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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
  -0.50 -1.68% 29.25 29.00 29.50 30.00 29.25 30.00 999,836 15:42:32
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 14.0 -6.8 -0.1 - 32

Rambler Metals & Mining PLC Financial Results for Year Ended 31 December 2020

27/04/2021 7:00am

UK Regulatory (RNS & others)


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RNS Number : 6489W

Rambler Metals & Mining PLC

27 April 2021

27 April 2021

Rambler Reports Financial Results for the

Year Ended 31 December 2020

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, today reports its audited financial results and operational highlights for the year ended 31 December 2020 .

2020 Full Year RESULTS

The tables below summarise the key operational and financial metrics for the year ended 31 December 2020. All references to $ are US$.

Table 1 - Ore Throughput and Concentrate Production Summary for Fiscal 2020

(See Note 1 below)

 
 
                               2020      2019 
---------------------------            -------- 
 Dry tonnes milled            263,230   406,298 
                             --------  -------- 
 Copper recovery (%)           95.6      93.9 
                             --------  -------- 
 Gold recovery (%)             67.3      71.4 
                             --------  -------- 
 Copper head grade (%)         1.55      1.45 
                             --------  -------- 
 Gold head grade (%)           0.58      0.59 
                             --------  -------- 
 
 CONCENTRATE PRODUCTION 
 
 Copper grade (%)              26.8      27.7 
                             --------  -------- 
 Gold grade (g/t)               7.0       8.4 
                             --------  -------- 
 Dry tonnes produced          14,550    19,924 
                             --------  -------- 
 
 SALEABLE METAL PRODUCTION 
 
 Copper (tonnes)               3,769     5,299 
                             --------  -------- 
 Gold (ounces)                 2,819     4,887 
                             --------  -------- 
 

(g/t = grammes per tonne)

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.

Table 2 - Key Annual Financial Metrics for Fiscal 2020

 
                                                                        2020         2019 
                                                                                 Restated 
----------------------------------------------------------------- 
 Revenue                                                             $24.3 M      $37.1 M 
                                                                   ---------  ----------- 
 Production costs                                                    $28.1 M      $34.5 M 
                                                                   ---------  ----------- 
 Administrative expenses                                              $4.8 M       $4.5 M 
                                                                   ---------  ----------- 
 EBITDA                                                             $(3.6) M     $(2.6) M 
                                                                   ---------  ----------- 
 Net loss after tax                                                   $1.8 M      $13.5 M 
                                                                   ---------  ----------- 
 Loss per share (US$)                                               $(0.001)     $(0.011) 
                                                                   ---------  ----------- 
 Cash flow generated (utilised) in operating activities               $1.9 M     $(2.5) M 
                                                                   ---------  ----------- 
 Cash cost per lb of copper, net of credits (C1) (US$ per pound)       $3.45        $2.58 
                                                                   ---------  ----------- 
 Closing cash balance                                                 $6.2 M       $1.9 M 
                                                                   ---------  ----------- 
 Net debt                                                             $3.5 M      $13.8 M 
                                                                   ---------  ----------- 
 

Dr Toby Bradbury, President and CEO, Rambler Metals & Mining commented:

"2020 can be characterised as a year of rethinking and replanning for Rambler. A year that started with insufficient developed reserves to support the production plan was very significantly impacted with the onset of the global COVID-19 pandemic. While the Ming Mine experienced no direct exposure to the virus, the negative effect that the pandemic had on global markets, the copper price and the diminished availability of capital turned out to be a material issue for the Company.

A complex financing was arranged with the backing of West Face Capital Inc. who provided a cornerstone loan note facility of $5.0 million contingent on, inter alia: Rambler raising a further $10.0 million of capital through a combination of equity financing and asset sales; conversion to equity of all existing convertible loan notes together with accrued interest ($9.8 million); making repayment of working capital loans including supplier loans ($3.8 million); and reaching an acceptable settlement and repayment plan with the majority of creditors ($9.1 million). This was a major financial restructuring and rescue of the business.

The effort to complete reinvestment and recovery to restore the Ming Mine to its designed 1,350 tpd of ore production should not be underestimated. From a standing start in the middle of December 2020, we expect it to take 9 to 12 months to achieve this recovery. There is complete confidence that all the issues can be addressed and the true potential of the Ming Mine will be realised."

OUTLOOK

The business objectives for Rambler are to:

-- Perform all its activities in such a way that no harm is caused to people, the environment or the community.

-- Establish the Ming Mine to a level of production that fully utilises the existing mill capacity of 1,350 tonnes per day.

