RMM.L Regulatory News (RMM)

17 November 2021

Rambler Continues to Intersect High Grade Copper in Underground Infill Drilling at its Producing 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 provides an update to its on-going 2021 underground infill diamond drill program at the Ming Copper-Gold Mine, Baie Verte, Newfoundland and Labrador, Canada.

NEW RESULTS HIGHLIGHTS

Target 2: Lower Footwall Zone ("LFZ") Drilling Program Targeting 735-760L

§ R21-620-16

· 9.45m @ 3.54% Cu - Ming North ("MNZ") Icing Zone

· 12.00m @ 2.41% Cu, incl 3.45m @ 5.83% Cu

§ 11.67m @ 2.26% CuR21-620-15

· 3.94m @ 4.16% Cu - MNZ Icing Zone

· 15.82m @ 1.87% Cu, incl 5.82m @ 2.48% Cu

§ R21-620-04

· 18.10m @ 1.41% Cu

§ R21-620-06

· 29.00m @ 1.75% Cu, incl 13.00m @ 2.06% Cu

· 12.00m @ 1.75% Cu, incl 3.00m @2.57% Cu

§ R21-620-07

· 11.90m @ 1.78% Cu, incl 4.00m @ 2.31% Cu

· 7.50m @ 2.02% Cu

Target 3: Ming North Zone Drilling Program Targeting 785 Level and Below

§ R21-785-05

· 12.45m @ 2.62% Cu - Icing Zone

· 2.25m @ 1.79% Cu

§ R21-785-06

· 4.61m @ 3.75% Cu - Icing Zone

§ R21-785-09

· 11.69m @ 1.38% Cu

§ R21-785-16

· 7.20m @ 7.01 % Cu

· 4.71m @ 2.57% Cu

· 3.48m @ 7.85% Cu

Toby Bradbury, President and CEO, commented:

"The positive assay results received in the program so far provide confidence in our near-term production outlook, having confirmed the earlier block model based on wider-spaced drilling in the target areas. In addition, the new, high-grade intersections through the recently discovered "Icing Zone" further enlarges the Icing Zone in an area near current underground infrastructure. This has created an opportunity for additional near-term high-grade production.

"Due to the delay receiving backlogged copper assay samples from our drilling, we paused drilling during October and are resuming drilling in November now that additional assays have been received and new interpretations to guide the positioning of the next holes have been completed. We look forward to re-commencing the drill program, in which will target the UFZ in Q4 2021 and the Ming North Icing Zone in 2022."

THE PROGRAM

To date, the mine has completed drilling 14,798 meters (97%) of the planned 15,200 meters. The program is aimed at infill drilling four key target areas to further support near-term production planning (see Figure 1 below). Current status of work on each target includes:

· Target 1. Lower Footwall Zone ("LFZ") 510-535 level: drilled from the 411 level;

o Drilling complete;

o Copper assays complete and fully reported on 7 May 2021.

· Target 2. LFZ 735-760 level: drilled from the 620 level;

o Drilling complete;

o Copper assays have been received for 16 of the 18 holes in this program;

o Copper results reported on 2 August 2021, on 25 August 2021, on 14 October 2021 and in this release.

· Target 3. Ming North Zone ("MNZ") 785 level; Drilled from the 785 level;

o Drilling complete;

o Copper assays have been received for 9 of the 21 holes;

o Copper results reported on 25 August 2021, on 14 October 2021 and in this release.

· Target 4. Upper Footwall Zone ("UFZ") below 790 level; drilled from the 620 level;

o Drilling scheduled in Q4 2021.

To date, no gold assays have been received on intercepts through any of the targets.

To view Figure 1: 2021 Ming Mine Drilling Program Target Areas, please click herehttp://www.rns-pdf.londonstockexchange.com/rns/6010S_1-2021-11-16.pdf

Table 2: Previously unreported composited assay intervals on Target 2 from the 735-760 level Lower Footwall Zone diamond drilling program.

Notes:

- Intercept widths are measured down-hole; true widths of reported intervals are between 70% and 85% of the down-hole width.

- Gold assays were unavailable from the lab at the time of release.

To view Figure 2: Diamond drill results for Target 2 holes R21-620-4, R21-620-6, and R21-620-7 in the 760L LFZ, please click here http://www.rns-pdf.londonstockexchange.com/rns/6010S_2-2021-11-16.pdf

To view Figure 3: Diamond drill results for Target 2 holes R21-620-15 and R21-620-16 in the 760L LFZ, with Ming North Lower Lens intercepts at collar of both holes please click herehttp://www.rns-pdf.londonstockexchange.com/rns/6010S_3-2021-11-16.pdf

Figure 4 below shows the locations of the entire 18-hole Target 2 program for which drilling has been completed. Sixteen of these holes now have copper assays and we await the remainder of the assays in due course.

