4 Apr 2022 15:08
4 April 2022
Rambler Announces Completion of US$11 Million Gold Streaming Agreement with Elemental Royalties on Ming Mine
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 that further to the announcement of 1 April 2022, the Company has now completed the previously announced (17 March 2022) gold purchase and sale agreement with Elemental Royalties Corp. ("Elemental") (TSX-V:ELE, OTCQX:ELEMF) (the "Agreement"), in relation to production from its 100% owned Ming Mine, located in Newfoundland, Canada.
As previously announced, the key terms of the Agreement are:
· Rambler will receive upfront cash consideration of US$11 million for Elemental's purchase of 50% of accountable gold until 10,000 ounces of gold have been delivered, decreasing to 35% until a further delivery of 5,000 ounces of gold and 25% thereafter for the life of the mine;
· Elemental will make ongoing payments to Rambler equal to 20% of the market price of gold for each ounce of gold delivered by Rambler;
· Rambler will make minimum gold deliveries of 1,200 ounces to Elemental in each of the first three years of the Agreement.
· Rambler has completed the repurchase of its previous gold stream with Sandstorm Gold Royalties ("Sandstorm"). The consideration for the repurchase is US$7m less payable gold delivered since 1 October 2021 and 1,150 oz of gold to be delivered over the next 18 months.
Toby Bradbury, President and CEO commented:
"We are pleased to have concluded this transaction at an exciting time for Rambler and for Elemental. The deal reflects a vote of confidence in the future prosperity and prospectivity of the Ming Mine as we continue our transformation."
Market Abuse Regulation (MAR) Disclosure
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 in the course of 2022 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:
Toby Bradbury President and CEO Rambler Metals & Mining Plc Tel No: +1 (709) 800 1929 Fax No: +1 (709) 800 1921 | Celeste Van Tonder CFO Rambler Metals & Mining Plc Tel No: +1 (709) 800 1929 Fax No: +1 (709) 800 1921 | Tim Sanford. P. Eng. VP and Corporate Secretary Rambler Metals & Mining Plc Tel No: +1 (709) 532 5736 Fax No: +1 (709) 800 1921 |
Nominated Advisor (NOMAD) |
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Ewan Leggat, Caroline Rowe SP Angel Corporate Finance LLP Tel No: +44 (0) 20 3470 0470 |
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Website: www.ramblermines.com