RMM.L Regulatory News (RMM)

27 April 2021

Rambler Reports Financial Results for the

Year Ended 31 December 2020

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, today reports its audited financial results and operational highlights for the year ended 31 December 2020.

2020 Full Year RESULTS

The tables below summarise the key operational and financial metrics for the year ended 31 December 2020. All references to $ are US$.

Table 1 - Ore Throughput and Concentrate Production Summary for Fiscal 2020

(See Note 1 below)

 (g/t = grammes per tonne)

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.

Table 2 - Key Annual Financial Metrics for Fiscal 2020

Dr Toby Bradbury, President and CEO, Rambler Metals & Mining commented:

"2020 can be characterised as a year of rethinking and replanning for Rambler. A year that started with insufficient developed reserves to support the production plan was very significantly impacted with the onset of the global COVID-19 pandemic. While the Ming Mine experienced no direct exposure to the virus, the negative effect that the pandemic had on global markets, the copper price and the diminished availability of capital turned out to be a material issue for the Company.

A complex financing was arranged with the backing of West Face Capital Inc. who provided a cornerstone loan note facility of $5.0 million contingent on, inter alia: Rambler raising a further $10.0 million of capital through a combination of equity financing and asset sales; conversion to equity of all existing convertible loan notes together with accrued interest ($9.8 million); making repayment of working capital loans including supplier loans ($3.8 million); and reaching an acceptable settlement and repayment plan with the majority of creditors ($9.1 million). This was a major financial restructuring and rescue of the business.

The effort to complete reinvestment and recovery to restore the Ming Mine to its designed 1,350 tpd of ore production should not be underestimated. From a standing start in the middle of December 2020, we expect it to take 9 to 12 months to achieve this recovery. There is complete confidence that all the issues can be addressed and the true potential of the Ming Mine will be realised."

OUTLOOK

The business objectives for Rambler are to:

· Perform all its activities in such a way that no harm is caused to people, the environment or the community.

· Establish the Ming Mine to a level of production that fully utilises the existing mill capacity of 1,350 tonnes per day.

· At this throughput level, target an average feed grade of 2% Cu.

· Advance underground development to prepare for an increase of underground production to 2,000 tonnes per day in 2022.

· Complete the feasibility study and implementation of an ore sorting facility at the Ming Mine site for operation in 2022.

· Commence the relocation of the Duck Pond mill to Ming Mine and initiate a feasibility study for the establishment of a new process and tailings storage facility in the next four to five years.

The full audited financial statements are now available on the Company's website at http://www.ramblermines.com and can also be accessed here:

http://www.rns-pdf.londonstockexchange.com/rns/6489W_1-2021-4-26.pdf

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.

Abbreviations:

g/t = grammes per tonne

dmt = dry metric tonnes

mtpd = metric tonnes per day

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'). 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 1,350 metric tonnes per day at 2% Cu in the course of 2021 and evaluate expansion opportunities from that base.

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

Consolidated income statement

For the Year Ended 31 December 2020

(EXPRESSED IN THOUSANDS OF US DOLLARS)

Consolidated statement of financial position

 As at 31 December 2020

(EXPRESSED IN THOUSANDS OF US DOLLARS)

Consolidated statement of cash flows

For the Year Ended 31 December 2020