Rupert Resources Provides Ikkari Project Update

TORONTO--(BUSINESS WIRE)--Dec 19, 2024--

Rupert Resources Ltd. (TSX: RUP) (the “ Company ”) today provides an update on the Prefeasibility Study (“PFS”) for its flagship Ikkari Project as well as a summary of its exploration programs as Central Lapland enters the key winter drilling season.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241218551922/en/

Graham Crew, new Chief Executive Officer of Rupert Resources says “After two months in the role, I am more excited than ever about the opportunities at Ikkari and across our 100% owned land package. We are in the final stages of completing the PFS for Ikkari and plan to publish the report in the first quarter of 2025. Planning for the DFS will commence immediately thereafter. We are looking forward to our key winter drilling season in early 2025, during which we plan to return to Heinä South and test targets east of Ikkari identified through a new geophysical survey.”

2024 Highlights

2025 catalysts

Ikkari project update

The company is in the final stages of completing its PFS for Ikkari with critical path items including mine, mill and waste facility design finished and final review underway. The study will be published in Q1 2025 with work on a Definitive Feasibility Study planned to commence shortly afterwards. The Environmental Impact Assessment (EIA) Report is planned for submission in H2 2025, with excellent progress on the EIA program over 2024.

Exploration update

The focus of the exploration team over the last few months has been the progression of a number of key targets along the main regional structure east of Ikkari (“The Rajala Line”). Previous scout drilling has confirmed the same intercalated ultramafic and sedimentary units that host the Ikkari deposit up to 15km along strike to the east. During the Autumn, a wide spaced Induced Polarization (IP) survey was undertaken to identify areas at depth that exhibit a similar structural setting to Ikkari (Figure 1). The survey has successfully outlined several locations along strike which share a similar large-scale structural setting to that at Ikkari. Given that these do not sub-crop below the glacial till they would not be expected to present a Base of Till (BoT) anomaly which has been the primary targeting tool for the other seven discoveries in Area 1. Follow-up drill testing of these settings will be prioritized in 2025. During Q1 2025 focus will also return to Heinä South where drilling intersected 25m at 16.5g/t Au in hole 124019 (see press release 3 March 2024) and 24.4m at 10.5g/t Au in hole 124061 (see press release May 1, 2024) during the previous drill campaign. The objective of the follow up drilling will be to establish a control to the high-grade mineralisation following a detailed geological review of the 2024 program.

About Rupert Resources

Rupert Resources is a gold exploration and development company listed on the Toronto Stock Exchange under the symbol “RUP”. The Company is 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. Ikkari is part of the Company’s “Rupert Lapland Project,” which also includes the Pahtavaara gold mine, mill, and exploration permits.

Cautionary Note Regarding Forward-Looking Statements

This press release contains statements which, other than statements of historical fact constitute “forward-looking statements” within the meaning of applicable securities laws, including statements with respect to: results of exploration activities and mineral resources or relating to ongoing negotiations. 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. 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 28, 2024. 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.

Review by Qualified Person, Quality Control and Reports

Craig Hartshorne, a Chartered Geologist and a Fellow of the Geological Society of London is the Qualified Persons, as defined by National Instrument 43-101, responsible for the accuracy of scientific and technical information in this news release.

Neither the TSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release.

Figure 1: Exploration Targets Winter 2025 (A: Ikkari Deposit, B: Heina South, C: Rajala Line IP survey area) (Graphic: Business Wire)

SAN JOSE, Calif.--(BUSINESS WIRE)--Dec 19, 2024--

Micromax Informatics, India’s home-grown consumer electronics brand and Phison, a leading innovator in NAND controller and NAND storage technologies, have launched MiPhi, a strategic joint venture poised to revolutionize India’s technology landscape.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241218703212/en/

As India emerges as a global economic hub, this partnership supports the nation's vision of ‘Making AI in India,’ aligning with its ambition to become a global leader in artificial intelligence. The strategic partnership announcement demonstrates this commitment by combining the key differentiators of two industry leaders to drive innovation, expand product offerings, and bolster India’s ambitions as a global AI superpower. With a vision to enhance GPU efficiency and deliver advanced NAND storage solutions, MiPhi will introduce the world’s lowest per-token cost and energy consumption for AI use cases.

