Rambler Metals and Mining : Reports Financial Results Half Year Ended June 30, 2019

19 August 2019

Rambler Reports Financial Results

Half Year Ended June 30, 2019

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, today reports its unaudited financial results and operational highlights for the half year ended June 30, 2019.

PERIOD END HIGHLIGHTS

• Revenue for the period was US$17.5 million (2018: US$13.6 million);
• Total throughput for the period was 211,090 dmt (2018: 177,605 dmt), a 19% increase which represents the highest semi-annual throughput on record;
• Cash production costs for the period were US$17.7 million (2018: US$15.1 million). Net direct cash costs net of by-product credits ('C1 costs') for the period were US$2.91 per pound of saleable copper (2018: US$3.81);
• Operating loss for the period was US$6.9 million (2018: US$8.6 million). Earnings before interest,
  taxes, depreciation, amortisation ('EBITDA') for the period was a loss of US$1.8 million (2018: loss of US$5.6 million);
• Average prices for the period were US$2.78 (2018: US$3.14) per pound of copper and US$1,309
  (2018: US$1,318) per ounce gold;

SUBSEQUENT EVENTS

• On July 18, Rambler began depositing tailings into Camp Pond, the new tailings management facility. This was achieved ahead of schedule.
• On July 22, the mill achieved a new one-day record throughput of 1,493 dry tonnes per day.
• The Company is currently in discussions to raise financing and further announcements will be made as appropriate.

KEY PERIOD FINANCIAL METRICS ($US)
		H1 2019	H1 2018
	Revenue	$17.5 M	$13.6 M
	Cash Production Expenses	$17.7 M	$15.1 M
	G&A	$2.3 M	$2.5 M
	EBITDA	$(1.8) M	$(5.6) M
	Operating (loss) profit before impairment	$(6.9) M	$(8.6) M
	Loss before tax	$(6.8) M	$(10.7) M
	Loss after tax	$(6.8) M	$(7.6) M
	Loss per share (US$)	$(0.008)	$(0.012)
	Cash Flows utilised in Operations	$(3.4) M	$(1.5) M
	Cash cost per lbs of copper, net of credits (C1) (US$)	$2.91	$3.81

London, England: 3 Sheen Road ! Richmond Upon Thames, Surrey ! TW9 1AD ! T.+44 020 7096 0662 ! F.+44 020 8609 0313 !

www.ramblermines.com AIM : RMM

KEY PERIOD OPERATING METRICS
		H1 2019	H1 2018
	Concentrate Production (dry metric tonnes)	10,222	6,644
	Copper (saleable dry metric tonnes)	2,624	1,801
	Gold (saleable ounces)	2,450	1,861
	Concentrate Grade Copper (%)	26.7	28.2
	Gold Concentrate Grade (g/t)	8.5	9.7
	Mill Feed, Copper Grades (%)	1.36	1.10
	Mill Feed, Gold Grades (g/t)	0.59	0.53
	Avg. Copper Price (US$ per pound)	2.78	3.14
	Avg. Gold Price (US$ per ounce)	1,309	1,318

Andre Booyzen, President and CEO, Rambler Metals & Mining commented:

"The year-to-date mine and mill performance has demonstrated the effectiveness of the focus on continuous improvements that were started in late 2018 and still continue. Our staff and contractors are focussed on producing safely and exceeding production targets."

"As a result of the operational improvement, we see that the financial performance is beginning to turn around as well. Revenue is up by US$3.9M while incremental cash operating expenses have only increased by US$2.6M, leading to an improvement in overall financial performance. What is encouraging to see is a 24% reduction in cash operating cost per pound of copper and an EBITDA improvement of 68%."

FINANCIAL RESULTS

• EBITDA for the period was a loss of US$1.8 million (2018: US$5.6 million). The net loss before tax for
  the period was US$6.8 million (2018: US$10.7 million);
• Revenue for the period of US$17.5 million (2018 - US$13.6 million);
• A total of 10,622 dmt (H1 2018 - 6,644 dmt) of concentrate was provisionally invoiced during the period containing 2,624 (H1 2018 - 1,801) tonnes of saleable copper metal, 2,450 (H1 2018 - 1,861) ounces of saleable gold at an average price of US$2.78 (FY2018 - US$3.14) per pound copper and US$1,309 (FY2018 - US$1,318) per ounce gold;
• Cash flows utilised in operating activities for the year were US$(3.4) million (2018: US$(1.5) million).
• Current cash balance is US$1.4 million at date of release.

