Q2 2025 Formerly Head of Corporate at Centamin & Business Development & IR at Golden Star CORPORATE MANAGEMENT Russell White – Project Director since Q3 2025 Formerly Head of Projects at Centamin & Toro Gold & senior project management roles at Endeavour Mining Shane Miller – Feasibility Study Manager since Q4 2025 25 years experience taking early-stage directional studies through to detailed design. Formerly at Rio Tinto at the Jadar Project in Serbia PROJECT TEAM
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RUP-TSX KEY MILESTONES FOR 2026 & 2027 PROGRESSING IKKARI INTO PRODUCTION 6 ENVIRONMENTAL PERMITTING PROJECT FINANCING To be completed 2027 • Project financing and due diligence process will commence in 2026 • Alternative project financing structures will be explored to optimise cost of capital and minimise dilution • Terms for debt financing expected to arranged in 2027 following the completion of the FS To be completed H1 2027 • Ausenco Engineering appointed to lead FS • Progressing, metallurgical, geotechnical and hydrogeological field programmes underway • Optimisation studies for opportunities identified by the PFS to be completed by Q1 2026 • Launching remaining FS workstreams in Q1 2026 EIA report submission Q4 2026 • Detailed environmental field work & studies to de-risk permit application process ongoing • Best in class mine waste and water solutions FEASIBILITY STUDY (”FS”) EXPLORATION STRATEGY REVIEW Strategy review completed in Q4 2025 Exploration in progress on new exploration licences • Reassessment of the extensive dataset gathered across the Company’s 372km2 CLGB land package • Ranking of targets based on exploration potential and cost of discovery • Targeted exploration programme of C$16m planned for 2026 & 2027 RESOURCE REVIEW Infill drilling Ikkari & reassessing Pahtavaara • Infill drilling program at Ikkari in 2027 targeting measured resource status to support project financing • Reassessing Pahtavaara data with the aim of reissuing NI 43-101 compliant resource estimate
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RUP-TSX INITIATIVES TO UNLOCK VALUE AND REDUCE ENVIRONMENTAL IMPACT OPTIMISATION STUDIES FROM PFS TO DFS 7 Area Purpose Impact Processing Reduced cyanide / grind Reduced cyanide load, balanced with a slightly finer grind size to maintain recovery Reduced reagent costs and lower volumes of waste products for reduced environmental impact Tailings & Waste Separate tailings and waste rock facilities Design known technologies to improve ability to permit Potential increase in capex for the construction of two separate facilities rather than a single large facility Water Treatment WTP technology and feed sources Simplify water treatment design to reduce costs and generate smaller volumes of by-products Lower volumes of waste products for reduced environmental impact Water Management Dewatering & discharge Minimise discharge to small local waterways by taking discharge to Kitinen River Reduced impact on smaller local rivers. Small increase in capex for larger diameter pipeline over PFS design Saittajoki diversion Provide options for minimal redirection of Saittajoki River Reduced environmental impact Mining Grade sequencing and stockpiling Improve grade presentation to plant in the early years of the mine life Positive impact on early cash flows Fleet type Assessing options to deliver carbon neutral production through electrification Reduced environmental impact. Potentially Higher capex with reduced opex