   --    At this throughput level, target an average feed grade of 2% Cu. 

-- Advance underground development to prepare for an increase of underground production to 2,000 tonnes per day in 2022.

-- Complete the feasibility study and implementation of an ore sorting facility at the Ming Mine site for operation in 2022.

-- Commence the relocation of the Duck Pond mill to Ming Mine and initiate a feasibility study for the establishment of a new process and tailings storage facility in the next four to five years.

The full audited financial statements are now available on the Company's website at http://www.ramblermines.com and can also be accessed here:

http://www.rns-pdf.londonstockexchange.com/rns/6489W_1-2021-4-26.pdf

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.

Abbreviations:

g/t = grammes per tonne

dmt = dry metric tonnes

mtpd = metric tonnes per day

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.

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.

Rambler's focus is to regain its production profile at 1,350 metric tonnes per day at 2% Cu in the course of 2021 and evaluate expansion opportunities from that base.

Along with the Ming Mine, Rambler also owns 100 per cent of the former producing Little Deer/Whalesback copper mines.

Rambler is listed in London under AIM:RMM.

For further information, please contact:

 
  Toby Bradbury               Eason Chen                  Tim Sanford. P. Eng. 
   President and CEO           CFO                         Vice President and 
   Rambler Metals & Mining     Rambler Metals & Mining     Corporate Secretary 
   Plc                         Plc                         Rambler Metals & Mining 
   Tel No: +1 (709) 800        Tel No: +1 (709) 800        Plc 
   1929                        1929                        Tel No: +1 (709) 532 
   Fax No: +1 (709) 800        Fax No: +1 (709) 800        5736 
   1921                        1921                        Fax No: +1 (709) 800 
                                                           1921 
 
   Nominated Advisor 
   (NOMAD) 
  Ewan Leggat, Caroline 
   Rowe 
   SP Angel Corporate 
   Finance LLP 
   Tel No: +44 (0) 20 
   3470 0470 
 
 
   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.

Consolidated income statement

For the Year Ended 31 December 2020

(EXPRESSED IN THOUSANDS OF US DOLLARS)

 
                                                                    2020                    2019 
                                                                                      (Restated) 
 
 Revenue                                                          24,346                  37,115 
 Production costs                                               (28,113)                (34,464) 
 Depreciation and amortisation                                   (6,240)                 (9,584) 
                                                  ======================  ====================== 
 Gross loss                                                     (10,007)                 (6,933) 
 Administrative expenses                                         (4,828)                 (4,480) 
                                                  ======================  ====================== 
 Operating loss                                                 (14,835)                (11,413) 
 Foreign exchange gain                                               541                     797 
 Gain/(loss) in fair value of Gold Streaming                         202                   (269) 
 Other income                                                      4,391                       - 
 Other expenses                                                    (816)                    (75) 
 Net finance costs                                               (1,881)                 (1,206) 
 Gain/(loss) in fair value of forward contract                       593                 (1,302) 
 Loss before tax                                                (11,805)                (13,468) 
 Income tax credit                                                10,042                       - 
 Loss for the period                                             (1,763)                (13,468) 
                                                  ======================  ====================== 
 
 
 Basic and diluted loss per share                (0.001)               (0.011) 
                                    ====================  ==================== 
 

Consolidated statement of financial position

As at 31 December 2020

(EXPRESSED IN THOUSANDS OF US DOLLARS)

 
                                                                           2020                                 2019 
                                                                                                          (Restated) 
 Assets 
 Intangible assets                                                        3,408                                3,339 
 Mineral property                                                        41,928                               38,013 
 Property, plant and equipment                                           20,693                               23,013 
 Equity investments                                                         206                                  128 
 Deferred tax                                                            22,565                               11,755 
 Restricted cash                                                          3,553                                3,483 
 Deposits                                                                   700                                    - 
                                             ==================================  =================================== 
 Total non-current assets                                                93,053                               79,731 
                                             ==================================  =================================== 
 
 Inventory                                                                2,683                                2,897 
 Trade and other receivables                                                839                                  622 
 Derivative financial asset                                                 561                                1,654 
 Cash and cash equivalents                                                6,242                                1,936 
 Assets held for sale                                                       800                                    - 
                                             ==================================  =================================== 
 Total current assets                                                    11,125                                7,109 
                                             ==================================  =================================== 
 Total assets                                                           104,178                               86,840 
                                             ==================================  =================================== 
 
