Rambler Metals & Min (AIM:RMM) September quarter delivers the highest copper production in since 2014

Q3 2022 Operational Results

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, is pleased to announce its reconciled operational results for Q3 2022, with the exception of gold values which are awaiting final assay results for September 2022.

  • Rambler Metals reports that its Ming Mine / Nugget Pond operation in Newfoundland delivered copper production of 1,654t of saleable copper during the 3 months ending 30th September 2022 (Q3 2021 – 778t) bringing production so far in 2022 to 4,289t (2021 – 2,327t) and achieving the highest copper output since 2014.
  • The increased quarterly production results from the treatment of 102,189t of ore at an average grade of 1.75% copper, which we believe is the highest quarterly throughput since H2 2019.
  • Copper concentrate production of 6,263t is, we estimate, the highest quarterly output since at least Q1 2016.
  • The saleable gold content of production during the quarter totalled 513oz (Q3 2021 – 502oz) bringing the YTD total to 1,582oz although at this stage the total is provisional and awaiting confirmation by September’s final assay results.


· For the quarter ended 30 September 2022 (the “Quarter” or “Q3 2022”), the Ming Mine averaged ore production of 998 dry metric tonnes (“dmt”) per day (Q2 2022: 1,073 dmt per day). Consistent feed to the mill was achieved from inventory with 4,741 dmt remaining in stock at the end of September.

· During the Quarter, the Nugget Pond copper and gold milling facility achieved throughput of 1,177 dmt per operating day at a feed grade of 1.75% copper (Q2 2022: 1,163 dmt per operating day at a feed grade of 1.69% copper).

· Plant throughput of 102,189 dmt for the quarter represents the highest such value since Q3 2019 while the copper head grade of 1.75% matches that of Q4 2021 and stands as the highest since Q3 2016 (July-September 2016).

· Recovery of copper metal to concentrate was 95.8% for Q3 2022 (Q2 2022: 96.5%).

· During the Quarter, the operation produced 6,263 dmt of concentrate containing 1,716 tonnes of recovered copper and 714 ounces of recovered gold (Q2 2022: 5,891 dmt containing 1,627 tonnes and 834 ounces of recovered copper and gold respectively).

· The saleable metal production in Q3 2022 was 1,654 tonnes of saleable copper and 513 ounces of saleable gold (Q2 2022: 1,569 tonnes and 645 ounces of saleable copper and gold respectively). The quarterly saleable copper production in Q3 (and Q2) of 2022 represent the highest such achievements since fiscal 2014 when the plant was processing high grade material (3.68% average copper grade) from only massive sulfide feed sources.

· Development during the Quarter totalled 931 meters (Q2 2022: 1,040 meters).

Q3 2022 Production Results

Table 1 below summarizes the Ming Copper-Gold Mine’s production and development results for the last 5 quarters going back to Q3 2021 and period to date comparisons between 2021 and 2022.

Table 1 : Quarterly mine development and production results for the last five quarters and period to date comparisons between 2021 and 2022

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Operational Update

Production and Developed State

Mining progressed in all four of the main production areas in the mine, with production occurring from the Lower Footwall Zone (“LFZ”) on 510L and 760L, the Upper Footwall Zone (“UFZ”) on 790L, and the Ming North Zone (“MNZ”) on 785L. Average mined grades during the quarter were 1.78% copper with ore being mined from the 510L in the LFZ. At the end of September, there were approximately 10,000 tonnes of ore blasted available for mining, around 30,000 tonnes of ore drilled ready for blasting and approximately 200,000 tonnes available for drilling.

Development was strategically reduced to keep pace with production in all zones through the Quarter, providing sustainable access to production tonnes going forward while preserving cash.

Nugget Pond

The Nugget Pond processing plant has achieved throughput averaging 1,177 dmt per operating day (“tpod”) in the period. Plant availability for the Quarter was 94.3% and was impacted by a premature cone crusher liner failure. This resulted in an 8-day period where the average mill throughput was reduced during the latter part of September. The crusher was returned to full operational capacity in early October 2022.

Copper recovered for the Quarter was 1,716 tonnes based on 102,189 tonnes milled at a grade of 1.75% copper and recovery of 95.8%.


Discussions continue with several groups, including Newgen Resource Lending Inc. (“Newgen”) as the Company’s principal secured creditor, to restructure the finances of the Company.

Toby Bradbury, President and CEO, commented:

” Operational performance has continued to improve once again to deliver increasing payable copper production of 1,654 tonnes Cu. Although working capital constraints held us back at the end of September, we have finished the Quarter well placed to deliver 2,000 tonnes of copper in the final quarter of 2022.

“At the start of Q4, we have 10,000 tonnes of ore blasted on the ground available for mining, over 30,000 tonnes drilled ready for blasting and approximately 200,000 tonnes available for drilling. This provides an established ore mining inventory for 6 months.

The ability to switch mining from the 760L in the LFZ to the 510L highlights the value created in the redundancy that we now have in the underground operation. That was not present before.

“Consensus pricing at the start of July 2022 remained above US$4.00/lb through 2022 and into 2023. At these levels, it was anticipated that the working capital needs of the operations could be met from cash generation. The current lower copper prices (US$3.40-US$3.50/lb) mean that, while operations are generating a cash margin, the margin is not adequate to service the legacy debt of the Company. As we previously advised the market, Rambler is seeking a financial restructure to address the legacy debt that sits in the Company. During this period, the Company remains vulnerable to its working capital constraints.

“The current share price of around 5p indicates an enterprise value for Rambler, including all its debt, of approximately US$40million. That is US$40 million for an operating copper-gold mine in eastern Canada with a billion pounds of copper in measured and indicated resource with significant exploration potential and several cost-reduction and expansion projects in the pipeline.

“The past two years have been a turn-around story for Rambler which, in similar fashion to a pure exploration project, delivers value by increasing the size of the “pie”. The Company has been successful in achieving its broad objectives (namely mine development, creation of multiple mining zones, and sustainable increased production and grade) despite the constraints of a weak balance sheet and the physical “pie” is now substantially bigger than 24, 18, 12 and even 6 months ago. While debt has increased, that is reflected in the improved developed state of the mine, which has reduced the operational risk. The debt is still small in the context of the overall resource value.

“Today, under the stewardship of a competent operations team, we have four distinct underground producing zones with six months of developed ore reserves ahead of us. The primary reason we struggle is for lack of working capital, which also causes costs to be higher than they would otherwise be. Examples of this include being trapped in short-term rentals for known long -term equipment requirements, inferior creditor terms, and having limited ability to execute capital efficiency improvements with short payback timelines.

“We are in conversations with several groups as we seek to restructure the finances of the Company. Central to this process is Newgen as our principal secured creditor. However, there can be no certainty at this stage that Newgen will agree to defer or reschedule the repayment of its loan which is due to start being repaid at the end of this month, or the terms on which any deferral is agreed. We are still strongly of the view that Rambler’s current valuation represents an exciting opportunity and will update the market on the outcome of our financing discussions in due course. ”

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.


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:

Toby Bradbury

President and CEO

Rambler Metals & Mining Plc

Tel No: +1 (709) 800 1929

Fax No: +1 (709) 800 1921

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