RMM.L Regulatory News (RMM)

18 January 2022

Rambler Announces Operational Results and Activities for Q4 2021

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 fiscal quarter and year ended 31 December 2021.

Q4 2021 HIGHLIGHTS

v PRODUCTION

· For the fourth quarter ended 31 December 2021, the Nugget Pond copper and gold milling facility achieved throughput of 66,651 dry metric tonnes ("dmt") at a feed grade of 1.75% copper (Q3 2021: 60,381 dmt at a feed grade of 1.43% copper).

· Recovery of copper metal to concentrate was 97.2% for the quarter (Q3 2021: 93.4%).

· During the quarter, the operation produced 4,109 tonnes of concentrate containing 1,090 tonnes of saleable copper and 155 ounces of saleable gold (Q3 2021: 2,939 tonnes containing 778 tonnes and 502 ounces of saleable copper and gold respectively).

· Development during the quarter totalled 1,093 meters, including 284 meters of capital and 809 meters of operating development (Q3 2021: 974 meters including 509 and 465 meters of capital and operating development respectively).

v DRILLING

· Delineation diamond drilling in the quarter totalled 1,030 meters drilled in 8 holes (Q3 2021: 6,796 meters drilled in 30 holes), with all holes drilled into the Lower Footwall Zone ("LFZ").

· Exploration diamond drilling in the quarter totalled 460 meters drilled in 2 holes (Q3 2021: 1,300 meters drilled in 5 holes), with all holes drilled into the LFZ.

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 Q4 2020 and full year ("FY") results for both 2020 and 2021.

Table 1: Quarterly mine development and production results for the last five quarters and full years in 2020 and 2021

Total development during the quarter increased 12% over Q3 2021 and exceeded levels from the previous four quarters, supplemented with the addition of contractors. Copper recovery in Q4 2021 improved to 97.2% and reflected the improved copper feed grade (22% higher than Q3 2021) as well as improved continuity of ore supply (10% higher than Q3 2021) in conjunction with first development through the high-grade Upper Footwall Zone.

In the lower mine, stope drilling in the LFZ is expected to commence at the end of the month following completion of the 2nd egress. Once in place, the ore production cycle will commence in LFZ 760/735 levels and UFZ 790/ 770 levels. This combined with ongoing stoping from LFZ 510L, and high-grade development in the MNZ, will provide the operation with 4 sources of ore by the end of Q1 2022. This will be a first for the Ming Mine.

Covid-19 Update:

The Covid-19 pandemic continues to affect the operations as the Omicron variant makes its presence felt, impacting personnel availability and timely arrival of parts/supplies. While fluid, the situation is being managed in accordance with all Newfoundland and Labrador provincial health guidelines.

The province may have seen peak infection rates over the last number of weeks, as seen globally. The Company has instituted a mandatory vaccination policy at all its operating sites.

Toby Bradbury, President and CEO, commented:

"I'm pleased to be able to report that Q4 2021 was in all ways an improvement over each of the previous four quarters. Improved development and production from the mine have led to similar improvements in throughput and recovery at the plant.

As we announced last week, our 2021 diamond drilling campaign ended on another positive note as we discovered new mineralisation we are calling the LP East zone. Last year we made 4 positive exploration updates culminating in a significantly improved copper resource endowment announcement on 21 December 2021. The Ming Mine's mineral resources still offer great potential for further growth in both scale and quality.

The improved developed state that we have been striving for in the underground has all but been achieved and will lead to a significant uplift in production through 2022. With the mineral resource update completed in December 2021, we are now re-running the mine design optimisation for fiscal 2022 and then life of mine. Once complete, updated production guidance for 2022 will be announced to the market. We expect there to be a significant uplift in copper and gold production in 2022 as the mine completes its development campaign and returns to normal operations."

Updates for the Quarter:

· On 21 December 2021, an update of the copper mineral resource statement for Ming Mine was completed, resulting in a 7% uplift to grade (from 1.69% to 1.81%) and 5% uplift to contained copper metal (+19,900 tonnes of copper) in the Measured and Indicated categories. Rambler's technical team has begun interrogating the updated resources shapes to build a revised 2022, and life of mine, production plan which will be completed early in 2022;

· The 2021 hedge contract has approximately 440 tonnes of copper remaining to deliver at US$7,700 per tonne, and is expected to be completed in February 2022.

· Guidance for 2022 is expected to be provided in Q1 2022.

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.