Ausenco to Lead Feasibility Study at Ikkari Project
•February 19, 2026
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Why It Matters
The FS accelerates Ikkari’s path to production, reduces technical and environmental risk, and positions the project within ESG‑focused capital markets.
Key Takeaways
- •Ausenco appointed to lead Ikkari feasibility study
- •Gold recoveries exceed 95% with reduced cyanide usage
- •FS evaluates emissions cuts, alternative fuels, fleet electrification
- •Grade sequencing and stockpiling aim early-year cash flow
- •Grid connection design progressing near state power infrastructure
Pulse Analysis
Finland’s robust mining framework and cold‑climate expertise make it an attractive jurisdiction for large‑scale gold projects, and Ikkari is emerging as a flagship development. By selecting Auscenco—renowned for designing high‑throughput gold processing plants—the project leverages proven engineering know‑how to streamline plant layout, waste management and water treatment. The feasibility study’s emphasis on over‑95% recovery rates and lower cyanide usage reflects a broader industry shift toward greener metallurgy, while the exploration of alternative fuels and partial electrification aligns with Europe’s carbon‑reduction targets.
Beyond environmental stewardship, the Ikkari study introduces operational efficiencies that could materially improve cash flow. Grade sequencing and strategic stockpiling are designed to front‑load high‑grade ore, delivering stronger early‑year revenues and reducing the need for extensive financing during ramp‑up. Simultaneously, simplified waste‑rock and filtered‑tailings designs lower geotechnical complexity, easing permitting hurdles and supporting a lower‑impact closure plan. These technical refinements, combined with completed groundwater modelling and extensive geotechnical drilling, provide a solid data foundation for the upcoming Environmental Impact Assessment slated for Q4 2026.
From a market perspective, the accelerated timeline—targeting feasibility completion by H1 2027—signals confidence to investors seeking exposure to high‑grade gold assets with strong ESG credentials. Proximity to state power infrastructure and ongoing grid‑connection studies with Fingrid further de‑risk the project’s energy supply, a critical factor for cost‑effective operations in remote northern locales. As gold prices remain resilient, Ikkari’s streamlined design and sustainability focus could attract both traditional mining capital and ESG‑focused funds, potentially unlocking a new wave of financing for Finnish gold mining initiatives.
Ausenco to Lead Feasibility Study at Ikkari Project
Rupert Resources Ltd. appointed Ausenco Engineering to lead the Feasibility Study (FS) of the Ikkari project, a high-quality, multi-million-ounce gold development project located in Northern Finland. The company says that Ausenco was selected due to its proven experience in the design and execution of gold processing plants comparable in scale and flowsheet design to Ikkari, bringing proven expertise in cold climate environments, supporting efficient construction and reliable long-term operations.
Ausenco will lead FS engineering for the process plant and supporting infrastructure, working alongside specialist local and international consultants to ensure the study, permitting requirements, and execution strategy are aligned with the Finnish regulatory framework. The FS is evaluating further emissions reduction opportunities, including alternative fuel strategies and partial fleet electrification, while also assessing grade sequencing and stockpiling strategies to enhance early-year cash flow from the open pit. It is expected to be completed at the end of H1 2027.
“Over the past year, the team has completed significant optimization work across processing, waste and water management. These refinements simplify the project design, strengthen the permitting pathway and are being incorporated ahead of the Environmental Impact Assessment (EIA) submission, now targeted for Q4 2026,” said Graham Crew, CEO of Rupert Resources. “The updated design remains closely aligned with the PFS, while further reducing both technical and environmental risk. With a strengthened project team and key engineering partners in place, Ikkari continues to advance with momentum, discipline and strong execution focus.”
Ruper Resources says that the FS and the EIA are based on a design and layout that closely align with the PFS, with all mining, processing and waste infrastructure contained within the Ikkari project boundary. The optimization studies and test work completed during the last 12 months have identified several opportunities that simplify the Ikkari project and reduce environmental impacts.
Extensive metallurgical test work confirmed gold recoveries above 95%, while enabling lower cyanide consumption with further potential for cyanide recycling within the leach circuit. This is expected to reduce cyanide and detoxification reagent costs. The mine waste management design has been simplified to separate stacked filtered tailings and managed waste rock facilities. The company says this approach reduces geotechnical complexity, improves operational flexibility and supports a lower-impact closure strategy.
During 2025, several wide-diameter bore holes were drilled in the immediate vicinity of the mining area, and groundwater pump tests were run over several months. The data collected has further informed the groundwater modelling process, which is now completed and ready to support mine water management planning. Further, the 3,580 meters of geotechnical drilling completed during 2025 will inform open-pit and underground mine design work for the FS during 2026. Field investigations for surface infrastructure are ongoing, with site investigations of the process plant, mine waste facility and other infrastructure locations continuing over the coming months.
Preliminary planning and design work for grid connection is underway, thanks to the project’s proximity to state power infrastructure and discussions with Fingrid Oyj. Route planning is expected to be completed by the end of March 2026, following the recent appointment of Despro Oy as design consultant in January 2026.
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