Nice Rns...19 Jun 2014 14:19
19 June 2014 TSXV: RAB/AIM: RMM
Financial Results for Quarter Ended 30 April 2014
Debt Free and Profitable
Rambler
London, United Kingdom & Newfoundland and Labrador, Canada - Rambler Metals and Mining PLC (TSXV: RAB, AIM: RMM) ('Rambler' or the 'Company') today announces its unaudited financial results for the quarter ended 30 April 2014.
Since the declaration of commercial production at the Ming Mine in November 2012, the Group has generated sufficient free cash flows to repay its credit facility and is now a debt free and profitable operation.
Key Financial Highlights (CAD$, 000's):
Q3 2014 Q3 2013 Q2 2014 YTD 2014
Revenue 15,078 10,087 15,237 47,060
Profit before tax 3,312 193 1,520 10,096
Earnings per share 0.016 0.001 0.007 0.049
Financial Highlights
-- Increase quarter on quarter in net profit before tax; Q3/14 was $3,312,000 or $0.016 per share, compared with $1,520,000 or $0.007 per share in Q2/14 and $193,000 or $0.001 per share for Q3/13. The increase in Q3 2014 consists of a reduction in exchange losses of $1,529,000 experienced on the Company's Gold Loan, a $309,000 reduction in production and administrative expenses and offset by lower revenue of $159,000.
-- Earnings before interest, taxes, depreciation and amortisation ("EBITDA") were $6,244,000 for Q3/14 compared with $4,631,000 in Q2/14 bringing year to date EBITDA to $19,472,000.
-- Average production costs (before depreciation and amortisation) for Q3/14 were $161 (Q2/14 $158) per tonne of ore milled and $1.66 (Q2/14 $1.61) per equivalent pound of copper. The increase in costs per tonne and equivalent pound of copper are mainly attributable to fewer tonnes milled at lower head grades compared with Q2/14.
-- Cash resources as at 30 April 2014 were $6.3 million and as of 19 June 2014 had increased to approximately $8.7 million.
-- Cleared the outstanding balance of $1 million on its secured credit facility on 28 February 2014.
Operational Highlights
-- Produced a total of 6,238 dry metric tonnes ("dmt") (Q2/14 - 6,818 dmt) of copper concentrate during the quarter and a total of 19,648 dmt since the start of the Fiscal 2014. This is in line with full year guidance of between 20,000 - 24,000 dmt. Concentrate grades averaged 29.32 per cent copper with 8.02 grammes per tonne gold and 79.15 grammes per tonne silver (Q2/14: 29.02 per cent copper with 7.07 grammes per tonne gold and 49.11 grammes per tonne silver).
-- The average feed grade during the quarter was 3.84 per cent copper, 1.62 grammes per tonne gold and 11.70 grammes per tonne silver followed by a mill recovery of 96.4 per cent, 66.2 per cent and 79.2 per cent for copper, gold and silver respectively.
-- Shipped approximately 8,301 dry metric tonnes of copper concentrate, the largest shipment to date, via Goodyear's Cove. At quarter end 2,186 dmt of invoiced copper