08:16 AM EST, 02/18/2025 (MT Newswires) -- Rupert Resources ( RUPRF ) said Tuesday that its pre-feasibility study (PFS) valued the Ikkari project in Finland at US$1.7 billion.

The project's net present value was based on a 5% discount rate. The study generated a 38% internal rate of return and a 2.2-year payback period.

Gold production was projected at 227,000 ounces per year over a 20-year mine life. Initial capital was estimated at US$575 million.

The company aims to achieve the first gold pour in 2030 based on environmental impact assessment submission and definitive feasibility study initiation in the second half, as well as a 24-month permitting timeline and a 2.5-year construction period.

"The PFS confirms Ikkari's potential for lowest quartile costs combined with manageable initial capital requirements in a Tier 1 jurisdiction for mining," CEO Graham Crew said.

The study also included maiden probable reserves of 52 million tonnes grading at 2.1 grams per tonne gold for 3.5 million ounces gf contained gold, representing an 85% resource-to-reserve conversion.

"Work on the definitive feasibility study and environmental impact assessment are already underway and we look forward to publishing results from our 2025 winter exploration campaign in due course," Crew said.

Rupert's share price fell 1.8% on Friday to $4.82 on the TSX.