 Liabilities 
 Loans and borrowings                                                     5,129                               12,848 
 Gold Streaming                                                           1,370                                2,019 
 Trade and other payables                                                13,857                               11,467 
 Liabilities associated with assets held                                    514                                    - 
 for sale 
 Derivative financial liabilities                                           733                                1,302 
                                             ==================================  =================================== 
 Total current liabilities                                               21,603                               27,636 
                                             ==================================  =================================== 
 Net current liabilities                                               (10,478)                             (20,527) 
                                             ==================================  =================================== 
 
 Loans and borrowings                                                     4,645                                2,849 
 Gold Streaming                                                           5,713                                6,656 
 Provision                                                                2,196                                2,106 
 Trade and other payables                                                 2,705                                    - 
                                             ==================================  =================================== 
 Total non-current liabilities                                           15,259                               11,611 
                                             ==================================  =================================== 
 Net assets                                                              67,316                               47,593 
                                             ==================================  =================================== 
 
 Equity 
 Issued capital                                                          18,781                               17,872 
 Share premium                                                          115,191                               99,059 
 Share warrants reserve                                                   3,185                                    - 
 Share option reserve                                                     2,311                                2,142 
 Merger reserve                                                             180                                  180 
 Translation reserve                                                   (15,888)                             (16,908) 
 Other reserves                                                             172                                  101 
 Retained losses                                                       (56,616)                             (54,854) 
                                             ==================================  =================================== 
 Total equity                                                            67,316                               47,593 
                                             ==================================  =================================== 
 

Consolidated statement of cash flows

For the Year Ended 31 December 2020

 
 (EXPRESSED IN THOUSANDS OF US DOLLARS)                                                2020                     2019 
                                                                                                          (Restated) 
 Cash flows from operating activities 
 Loss before tax                                                                   (11,805)                 (13,468) 
 Depreciation and amortisation                                                        6,288                    9,629 
 Loss on disposal of property, plant and equipment                                      210                       75 
 (Gain)/loss on derivative financial instruments                                      (240)                      660 
 (Gain)/loss on fair value of forward contract                                        (593)                    1,302 
 (Gain)/loss on fair value of Gold Streaming                                          (202)                      269 
 Share based payments                                                                   168                      132 
 Foreign exchange                                                                   (1,385)                  (1,243) 
 Finance cost                                                                         1,823                    1,151 
 Reclamation and site closure costs                                                      58                       55 
 Gain on fair value of long-term payables                                             (878)                        - 
 Gain on fair value of government interest-free loan                                  (113)                        - 
 Inventory write-downs                                                                  125                        - 
 Cash utilised in operating activities before changes in working 
  capital                                                                           (6,544)                  (1,438) 
 Increase in other receivables                                                        (206)                        - 
 Decrease/(increase) in inventory                                                       215                    (112) 
 (Increase)/decrease in prepayments                                                    (11)                       51 
 Decrease/(increase) in derivative financial instruments                              1,333                  (1,584) 
 Increase in trade and other payable                                                  7,139                      554 
 Net cash generated/(utilised) in operating activities                                1,926                  (2,529) 
                                                                    =======================  ======================= 
 
 Cash flows from investing activities 
 Interest received                                                                        1                      249 
 Acquisition of evaluation and exploration assets                                       (2)                     (15) 
 Acquisition of mineral property - net                                              (4,046)                  (5,130) 
 Acquisition of property, plant and equipment                                       (1,157)                  (2,506) 
 Non-current deposits                                                                 (700)                        - 
 Increase in reclamation deposit and others                                               -                     (71) 
                                                                    =======================  ======================= 
 Net cash utilised in investing activities                                          (5,904)                  (7,473) 
                                                                    =======================  ======================= 
 
 Cash flows from financing activities 
 Issue of share capital                                                               8,373                   11,688 
 Share issue expenses                                                                 (438)                    (280) 
 Interest paid                                                                        (922)                    (651) 
 Loans received                                                                       7,155                    8,277 
 Gold Streaming payments                                                              (830)                  (2,255) 
 Repayment of loans and borrowings                                                  (3,846)                  (3,325) 
 Capital element of finance lease payments                                          (1,525)                  (1,763) 
                                                                    =======================  ======================= 
 Net cash generated in financing activities                                           7,967                   11,691 
                                                                    =======================  ======================= 
 
 Net increase in cash and cash equivalents                                            3,989                    1,689 
 Cash and cash equivalents at beginning of period                                     1,936                      241 
 Effect of exchange rate fluctuations on cash held                                      317                        6 
                                                                    =======================  ======================= 
 Cash and cash equivalents at end of period                                           6,242                    1,936 
                                                                    =======================  ======================= 
 

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.

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