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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Rambler Metals & Mining Plc | LSE:RMM | London | Ordinary Share | GB00BLFJ1613 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 5.375 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMRMM
RNS Number : 2063G
Rambler Metals & Mining PLC
25 May 2017
25 May 2017
Rambler Reports Financial Results Period Ended March 31, 2017
London, England & Baie Verte, Newfoundland and Labrador, Canada - Rambler Metals and Mining plc (TSXV: RAB, AIM: RMM) ('Rambler' or the 'Company'), a copper and gold producer operating in Newfoundland and Labrador, Canada, today reports its unaudited financial results and operational highlights for period ended March 31, 2017 (Q1/17).
period Highlights
-- Production of 75,438 dry metric tonnes ('dmt') of ore (Q4/16: 72,036 dmt, Q1/16: 58,362 dmt) a 5% increase on the previous quarter, with copper head grade of 1.13% (Q4/16: 1.36%, Q1/16: 2.28%).
-- Production of 2,930 tonnes of concentrate (Q4/16: 3,168 dmt, Q1/16: 4,260 dmt) containing 794 metric tonnes of saleable copper (Q4/16: 850 dmt, Q1/16: 1,107 dmt) and 391 ounces of saleable gold (Q4/16: 865 dmt, Q1/16: 2,096 dmt).
-- Revenue for the quarter was US$5.7 million (Q4/16: US$5.4 million, Q1/16: US$7.7 million).
-- Average prices for the quarter were US$2.63 per pound of copper (Q4/16: US$2.36, Q1/16: US$2.13) and US$1,211 per ounce gold (Q4/16: US$1,246 Q1/16: US$1,173).
-- Operating loss of US$3.5 million (Q4/16: US$3.4 million loss, Q1/16: US$0.4 million profit) and Earnings before interest, taxes, depreciation, amortisation ('EBITDA') of US$(1.5) million (Q4/16: US$(1.0) million, Q1/16: $2.9 million).
-- Direct cash costs net of by-product credits ('C1 costs') for the quarter were US$3.39 per saleable pound of copper (Q4/16: US$2.99, Q1/16: US$1.39).
-- Cash flows (utilized)/generated from operating activities were US$(2.1) million (Q4/16: US$0.2 million, Q1/16: US$2.4 million).
KEY FINANCIALS METRICS
Hot Features
Premium
Financial Highlights Three months ended
(All amounts in 000s
of US Dollars, unless
otherwise stated)
--------------------------- ----------------------------------
March 31, December March
2017 31, 31, 2016
2016
--------------------------- ---------- ---------- ----------
Revenue 5,725 5,396 7,660
--------------------------- ---------- ---------- ----------
Production costs 6,492 6,224 4,849
--------------------------- ---------- ---------- ----------
Administrative expenses 863 793 730
--------------------------- ---------- ---------- ----------
Net (loss)/income (2,769) (1,135) 737
--------------------------- ---------- ---------- ----------
Cash and cash equivalents
at end of period 5,094 2,156 374
--------------------------- ---------- ---------- ----------
Total Assets 88,968 82,491 82,545
--------------------------- ---------- ---------- ----------
Total Liabilities (26,384) (26,122) (24,895)
--------------------------- ---------- ---------- ----------
Working Capital 123 (3,214) (8,308)
--------------------------- ---------- ---------- ----------
Weighted average number
of shares outstanding
('000s) 535,605 414,290 145,958
--------------------------- ---------- ---------- ----------
Earnings/(loss) per
share ($) (0.005) (0.003) 0.006
--------------------------- ---------- ---------- ----------
Key Operating METRICS
Q1/17 Q4/16 Q1/16
-------------------------- ----- ------ -----
Production (dry metric
tonnes of concentrate) 2,930 3,168 4,260
-------------------------- ----- ------ -----
Copper (saleable dry
metric tonnes) 794 850 1,107
-------------------------- ----- ------ -----
Gold (saleable ounces) 391 865 2,096
-------------------------- ----- ------ -----
Concentrate Grade Copper
(%) 28.2 26.8 27.1
-------------------------- ----- ------ -----
Gold Concentrate Grade
(g/t) 5.2 9.2 16.3
-------------------------- ----- ------ -----
Copper Grades (%) 1.13 1.36 2.28
-------------------------- ----- ------ -----
Gold Grades (g/t) 0.3 0.56 1.72
-------------------------- ----- ------ -----
Avg. Copper Price (US$
per pound) 2.63 2.36 2.13
-------------------------- ----- ------ -----
Avg. Gold Price (US$
per ounce) 1,211 1,246 1,173
-------------------------- ----- ------ -----
Norman Williams, President and CEO, Rambler Metals & Mining commented:
"Underground development into the Lower Footwall Zone is continuing, and picking up pace as more headings are brought online. While grade for the quarter was below guidance, this decrease in grade during the period was anticipated as we continue to ramp up access development and to transition the blended mill feed to include more LFZ stope ore.