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RUP-TSX 8 227koz/year first 10 years 167koz/year LOM IKKARI COMPELLING PROJECT ECONOMICS KEY PFS HIGHLIGHTS ($ = US dollar) 1ASIC – All in sustaining cost – Calculated at a project level excluding corporate G&A 2See Appendix for Mineral Reserve statement notes See the Company’s February 18, 2025 PFS press release for further information. In compliance with NI 43 -101, Craig Hartshorne, CGeol, Rupert’s Resource Geologist, is the Qualified Person who has reviewed and approved the scientific and technical information in this news release. Annual Production $717/oz first 10 years $918/oz LOM AISC1 20years Strong regional expansion potential Life of Mine 3.5Moz Grade of 2.1g/t Au in Probable Reserve2 Reserve Estimate $575m Upfront capex Initial Capex
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RUP-TSX 1,670 3,060 3,880 4,700 5,510 6,330 36% 51% 59% 66% 73% 79% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 2,150 (PFS Case) 3,000 3,500 4000 4500 5000 Gold Price Scenarios (US$/oz) NPV (US$m, 5%) IRR Payback (Years) 2.2 1.7 1.4 1.0 0.9 0.8 270 420 510 600 690 780 190 300 370 440 510 580 0 200 400 600 800 2,150 (PFS Case) 3,000 3,500 4000 4500 5000 Gold Price Scenarios (US$/oz) First 10 Years LOM AVERAGE ANNUAL FREE CASH FLOW (US$m, Undiscounted) 9 EXCEPTIONAL PROJECT ECONOMICS Footnotes: • PFS Long Term (LT) consensus gold price of $2150/oz at the time of publishing the PFS (Source: mean long -term forecast provided January 2025 by CIBC) • Analysis carried out at a project level, before corporate G&A and financing costs. NPV rounded to 3 significant figures for a ll gold price scenarios, Annual FCF rounded to 2 significant figures • See the Company’s February 18, 2025 press release on the pre-feasibility study for further information. • In compliance with NI 43-101, Craig Hartshorne, CGeol, Rupert’s Resource Geologist, is the Qualified Person who has reviewed and approved the scientific and technical information in this news release. ATTRACTIVE RETURNS & QUICK PAYBACK THROUGHOUT GOLD PRICE CYCLE IKKARI PROJECT POST TAX RETURNS PROFILE (US$m, Discounted @ 5%)
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RUP-TSX 10 PEER GROUP COMPARISON RUPERT RESOURCES IS UNDERVALUED COMPARED TO PEERS 0.28x 0.29x 0.34x 0.40x 0.48x 0.51x 0.51x 0.70x 0.71x 0.73x 0.86x 1.21x 1.38x Troilus Omai Thesis WIA Rupert Meridian Osisko Dev Dakota New Found Collective Mining Snowline Gold Montage Skeena $55 $61 $63 $93 $148 $160 $160 $171 $231 $262 $268 $630 $667 Troilus Gold X2 Dakota Liberty Thesis WIA Omai Osisko Dev Rupert Meridian Snowline Gold Skeena Montage Source - BMO analysis based on market data & analyst consensus – Feburary 2026 EV / Resource (US$ / oz Au Eq) P / NAV
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RUP-TSX EXPLORING FOR SATELLITE FEED FOR IKKARI 0.1-1.0 1.0-2.0 2.0-3.0 3.0-4.0 >4.0 Drill hole assays Au (g/t) Drillhole trace Naattua 13.6g/t Au / 1.1m 0.6g/t Au / 1.7m Saitta 1.4g/t Au / 11m 2.6 g/t Au / 3m Ikkari Indicated 58.4Mt at 2.18g/t Au for 4.09Moz gold Mike Heinä South 558g/t Au / 2m 482g/t Au / 1m 8.0g/t Au / 6m Island North 249g/t Au / 0.5m 15.1g/t Au / 2m Heinä Central Inferred 2.7Mt at 1.8g/t Au & 0.51% Cu Ikkari North 2.7g/t Au / 35m 9.8g/t Au / 5.0m Heinä North 3.5gt Au / 10.5m See the Company’s November 28, 2023 press release for further information. In compliance with National Instrument 43-101. Craig Hartshorne, CGeol., is the Qualified Person who supervised the preparation of the scientific and technical disclosure in this news release. 80% of drill holes along 12km regional structure intercept at least 0.4g/t Au • No drilling below ~150m vertical east of Ikkari • 10km of structure tested in only 3-4 locations • Gold occurrences at two of the targets Focused on high-value, near- surface targets within trucking distance of Ikkari Near Surface Targets Capital-intensive deep drilling deferred until Ikkari is in production – to be funded from operating cash flow Deeper Targets Current winter program testing the continuity of high-grade intercepts at Heinä South Resource Delineation
