RMM.L Regulatory News (RMM)

21 February 2022

Rambler Builds on Newly Discovered High-Grade Mineralisation

London, England & Newfoundland and Labrador, Canada - Rambler Metals and Mining plc (AIM: RMM) ("Rambler" or "the Company"), a copper and gold producer, explorer and developer is pleased to provide updates on its on-going underground diamond drill program at the Ming Copper-Gold Mine, Baie Verte, Newfoundland and Labrador, Canada.

2022 DIAMOND DRILLING UPDATE

In early January 2022, Rambler set up a diamond drill to further define the mineralisation around the 535 level production area in the Lower Footwall Zone ("LFZ"). While drilling, several holes were extended to test an exploration target outside of the defined high grade LFZ mineral resource shape. This exploration drilling was successful in intersecting new high grade copper mineralisation along strike from the previously reported LP East Zone ("LPEZ", see announcement dated 13 January 2022) and is being referred to as the Jennings Zone ("JZ"). This new zone is open in all directions and is worthy of near-term drilling to further define the zone up-dip, potentially providing near-term production sources close to existing development.

DRILL "HIGHLIGHTS"

Drilling Program Targeting 535-560L infill for the Lower Footwall Zone, LP East Zone, and Jennings Zone (please refer to Table 2 and Figure 5 for an overview of this drilling target)

§ R22-535-01

· 15.77m @ 2.03% Cu - LFZ

· 9.00m @ 2.26% Cu - LPEZ

§ R22-535-02

· 17.28m @ 1.79% Cu - LFZ

· 15.00m @ 1.74% Cu - JZ

§ R22-535-03

· 15.39m @ 3.03% Cu - LFZ

· 3.50m @ 2.12% Cu - JZ

§ R22-535-04

· 7.86m @ 1.85% Cu - LFZ

· 5.70m @ 2.64% Cu - JZ

§ R22-535-05

· 14.25m @ 1.99% Cu - LFZ

· 14.00m @ 3.27% Cu - LPEZ

§ R22-535-06

· 3.10m @ 1.99% Cu - LFZ

Toby Bradbury, President and CEO, commented:

"While announcing the second newly discovered mineralized zone already this year, I am pleased to advise that, on ore production, we are now busy with production drilling in the LFZ on the 735-760L, with first production from there on schedule for February 2022. Production drilling will shortly commence in the high-grade Upper Footwall Zone between 770-790L with initial production scheduled for March 2022. Cut and fill stoping has progressed in the high-grade Ming North Zone on 785L and will continue through to the end of March before backfilling will be required. We have maintained production from the 510L LFZ stoping horizon, even as we continue to build on the diamond drilling results announced on 13 January 2022.

I wish to further highlight the completion of the 2021 copper hedge program inside the first half of February 2022. With copper prices now hovering around the US$4.50 per pound mark, the Company is well situated to take advantage of this higher price.

Our focus on probing the mineralization beyond the known high-grade boundaries, while doing our in-fill drilling, is yielding strongly favourable results. Having moved the diamond drill to 535L to infill the LFZ and LPEZ for future mine planning, we have now intersected new mineralization in a zone we are calling the Jennings Zone. Along with the LFZ and LPEZ, this gives us the potential to have three high-grade mining zones operating in the upper part of the mine, in addition to the three zones that we currently operate at the lower part of the mine. While still early days, we will continue to drill on this horizon and evaluate our opportunities from there.

In the meanwhile, we continue to await gold assay results attributed to the 2021 drilling of the high-grade massive sulphides in which gold grades are traditionally elevated. These results will be announced as soon as they are received, and we will update the resource statement to include the gold shortly thereafter."

535-560L Jennings Zone

This drill program has started to define the Jennings Zone, which has good potential to be a third mining horizon near the current 510L mining area. The JZ is situated adjacent to infrastructure and currently has a vertical height of approximately 50 metres ("m") and a horizontal width of approximately 200 m.

In addition, follow-up drilling into the LPEZ in the same area has demonstrated the continuation of the zone at depth with significant potential to further expand mining areas planned on the 535L. Both of these new zones will be evaluated for their potential to provide additional high-grade tonnes in the upper part of the mine.

There remains significant potential to continue expanding the zones both up and down plunge. Rambler is excited by the continuity of the drill results and will continue to explore for other areas throughout 2022.

To view Figure 1: Plan view of LFZ, LPEZ, and JZ drilling from 535L, please click here:http://www.rns-pdf.londonstockexchange.com/rns/2013C_1-2022-2-19.pdf

To view Figure 2: Section view of holes 01 and 03 from the 535L drilling program, please click here: http://www.rns-pdf.londonstockexchange.com/rns/2013C_2-2022-2-19.pdf

To view Figure 3: Section view of holes 02 and 05 from the 535L drilling program, please click here: http://www.rns-pdf.londonstockexchange.com/rns/2013C_3-2022-2-19.pdf

To view Figure 4: Section view of holes 04 and 06 from the 535L drilling program, please click here:http://www.rns-pdf.londonstockexchange.com/rns/2013C_4-2022-2-19.pdf

Table 1: Details of 535L drilling intersections

Notes:

- Intercept widths are measured down-hole; true width of reported intervals is between 70% and 85% of the down-hole width.

The Planned 2022 Diamond Drill Program

The 2022 diamond drill program will include up to 25,000 m of diamond drilling focused on the following targets:

Table 2: Planned 2022 diamond drilling targets

To view Figure 5: Planned 2022 diamond drilling targets, please click here:http://www.rns-pdf.londonstockexchange.com/rns/2013C_5-2022-2-19.pdf​​​​​​​

The drilling program for the Ming Mine is being run under the supervision of Mark Ross, P. Geo., who is a qualified person as defined by NI43-101.

