Baie Verte, Newfoundland and Labrador (FSCwire) - 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 June 30, 2018.

 

Quarter Highlights

 

• Mill throughput of 94,589 dry metric tonnes (‘dmt’) of ore (Q1/18: 83,017 dmt, Q2/17: 86,895 dmt) with copper head grade of 1.12% (Q1/18: 1.07%, Q2/17: 1.41%);

 

• 3,643 tonnes of copper concentrate produced with grade of 28% (Q1/18: 28%, Q2/17: 27%);

 

• Revenue was US$8.1 million (Q1/18: US$6.2 million, Q2/17: US$6.9 million), the highest since Q4/17;

 

• Direct cash costs net of by-product credits (C1 costs) for the quarter were US$3.66 (Q1/18: US$3.99, Q2/17: US$ 2.44);

 

• Operating loss of US$3.4 million (Q1/18: US$4.4 million, Q2/17: US$2.3 million) and Earnings/(losses) before interest, taxes, depreciation, amortisation (‘EBITDA’) of US$(1.4) million (Q1/18: US$(3.3) million, Q2/17: US$1.2 million);

 

• During Q2/18 the Company received US$7.3 million from the issue of shares from the exercise of 65 million warrants and the issue of 44.4 million shares from a private placement;

 

• Commenced a productivity improvement initiative in the mine, with assistance from a third party consultant. 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.

 

Click on, or paste the following link into your web browser, to view the associated PDF document.

http://www.rns-pdf.londonstockexchange.com/rns/0602Z_1-2018-8-28.pdf

 

For further information, please contact: 

 

Norman Williams, CPA,CA President and CEO Rambler Metals & Mining Plc Tel No: 709-800-1929 Fax No: 709-800-1921	Peter Mercer Vice President, Corporate Secretary Rambler Metals & Mining Plc Tel No: +44 (0) 20 8652-2700 Fax No: +44 (0) 20 8652-2719
Nominated Adviser (NOMAD)	Investor Relations
David Porter, Peter Malovany Cantor Fitzgerald Europe Tel No: +44 (0) 20 7894 7000	Nicole Marchand Investor Relations Tel No: 416- 428-3533 Nicole@nm-ir.com

 

Website: www.ramblermines.com 

 

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

To view the original release, please click here

Source: Rambler Metals and Mining plc (TSX Venture:RAB, AIM:RMM, OTC Pink:RBMTF, FWB:51R)

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