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RUP-TSX Renewed focus on exploration with Ikkari project drilling largely complete TARGETED REGIONAL EXPLORATION PROGRAMME UNDERWAY 1) Footnotes12 1,150km2 of new exploration licenses & reservations added 1,575km2 total land package Expanded Land Package Combining geological insights from Ikkari discovery with the Vrify AI platform Proven Methodology Ambitious Target 3Moz discovery target over 5 years Targeting total resources of 7Moz
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RUP-TSX BRINGING IKKARI INTO PRODUCTION RUPERT RESOURCES HIGHLIGHTS 13 DELIVER Gold Production From The Ikkari Mine REALISE Lowest Quartile All-in Sustaining Costs ACHIEVE Lowest Quartile Carbon Emissions DISCOVER 3Moz of Additional Resource Inventory
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RUP-TSX 14 MINERAL RESERVE & RESOURCE STATEMENT Mineral Resource Estimate Cut-off grades determined by: • Gold Price: $1700 / oz • Metallurgical Recovery: 95% Open pit mineral resources constrained within a Whittle Optimized open pit shell UG mineral resources constrained within the estimation domains to meet the RPEEE criteria for UG mining. Mineral Resources are reported inclusive of Mineral Reserves Mineral Reserve Estimate • Gold Price: $1700 / oz • Metallurgical Recovery: 95% • Open pit Mineral Reserve includes 4% dilution and 4% mining loss • Mineral Reserve supported by mine design, scheduling and positive cashflow. • Underground Mineral Reserve includes 15% planned dilution and 9% unplanned dilution and 4% mining loss • Mineral Reserve supported by stope design, scheduling and positive cashflow analysis. • Mineral Reserve is defined at the point of delivery to the plant Mineral Resources are reported inclusive of Mineral Reserves. See Appendix B for Mineral Resource Estimate and Mineral Reserve statement notes See the Company’s February 18, 2025 press release for further information. In compliance with NI 43 -101, Craig Hartshorne, CGeol, Rupert’s Resource Geologist, is the Qualified Person who has reviewed and approved the scientific and technical information in this news release. Mineral Resource Category Mining Method Cut-off Tonnage (t) Grade Gold Content Au (g/t) Au (g/t) Kg Ounces Indicated Open Pit 0.40 37 308 000 2.21 82 400 2 649 000 Underground 0.90 21 122 000 2.12 44 700 1 437 000 Total 58 430 000 2.18 127 100 4 087 000 Inferred Open Pit 0.40 1 271 000 0.81 1 000 33 000 Underground 0.90 2 305 000 1.39 3 200 103 000 Total 3 576 000 1.18 4 200 136 000 Mineral Reserve Category Mining Method Cut-off Tonnage (t) Grade Gold Content Au (g/t) Au (g/t) Kg Ounces Probable Open Pit 0.34 35 700,000 2.16 77 350 2 486 000 Underground 1.04* 16 300 000 1.93 31 320 1 007 000 Total 52 000 000 2.10 108 630 3 492 000 85% of Indicated Resources converted to Probable Reserves *Underground cut-off grade stated is the stope cut-off grade, Resources are reported undiluted
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RUP-TSX 0.00 0.50 1.00 1.50 2.00 2.50 3.00 0 50 100 150 200 250 300 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 15 PFS PRODUCTION SUMMARY – LIFE OF MINE Ikkari OP (Years 1 to 10) Ikkari UG (Years 10 to 20) Year Thousand ounces produced per annum Average 167koz/yr over life of mine – 1ASIC of USD918/oz Average 227koz/yr over first 10 years – 1ASIC of USD717/oz Average grade to mill (Au g/t) 1. AISC – All-in sustaining cost See the Company’s February 18, 2025 press release for further information. In compliance with NI 43 -101, Craig Hartshorne, CGeol, Rupert’s Resource Geologist, is the Qualified Person who has reviewed and approved the scientific and technical information in this news release.