All drilling reported in this release was completed by an independent contractor with BQ-sized diamond core (36.5 mm diameter). Logging and sampling of diamond drill core is completed on site by Rambler geologists who ship samples daily, using Rambler vehicles and drivers, to the Company's own laboratory for copper assay by standard x-ray fluorescence ("XRF") methodology. As part of its QA/QC program 10% of all samples processed are sent for duplicate analysis at an accredited external lab using standard XRF methodologies. >5% of all assays complete by the Nugget Pond Lab are sent to external labs for third party confirmation.

Tim Sanford, P.Eng., is the Qualified Person responsible for the technical content of this release and has reviewed and approved it accordingly. Mr. Sanford is an employee of Rambler Metals and Mining Canada Limited. Tim Sanford consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears. Tim Sanford has sufficient experience, relevant to the style of mineralization and type of deposit under consideration and to the activity that he is undertaking, to qualify as a "competent person" as defined by the AIM rules.

Tonnes referenced are dry metric tonnes unless otherwise indicated; unless otherwise noted all figures are quoted in $USD.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR'), incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

ABOUT RAMBLER METALS AND MINING

Rambler is a mining and development Company that in November 2012 brought its first mine into commercial production. The group has a 100% ownership in the Ming Copper-Gold Mine, a fully operational base and precious metals processing facility and year-round bulk storage and shipping facility; all located on the Baie Verte peninsula, Newfoundland and Labrador, Canada.

Rambler's focus is to regain its production profile at 1,350 metric tonnes per day at 2% copper and evaluate expansion opportunities from that base.

Along with the Ming Mine, Rambler also owns 100% of the former producing Little Deer and Whales Back copper mines.

Rambler is listed in London under AIM:RMM.

For further information, please contact:

Website: www.ramblermines.com

Caution Regarding Forward Looking Statements:

Certain information included in this press release, including information relating to future financial or operating performance and other statements that express the expectations of management or estimates of future performance constitute "forward-looking statements". Such forward-looking statements include, without limitation, statements regarding copper, gold and silver forecasts, the financial strength of the Company, estimates regarding timing of future development and production and statements concerning possible expansion opportunities for the Company. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief are based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, the price of and anticipated costs of recovery of, copper concentrate, gold and silver, the presence of and continuity of such minerals at modeled grades and values, the capacities of various machinery and equipment, the availability of personnel, machinery and equipment at estimated prices, mineral recovery rates, and others. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, interpretation and implications of drilling and geophysical results; estimates regarding timing of future capital expenditures and costs towards profitable commercial operations. Other factors that could cause actual results, developments or events to differ materially from those anticipated include, among others, increases/decreases in production; volatility in metals prices and demand; currency fluctuations; cash operating margins; cash operating cost per pound sold; costs per ton of ore; variances in ore grade or recovery rates from those assumed in mining plans; reserves and/or resources; the ability to successfully integrate acquired assets; operational risks inherent in mining or development activities and legislative factors relating to prices, taxes, royalties, land use, title and permits, importing and exporting of minerals and environmental protection. Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and the Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise, except as required under applicable security law.

APPENDIX 1 - Glossary of Select Geological and Mining Terms

Term Definition

''Au'' gold

"Ag" silver

 ''concentrate'' in general, the saleable product resulting from crushing and grinding of mined ore in a processing plant along with concentration to remove impurities. Base metal operations can produce copper, lead and/or zinc concentrates

''Cu'' copper

''cut-off'' lowest grade of mineralised material considered economic, used in the calculation of ore reserves. Also used in reserve estimation, meaning all material higher than the given grade

''down plunge'' the direction within a rock mass indicated by linear features such as mineral lineation, fold axes or direction of maximum strain caused by deformation

''Footwall Zone'' or ''LFZ'' a mineralised zone beneath a geological feature such as a fault, another mineralised zone or bed

''grade'' relative quantity or the percentage of ore mineral or metal content in an ore body

''Indicated Mineral Resource'' that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed ''massive sulphide'' occurrence of a concentrated mass of sulfide mineral such as pyrite, sphalerite or chalcopyrite in one place, as opposed to their being disseminated or occurring in vein

''Measured Mineral Resource'' that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced

''Mineral Resource'' a concentration or occurrence of material of intrinsic economic interest in or on the Earth's crust in such form that there are reasonable prospects for eventual economic extraction. Mineral resources are sub-divided, in order of increasing confidence, into Inferred, Indicated and Measured categories

''mineralised'' containing or impregnated with minerals

''National Instrument 43-101'' provides standards of disclosure for mineral projects in Canada. It is a legal requirement in Canada for all oral and written disclosure of scientific or technical information on mineral deposits

 ''ore'' rock that can be mined and processed at a profit

 ''oz'' troy ounce (=31.103 grammes)

''Probable Mineral Reserves'' measured and/or indicated mineral resources which are not yet proven, but where technical economic studies show that extraction is justifiable at the time of the determination and under specific economic conditions

''Proven Mineral Reserves'' measured mineral resources, where technical economic studies show that extraction is justifiable at the time of the determination and under specific economic conditions

''reserve'' that part of a resource that can be mined at a profit under reasonably expected economic conditions

''resource'' mineralised body for which there is sufficient sampling information and geological understanding to outline a deposit of potential economic merit

 ''stringer'' a thin, discontinuous mineral vein or rock layer

''sulphide'' a mineral containing sulphur in its non-oxidised form

''t'' a metric tonne