HIGH-GRADE COPPER-GOLD PRODUCER CANADA JUNE 2018 RAB TSXV RMM AIM - - PowerPoint PPT Presentation

HIGH-GRADE COPPER-GOLD PRODUCER CANADA

JUNE 2018

RAB TSXV RMM AIM

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Caution Regarding Forward Looking Statements:

Certain information included in this presentation, 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 and gold forecasts for fiscal 2018 (including the information provided in any tables relating to production and concentrate forecasts for fiscal 2018), 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 and gold, the presence

• f and continuity of such minerals at modeled grades and values, the capacities of various machinery and equipment, the availability
• f 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;

• perational 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

• n 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 law. Tim Sanford, P.Eng., is the Qualified Person responsible for the technical content, verification and quality assurance of the exploration data and the analytical results set forth in this presentation. Mr. Sanford is an employee of Rambler Metals and Mining Canada Limited.

Forward Looking Statements

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Why Own Rambler?

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*C1=Net direct cash costs per pound of saleable copper net of by-product credits

LOCATION HIGH GRADE COPPER MINE RETURN TO + CASHFLOW EXPLORATION FURTHER OPTIMIZATION PHASE III EXPANSION

Newfoundland, Canada Producing Copper Mine with Attractive Economics at 1,250 mtpd Phase II Expansion Completed @1,250 mtpd Continue Deep Drilling To Extend Resource 2017 Results 102.0 meters of 1.65% Cu To Continue to Drive C1* Costs Below $2.00 Continue Engineering Studies for Phase III Expansion to 2,000 mtpd

Copper-Gold Production

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• Underground copper-gold

mine

• Land package 1,640 Hectares
• 195 employees
• 2018 sustain 1,250 mtpd

expanded throughput

Nugget Pond Mill

100% Ownership in Producing Copper-Gold Mine

NEAR TERM FOCUS COMPLETED MILESTONES Sustain Production at 1,250 mtpd Completed Phase II Expansion Return to Profitability & Cashflow Updated NI43-101 Target Grade 1.3 – 1.5% Cu Completed Exploration Drill Program Upon achieving +cashflow – continue Surface Exploration Program to Extend Deposit Updated Mine Plan Engineer Studies for Phase III Expansion – 2,000 mtpd – following sustained cash flow Hired New Mine General Manager, Chief Mine Geologist and Chief Engineer Upgraded Mine Ventilation

Sustain 1,250 mtpd with a Focus on Profitability & Optimization Rambler Near Term Focus

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Strong Copper Fundamentals

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$1.75 $2.00 $2.25 $2.50 $2.75 $3.00 $3.25 $3.50

COPPER CASH OFFICIAL COMEX ($/LB)

• Copper expected to trade

around $3.15 over next 24 Months (Source: CapIQ)

• Potential supply disruptions

could cause further price increases

• Global growth with EV revolution

could drive further demand

• Rambler has used copper price
• f $2.99 in all models

Source: CapitalIQ

Copper Expected to Sustain Price in $3.15 Range Over the Next 18 Months

Block 1 Block 2 Block 3 Block 4 Block 5 Block 6 Historical Shaft Lower Footwall Zone 1800 lv Ramp

Ming Copper-Gold Mine

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Mineral Reserve Classification T (‘000) Cu (%) Au (g/t) Cu M lbs Au K Oz Proven* 3,452 1.87 0.44 143 49 Probable* 4,968 1.81 0.44 198 71 Total Reserve

(diluted, recovered)

8,715 1.71 0.41 329 114

Updated NI43-101 Fully Replacing Reserves after 2 Years of Mining

Note: Proven and Probable (undiluted and unrecovered). See Appendix for further detail *See Appendix for Detailed 43-101 Table

Development Longhole Drilling Drilled Stope Blasted Ore

Post Pillar Cut and Fill Mining Transverse Long-hole Mining Modified Sub- level Longhole Mining

Life Of Mine Production Profile

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• 5,000,000

10,000,000 15,000,000 20,000,000 25,000,000

• 50,000

100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000 Copper, Lbs Mill Feed, T

