RMM.L Regulatory News (RMM)

02 March 2022

February 2022 Operational Results

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 announce its preliminary operational results for the month of February 2022.

FeBRUARY 2022 HIGHLIGHTS

v PRODUCTION

· For the month ended 28 February 2022, the Ming Mine averaged throughput of 1,171 wet metric tonnes ("wmt") per day (January 2022: 897 wmt per day), representing 30.5% increase in daily throughput compared to January 2022.

· For the month ended 28 February 2022, the Nugget Pond copper and gold milling facility achieved throughput of 24,901 dry metric tonnes ("dmt") at a feed grade of 1.45% copper (January 2022: 24,491 dmt at a feed grade of 1.50% copper, reconciled).

· Recovery of copper metal to concentrate was 97.4% for February 2022 (January 2022: 97.3%, reconciled).

· During the month, the operation produced 1,333 tonnes of concentrate containing 339 tonnes of saleable copper and 108 ounces of saleable gold (January 2022: 1,356 tonnes containing 344 tonnes and 113 ounces of saleable copper and gold respectively, reconciled).

· Development during the month totalled 419 meters (January 2022: 447 meters, reconciled).

v DRILLING

· Delineation diamond drilling in the month totalled 1,400 meters (January 2022: 585 meters).

· Exploration diamond drilling in the month totalled 595 meters (January 2022: 1,800 meters).

February 2022 Production Results

The Q4 2021 and January 2022 are reconciled results; with February 2022 preliminary and unreconciled results shown below in Table 1.

Table 1: January 2022 reconciled and February 2022 preliminary operational results

*Unreconciled preliminary results, to be confirmed following closure of month end process.

Operational Update

Production and Developed State

· The developed state of the underground mine has now been brought to a position where full production of 1,350 tpd through the processing plant is imminent. 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 (stope) drilling activities have commenced with first production scheduled in the second half of March 2022.

o 785 Ming North Zone: Development as a cut and fill operation continues through the zone at scheduled rates.

o 735L and 760L LFZ: 80% of the 2022 development requirement on these levels has been completed and the remainder will be completed in parallel to production activities. Production has commenced from the initial stope and production drilling continues in this area.

Covid-19 Update:

All provincial restrictions are due to be lifted on March 14 2022. Rambler will continue to abide by all Public Health guidelines for the long-term management of Covid-19 and protection of the entire workforce.

Toby Bradbury, President and CEO, commented:

"The developed state of the underground mine is now yielding the levels of production that will enable the mill to operate at full capacity in March 2022. We will see the Cu grade progressively improve as we access the higher-grade ores in the Upper Footwall and Ming North Zones. February was of course a short month, but we were able to match the total performance achieved in January 2022.

In the meanwhile, we have maintained the pace of development and had another successful month with exploration and infill drilling activities. While we refer to exploration drilling, to date in 2022, this has been proximate extension testing of the currently interpreted ore zones in the upper section of the Lower Footwall Zone. In February, as previously announced (21 February 2022), we identified a new mineralized zone called the Jennings Zone. This is the second discovery just this year and, together with the LP East Zone announced in January (13 January 202), is expected to provide mining optionality to near-term ore close to existing infrastructure.

As announced previously, the 2021 hedge position has been delivered into in full and Rambler is well positioned to benefit from the strength in copper price.

We are confident of the continued uplift in operating performance and metal production and will keep the market appraised accordingly."

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. Tonnes referenced are dry metric tonnes unless otherwise indicated.

Note 1: Results reported are accurate and reflective as of the date of release. The Company performs regular auditing and reconciliation reviews on its mining and milling processes as well as stockpile inventories, following which past results may be adjusted to reflect any changes.

Abbreviations:

g/t = grammes per tonne

dmt = dry metric tonnes

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') which has been 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. Rambler has a 100 per cent 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 1350 metric tonnes per day at 2% Cu by the end of 2022 and evaluate expansion opportunities from that base.  

Along with the Ming Mine, Rambler also owns 100 per cent of the former producing Little Deer Complex.

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.