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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 : 9685H
Rambler Metals & Mining PLC
21 November 2018
November 21, 2018
Rambler Reports Financial Results
Quarter Ended September 30, 2018
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 financial results and operational highlights for the quarter ended September 30, 2018.
Quarter Highlights
-- Saleable copper production of 1,266 tonnes (t) (Q2/18: 978 t; Q3/17: 1,004 t), highest since Q4/15;
-- Mill throughput of 93,128 dry metric tonnes ('dmt') of ore (Q2/18: 94,589 dmt, Q3/17: 79,300 dmt) with copper head grade of 1.46% (Q2/18: 1.12%, Q3/17: 1.38%);
-- Continued the productivity improvement initiative in the mine. The development rate has risen from 19 to 24 rounds per week since the start of the project in early June (26% rise). Average daily ore production rate has increased from 1000 wet metric tonnes per day (wmt/d) to 1300 wmt/d (30% rise). These trends continue.
-- Revenue was US$9.0 million (Q2/18: US$8.1 million, Q3/17: US$7.3 million), highest since Q1/15;
-- Direct cash costs net of by-product credits (C1 costs) for the quarter were US$3.35/lb (Q2/18: US$3.66/lb, Q3/17: US$ 2.87/lb);
-- Operating loss of US$3.8 million (Q2/18: US$3.4 million, Q3/17: US$2.5 million) and Earnings/(losses) before interest, taxes, depreciation, amortisation ('EBITDA') of US$(1.5) million (Q2/18: US$(1.4) million, Q3/17: US$(0.5) million). EBITDA adjusted for one off mine consultancy costs for the quarter was US$(0.3) million (Q2/18: US$(0.8) million;
-- Exploration drilling in the Ming North Zone discovered significant mineralization down plunge of the historical mining limits higher in the mine, extending the high grade massive sulphide zone an additional 300 meters down plunge. A total of 2,027 meters of new drilling was completed, including hole R18-722-12 with 25.5 meters of 9.4% copper with 5.1 g/t gold (see press release of October 1, 2018 - "Rambler provides an update on Diamond Drilling Exploration at its Ming Copper-Gold Mine");
KEY FINANCIAL PERFORMANCE (US$)
Hot Features
Premium
Q3/18 Q2/18 Q3/17
----------------------------------
Revenue $9.0 M $8.1 M $7.3 M
-------- -------- --------
Cash Production Expenses $8.2 M $7.5 M $6.7 M
-------- -------- --------
G&A $2.2 M $1.6 M $0.7 M
-------- -------- --------
EBITDA $(1.5) M $(1.4) M $(0.5) M
-------- -------- --------
Operating loss $(3.8) M $(3.4) M $(2.5) M
-------- -------- --------
Loss before tax $(3.1) M $(4.5) M $(1.9) M
-------- -------- --------
Loss after tax $(2.2) M $(3.2) M $(1.4) M
-------- -------- --------
Loss per share $(0.003) $(0.005) $(0.003)
-------- -------- --------
Cash Flows from Operations $(0.7)M $(1.9) M $0.5 M
-------- -------- --------
Cash cost per lbs of copper, net
of credits (C1) $3.35 $3.66 $2.87
-------- -------- --------
Key Operating PERFORMANCE
Q3/18 Q2/18 Q3/17
---------------------------------------
Processing Feed
------ ------ ------
Ore Tonnes 93,128 94,589 79,300
------ ------ ------
Average Copper Ore Grade (%) 1.46 1.12 1.38
------ ------ ------
Average Gold Ore Grade (%) 0.54 0.63 0.66
------ ------ ------
Production
------ ------ ------
Concentrate Production (dry metric
tonnes) 4,478 3,643 3,614
------ ------ ------
Copper (saleable dry metric tonnes) 1,266 978 1,004
------ ------ ------
Gold (saleable ounces) 1,020 1,136 930
------ ------ ------
Concentrate Grade Copper (%) 29.4 28.0 28.9
------ ------ ------
Concentrate Grade Gold (g/t) 8.1 11.2 9.0
------ ------ ------
Avg. Copper Price (US$ per pound) 2.77 3.13 2.86
------ ------ ------
Avg. Gold Price (US$ per ounce) 1,216 1,307 1,273
------ ------ ------
Norman Williams, President and CEO, Rambler Metals & Mining commented:
"The third quarter of 2018 saw the highest saleable copper production since Q4/15, when the plant processed 59,400 tonnes at 1.93% grade.
