Rambler Metals & Min (RMM.L) Production Ramp-up in October 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, is pleased to report steadily improving key production and development results from June through October 2021, as summarized in Table 1 below.

Table 1: Monthly mine development and production results for the period June-October 2021

*  Month prior to commencement of contractor development.

** Any differences to the quarterly figures announced on 8 October 2021 are due to rounding.

As at the end of October 2021, there were 1,097 tonnes of copper remaining in the forward sales contract at $7,700/tonne.

As development in the lower mine continued throughout the third quarter, first ore was intersected in both the Upper Footwall Zone (“UFZ”) and Lower Footwall (“LFZ”) zones. The increase in mill feed grade through the period is largely due to high grade development ore mined in the UFZ, where development rounds have ranged from 2% to greater than 12% copper. Typically, gold grades in the UFZ are also elevated compared to the LFZ. First stoping from both the LFZ and UFZ is expected to begin in December 2021.

Toby Bradbury, President and CEO, commented:

“The recently announced completion of the debt financing package (see press release of 29 October, 2021) was an important milestone for the Company in delivering on its operational recovery plans.

The Company is pleased to provide this update in the context of the turn-around process at Ming Mine, against a backdrop in recent months of constrained financial resources and dealing with Covid-19. In future, the Company intends to revert to reporting operational results to the market on a quarterly basis. The operational data presented here shows that, even before closing the financing, we have been steadily improving our operations.

Our development rate improved from 233 m/month in June 2021 to 411 m/month in October 2021 as the underground mining contractor mobilized to site and accelerated its performance. As previously reported on 8 October, 2021, we intersected expected high grades with our development in the UFZ in late September and we achieved high copper mill feed grades through October with an average grade of 2.22% copper.

Associated with higher feed grade and feed rates through the period, the plant improved its performance in terms of copper recovery, copper concentrate grade, and concentrate tonnes produced. This all added up to more than doubling the rate of saleable copper production from 197 tonnes in June to 521 tonnes in October.

The mine produced these improved results whilst remaining in development mode to deliver multiple stopes by the end of 2021 which underpins our goal of sustainably achieving 1350 tonnes per day mill feed at an average head grade of 2% copper.

The challenges announced on 8 October are being progressively overcome with the benefit of the NewGen financing.”

Investor Call

An investor call is scheduled to take place via Zoom, with details listed below:

Date: 17 November 2021, 2:00 PM London time, 9:00 AM EST

Please register in advance for this meeting:

https://us06web.zoom.us/meeting/register/tZEpceyrpzsrE9bv7JffDsV0XKin9n8GYSJk

After registering, you will receive a confirmation email containing information about joining the meeting.

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. Tim Sanford consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears. Tim Sanford has sufficient experience, relevant to the style of mineralization and type of deposit under consideration and to the activity that he is undertaking, to qualify as a “competent person” as defined by the AIM rules.

ABOUT RAMBLER METALS AND MINING

Rambler is a mining and development Company that owns 100% of 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.

Rambler’s current focus is to regain its production profile at 1,350 metric tonnes per day at 2% copper by the end of 2021 and evaluate expansion opportunities from that base.

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