Rambler Metals and Mining : Announces Production Results for Q2 and H1 2021 and Investor Call

22 July 2021

Rambler Announces Production Results for Q2 and H1 2021

Investor Call

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, announces production results for the fiscal quarter and half year ended June 30, 2021.

Q2 2021 PRODUCTION SUMMARY

• For the second quarter ended June 30, 2021, the Nugget Pond copper and gold milling facility achieved throughput of 51,514 dmt at a feed grade of 1.44% copper versus 57,357 dmt at a feed grade of 1.64% copper in Q1 2021.
• Recovery of copper metal to concentrate was 94.0% for the quarter (Q1 2021: 96.6%).
• During the quarter, the operation produced 2,502 tonnes of concentrate containing 673 tonnes of saleable copper and 585 ounces of saleable gold (Q1 2021: 3,323 tonnes containing 876 tonnes and 562 ounces of saleable copper and gold respectively).
• Development during the quarter totalled 659 meters, including 418 meters of capital and 241 meters of operating development (Q1 2021: 776 meters including 579 and 197 meters of capital and operating development respectively).
• Delineation diamond drilling in the quarter totalled 4,094 meters drilled in 14 holes (Q1 2021: 1,991 meters drilled in 11 holes in the Lower Footwall Zone ("LFZ")), with all holes drilled into the LFZ.

Toby Bradbury, President and CEO, commented:

"While there was significant progress on the path to redevelopment of the Ming Mine through the quarter, it was not without its challenges. The reliance on cash-flow from production to provide supplementary funding for development work, at a time when production was inherently at higher risk, was exposed.

Notwithstanding, a significant amount of work was completed during the quarter and Rambler remains well positioned with a valuable copper resource in one of the best mining jurisdictions in the world.

The recent closing of financing with Riverfort Global Opportunities PCC Limited and YA II PN Ltd and the signing of the binding term sheet with Newgen Resource Lending Inc., will give the Company the financial resources it needs to support and complete the recovery of the Ming Mine,

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and provides contingency in the event that higher risk production does not materialise as planned. Risk in this context relates to the optionality around mining locations which has been limited to just one through most of this year. This will be mitigated with mine development providing access to multiple stoping locations by the end of 2021. The mine development contract that has commenced is an important part of this mitigation.

We remain confident that by year-end, we will have a mine capable of sustainably utilising the Nugget Pond Mill capacity which will serve as a platform for further optimisation and growth."

Q2 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 Q2 2020. Please note that the operational performance forecasts as announced on 30 June 2021 were prepared in the week prior to publication. During this week, the decision was taken to defer production into July, explaining the difference of 7,289 tonnes milled in H1 2021 versus the forecast. The guidance for the full year and 2022 remains unaffected.

Table 1 - Quarterly mine development and production results for the last five quarters

(See Note 1 below)

	Q2	Q3	Q4	Q1	Q2
	2020	2020	2020	2021	2021
MINE DEVELOPMENT
Capital development (m)	403	157	371	579	418
Operating development (m)	265	199	260	197	241
Total development (m)	668	356	631	776	659
THROUGHPUT AND
RECOVERY
Dry Tonnes Milled	63,127	54,232	60,963	57,357	51,514
Copper Recovery (%)	95.8	94.5	95.4	96.6	94.0
Gold Recovery (%)	62.9	63.8	67.7	66.0	65.7
Copper Head Grade (%)	1.54	1.50	1.63	1.64	1.44
Gold Head Grade (g/t)	0.61	0.55	0.62	0.55	0.61
CONCENTRATE
PRODUCTION
Copper grade (%)	26.5	28.1	25.9	27.4	27.9
Gold grade (g/t)	6.9	6.9	7.0	6.3	8.3
Dry Tonnes Produced	3,499	2,735	3,666	3,323	2,502

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	Q2	Q3	Q4	Q1	Q2
	2020	2020	2020	2021	2021
SALEABLE METAL
PRODUCTION
Copper (tonnes)	898	744	917	876	673
Gold (ounces)	668	519	703	562	585

Development during the quarter improved in relation to 2020 but was affected by staff and equipment availability which continues to improve through the remediation program. Copper recovery was impacted by an inconsistent ore supply resulting in inefficiency in the mill which also continues to improve. Each of these issues are short term.