"Increased copper production supported an increase in revenue relative to the first two quarters, despite the lower copper price. EBITDA performance aligned with the second quarter and is anticipated to improve during the fourth quarter with the continued increase in mine performance.
"As previously noted, the Company commenced a productivity improvement initiative in the mine. The twenty-four week initiative is focused on productivity and efficiency improvements in three main areas: mine planning, mine operations and mine mobile equipment maintenance. The commitment of the project is to return the mine to profitability and positive cash flow at the nominal 1,250 dry tonnes per day processing rate. Headline targets of the project include mining and hauling a total 1,800 tonnes per day material, 1,300 dry tonnes per day of ore at an average grade of +1.4% copper and 500 tonnes per day waste.
"We are pleased with the step changes taking place at the operation and are experiencing a tremendous uplift in mine performance this far in quarter four. With this improved mine performance, the addition of high-grade mill feed from the successful drilling in the Ming North Zone (development of which has begun), and higher grades coming on line as we move deeper in the Lower Footwall Zone, we are setting up well for a stronger financial performance in 2019."
FINANCIAL Results
-- A total of 4,550 dmt (Q2/18 - 3,601 dmt, Q3/17 - 3,681 dmt) of concentrate was provisionally invoiced during the period at an average price of US$2.77 (Q2/18 - US$3.13, Q3/17 - US$2.86) per pound copper and US$1,216 (Q2/18 - US$1,307, Q3/17 - US$1,273) per ounce gold, generating US$9.0 million in revenue (Q2/18: US$8.1, Q3/17: US$7.3);
-- Net cash direct costs per pound of saleable copper net of by-product credits ('C1') for the quarter were US$3.35 (Q2/18: US$3.66, Q3/17: US$2.87). Saleable copper produced in the quarter was 2.7 million pounds (Q2/18: 2.1 million, Q3/17 2.2 million). C1 costs for Q3/18 were $2.89 (Q2/18 US$3.39) excluding one off mine consultancy costs which commenced in June, 2018, and due to be concluded in November 2018. Upon delivering sustained production of 1,250 mtpd, at planned grade, C1 costs improvements are anticipated to continue. Further declines are anticipated as production continues to move away from post, pillar cut and fill mining and further down-plunge in the Lower Footwall Zone where more cost effective long hole mining is now being deployed and mine grades further improve;
-- An increase in G&A expenses of $600 thousand to $2.2 million over Q2/18 which includes $1.2 million in one-time expenditures for the productivity improvement initiative;
-- Earnings/(losses) before interest, taxes, depreciation, amortisation ("EBITDA") were US$(1.5) million for Q3/18 compared to US$(1.4) million in Q2/18 and US$1.1 million in Q3/17. The net loss after tax for Q3/18 was US$2.2 million or US$0.003 per share which compares with a loss of US$3.2 million or US$0.005 per share for Q2/18 and a loss of US$1.4 million or US$0.003 per share for Q3/17. The decrease in losses from Q2/18 was mainly due a small decrease in gross losses offset by increased administrative costs resulting from the productivity improvement initiative and a reduction in finance costs and exchange losses. The increase in the loss from Q3/17 was mainly due to administrative costs;
-- Cash flows generated from operating activities for Q3/18 were US$(0.7) million compared with US$(1.9) million in Q2/18 and $2.2 million in Q3/17;
-- The cash balance decreased by US$2 million during the quarter to US$0.9 million as a result of continued operating losses including payment of mine consultancy costs of US$1.1 million.
