05:15 PM EDT, 07/08/2024 (MT Newswires) -- Rupert Resources ( RUPRF ) after trade Monday said it has been unable to reach acceptable terms to acquire the full 100% of the Fingold joint venture to consolidate further exploration licenses near its Ikkari Project in Finland.

A statement noted Fingold is a joint venture held 70% by B2Gold ( BTG ) and 30% by Aurion Resources ( AIRRF ) .

Rupert said it continues to advance Ikkari, which it describes as a gold deposit with "exceptional resource continuity and open pit grade; best in class recoveries from a conventional processing route and in close proximity to excellent infrastructure and renewable power".

It also said work programs on the preliminary feasibility study and environmental impact statement are "well underway" and the company added it will work with the Finnish authorities to "ensure the optimal project scope is realised."

Rupert chief executive James Withall said: "Ikkari is one of the world's highest quality new gold discoveries and is located in one of the best jurisdictions for mining globally. We continue to advance the project towards a PFS later in 2024 and will work with the authorities to ensure we are able to develop the optimal project for local stakeholders whilst continuing our disciplined approach to ensure that investments remain accretive for Rupert shareholders."

The company's shares closed down $0.14 to $3.92 on the Toronto Stock Exchange.