MILL FEED AND SALEABLE COPPER PRODUCED

LFZ Mill Feed MMS Mill Feed Saleable Cu, Lbs

20 Year Mine Life with Increasing Production

Financial KPIs @ 1,250 MTPD

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* Data source NI43-101 April 2018 Technical Report with base case KPI’s represented at long-term Cu of $2.99/lb

5,000 10,000 15,000 20,000 25,000 2.50 2.75 2.99 3.25 3.50 $000's per annum USD $Cu/lb AVERAGE FINANCIAL KPI'S AT 1250TPD EBITDA Net Operating Cash Free Cash

Attractive Financial Profile at Varying Copper Prices

Economics Updated

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Attractive Economic Profile over 20 Year Life of Mine

*43-101 Technical Report highlights released on March 5th following by filing of Technical Report on April 25, 2018

Attractive Financial Profile at Varying Copper Prices

(US$) Average copper price $2.99 / lb Average gold price $1,301 / oz Production – Total at 1,250 mtpd Copper – pounds 312 million Gold – ounces 57,000 Mine life 20 Years Revenue $1.0 B Cash Flow from operations $277 M Total Capital Cost (LOM) $120 M Net Cash Flow After Tax $157 M NPV Before Tax (7% discount Rate) $100M

Production, Costs & Targeted C1

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• Increased production reduces cost per pound of copper
• LOM average annual cash operating cost of US$1.98 per pound of copper net of by-product credits

C1 over life of mine

• All-in pre-tax costs of US$2.37 per pound of copper and after-tax cost of US$2.49 per pound

Stub 2017 : 5 month period from Aug. 1- Dec. 31, 2016 – transition to calendar year-end

*C1 – net direct cash cost per pound of saleable copper net of by-product credits

$0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 0.5 1 1.5 2 2.5 3 3.5 4 Stub 2017 5 Month Period Q1 2017 Q2 2017 Q3 2017 Q4 2017 C1 Cost, $US Pounds of Saleable Cu in Millions

POUNDS OF SALEABLE CU AND C1* COST

Saleable CU, M lbs C1 $US C1 $US

Phase II Expansion Ongoing

Flexible Mine in Varying Copper Prices

Phase II Expansion Completed

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• Phase II expansion to 1,250 mtpd completed

in late March 2018 following completion of ventilation system upgrade

• Targeting sustained production at

1,250 mtpd in 2018

• Lower Footwall Block 1 mining horizon carries

lowest grade of the all 6 Blocks planned in the mine design

• Grades improve from Block 2 deeper
• Expansion of existing tailings dams to

commence in September 2018

• Addition of a paste plant (2020)

Focused on Sustained Production and Mine Productivity Improvements

Mine Ventilation Upgrade Completed

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Allows for Increases in Mine Production & Improved Cycle Times

Phase III – Future Studies

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• Further expansion (Phase III) offers scale

with enhanced valuation

• Targeted production – 2,000 mtpd,

60% increase

• Engineering Studies required:
• A. Underground material handling,

including potential rehab of historical shaft

• B. Mill location
• C. Following completed of items

A and B commence Definitive Feasibility Study

• Studies to commence following sustained

production at 1,250 mtpd

Further Expansion Opportunities to Increase Production to 2,000 mtpd

Potential New Mill Location

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MING MINE CURRENT MILL LOCATION POTENTIAL NEW MILL LOCATION

• Planning detailed study to

look at the cost analysis of upgrading Nugget Pond mill to 2,000 mtpd vs building new mill at the Ming Mine

• Current mill is 44 Km

from mine

• Significant cost savings from

reduction in trucking costs

• Current mill could be used

for Little Deer Deposit (140 Km from Nugget Pond mill); Indicated Resources of 2.7M tonnes at 2.2% copper and Inferred Resources of 4.2M tonnes at 2.1% copper*

* see Technical Report Nov 1, 2013

Further Opportunities

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Re-Activate Shaft

• Decommissioned shaft at mine that could be

re-activated. Additional Lower Grade LFZ M&I Resources

• Significant tonnages of lower grade LFZ measured

and indicated resources exist outside of the planned reserves that could be extracted Mineralized Zones Open in Multiple Directions

• Will continue with 2018 exploration
• 2017 exploration program extended both zones

down plunge Nugget Pond Gold Plant

• 500 mtpd gold hydro met plant that is not being

utilized.

