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 an update regarding its gold purchase and sale agreement with Elemental Altus Royalties Corp. (“Elemental Altus”) (the “Agreement”), in relation to production from its 100% owned Ming Mine, located in Newfoundland, Canada.
As noted in the Company’s announcement of 17 March 2022, the Company entered into a gold purchase and sale agreement with Elemental Altus, pursuant to which Rambler was contracted to make minimum gold deliveries of 1,200 ounces to Elemental Altus in each of the first three years of the Agreement.
No sale and delivery of refined gold has occurred for the financial quarters ended September 30, 2022 and December 31, 2022 and therefore an event of default has occurred, as defined in the Agreement. Elemental Altus and Rambler intend to enter discussions regarding a solution to the default.
At this stage there can be no guarantee that Elemental Altus will agree to defer or reschedule the sale and delivery of gold, or interest due on the gold purchase and sale agreement, or the terms on which any deferral will be agreed. Accordingly, the Company’s financial position remains uncertain.
In addition, Rambler remains in discussions with several groups as the Company seeks to restructure its finances. Further announcements will be made as appropriate.
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’) which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. 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 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:
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Toby Bradbury President and CEO Rambler Metals & Mining Plc Tel No: +1 (709) 800 1929 Fax No: +1 (709) 800 1921 |
Celeste Van Tonder CFO Rambler Metals & Mining Plc Tel No: +1 (709) 800 1929 Fax No: +1 (709) 800 1921 |
Tim Sanford. P. Eng. VP & Corporate Secretary Rambler Metals & Mining Plc Tel No: +1 (709) 532 5736 Fax No: +1 (709) 800 1921 |
