SOURCE: Rambler Metals & Mining Plc

June 22, 2015 02:05 ET

Rambler Metals & Mining PLC: Financial Results for the Third Quarter 2015

BAIE VERTE, NL--(Marketwired - Jun 22, 2015) - Rambler Metals & Mining PLC (TSX VENTURE: RAB) (LSE: RMM)

TSX-V: RAB

22 June 2015
Financial Results for the Third Quarter

London, England & Baie Verte, Newfoundland and Labrador, Canada - Rambler Metals and Mining PLC (TSXV: RAB, AIM: RMM) ('Rambler' or the 'Company') today announces its unaudited financial results for the three months ended April 30, 2015. These results reflect the operational highlights of the third quarter of fiscal 2015 announced on May 21, 2015.

Rambler's principal activity is the development, mining and exploration of the Ming Copper-Gold Mine ('Ming Mine') in Newfoundland and Labrador and the exploration and development of other properties located in Atlantic Canada.

HIGHLIGHTS OF THE QUARTER(Expressed in Canadian Dollars)

  • The third quarter of the fiscal year saw the implementation of cost cutting measures and a revised fiscal mine plan, announced on January 30, 2015; designed to provide financial stability while commodity prices continue to fluctuate. The Group is targeting the lower end of production guidance for Fiscal 2015.

  • The net profit after tax for Q3/15 was $1,321,000 or $0.009 per share which compares with a loss of $4,343,000 or $0.030 per share for Q2/15 and a profit of $2,306,000 or $0.016 per share for Q3/14. The increase in net profits is due to an increase in operating profit, unrealized exchange gains on the translation of the gold loan and gains on the concentrate receivable derivative financial instrument due to higher realized copper prices during the quarter.

  • Earnings before interest, taxes, depreciation, amortisation ('EBITDA') were $3,668,000 for the three months ended April 30, 2015 compared to $(4,353,000) in Q2/15 and $6,244,000 in Q3/14.

  • Net revenue for the quarter was $9.2 million (Q2/15: $10.5 million). The Group made an operating profit of $3,000 compared to an operating loss of $1,628,000 in the previous quarter.

  • A total of 4,080 dry metric tonnes ('dmt') (Q2/15 - 5,005 dmt) of concentrate was provisionally invoiced during the period at an average price of $3.36 (Q2/15 - $3.39) per pound copper, $1,501 (Q2/15 - $1,415) per ounce gold and $20.58 (Q2/15 - $19.37) per ounce silver, generating $9.1 million in revenue (Q2/15 $11.3 million).

  • Cash resources at April 30, 2015 were $4.1 million and as of June 22, 2015 were $4.0 million.

  • Cash flows generated from operating activities for Q3/15 were $1,909,000 compared with cash generated of $2,212,000 in Q2/15.

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