"Development into the core of the LFZ is on the critical path and necessary before steady production can be maintained with ore primarily sourced from LFZ stoping areas. As multiple stoping areas come online, mine production of 1,250 tonnes per day ore can be sustained from mid-2017 onward. With this grade will then increase throughout the remainder of the year causing C1 cost to decline to the targeted $1.70 per pound of copper.
"At quarter-end, the operation was scheduling final upgrades to the mill's grinding circuit in advance of increased ore production from the mine. In addition to the capital expansion projects, the Lower Footwall Zone surface exploration drill program is proceeding on schedule with a planned start date in June. We look forward to providing updates on this project over the coming months."
FINANCIAL Results
-- Earnings (losses) before interest, taxes, depreciation, amortisation ("EBITDA") were US$(1.5) million for Q1/17 compared to US$(1.0) million in Q4/16 and US$2.9 million in Q1/16. The net loss after tax for Q1/17 was US$2.8 million or US$0.005 per share which compares with a loss of US$1.6 million or US$0.004 per share for Q4/16 and a profit of US$0.8 million or US$0.006 per share for Q1/16. The increase in losses from Q4/16 was mainly due to a tax credit recognised in Q4/16 and the increase from Q1/16 was mainly due to the lower production of saleable pounds of copper.
-- A total of 3,249 dmt (Q4/16 - 3,272 dmt, Q1/16 - 4,297 dmt) of concentrate was provisionally invoiced during the period at an average price of US$2.63 (Q4/16 - US$2.36, Q1/16 - US$2.13) per pound copper and US$1,211 (Q4/16 - US$1,246, Q1/16 - US$1,173) per ounce gold, generating US$5.7 million in revenue (Q4/16 US$5.7 million, Q1/16 - US$6.9 million). Revenue for the quarter was US$5.7 million (Q4/16 US$5.4 million, Q1/16 - US$7.7 million) after adjustments arising from second provisional invoices and final settlement of provisional invoices. The reduction in revenue compared to Q1/16 is due to lower planned copper head grades while the Company continues to develop into the LFZ to achieve its production target of 1,250 mtpd.
-- Cash flows utilized in operating activities for Q1/17 were US$2.1 million compared with cash generated of US$0.2 million in Q4/16 and $2.4 million in Q1/16. The utilization of cash in operations for the quarter arose from a cash operating loss offset by changes in working capital.