• With added grinding capacity both plants can run

simultaneously

• Suitable for nearby toll milling

Historical Shaft Continue to Explore Opportunities to Optimize and Expand Production

Exploration Potential – MMS

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Ming North Zone has shown continued mineralization at

• depth. Highlights include:
• R17-675-04: 4.00 m of 3.17%

Cu with 6.56 g/t Au

• R17-675-05: 21.00 m of 3.10%

Cu with 1.13 g/t Au

• R17-675-07: 17.97 m of 2.79%

Cu with 1.73 g/t Au 1807 Zone Ming South Zone Ming North Zone 1806 Zone

Previous Mining Horizon RecentIntersection of: Ø 16.8 m of 1.8% Cu with 1.8 g/t Au

1800 ft lv

RM03-02 intersected

4.1 meters of 3.0 % Cu with 2.8 g/t Au ~1 km beyond historic workings

All Zones Remain Open at Depth

Surface Surface Portal East West § Ming North Zone has shown continued mineralization at

• depth. Highlights include:
• R17-675-04: 4.00 m of 3.17% Cu

with 6.56 g/t Au

• R17-675-05: 21.00 m of 3.10%

Cu with 1.13 g/t Au

• R17-675-07: 17.97 m of 2.79%

Cu with 1.73 g/t Au

• Surface drilling indicated grades and

thickness are improving with depth

RM17-25c

LFZ – 25b: 102.0 meters of 1.65% Cu

• Including 35.8 meters of 2.59% Cu
• Including 27.0 meters of 1.98 % Cu

LFZ – 25a: 40.00 meters of 1.42% Cu

• including 7.57 meters of 2.27% Cu

MMS - 25a : Lower lens 6.30 meters of 2.85% Cu and 2.99 g/t Au

Successful Surface Drill Program Extends Known Mineralization 550 meters down-dip beyond previous drilling

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The Right Team

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Proven Team with a Track Record

• f Mine Development and Operations

MANAGEMENT BOARD OF DIRECTORS

Norman Williams, CPA, CA – President, CEO and Director +20 years of financial and management experience Former CFO of Rambler 2010-2014 Peter Mercer – VP and Corp. Secretary Geologist with +15 years of exploration and development experience Tim Sanford, P. Eng. – VP Technical Services +23 years of experience at various supervisory levels, primarily related to underground development and production Scott Britton, P. Eng. – General Manager +35 years experience in underground mining Tim Slater, ACA, CTA – Interim CFO MD of Harmer Slater Chartered Accountants in the United Kingdom Bradford Mills – Director, Chair +30 years in the resource industry. Founder and managing director of Plinian. Currently Executive Chairman at Mandalay Resources. Glenn Poulter – Lead Director Executive MBA, Cass Business School, specializing in finance and

• strategy. +30 years of experience with financial services in the UK.

Mark Sander – Non-Executive Director PhD in Ore Deposits and Exploration and active in the mineral resource industry for +25 years. President and CEO at Mandalay Resources. Belinda Labatte – Non-Executive Director MBA from Rotman School of Management and CFA charterholder. Chief Development Officer at Mandalay Resources. Terrell Ackerman – Non-Executive Director 40+ years in the resource industry. Former interim CEO at Stillwater Mining. Eason Chen – Non-Executive Director Extensive knowledge and experience in Canadian and cross- border listings, corporate governance and internal controls.