OPERATIONAL HIGHLIGHTS
Ore and Concentrate Production Summary Quarter by Quarter
PRODUCTION Q2/18 Q3/18 Q3/17 Q3/18
Dry Tonnes Milled 94,589 93,128 -2% 79,300 93,128 17%
Copper Recovery
(%) 95.9 97.3 1% 95.4 97.3 2%
Gold Recovery (%) 68.9 71.9 4% 61.7 71.9 17%
Copper Head Grade
(%) 1.12 1.46 30% 1.38 1.46 5%
Gold Head Grade
(g/t) 0.63 0.54 -15% 0.66 0.54 -19%
------- ------- ------- -------
CONCENTRATE
(Produced and Stored in
Warehouse)
------- -------
Copper (%) 28.0 29.4 5% 28.9 29.4 2%
Gold (g/t) 11.2 8.1 -28% 9.0 8.1 -10%
Dry Tonnes Produced 3,643 4,478 23% 3,614 4,478 24%
Saleable Copper
Metal (t) 978 1,266 29% 1,004 1,266 26%
Saleable Gold (oz) 1,199 1,020 -15% 930 1,020 10%
------- ------- ------- -------
OUTLOOK
Management continues to pursue the following objectives:
ü Continue building on the momentum gained from the productivity improvement initiative embedded at the operation during the third quarter delivering a sustained production of 1,250 dry meter tonnes per day with average copper and gold grades between 1.35-1.45% copper and 0.5 to 0.7 g/t gold before the end of year. As we continue to develop deeper into the LFZ, over the projected 20 year mine life, diamond drill results show that grades and mineralized thickness continue to strengthen at depth. As the Company works through its 2019 mine plan it expects to deliver increased grades from the Ming Mine next year;
ü Further evaluate the potential of a Phase III operation with increase in mine production and mill throughput to about 2,000 mtpd;
ü Continuing with the underground exploration program to allow for further exploration of the mineralized trends both up-dip and down-dip with the goal to increase near-mine mine resources and reserves to support expanded production;
ü Continue with the surface exploration diamond drilling program aimed to double the current plunge length of the known massive sulphide and LFZ mineralization to support longer life at a higher production rate.
For further information see Appendix 1 of this release. The unaudited financial statements and MD&A will be available on the Company's website at http://www.ramblermines.com and on SEDAR.
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.
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.
Rambler is dual listed in London under AIM:RMM and in Canada under TSX-V:RAB.
For further information, please contact:
Norman Williams, CPA,CA Peter Mercer President and CEO Vice President, Corporate Rambler Metals & Mining Secretary Plc Rambler Metals & Mining Plc Tel No: 709-800-1929 Tel No: +44 (0) 20 8652-2700 Fax No: 709-800-1921 Fax No: +44 (0) 20 8652-2719 Nominated Adviser (NOMAD) Investor Relations David Porter, Peter Malovany Nicole Marchand Investor Cantor Fitzgerald Europe Relations Tel No: +44 (0) 20 7894 Tel No: 416- 428-3533 7000 Nicole@nm-ir.com
Website: www.ramblermines.com
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 Q3/18 Results)
Rambler Metals and Mining Plc
Unaudited Consolidated income statement
For the Three and Nine Months Ended September 30, 2018
(EXPRESSED IN US DOLLARS)
Three Three Nine months Nine months
months months ended ended Sept
ended ended Sept 30, 30, 2017
Sept 30, Sept 30, 2018
2018 2017
US$'000 US$'000 US$'000 US$'000
Revenue 8,973 7,280 23,372 19,944
Production costs (8,206) (6,728) (23,258) (19,386)
Depreciation and amortisation (2,359) (2,342) (7,019) (6,483)
========= ========= =========== ===========
Gross loss (1,592) (1,790) (6,905) (5,925)
Administrative expenses (2,232) (730) (4,684) (2,431)
Exploration expenses - - - (5)
========= ========= =========== ===========
Operating loss (3,824) (2,520) (11,589) (8,361)
========= ========= =========== ===========
Bank interest receivable 13 11 64 34
Gain on disposal of available for
sale investments 33 - - 779
(Loss)/gain on derivative financial
instruments (420) 819 (1,225) 964
Finance costs 761 (675) (463) (1,187)
Foreign exchange (loss)/gain 329 460 (568) 1,011
========= ========= =========== ===========
Net financing expense 716 615 (2,192) 1,601
========= ========= =========== ===========
Loss before tax (3,108) (1,905) (13,781) (6,760)
Income tax credit 889 552 4,006 1,926
========= ========= =========== ===========
Loss for the period and attributable
to owners of the parent (2,219) (1,353) (9,775) (4,834)
