RMM.L Regulatory News (RMM)

05 April 2022

March 2022 and Q1 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 March 2022.

March 2022 HIGHLIGHTS

v PRODUCTION

· For the month ended 31 March 2022, the Ming Mine averaged production of 1,188 wet metric tonnes ("wmt") per day (March 2021: 603 wmt per day and February 2022: 1,140 wmt per day reconciled), representing an 88% and a 4% increase in daily ore production compared to March 2021 and February 2022 respectively.

· For the month ended 31 March 2022, the Nugget Pond copper and gold milling facility achieved throughput of 27,193 dry metric tonnes ("dmt"), representing a 43% and a 9% increase in throughput compared to March 2021 and February 2022 respectively, at a feed grade of 1.60% copper (March 2021: 19,060 dmt at a feed grade of 1.65% and February 2022: 24,915 dmt at a feed grade of 1.45% copper, reconciled).

· At the end of March 2022, there were approximately 17,500 dry metric tonnes of stockpiled ore on surface.

· Recovery of copper metal to concentrate was 96.8% for March 2022 (March 2021: 96.4% and February 2022: 96.4%, reconciled).

· During the month, the operation produced 1,556 tonnes of concentrate containing 410 tonnes of saleable copper and 266 ounces of saleable gold (March 2021: 1,122 tonnes containing 293 tonnes of saleable copper and 241 ounces of gold respectively, and February 2022: 1,341 tonnes containing 336 tonnes and 104 ounces of saleable copper and gold respectively, reconciled).

· Mine development during the month totalled 413 meters (March 2021: 272 meters and February 2022: 381 meters, reconciled), representing a 52% and 8% increase in development compared to March 2021 and February 2022 respectively.

March 2022 Production Results

In Table 1 below, Q4 2021, January 2022, and February 2022 values are all reconciled results while March 2022 values are preliminary and unreconciled at this time.

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

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

Operational Update

Mine Production and Developed State

· The developed state of the underground mine has now been brought to a position where sustained ore production to meet 1,350 tpd processing plant capacity can and is being achieved. The status of the four main production areas in the mine are as follows:

o 510L-535L LFZ: Production and development.

o 770L and 790L UFZ: Production has commenced on schedule.

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

o 735L and 760L LFZ: 2022 development requirements on these levels are nearing completion 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.

Plant Production

· The Nugget Pond plant averaged 1,169 tonnes per day of throughput during the first 12 days of March, with a peak daily throughput of 1,363 tonnes. A mechanical failure in the crushing system (secondary cone crusher) resulted in reduced throughput for the remainder of the month. Lower overall throughput was primarily a result of relying on undersize ore from the primary jaw crusher but was compounded by wet conditions and off-site power interruptions.

· While awaiting parts, Rambler has secured a mobile crusher to enable a return to full production by 8 April 2022.

· The cause of the failure was related to the introduction of tramp steel into the cone crushing unit, and the existing protection against this hazard will be upgraded.

· A planned shut-down in April for a power upgrade is being reviewed for options that will minimize operating downtime.

Diamond Drilling

· Delineation diamond drilling in the month totalled 1,048 meters (February 2022: 1,400 meters).

· Exploration diamond drilling in the month totalled 593 meters (February 2022: 595 meters).

In the Ming North Zone (MNZ), infill drilling down plunge from 795L to 830L has been completed.

In the 510L-535L Lower Footwall Zone (LFZ), both infill and exploration drilling are underway as we follow up on the LP East and Jennings zones described in earlier 2022 updates.

Results of the drilling will be released pending completion and receipt of assays.

Covid-19 Update:

All provincial restrictions have been 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.

There were minimal impacts of Covid-19 through the month with individuals isolating.

Toby Bradbury, President and CEO, commented:

"March 2022 was a further step up in production towards the achievement of our long-term production targets. Mining production and development performed well through the month. Operational challenges at the mill affected production but despite these challenges the mill was still able to exceed the previous months copper concentrate production. Overall, March was a significant improvement on previous months, considering the mill was only capable of sustaining 50% production for more than half of the month.

We look forward to the continued improvement in both mining and milling through the second quarter of 2022. We start the second quarter with a healthy stockpile of around 17,500 dmt of ore and grades that will continue to improve as we mine.

We retain the previous guidance of 7,000 tonnes of payable copper for 2022."

Q1 2022 Investor Call

Investors are invited to an Operations Update to be held on Zoom to review Rambler's reconciled Q1 2022 results

When: 12 April 2022 at 10:30 AM Newfoundland and Labrador / 2:00 PM UK / 9:00 AM EDT

Please register in advance for this meeting with the following link:

https://us06web.zoom.us/meeting/register/tZEtceugrjkrHtxvPaMOW7j3ihDEpowEMry5 

After registering, you will receive a confirmation email containing information about joining the meeting.

We look forward to discussing the Q1 results and a look ahead at the rest of the year.

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.