London, England: 3 Sheen Road ! Richmond Upon Thames, Surrey ! TW9 1AD ! T.+44 020 7096 0662 ! F.+44 020 8609 0313 !

www.ramblermines.com	AIM : RMM	2

OPERATIONAL HIGHLIGHTS

Table 1 - Ore Throughput and Concentrate Production Summary for H1 2019

(See Note 1 below)
THROUGHPUT AND RECOVERY	Q2		YTD			Q1 2019	Q2	YTD
2018		2018			2019	2019
Dry Tonnes Milled			94,589		177,605			98,411	112,679	211,090
Copper Recovery (%)			95.9		96.3			96.3	93.7	94.9
Gold Recovery (%)			68.9		68.8			69.4	68.4	68.9
Copper Head Grade (%)			1.12		1.10			1.33	1.40	1.36
Gold Head Grade (g/t)			0.63		0.53		0.58	0.60	0.59
CONCENTRATE PRODUCTION
Copper grade (%)			28.0		28.2		26.2	27.2	26.7
Gold grade (g/t)			11.2		9.7		8.3	8.6	8.5
Dry Tonnes Produced			3,643		6,644			4,797	5,425	10,222
SALEABLE METAL
PRODUCTION
Copper (tonnes)			978		1,801		1,207	1,417	2,624
Gold (ounces)			1,199		1,861		1,128	1,321	2,450
Table 2 - YTD over YTD Results Comparison
(See Note 1 below)
THROUGHPUT AND	YTD		YTD
RECOVERY	2018	2019
Dry Tonnes Milled	177,605		211,090		19%
Copper Recovery (%)	96.3		94.9		-1%
Gold Recovery (%)	68.8		68.9		0%
Copper Head Grade (%)	1.10		1.36		24%
Gold Head Grade (g/t)	0.53		0.59		13%
CONCENTRATE
PRODUCTION
Copper grade (%)	28.2		26.7		-5%
Gold grade (g/t)	9.7		8.5		-13%
Dry Tonnes Produced	6,644		10,222		54%
SALEABLE METAL
PRODUCTION
Copper (tonnes)	1,801	2,624		46%
Gold (ounces)	1,861		2,450		32%

(g/t = grammes per tonne)

London, England: 3 Sheen Road ! Richmond Upon Thames, Surrey ! TW9 1AD ! T.+44 020 7096 0662 ! F.+44 020 8609 0313 !
www.ramblermines.com	AIM : RMM	3

OUTLOOK

With the Phase II expansion now complete, management continues to pursue the following objectives:

• Given the productivity improvements in the mine operation, which has provided access to better grade material in both the Lower Footwall Zone and the Ming Massive Sulfide deposits, we are now turning our attention to increasing the overall feed grade delivered to the mill. The guidance update for 2019 is highlighted in Table 3 below and reflects our commitment to solidify and extend beyond the improvements we have been able to achieve to date. All targets are on track except for gold grade and saleable gold, both of which will be assisted by a focus on achieving increased production from the high gold grade massive sulfide orebodies in the second half of 2019.

Table 3 - Fiscal 2019 Guidance Update

THROUGHPUT	Fiscal 2019	Progress Toward	OnTarget 
Guidance	Guidance, YTD	Off Target X
Dry Tonnes Milled	400,000	- 450,000	211,090	
Copper Head Grade (%)	1.30	- 1.50	1.36	
Gold Head Grade (g/t)	0.70 - 0.90	0.59	X
SALEABLE METAL	Fiscal 2019
PRODUCTION	Guidance
Copper (tonnes)	5,000	- 6,000	2,624	
Gold (ounces)	5,000	- 7,000	2,450	X

• Further evaluate the potential of a Phase III operation with increase in mine production and mill throughput to about 2,000 mtpd.
• Continuing with the underground exploration program to allow for further exploration of the mineralized trends both up-dip and down-dip with the goal to increase near-mine mine resource and reserves.
• Continue with the surface exploration diamond drilling program aimed to double the current plunge length of the known massive sulphide and Lower Footwall Zone ("LFZ") mineralization.

For further information see Appendix 1 of this release. The unaudited financial statements and full report for the period are now available on the Company's website at http://www.ramblermines.com.

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:

London, England: 3 Sheen Road ! Richmond Upon Thames, Surrey ! TW9 1AD ! T.+44 020 7096 0662 ! F.+44 020 8609 0313 !

www.ramblermines.com	AIM : RMM	4

g/t = grammes per tonne dmt = dry metric tonnes mtpd = metric tonnes per day

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'). 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 facilities are located on the Baie Verte peninsula, Newfoundland and Labrador, Canada.

Following the completion of its recent productivity improvement initiative Rambler's focus is on sustaining mine and mill production at over 1,350 metric tonnes per day at 2% Copper at the Ming Mine. With a return to profitability and positive cash flow, Rambler will continue advancing engineering studies and capital asset additions with a view to further increase production.

Along with the Ming Mine, Rambler also owns 100 per cent of the former producing Little Deer/ Whales Back copper mines.

Rambler is listed in London under AIM:RMM.

For further information, please contact:

Andre Booyzen	Sanjay Swarup	Tim Sanford. P. Eng.
President and CEO	CFO	Vice President and
Rambler Metals & Mining Plc	Rambler Metals & Mining Plc	Corporate Secretary
Tel No: [phone]	Tel No: [phone]	Rambler Metals & Mining Plc
Fax No: [phone]	Fax No: [phone]	Tel No: [phone]
		Fax No: [phone]
Nominated Advisor (NOMAD)
Ewan Leggat, Caroline Rowe
SP Angel Corporate Finance LLP
Tel No: [phone]

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

London, England: 3 Sheen Road ! Richmond Upon Thames, Surrey ! TW9 1AD ! T.+44 020 7096 0662 ! F.+44 020 8609 0313 !

www.ramblermines.com	AIM : RMM	5