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Toby Bradbury, President and CEO, commented:
"Focus for us has been to fully utilise the capacity of the mill at Nugget Pond and our peak daily plant throughput during April was 1,408 dry metric tonnes. Our mining is now at a rate that can support the designed plant throughput, and we will now optimise the feed grade to the mill. We have built a valuable stockpile ahead of the mill which mitigates some of the mining risk that the operation has been exposed to over recent years and we continue to progressively build resilience into all aspects of the operation."
time to put the whisky down mate
Operational Update
Production and Developed State
· May has shown that the developed state of the underground mine has now been brought to a position to support full production through the mill. The status of the four main production areas in the mine are as follows:
o 510L LFZ: Production activities and diamond drilling continue in this area.
o 770L and 790L UFZ: Production activities continue in this area. Secondary ground support has been a focus in May to protect the high grades expected out of this zone in June.
o 785 Ming North Zone: Development as a cut and fill operation continues through the zone at scheduled rates.
o 735L and 760L LFZ: Production activities continue in this area.
o All three mining zones at the bottom of the mine experienced backfilling cycles during May, totalling 16,296 tonnes fill placed. This necessary step in the mining sequence also benefits the operation by reducing or eliminating haulage of waste rock to surface and is the reason why ore tonnes were lower for the month.
o Total tonnes of material moved in May were 50,388 tonnes, comprised of 32,262 tonnes of ore and 18,126 tonnes of waste/backfill movement. Peak tonnes moved in a 24-hour period was 2,750 tonnes while peak tonnes of material brought to surface was 2,134 tonnes ore and waste combined.
o New mining equipment received during the month included an 8-yard CAT scoop and 30 tonne CAT underground haulage truck.
Toby Bradbury holds 696,270 shares in the Company which represents 0.44 per cent. of the issued share capital and total voting rights of the Company. Think Toby got abit more now but he invested quite abit
Moon I admit you were always right .last few weeks you were shouting placing is coming and we laughed at you .last investors call tb said no more dilution unless ore sorter .today's rns is worst I have ever seen letting market know they need money but don't inform how much or how they will manage it .completely unprofessional .
Moon where do you see rmm sp in 1 year from now after dilution or loan or whatever they do to going rmm forward...I think ur prediction will be more sensible than any of us as you proved before .
We have also added a third drill to our program, called a "termite" or "packsack" drill, that is currently drilling short holes (up to 30m long) testing ore extents in and around currently developed levels of the mine. We are using the termite drill data to better refine our stoping shapes, drill and blast design and ground control systems. This in turn enhances the overall control that we have over the mining process and creates a more stable platform from which to produce. In the LFZ particularly, the termite drilling program is returning information that is enabling us to expand ore zones while maintaining production grade targets, hence returning increased ore tonnes available per level.
Also rmm goes new places advertise rmm. They done a deal behide close door look at there website rmm best place to be grade mine up and running look at interviews tb did. Dnt be fooled. It’s best thing ever happened.
Yes kinda right but I believe newgen will give them big money I also said we need it asap. If they get 50 million then am okay. Read in between lines. Last update talking abt scopes and better grade new drills to save money. Basically they showing market the mine is up to date can produce it. They then crash price so people give them money maybe ce11 or west face or newgen then rmm moving full time. Or company come in take 50 50 does little dear aswell. We got asset grade scopes. Trucks. Ce11 still here others dnt care to much Brad milk no idiot
After today who knows about being bought out, what price to put on this now
We are about to be bought out.
What better way to create a reduced to clear than that RNS.
I have the same feeling, like something not quite right here. It's so dumb. "ugh, we installed some software and numbers are an oopsie". This from an EXPERIENCED dedicated team of experts.
The Takeover Code has some protections, but don't believe it prevents their mates taking up substantial positions at others' expense?
Tinfoil hat on.
Smells to me like that RNS was designed to destroy the SP. I cannot fathom why else they would release such a harmful RNS with zero detail.
I expect a rock bottom buyout bid in a few weeks.
I had a limit sell that hopefully will get hit next week. I'm quite sad really, had hopes for RMM but 3 years of hopes have faded today.
For me it comes down to one simple thing.
July 12:
"Going forward, Rambler will provide quarterly operational updates to the market which is now more appropriate given the condition that the operations have achieved."
Just 8 weeks later, "taking account of the current macro-economic situation". The macro-economic situation has not drastically changed in 8 weeks. Any CFO, CEO and other important job titles worth their salt would be able to intuit the position of their business, software or no software. If anything, fuel costs seem to have fallen a bit? And reading at least container freight charges falling?
The fact is, they were disingenuous in their July 12 statements, saw this coming and did not disclose. This is the stope collapse situation all over again.
They DGAF about individual investors and have put it repeatedly on full display, in spite of being given the benefit of the doubt again and again.
No reasoning always gave reasoning no one listening to me today was day it happened. Guess what 50 percent
First one should have said “lower”. Bloody consolation margaritas
I can help with this, 7:
- want price to go higher, say things are terrible (no reasoning / made up reasoning)
- want price to go higher, say things are great (no reasoning / made up reasoning)
Moon take your time and tell me please your reasons why this is magnificent news please
I am trying to work your logic out please
Thanks
Told u I’ll be top 1 percent group.
Don’t u lot understand what happening. Well it’s clear as day always said it. It’s best thing that ever happened. Whn goes lower double down. I tell u whn I do it with the numbers
Has anyone written and/or got a reply from the directors? I just don't understand who in their right mind would issue an RNS taking 50% off the sp to tell the market they might need a placing. Do a placing then at 16p and then release the news to the market!
e) pay the BOD?
No probs MH.
Without dissecting it again (as it is clear as mud) i believe the general vibe of today's RNS in a nutshell is....
RMM can't support its operational costs alongside the current structure of the debt so need to refinance to.
a) reduce the debt payments by making the debt over a longer period & perhaps use part equity
b) to use some of the debt capital to implement some improvements they've identified to reduce the costs of production
c) to shore up the balance sheet while progressing the above improvements in order to be more resilient against copper price volatility
d) potentially to catch up on payments on accounts to suppliers
Its certainly not an insurmountable situation but it's definitely precarious.
The critical path activity to returns here IMO are firstly RMM being able to secure a 'restructured' debt arrangement, them being able to reduce production/opex costs and them not having to raise significantly via placement of shares. They need to be cash generative which will require either a sustained higher copper price or a significant cost efficiency before any balance sheet uplift from the the debt is used up.
Atb everyone
It’s been a pleasure reading your honest views Ryan.
It’s sad that Rambler is where it is. So much potential in the copper grades. But the main problem is that profitability was always hit by the transport cost in millions, which fuel prices increased.
I didn’t have much left here because I thought another placing was a risk. Not sure what will happen now.
Will look at HZM!
Thanks
Thanks F79 - interesting. I really wish it was clearer. Very hard to make decisions
I've been on the lash all week on the GU on the barge, and apart from the the RNS saying "We are pleased to announce" and not at all surprised I chased a dead duck. Oh well. Anyhow God save The King.