OPERATIONAL HIGHLIGHTS
Ore and Concentrate Production Summary for the period
PRODUCTION Q4/16 Q1/17 Q1/16 Q1/17 Dry Tonnes Milled 72,036 75,438 5% 58,362 75,438 29% --------------------- ------- ------- ------- ------- Copper Recovery (%) 94.1 96.6 0% 96.3 96.6 0% --------------------- ------- ------- ------- ------- Gold Recovery (%) 70.5 64.0 -9% 71.4 64.0 -10% --------------------- ------- ------- ------- ------- Copper Head Grade (%) 1.36 1.13 -17% 2.28 1.13 -50% --------------------- ------- ------- ------- ------- Gold Head Grade (g/t) 0.56 0.3 -46% 1.72 0.3 -82% --------------------- ------- ------- ------- ------- CONCENTRATE (Produced and Stored in Warehouse) ------------------------------ ------- ------- ------- Copper (%) 26.8 28.2 5% 27.1 28.2 4% --------------------- ------- ------- ------- ------- Gold (g/t) 9.2 5.2 -44% 16.3 5.2 -68% --------------------- ------- ------- ------- ------- Dry Tonnes Produced 3,168 2,930 -8% 4,260 2,930 -31% --------------------- ------- ------- ------- ------- Saleable Copper Metal (t) 850 794 -7% 1,107 794 -28% --------------------- ------- ------- ------- ------- Saleable Gold (oz) 865 391 -55% 2,096 391 -81% --------------------- ------- ------- ------- -------
For further information see Appendix 1 of this release. The audited financial statements and MD&A will be available on the Company's website at http://www.ramblermines.com and on SEDAR.
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.
Along with the Ming Mine, Rambler also owns 100 per cent of the former producing Little Deer/ Whales Back copper mines and has strategic investment in the former producing Hammerdown gold mine.
Rambler is dual listed in London under AIM:RMM and in Canada under TSX-V:RAB.
For further information, please contact:
Norman Williams, Peter Mercer
CPA,CA Vice President, Corporate
President and CEO Secretary
Rambler Metals & Rambler Metals & Mining
Mining Plc Plc
Tel No: 709-800-1929 Tel No: +44 (0) 20
Fax No: 709-800-1921 8652-2700
Fax No: +44 (0) 20
8652-2719
Nominated Advisor Investor Relations
(NOMAD)
David Porter, Craig Nicole Marchand Investor
Francis Relations
Cantor Fitzgerald Tel No: 416- 428-3533
Europe Nicole@nm-ir.com
Tel No: +44 (0)
20 7894 7000
Website: www.ramblermines.com
Larry Pilgrim, P.Geo., is the Qualified Person responsible for the technical content of this release and has reviewed and approved it accordingly. Mr. Pilgrim is an independent consultant contracted by 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.
Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.
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 commercial operations. Other factors that could cause actual results, developments or events to differ materially from those anticipated include, among others, increases/decreases in production; volatility in metals prices and demand; currency fluctuations; cash operating margins; cash operating cost per pound sold; costs per ton of ore; variances in ore grade or recovery rates from those assumed in mining plans; reserves and/or resources; the ability to successfully integrate acquired assets; operational risks inherent in mining or development activities and legislative factors relating to prices, taxes, royalties, land use, title and permits, importing and exporting of minerals and environmental protection. Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and the Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise, except as required under applicable security law
APPIX 1 - Supplemental Financial Information
(See Company website www.ramblermines.com or SEDAR for full period ended March 31, 2017 Results)
Rambler Metals and Mining Plc
Unaudited Consolidated income statement
For the Quarter Ended March 31, 2017
(EXPRESSED IN US DOLLARS)
Quarter Quarter
ended ended
March March
31 2017 31 2016
US$'000 US$'000
Revenue 5,725 7,660
Production costs (6,492) (4,849)
Depreciation and amortisation (1,900) (1,695)
========= ========
Gross (loss)/profit (2,667) 1,116
Administrative expenses (863) (730)