Share Structure

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Shareholders June 13, 2018 Ticker RMM RAB Institutional Shareholders Share Price (June 13, 2018)* £ 0.053 $ 0.09 CAD CE Mining II 60% 52 Week Range (£0.066-£0.11) ($0.08-$0.20) Lombard Odier 12% Daily Volume 70,000 26,000 Aether Real Assets 10% Market Cap. £35 M $ 59 M CAD CI Global Investments 5% Shares Outstanding 659 M Tinma International 4% Options 13 M Float & Retail Network 10% Cash $3.0 M Debt (Advance Purchase with Offtake Partner) $4 M

Unless otherwise indicated all currency is USD

Strong Institutional Shareholder Support

SAFETY & HEALTH

Safety, Health, Environment & Community

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• 1 lost time accident since the

start of construction in 2011

• 2,443 Days Since Last Lost

Time Accident (1247 Days since last medical aid)

• Fiscal 2018 TIFR Target < 3.
• Over 2.5 million person hours

worked on the project to date

Winner of the 2015 and 2017 John T Ryan Safety Award from the Canadian Institute of Mining, Metallurgy and Petroleum ('CIM')

• No reportable exceedances or environmental incidents in 3 fiscal years
• Strong commitment to safety and environment
• Committed to community engagement with a focus on regional benefits

4 6 2 1 2 4.3 6.4 1.14 0.57 1.26 1 2 3 4 5 6 7 5 10 15 2011 2012 2013 2014 2015 2016 2017 2018 Frequency Rate Number Fiscal Year Fatalities Lost Times Medical Aids Total Injury Freq. Rate Construction

Production

Exceptional Health, Safety and Environmental Record

ENVIRONMENT & COMMUNITY

Comparable

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Source: CFE Research Estimates

2018E 2019E

EV/ EBITDA P/E P/CF EV/ EBITDA P/E P/CF Peers 6.8x 9.6x 5.1x 7.1x 8.2x 4.5x Rambler 4.8x 11.3x 4.7x 3.7x 8.1x 3.4x

Rambler Trades at a Discount to Peers

Looking Forward

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Sustaining Production in an Upward Trending Copper Market

SUSTAIN PRODUCTION AT 1,250 MTPD

• Focus on returning to profitability and optimizing production
• Continue with exploration and delineation drilling programs

to replace and extend known ore bodies

FURTHER ENGINEERING STUDIES

• Upon sustaining 1,250 mtpd further advance engineering

studies targeting production at 2,000 mtpd

• Definitive Feasibility Study
• Further increase production and economic profile

Ra Rambler Metals & Mining PLC Salatin House 19 Cedar Road Sutton Surrey, SM2 5DA United Kingdom Tel: +44(0) 20 8652 2700 Fax: +44(0) 20 8652 2719 Ra Rambler Metals & Mining Canada Ltd P .O. Box 610 Baie Verte, NL, A0K 1B0 Route # 418 Ming's Bight Road,NL Tel: 709-800-1929 Fax: 709-800-1921

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PRODUCING HIGH GRADE COPPER-GOLD

Financial Results

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* C1=Net direct cash costs per pound of saleable copper net of by-product credits

All amounts in $US ‘000s, unless otherwise stated. Q1 2018 2017 2016 Q1 2018 2017 2016 Concentrate Production (dry metric tonnes) 3,001 15,214 15,863 Revenue $6.2 $28.3 M $28.0 M Copper (saleable dry metric tonnes) 823 3,968 4,174 Cash Production Expenses $7.5 $26.4 M $22.3 M Gold (saleable ounces) 662 3,357 6,132 G&A $0.9 $3.4 M $3.2 M Concentrate Grade Copper (%) 28.6 27.7 27.2 EBITDA $(3.3) M $2.2 M $4.6 M Gold Concentrate Grade (g/t) 7.9 8.0 12.6 Operating (loss) profit before impairment $(4.3) $(9.4) M $(4.8) M Copper Grades (%) 1.07 1.27 1.79 Cash Flows from Operations $0.4 $1.3 M $4.8 M Gold Grades (g/t) 0.41 0.58 1.14 Cash cost per lbs of copper, net of credits (C1) (US$) $3.99 $2.86 $1.96

• Avg. Copper Price (US$ per pound)

$3.15 $2.79 $2.17

Mineral Reserves

(Reserve as of January 1, 2018)

MINERAL RESERVE ESTIMATE SUMMARY FOR THE MING COPPER-GOLD MINE * (RESOURCES ARE INCLUSIVE OF RESERVES)

