9 September 2022

Rambler Metals and Mining PLC

Rambler Provides a Corporate Update

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 wishes to provide an update on its current financial position in light of the recent decline and volatility in copper prices and ongoing inflationary pressures.

The Company has recently completed an update of its long-term financial model taking account of the current macro-economic situation, which has indicated a requirement for additional capital. A great deal of work has also been done on the Company's financial systems and this has provided the Company with much better clarity on its cost structure and opportunities for improvement.

It should be noted that the current stress on the business is from balance sheet weakness rather than operational viability. The focus of new capital would be to strengthen the balance sheet at a time when operational performance has improved following continued development investment. Operational results have been released monthly up until the end of June 2022 and will be discussed in greater detail in the Company's interim financial report which will be released before the end of September.

The principle issues that the Company needs to address on its balance sheet in the short term are  acceleration of the repayment of legacy commitments made during the intense Covid period;  reduction of current operational accounts payable balances back to current terms; rescheduling the repayment of longer term debt to better match Rambler's operational cash flow generation; and further capital expenditures to further reduce operating costs. In addition, the Company is conducting a continuous review of its operational and capital commitments to identify elements that can be deferred without impacting near term operations, to ensure financial viability in the face of current copper prices.

The capital to be sought is intended to consolidate the Company's operational gains and commence the process of strengthening the balance sheet in a more permanent way. As indicated in the Company's 2021 year-end accounts, Rambler started the year with limited working capital and as production has increased in an inflationary environment, the Company's working capital needs have grown.  This was accommodated to some degree with a previously favourable copper price but the current period is such that the Company recognises the need to prepare for a more sustained inflationary environment and one where copper prices may be more inherently volatile. 

The Company will keep the market fully informed as the proposed balance sheet restructure progresses and Rambler extends its appreciation to all of its stakeholders for their support to date as it completes this process.

At this stage, it is not certain whether the capital will be in the form of equity, a restructure of debt, or a combination of the two.

Further detail will be provided, alongside or subsequent to the release of the half year results.

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.  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.

The Company has established a production profile to meet current mill capacity of 1,350 metric tonnes per day with a target grade of 2% Cu and is evaluating growth 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.