RMM.L Regulatory News (RMM)

30 March, 2016

Unaudited Consolidated Financial Information

For the Quarter Ended January 31, 2016

London, United Kingdom & Newfoundland and Labrador, Canada - Rambler Metals and Mining PLC (TSXV: RAB, AIM: RMM) ('Rambler' or the 'Company') today announces its unaudited financial results and operational highlights for the quarter ended 31 January, 2016.

Key Financial Highlights (CAD$, 000's):

 financial Highlights (all amounts in Canadian dollars)

· A total of 3,770 dmt (Q1/16: 4,879 dmt, Q2/15: 5,005 dmt) of concentrate was provisionally invoiced during the period at an average price of $2.89 (Q1/16: $3.10, Q2/15: $3.39) per pound copper;

· Revenue for the quarter was $8.3 million (Q1/16: $11.2 million, Q2/15: $10.5 million) after adjustments arising from second provisional invoices and final settlement of provisional invoices;

· Cash flows generated from operating activities were $1.8 million (Q1/16: $2.2 million, Q2/15: $2.2 million);

· Net cash direct costs per pound of copper net of by-product credits ('C1') for the quarter were $2.46 (Q1/16: $1.99, Q2/15: $2.97). Copper produced in the same quarter was 2.1 million pounds (Q1/16: 2.8 million, Q2/15: 2.8 million) which accounts for the increase in C1 costs compared to Q1/16. The decrease compared to Q2/15 is due to increased productivity in Q2/16;

· Earnings before interest, taxes, depreciation, amortisation were $0.75 million for the three months ended January 31, 2016 compared to $2.9 million in Q1/16 and $(4.4) million in Q2/15;

· Loss before tax for the quarter was $2,079,000 (Q1/16: profit of $554,000, Q2/15: loss of $5,960,000). The loss in the second quarter of 2016 was mainly the result of reduced copper grade and depressed copper prices together with a non-cash foreign exchange loss of $1,146,000 on the retranslation of the Gold Loan.

· Cash flows generated from operating activities for Q2/16 were $1.8 million compared with cash generated of $2.2 million in Q1/16 and $2.2 million in Q2/15. The generation of cash from operations for the three months is from a cash operating profit offset by changes in working capital.

· The Group recorded an unrealised gain of $1,369,000 on the movement in the differences between anticipated commodity prices upon final settlement of concentrate in the Group's warehouse at period end and shipments delivered pending final settlements;

operational Highlights 

· Production of 56,548 dmt (Q1/16: 58,053 dmt, Q2/15: 54,869 dmt) was in line with the previous quarters and the fiscal guidance. Copper concentrate grade averaged 26% (Q1/16: 26%, Q2/15: 28%);

· Rambler maintained the same production level as the previous quarter of ~56,458 dmt. During the second half, the operation will continue to increase mill throughput with a target of 850 metric tonnes per day ('mtpd') by the end of the fiscal year;

· Phase II optimisation strategy was initiated with Lower Footwall Zone ('LFZ') development ore blended with ongoing production from the high grade massive sulphide zones;

· Operating loss of $1,659,000 (Q1/16: profit of $872,000, Q2/15: loss of $1,628,000);

· Head grades of copper 2.07%, gold 1.40 g/t and silver 10.20 g/t with recoveries to concentrate for copper 96.4%, gold 75.3% and silver 75.4%.

2016 Outlook

· Continue with the implementation pre-feasibility optimisation strategy with a goal to fully optimize all available infrastructure at the mine and mill sites;

· Maintaining focus on continuing to reduce operating costs at the operation;

· Increasing available resources and reserves through further exploration both within the Ming mine and current land holdings.

Norman Williams, President and CEO, Rambler Metals & Mining commented:

"At the half year mark, the operation is on target to meet the forecasted guidance for the fiscal year. In the past, Q2 has normally seen a decrease in mill throughput due to winter conditions. However, as part of the Groups focus on continued improvements, Q2/16 has maintained the same production levels as the previous quarter.

"Revenues are down slightly from the previous quarter mainly due to a reduced copper grade and lower copper price realized during the quarter. With a continued focus on cost control, evident by the reduction in costs year to date, we anticipate returning a stronger financial performance in the second half of the fiscal year. "

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 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.

The Company's Vision is to be Atlantic Canada's leading mine operator and resource developer through growth and expansion of its existing assets; discovering new deposits; strategic partnerships; mergers and acquisitions. In addition to the Ming Mine, Rambler owns 100 per cent of the former producing Little Deer/ Whales Back copper mines and has strategic investments in the former producing Hammerdown gold mine and the advanced Valentine Lake Gold Project.

Rambler is dual listed in London under AIM:RMM and in Canada under TSX-V:RAB.

For further information, please contact:

Website: www.ramblermines.com 

Larry Pilgrim, P.Geo., is the Qualified Person responsible for the technical content of this release and has reviewed and approved it accordingly. Mr. Pilgrim is an independent consultant contracted by Rambler Metals and Mining Canada Limited.  Tonnes referenced are dry metric tonnes unless otherwise indicated.

Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

GLOSSARY

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 - Supplemental Financial Information

(See Company website www.ramblermines.com or SEDAR for full Q2 2016 Interim Results)

Rambler Metals and Mining Plc

Unaudited Consolidated income statement

For the Quarter Ended January 31, 2016

(EXPRESSED IN CANADIAN DOLLARS)

Earnings per share

Rambler Metals and Mining Plc

Unaudited Consolidated balance sheet

As at January 31, 2016

(EXPRESSED IN CANADIAN DOLLARS)

Rambler Metals and Mining Plc

Unaudited statements of cash flows

For the Quarter Ended January 31, 2016

(EXPRESSED IN CANADIAN DOLLARS)