TIDMRMM
RNS Number : 4145Q
Rambler Metals & Mining PLC
20 February 2023
20 February 2023
Rambler Provides an Update on its Gold Stream Repurchase
Agreement
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, announces an
update regarding its gold streaming repurchase agreement with
Sandstorm Gold Ltd. ("Sandstorm") (the "Agreement"), in relation to
production from its 100% owned Ming Mine, located in Newfoundland,
Canada.
As noted in the Company's announcements of 17 March 2022 and 4
April 2022, the Company entered into a gold streaming repurchase
agreement with Sandstorm, pursuant to which the consideration for
the repurchase was US$7m less payable gold delivered by the Company
since 1 October 2021 and 1,150 oz of gold to be delivered over the
18 months following the closing of the Agreement. Rambler has
delivered 192 ounces of gold pursuant to the Agreement, leaving 958
ounces of gold remaining to be delivered to complete the terms of
the Agreement.
No sale and delivery of refined gold to Sandstorm has occurred
for the last seven months, being August 2022 to February 2023
inclusive, totalling 448 ounces of refined gold, and therefore an
event of default has occurred, as defined in the Agreement.
Pursuant to the existing Agreement, Rambler has 10 days, from 16
February 2023, to either deliver 958 ounces of gold or make a cash
payment to Sandstorm of approximately CND 2.36 million. Sandstorm
and Rambler intend to enter discussions regarding a solution to the
default.
At this stage there can be no guarantee that Sandstorm will
agree to defer or reschedule the sale and delivery of gold pursuant
to the Agreement, or the terms on which any deferral will be
agreed. Accordingly, the Company's financial position remains
uncertain.
In addition, Rambler remains in discussions with several groups
as the Company seeks to restructure its finances. Further
announcements will be made as appropriate.
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') which has
been incorporated into UK law by the European Union (Withdrawal)
Act 2018. 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.
The Company has established a production profile to meet current
mill capacity of 1,350 metric tonnes per day with a target grade of
2% Cu and is evaluating growth opportunities from that base .
Along with the Ming Mine, Rambler also owns 100 per cent of the
former producing Little Deer Complex.
Rambler is listed in London under AIM:RMM.
For further information, please contact:
T oby Bradbury Celeste Van Tonder T im Sanford. P. Eng.
President and CEO CFO VP & Corporate Secretary
Rambler Metals & Mining Rambler Metals & Mining Rambler Metals & Mining
Plc Plc Plc
Tel No: +1 (709) 800 Tel No: +1 (709) 800 Tel No: +1 (709) 532
1929 1929 5736
Fax No: +1 (709) 800 Fax No: +1 (709) 800 Fax No: +1 (709) 800
1921 1921 1921
Nominated Advisor (NOMAD)
Ewan Leggat, Kasia
Brzozowska
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.
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END
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