To view Figure 4: 18-hole Target 2 diamond drill program targeting the 760 level Lower Footwall Zone, please click herehttp://www.rns-pdf.londonstockexchange.com/rns/6010S_4-2021-11-16.pdf

Table 3: Composited assay intervals from the Target 3 785 level Ming North Zone diamond drilling program

Notes:

- Intercept widths are measured down-hole; true width of reported intervals is between 70% and 85% of the down-hole width with the exception of R21-785-16, which was drilled sub-parallel with dip to confirm the high-grade mineralisation of the Ming North Zone at depth.

- Gold assays were unavailable from the lab at the time of release.

To view Figure 5: Diamond drilling results for the Target 3 785 level Ming North Zone please click herehttp://www.rns-pdf.londonstockexchange.com/rns/6010S_5-2021-11-16.pdf

Target 4: Upper Footwall Zone ("UFZ") targeting 790 level and below, planned to drill from the 620 level in Q4 2021

The Upper Footwall Zone definition drilling program will commence in Q4 2021, targeting follow up on several high-grade intersections reported on 4 November 2019, including:

· R19-695-03 - 10.9 m (downhole) of 5.92% copper with 0.60 g/t gold and 8.56 g/t silver; and

· R19-695-11 - 9.07 m (downhole) of 4.14% copper with 0.45 g/t gold and 4.99 g/t silver.

The UFZ drill program is planned to consist of 2,000 meters of NQ sized (76 mm diameter) holes.

The drilling program for the Ming Mine is being run under the supervision of Mark Ross, P. Geo., who is a qualified person as defined by NI43-101.

All drilling reported in this release was completed by an independent contractor with NQ-sized diamond core (76 mm diameter). Rambler employs an Oriented Core tool which provides valuable information in terms of the orientation of mineralized stringers, dip and dip direction of structure, lithology and foliation for future modelling and geotechnical interpretation. Logging and sampling of diamond drill core is completed on site by Rambler geologists who ship samples daily, using Rambler vehicles and drivers, to the Company's own laboratory for copper assay by standard x-ray fluorescence ("XRF") methodology. As part of its QA/QC program 10% of all samples processed are sent for duplicate analysis at an accredited external lab using standard XRF methodologies. Sample pulps are later shipped, using commercial freight services, to independent laboratories for gold assaying.

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. Tim Sanford consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears. Tim Sanford has sufficient experience, relevant to the style of mineralization and type of deposit under consideration and to the activity that he is undertaking, to qualify as a "competent person" as defined by the AIM rules.

Tonnes referenced are dry metric tonnes unless otherwise indicated; unless otherwise noted all figures are quoted in $USD.

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 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 2021 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:

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.

APPENDIX 1 - Glossary of Select Geological and Mining Terms

Term Definition

''Au'' gold

"Ag" silver

 ''concentrate'' in general, the saleable product resulting from crushing and grinding of mined ore in a processing plant along with concentration to remove impurities. Base metal operations can produce copper, lead and/or zinc concentrates

''Cu'' copper

''cut-off'' lowest grade of mineralised material considered economic, used in the calculation of ore reserves. Also used in reserve estimation, meaning all material higher than the given grade

''down plunge'' the direction within a rock mass indicated by linear features such as mineral lineation, fold axes or direction of maximum strain caused by deformation

''Footwall Zone'' or ''LFZ'' a mineralised zone beneath a geological feature such as a fault, another mineralised zone or bed

''grade'' relative quantity or the percentage of ore mineral or metal content in an ore body

''Indicated Mineral Resource'' that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed ''massive sulphide'' occurrence of a concentrated mass of sulfide mineral such as pyrite, sphalerite or chalcopyrite in one place, as opposed to their being disseminated or occurring in vein

''Measured Mineral Resource'' that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced

''Mineral Resource'' a concentration or occurrence of material of intrinsic economic interest in or on the Earth's crust in such form that there are reasonable prospects for eventual economic extraction. Mineral resources are sub-divided, in order of increasing confidence, into Inferred, Indicated and Measured categories

''mineralised'' containing or impregnated with minerals

''National Instrument 43-101'' provides standards of disclosure for mineral projects in Canada. It is a legal requirement in Canada for all oral and written disclosure of scientific or technical information on mineral deposits

 ''ore'' rock that can be mined and processed at a profit

 ''oz'' troy ounce (=31.103 grammes)

''Probable Mineral Reserves'' measured and/or indicated mineral resources which are not yet proven, but where technical economic studies show that extraction is justifiable at the time of the determination and under specific economic conditions

''Proven Mineral Reserves'' measured mineral resources, where technical economic studies show that extraction is justifiable at the time of the determination and under specific economic conditions

''reserve'' that part of a resource that can be mined at a profit under reasonably expected economic conditions

''resource'' mineralised body for which there is sufficient sampling information and geological understanding to outline a deposit of potential economic merit

 ''stringer'' a thin, discontinuous mineral vein or rock layer

''sulphide'' a mineral containing sulphur in its non-oxidised form

''t'' a metric tonne