========= ========= =========== ===========
Earnings/(loss) per share
Three Three Nine months Nine months
months months ended ended
ended ended Sept 30 Sept 30
Sept 30 Sept 30 2018 2017
2018 2017
US$'000 US$'000 US$'000 US$'000
Basic and diluted earnings/(loss)
per share (0.003) (0.003) (0.015) (0.009)
======== ======== =========== ===========
Rambler Metals and Mining Plc
Unaudited Consolidated balance sheet
As at September 30, 2018
(EXPRESSED IN US DOLLARS)
Unaudited Audited
September December
30, 2018 31,
2017
US$'000 US$'000
Assets
Intangible assets 3,338 3,397
Mineral properties 38,096 38,834
Property, plant and equipment 26,836 28,443
Available for sale investments 79 610
Deferred tax 17,404 13,851
Restricted cash 3,422 3,530
========= ==========
Total non-current assets 89,175 88,665
========= ==========
Inventory 2,156 2,467
Trade and other receivables 923 829
Derivative financial asset 896 1,830
Cash and cash equivalents 883 3,351
Total current assets 4,858 8,477
========= ==========
Total assets 94,033 97,142
========= ==========
Equity
Issued capital 9,524 8,061
Share premium 95,141 89,309
Share warrants reserve 859 859
Merger reserve 180 180
Translation reserve (16,554) (14,584)
Fair value reserve (15) 86
Accumulated losses (29,123) (19,479)
========= ==========
Total equity 60,012 64,432
========= ==========
Liabilities
Interest-bearing loans and borrowings 13,944 16,696
Provision 1,941 1,961
========= ==========
Total non-current liabilities 15,885 18,657
========= ==========
Interest-bearing loans and borrowings 7,404 6,739
Trade and other payables 10,732 7,314
========= ==========
Total current liabilities 18,136 14,053
========= ==========
Total liabilities 34,021 32,710
========= ==========
Total equity and liabilities 94,033 97,142
========= ==========
Rambler Metals and Mining Plc
Unaudited statements of cash flows
For the Three and Nine Months Ended September 30, 2018
(EXPRESSED IN US DOLLARS)
Three Three months Nine months Nine months
months ended September September September
ended 30, 2017 30, 2018 30, 2017
September
30, 2018
US$'000 US$'000 US$'000 US$'000
Cash flows from operating activities
Operating loss (3,791) (2,520) (11,589) (8,361)
Depreciation and amortisation 2,368 2,349 7,112 6,503
Gain on disposal of investments (33) - (33) -
Share based payments 68 26 131 75
Foreign exchange difference (88) (137) 165 (283)
Decrease in inventory 159 429 310 205
Decrease/(increase) in debtors (120) 383 (94) 518
Decrease/(increase) in derivative
financial instruments (833) 1,687 (290) 1,476
Increase in creditors 1,750 123 2,483 803
========== ================ =========== ===========
Cash generated / (utilised in) from
operations (520) 2,340 (1,805) 936
Interest paid (150) (101) (350) (302)
Net cash generated from / (utilised
in) operating activities (670) 2,239 (2,155) 634
========== ================ =========== ===========
Cash flows from investing activities
Interest received 13 11 63 34
Disposal of available for sale investments 446 - 446 1,103
Acquisition of evaluation and exploration
assets - (509) (47) (762)
Acquisition of mineral properties
- net (921) (1,792) (3,108) (4,244)
Acquisition of property, plant and
equipment (428) (994) (2,577) (2,721)
Net cash utilised in investing activities (890) (3,284) (5,223) (6,590)
========== ================ =========== ===========
Cash flows from financing activities
Share issue proceeds - - 7,311 8,408
Share issue expenses - 12 (16) (112)
Loans received 2 - 632 334
Repayment of Gold loan (note 9) - (290) (256) (436)
Repayment of Loans - - (1,082) (1,136)
Capital element of finance lease payments (480) (450) (1,666) (1,964)
========== ================ =========== ===========
Net (cash utilised in)/generated from
financing activities (478) (728) 4,923 5,094
========== ================ =========== ===========
Net increase/(decrease) in cash and
cash equivalents (2,038) (1,773) (2,455) (862)
Cash and cash equivalents at beginning
of period 2,872 3,098 3,351 2,156
Effect of exchange rate fluctuations
on cash held 49 (2) (13) 29
========== ================ =========== ===========
Cash and cash equivalents at end of
period 883 1,323 883 1,323
========== ================ =========== ===========
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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