Through MiPhi, the joint venture aims to empower the Indian market with cutting-edge NAND storage solutions, providing unparalleled convenience and technological advantages. The collaboration leverages Micromax’s deep-rooted customer relationships within India and Phison’s expertise in NAND storage technology to foster a strong, synergistic partnership that expands opportunities and business growth across enterprise, consumer, embedded, AI, and security applications within India’s burgeoning tech ecosystem and specific agreed-upon regions.

“We are thrilled to announce our joint venture with Phison, uniting our capabilities to drive a new wave of innovation in the Indian technology landscape,” said Rahul Sharma, Co-founder, Micromax Informatics. “By combining our local market expertise with Phison’s critical technological prowess, we are poised to deliver breakthrough solutions. The joint venture kicks off a new chapter with an aim to harness the full potential of emerging technologies and contribute to the future of digital transformation across industries. With this venture, we aim to bring down the cost of GPU by 1/10 th by bringing the lowest per token cost in the world. This will help us in disrupting the AI landscape not only in India but also in specific agreed-upon regions.”

“India has been a hub for technological growth, and now the vision set forth from the government further enables homegrown companies to innovate at an exponentially higher rate,” said K.S. Pua, CEO of Phison. “Phison is delighted to partner with Micromax. Together, we are committed to leveraging our combined resources and expertise to establish MiPhi as a leading force in India’s NAND storage ecosystem. By uniting Micromax’s local market understanding with Phison’s world-class storage technologies, we’re well-positioned to create impactful solutions across SMBs, automotive, IoT, AI, enterprise workloads, and beyond.

The collaboration between Micromax, leading Indian electronics brand renowned for its expertise in manufacturing and marketing tech products, and Phison, a global pioneer in NAND storage solutions and technology, will position MiPhi as a key innovation hub in India. Phison’s impressive portfolio, with over 2,000 patents and a legacy of industry-first innovations, coupled with its commitment to R&D—investing 80% of its OPEX (Operating Expense)—equips the company to provide vital technical insights to MiPhi’s operations. This strategic alliance will drive MiPhi’s contribution to India’s technological future, harnessing local manufacturing and sales channels to accelerate the growth of the country’s storage economy.

As a part of the joint venture, MiPhi’s distinctive approach to drive innovation includes:

MiPhi will specialize in custom-designed NAND storage solutions for AI, enterprise, and automotive use cases, addressing the needs of both Indian and specific agreed-upon markets. The joint venture’s focus on innovation and collaboration ensures a robust, connected ecosystem powered by advanced semiconductor solutions. With a strong local manufacturing partnership and in-house NAND controller technology, Phison reinforces its commitment to comprehensive support, including local RMA services and a sales channel to India and specific agreed-upon regions for efficient customer service.

About Micromax Informatics Ltd.

Micromax Informatics, founded in 2000 and headquartered in Gurugram, Haryana, is one of India’s leading homegrown consumer electronics brands. The company has been at the forefront of democratizing technology by offering innovative, affordable, and feature-rich products, including smartphones, laptops, tablets, and televisions. Known for its iconic Canvas series, Micromax revolutionized the Indian smartphone market by delivering advanced technology to budget-conscious consumers.

Driven by its vision of making technology accessible to all, Micromax has diversified into smart devices and consumer electronics to meet evolving customer needs. As part of its commitment to "Make in India", the brand has invested significantly in local manufacturing and innovation, supporting India's push for self-reliance in electronics production. With state-of-the-art facilities in Rudrapur, Hyderabad, Greater Noida, and Rajasthan, Micromax produces a range of products, including mobile phones and all consumer electronics. For more information, please visit: www.micromaxinfo.com

About Phison

Phison Electronics Corp. (TPEX:8299) is a global leader in NAND Flash controller IC and storage solutions. We provide a variety of services from controller design, system integration, IP licensing to total turnkey solutions, covering applications across SSD (PCIe/SATA/PATA), eMMC, UFS, SD and USB interfaces, reaching out to consumer, industrial and enterprise markets. As an active member of industry associations, Phison is on the Board of Directors for SDA, ONFI, UFSA and a contributor for JEDEC, PCI-SIG, MIPI, NVMe and IEEE-SA. For more information, please visit http://www.phison.com.

Micromax and Phison partner to launch MiPhi, a joint venture (Graphic: Business Wire)