Redevelopment Achievements for the Quarter:

• A second diamond drill has been mobilised to the underground mine to assist with completion of the delineation program and commence the exploration drilling program in Q3 2021;
• Drill core from the delineation drilling program has been submitted for geotechnical testwork and analysis to assist in production stope design and mining method selection going forward;
• Upgrade of the underground power distribution system including:

• 1. isolating the mine's exhaust fan system to draw power from a separate electrical feed;
  1. upgrades to the mine's main surface transformer and electrical cables;
  1. planned maintenance and adjustments on the entire underground electrical system to synchronize with the surface upgrades;
• Establishment of two return airways for ventilation and one second egress raise in preparation for production from the 510 level in the LFZ;
• Upgrades to the underground ventilation system in preparation for contractor development in the LFZ Block 6 area;
• Received and inspected all contractor equipment including 1 jumbo, 1 scoop, 1 scissor deck and 2 personnel carriers;
• Received and commissioned 2 scoops and 3 personnel carriers for the Company;
• Engineered and completed upgrades to the waste water treatment process to maintain compliance in response to a regulated change in effluent discharge criteria effective June 2021;
• Continued with remediation planning and maintenance at the milling facility in preparation for a steady increase in mill throughput for the remainder of the year. Work completed includes:
• 1. Filter press rebuild;

1. Repair of flotation cells;

1. Upgrade to compressed air system;

1. Building upgrades and repairs including more efficient lighting throughout;

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• 1. Upgrades and repairs to the Nugget Pond electrical supply pole line; o Repairs to the microwave plasma assaying unit;
     o Replaced ball and SAG mill lifters and liners;
     o Completed NDT testing on all critical components; o Upgrades to the decant and reclaim water system; o Replenished inventory and critical spare components.
• Secured and mobilized a contractor for construction of a tailings dam raise at Nugget Pond rescheduled from 2020 and which will be completed in Q3 2021;
• Site preparations completed for the installation of a spare emergency generator to be installed during a planned mill maintenance shutdown in Q3 2021;
• While Rambler is predominantly a residential mine with the majority of employees living in the local communities, the Company is establishing a camp at the mine site to accommodate people with skills that are not currently available locally, including the mine development contractors. Site preparation work was commenced in the quarter and commissioning is expected in August 2021. This also forms part of a Covid mitigation strategy;
• As part of the long-term focus that Rambler represents and to enhance our attractiveness as an employer, we implemented a retirement plan to which the Company makes a co-contribution and we have reviewed remuneration and a largely self-funded incentive arrangement to enable us to attract and retain the best employees;
• During Q2 the Company experienced high turnover within the underground workforce impacting production and development to a degree. In response Rambler has initiated the development of an Underground Common Core training program to assist with the training and development of the local work force. The Company is planning the first training session in August 2021. Key vacancies have been managed with the use of contractors;
• The Company currently employs 219 employees and has 38 contractors providing services at the operation, up from 168 employees and 24 contractors at the start of the year;
• Table 2 below details the delineation drilling accomplished during the first half of 2021 and planned drilling for H2 2021. Assay results are still arriving from the drilling completed. The reduction from previous drilling meters targeted for the year is a result of the contractors difficulty in staffing the second drill rig which is now resolved;
• The Company is evaluating options for an on-site independent laboratory to minimize assay turnaround time;

Table 2 - Delineation drilling: actual and planned activities for 2021

	Delineation Drilling			# Holes / Meters
	Zone		Q1 2021	Q2 2021	H2 2021	Total
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Delineation Drilling			# Holes / Meters
LFZ	11 / 1,991	14 / 4,094	12 / 3,000	37 / 9,085
MMS	0	/ 0	0	/ 0	15 / 4,000	15 / 4,000
Total	11 /	1,991	14 /	4,094	27 / 7,000	52 / 13,085

• An update (upgrade) of the NI 43-101 resource statement for Little Deer and Whalesback deposits (now referred to as the Little Deer Complex), located near Springdale, NL, was released on 12 July 2021 as the Company prepares to unlock value from these assets;
• The Company selected an enterprise resource planning ("ERP") system and engaged Deloitte LLP for ERP implementation which is expected to be completed by Q4 2021. Implementation has commenced.
• Ore sorting facility design work is progressing with the consultant engaged;

Tables 3, 4, and 5 below detail the results achieved by ore sorting in bulk sample testing. Key findings are:

• 18% of ROM material is rejected as waste which will not need to be hauled to the plant, processed, or put into tailings;
• An economic determination will be made as to how to handle the middlings fraction and whether it will be better to process this material with the product or combine it with the waste reject. There is a potential third option to stockpile this material until a new mill has been built at the mine site.

Table 3: Combined LFZ and MMS copper ore sorting test work mass split results (as a % of ROM)

	ROM		Mass Split (% of ROM)
Size Fraction	Mass %	Waste	Middlings	Product		Total
+75-100mm	16%	23%	11%	67%		100%
+50-75mm	17%	32%	10%	57%		100%
+25-50mm	19%	30%	15%	55%		100%
+12-25mm	13%	25%	12%	63%		100%
-12mm (fines)	35%	0%	0%	100%		100%
Total	100%	18%	8%	74%		100%

Table 4: Combined LFZ and MMS copper ore sorting test work mass split results (as a % of feed to sorter)

		ROM		Mass Split (% of feed to sorter)
	Size Fraction	Mass %		Waste	Middlings	Product	Total
	+75-100mm	16%		5%	3%	16%	24%
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