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RUP-TSX 16 2023 MINERAL RESOURCE: >10,000 OZ/VERTICAL METER >10,000oz/vm over 240m of vertical extent Open pit resource shell constrained by 26m offset to property boundary Within open pit shell, the resource cut-off grade is 0.4g/t Au Outside open pit shell the underground resource cut-off grade is 0.9g/t Au Transition from open pit resource to underground resource See the Company’s February 18, 2025 press release for further information. In compliance with NI 43 -101, Craig Hartshorne, CGeol, Rupert’s Resource Geologist, is the Qualified Person who has reviewed and approved the scientific and technical information in this news releas e.
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RUP-TSX OPEN PIT • Minimal pre-stripping • Low strip ratio • 3.5Mtpa average over 10 years 17 MINING HIGHLIGHTS OP stage Strip ratio (waste:ore) 1 2.6 : 1 2 4.6 : 1 Total 3.66 : 1 See the Company’s February 18, 2025 press release for further information. In compliance with NI 43 -101, Craig Hartshorne, CGeol, Rupert’s Resource Geologist, is the Qualified Person who has reviewed and approved the scientific and technical information i n this news release. UNDERGROUND • Long Hole Open Stoping • Stope dimensions - 15m wide, 30m high • 2Mtpa average over 7 years Strip ratio inclusive of pre-stripping
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18 Metallurgical recovery using conventional process Ikkari is non-refractory with exceptional recovery by proven flowsheet 95.8% Coarse grinding to liberate gold Low-cost option to final product 100 microns Co-disposal of tailings and waste rock for reduced environmental impact Non-acid forming Recovery to gravity circuit Contribution from gravity is significant 29% See the Company’s February 18, 2025 press release for further information. In compliance with NI 43 -101, Craig Hartshorne, CGeol, Rupert’s Resource Geologist, is the Qualified Person who has reviewed and approved the scientific and technical information in this news release. PFS FLOWSHEET
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Processing plant 3D processing plant schematic ROM pad SITE LAYOUT – FS LAYOUT
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RUP-TSX EXCELLENT REGIONAL INFRASTRUCTURE 220 KV POWER LINES located 5 km from Ikkari. Access to 100% renewable power KUOLAVAARA Keulakkopääwindfarm (7 km from Ikkari) 51MW capacity. PROPOSED DISCHARGE PIPELINE buried 1.5m underground NATIONAL MAIN ROAD Located 4 km from Ikkari IKKARI SODANKYLÄ located 40 km from Ikkari(8,000 inhabitants) Mine Operations Treated water pipeline Access Road 110kv powerline to Ikkari Project LEGEND 0 5 10 km
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RUP-TSX 21 EXPLORATION HISTORY AND IKKARI DISCOVERY First discoveries in Area 1 (Heinä North, Heinä Central) Discovery of Ikkari and Heinä South First MRE of Ikkari completed Discovery of Ikkari North The PEA of Ikkari completed The PFS of Ikkari completed Systematic exploration commenced Rupert Finland Oy Established Exploration permits including Ikkari area was granted 2016 2017 2018 2019 2020 2021 2022 2023 2025 2024 Discovery of Heinä South western extension PROJECT MILESTONES Ikkari discovery hole (120038) was drilled in 2020 54m at 1.5 g/t Au The first MRE was completed 18 months after discovery The PFS converted 85% of Indicated Resources to Probable Reserves 52 Mt at 2.1 g/t Au (3.5 Moz)
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CONTACT DETAILS Graham Crew Chief Executive Officer gcrew@rupertresources.com Michael Stoner Corporate Development mstoner@rupertresources.com Rupert Resources 82 Richmond Street East Suite 203,Toronto, Ontario M5C 1P1 RUPERTRESOURCES.COM