Classification Quantity Grades Contained Metal tonnes Copper Gold Silver Copper Gold Silver % g/t g/t M lbs K oz K oz Total Proven Reserve (undiluted, unrecovered) 3,452,600 1.87 0.44 3.05 143 49 338 Total Probable Reserve (undiluted, unrecovered) 4,968,500 1.81 0.44 3.13 198 71 500 Dilution (all sources) 1,263,100 0.64 0.06 0.73 18 2 30 Reserve (diluted and recovered) 8,715,800 1.71 0.41 2.98 329 114 835 2015 Reserve (diluted and recovered)** 8,666,900 1.82 0.52 2.94 348 145 820 * All figures are rounded to reflect the accuracy of the estimate; numbers may not total due to this rounding. This reserve statement reflects changes to reserves in the massive sulphides based on depletion due to mining and additions due to new exploration drilling results. The NSR for the reserve material was calculated using an all-in costs of $72 per tonne of ore milled. Commodity pricing for 2018 are reflective of the Company’s fiscal forecast; $3.06 per pound copper, $1,305 per ounce of gold and $17.65 per ounce of silver. Long term metal prices of USD$2.99 per pound copper and USD$1300 per ounce gold, and USD$17.0 per ounce silver with a long term USD/CDN FX rate of 1:0.80. ** see Company press release dated July 20, 2015

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Mineral Resources

(Effective date as of September 1, 2017)

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MINERAL RESOURCE ESTIMATE SUMMARY FOR THE MING COPPER-GOLD MINE(*)

Classification Quantity Grades Contained Metal (‘000) t Copper Gold Silver Copper Gold Silver % g/t g/t M lbs K oz K oz Measured Total 19,323 1.60 0.25 2.31 682.8 156.3 1,438.5 Indicated Total 4,120 1.83 0.62 3.50 166.4 82.2 463.8 M&I Total 23,448 1.64 0.32 2.52 849 239 1,902 Inferred Total 2,873 1.78 0.42 2.78 113 39 256 2015 Resource M&I** 28,326 1.51 0.28 1.96 943 257 1,781 *Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. All figures are rounded to reflect the accuracy of the estimate. Cut-off grades of 1.0% copper for the massive sulphides, 1.25 grams per tonne gold for any gold zones and 1.00 % copper for the stringer sulphides have been used in the estimate. Cut-offs are based on an NSR model and forecast long term metal prices of USD$2.99 per pound copper and USD$1,300 per

• unce gold, and USD$17.0 per ounce silver with a long term USD/CDN FX rate of 1:0.80. Resources are inclusive of reserves.

** see Company press release dated July 20, 2015

Sensitivity Table

SENSITIVITY TABLE FOR MEASURED + INDICATED RESOURCES (Effective September 1, 2017)

Interval Tonnes (000's) Grades Contained Metal Above Copper Gold Silver Copper Gold Silver Cu % (%) (g/t) (g/t) (tonnes) (oz) (oz) 0.00 68,410 0.81 0.07 0.85 553,684 152,089 1,877,655 0.25 55,896 0.96 0.08 0.97 539,021 137,085 1,735,016 0.50 42,456 1.15 0.08 1.09 488,283 114,282 1,483,145 0.75 29,563 1.38 0.09 1.24 408,269 88,523 1,180,996 1.00 21,224 1.59 0.10 1.39 336,569 69,157 948,509 1.25 15,660 1.75 0.11 1.49 273,870 53,919 750,179 1.50 10,367 1.94 0.11 1.59 201,259 37,316 530,897 1.75 6,303 2.15 0.12 1.74 135,548 23,696 352,480 2.00 3,548 2.37 0.12 1.89 84,178 13,959 215,477 2.25 1,879 2.60 0.13 2.01 48,858 7,755 121,488 2.50 897 2.86 0.14 2.16 25,696 3,954 62,235 2.75 422 3.15 0.15 2.30 13,293 1,993 31,183 3.00 210 3.44 0.16 2.44 7,213 1,099 16,471

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