RMM.L Regulatory News (RMM)

11 April 2022

Rambler Announces Operational Results and Activities for Q1 2022

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 operational results for the quarter ended 31 March 2022.

Q1 2022 HIGHLIGHTS

v PRODUCTION

· Development during the quarter totalled 1,242 meters, including 156 meters of capital and 1,086 meters of operating development (Q4 2021: 1,093 meters including 284 and 809 meters of capital and operating development respectively).

· For the first quarter ended 31 March 2022, the Nugget Pond copper and gold milling facility achieved throughput of 75,577 dry metric tonnes ("dmt") at a feed grade of 1.52% copper (Q4 2021: 66,651 dmt at a feed grade of 1.75% copper).

· Recovery of copper metal to concentrate was 96.4% for the quarter (Q4 2021: 97.2%).

· During the quarter, the operation produced 4,191 tonnes of concentrate containing 1,066 tonnes of saleable copper and 424 ounces of saleable gold (Q4 2021: 4,109 tonnes containing 1,090 tonnes and 155 ounces of saleable copper and gold respectively).

v DRILLING

· Delineation diamond drilling in the quarter totalled 3,571 meters drilled in 21 holes (Q4 2021: 1,030 meters drilled in 8 holes), with holes drilled into the Lower Footwall Zone ("LFZ") and Ming North Zones ("MNZ").

· Exploration diamond drilling in the quarter totalled 2,450 meters drilled in 11 holes (Q4 2021: 460 meters drilled in 2 holes), with holes drilled into the Lower Footwall Zone ("LFZ") and Ming North Zones ("MNZ").

· As part of the LFZ exploration, several exploration holes were added to the 510 LFZ drill program to test for mineralisation outside of the planned mining shapes. As a result of this drilling two new areas of mineralisation were discovered within 100 meters of existing infrastructure. Infill drilling will be conducted to outline a potential minable shape to provide another source of ore closer to surface which could leverage off existing development.

Q4 2021 Production Results

Table 1 below summarizes the Ming Copper-Gold Mine's production and development results for the last 5 quarters going back to Q1 2021.

Table 1: Quarterly mine development and production results for the last five quarters

Total development during the quarter increased 14% over Q4 2021 and exceeded levels from the previous four quarters, supplemented with the continued presence of contractors. Mill throughput also increased by 13% compared to Q4 2021, offsetting a drop in copper grade which resulted in a 2% reduction in saleable copper overall. Saleable gold in Q1 2022 increased by 174% over Q4 2021, driven by a 25% contribution of Ming North Zone ("MNZ") material from the mine.

Total ore production from the mine has improved to 89,053 tonnes (a 33% increase over Q4 2021: 67,002 tonnes), resulting in ore stockpiles on surface at the end of the quarter of 17,188 tonnes which is an increase from 3,713 tonnes at the end of Q4 2021. The improved developed state of the mine is now providing the production of ore that will allow the Company to achieve the targeted 1,350 tonnes per day through the plant. As stated in our preliminary March production release (5 April 2022), the plant had a mechanical breakdown in the secondary cone crusher. While this has reduced throughput in the short term, a crushing plant has been sourced and set up at the mine to allow plant throughput to return to targeted levels.

Ore is now being produced from both the LFZ 760/735 levels and UFZ 790/770 levels. This combined with ongoing stoping from the LFZ 510L, and high-grade cut and fill production in the MNZ, achieving our target of having four sources of ore by the end of Q1 2022. This is a major milestone in our turnaround plan and a first for the Ming Mine.

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.

Presentation:

Further details are included in a presentation that accompanies this announcement that is available here: http://www.rns-pdf.londonstockexchange.com/rns/8809H_1-2022-4-10.pdf and on our website at: https://www.ramblermines.com/presentations 

Toby Bradbury, President and CEO, commented:

"We have delivered a quarter that in most respects is an improvement again on the previous quarter."

We now have 4 active mining zones in the underground which support the sustainable production of ore to meet full mill utilization. Our mill throughput for the quarter was a significant step up which would have been better still were it not for a crusher breakdown in March. We now have an auxiliary crushing arrangement in place to enable full mill throughput to be achieved.

Looking forward, we see significant upside in our performance. Where in the past, cash constraints may have led to choices that were not always optimal, we now have the time to build in the most cost-effective solutions across all our processes. In the mine, we are about to start backfilling the first stope on the 735-760 level in the Lower Footwall Zone. Similarly, the cut and fill stope in the Ming North Zone is about to enter a "fill" stage. This means we will reduce the amount of waste rock that must be brought to surface.

Our diamond drilling work continues to deliver outstanding results which confirm the quality of what we plan to mine and the new discoveries are adding to the exciting prospectivity of our deposit, providing an indication of the potential and just how under explored the Ming Mine really is.

We are increasingly confident in the status of the mine and we will be actively promoting the story. At the same time, we will keep the market fully informed of our progress and we re-iterate our guidance for 2022 of 7000 tonnes of salable copper."

Updates for the Quarter:

· On 3 February 2022, Rambler announced a placement that raised US$5.2 million to underwrite ongoing underground development;

· Diamond drilling updates were provided on 13 January and 21 February 2022, both of which included mention of new discoveries (namely the LP East and Jennings Zones) in the hangingwall of the Lower Footwall Zone.

· On 21 February 2022, it was announced that delivery into the 2021 hedge contract was completed, providing full exposure to spot copper prices going forward;

· On 4 April 2022, Rambler announced the completion of a US$11 million gold streaming agreement on the Ming Mine with Elemental Royalties;

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.