Exploration expenses (5) (4)
========= ========
Operating (loss)/profit (3,535) 382
========= ========
Bank interest receivable 11 6
Loss on derivative financial
instruments (26) (227)
Finance costs (557) (175)
Foreign exchange differences 201 1,044
========= ========
Net financing expense (371) 648
========= ========
(Loss)/profit before tax (3,906) 1,030
Income tax credit/(expense) 1,137 (293)
(Loss)/profit for the period
and attributable to owners
of the parent (2,769) 737
========= ========
Earnings per share
Quarter Quarter
ended ended
March March
31 2017 31 2016
US$'000 US$'000
Basic and diluted earnings
per share (0.005) 0.006
======== ========
Rambler Metals and Mining Plc
Unaudited Consolidated balance sheet
As at March 31, 2017
(EXPRESSED IN US DOLLARS)
Note Unaudited Audited
March December
31 2017 31 2016
US$'000 US$'000
Assets
Intangible assets 3 2,198 2,169
Mineral properties 4 34,928 34,453
Property, plant and equipment 5 24,092 23,056
Available for sale investments 6 1,650 1,333
Deferred tax 12,788 11,545
Restricted cash 3,328 3,243
========= =========
Total non-current assets 78,984 75,799
========= =========
Inventory 7 2,346 2,496
Trade and other receivables 1,288 1,284
Derivative financial
asset 8 1,256 756
Cash and cash equivalents 5,094 2,156
Total current assets 9,984 6,692
========= =========
Total assets 88,968 82,491
========= =========
Equity
Issued capital 8,055 6,374
Share premium 89,280 81,442
Share warrants reserve 858 2,089
Merger reserve 180 180
Translation reserve (18,386) (18,749)
Fair value reserve 786 476
Retained profits (18,189) (15,443)
========= =========
Total equity 62,584 56,369
========= =========
Liabilities
Interest-bearing loans
and borrowings 9 14,688 14,412
Provision 10 1,835 1,804
========= =========
Total non-current liabilities 16,523 16,216
========= =========
Interest-bearing loans
and borrowings 9 4,678 4,814
Trade and other payables 5,183 5,092
========= =========
Total current liabilities 9,861 9,906
========= =========
Total liabilities 26,384 26,122
========= =========
Total equity and liabilities 88,968 82,491
========= =========
Rambler Metals and Mining Plc
Unaudited statements of cash flows
For the Quarter Ended March 31, 2017
(EXPRESSED IN US DOLLARS)
Quarter Quarter
ended ended
March March
31 2017 31 2016
US$'000 US$'000
Cash flows from operating
activities
Operating (loss)/profit (3,535) 382
Depreciation and amortisation 1,907 1,712
Share based payments 23 9
Foreign exchange difference (116) (55)
Decrease/(increase) in inventory 150 (548)
(Increase)/decrease in debtors (4) 368
(Increase)/decrease in derivative
financial instruments (526) 117
Increase in creditors 56 502
========= ========
Cash (utilised in)/generated
from operations (2,045) 2,487
Interest paid (78) (83)
Net cash (utilised in)/generated
from operating activities (2,123) 2,404
========= ========
Cash flows from investing
activities
Interest received 11 6
Acquisition of evaluation
and exploration assets (7) (74)
Acquisition of mineral properties
- net (1,162) (1,083)
Acquisition of property,
plant and equipment (798) (1,082)
Net cash utilised in investing
activities (1,956) (2,233)
========= ========
Cash flows from financing
activities
Share issue proceeds 8,407 -
Share issue expenses (119) -
Acquisition of subsidiary
(net of cash) - (49)
Repayment of Gold loan (note
9) (145) (373)
Repayment of Loans (563) -
Capital element of finance
lease payments (588) (535)
========= ========
Net cash utilised in financing
activities 6,992 (957)
========= ========
Net increase (decrease)
in cash and cash equivalents 2,913 (786)
Cash and cash equivalents
at beginning of period 2,156 1,166
Effect of exchange rate
fluctuations on cash held 25 (6)
========= ========
Cash and cash equivalents
at end of period 5,094 374
========= ========
This information is provided by RNS
The company news service from the London Stock Exchange
END
QRFEELBLDEFEBBV
(END) Dow Jones Newswires
May 25, 2017 02:04 ET (06:04 GMT)
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