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Rambler's Second Quarter Results 2013 Realises Maiden Net Profit

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LONDON, ENGLAND and BAIE VERTE, NEWFOUNDLAND AND LABRADOR -- (Marketwire) -- 03/27/13 -- Rambler Metals and Mining PLC (TSX VENTURE: RAB)(AIM: RMM) ("Rambler" or the "Group") today is pleased to report its financial results and operational highlights for the three months ended 31 January 2013. The Group achieved a maiden net profit of CAD$2 million and operating cash flows of CAD$ 5 million in its first full quarter as a commercial copper and gold producer.

The accompanying financial information for the quarter ended 31 January 2013 has not been reviewed or audited by the Group's auditor.

Operational Achievements

-- Shipped first copper concentrate, totaling approximately 8,873 wet metric tonnes (wmt), via the Group's port facility at Goodyear's Cove, Newfoundland and Labrador. Shipped a further 3,150 wmt subsequent to quarter end on 23 February 2013 at the request of the Group's off-take partner-- Total of 4,350 wmt (Q1'13: 4,955 wmt) of concentrate produced for the quarter. A total of 11,579 wmt of copper concentrate produced since the start of commissioning in May 2012-- Concentrate produced during the second quarter averaged 28% copper with 7 g/t gold and 51 g/t silver (Q1'13: 27% copper with 6g/t gold and 49 g/t silver) with milling recoveries for copper and gold averaging 88% and 62% respectively (Q1'13: 90% and 65% respectively)-- Copper recoveries averaged 85% in November but improved to 91% over December and January 2013, in line with anticipated recoveries-- In January an up-dip extension of the 1807 zone, above the current mining reserve, was discovered. The Company is evaluating the potential of new economically viable stoping blocks further up-plunge-- Appointed Robert Mcguire, P.Eng., as General Manager at the Ming Copper- Gold Mine. Tim Sanford, P.Eng., the previous General Manager was promoted to Vice President Technical Services



Financial Highlights (All expressed in CAD$)

-- The Group achieved a maiden net profit of $1,958,000 in the quarter (EPS $0.014 per share) from a loss of $718,000 in Q1'13 (loss $0.005 per share)-- Earnings before interest, taxes, depreciation and amortisation (EBITDA) of $3,684,000-- Revenue: $11.4 million in Q2; (Q1'13: $9.5 million)-- Cash flows generated from operating activities for Q2'13 were $4,978,000 compared with cash utilized of $1,157,000 in Q1'13 and cash utilized of $530,000 in Q2'12. The generation of cash from operations reflects the commencement of commercial production and a change in accounts receivable, inventory and account payable balances-- Cash resources (including short-term investments) as at 31 January 2013 were $7.3 million and as of 27 March 2013 had decreased to $5.0 million. Operating cash flows are anticipated to continue to build throughout the balance of the fiscal year in line with the move to commercial production at the beginning of Q2'13-- Initiated payback of $7.5 million credit facility with a $500,000 payment on 30 November 2012. Subsequent to quarter end, the Group agreed terms for the extension of its $10 million credit facility to 31 March 2014



Strategic objectives:

-- Continue as a profitable copper and gold producer by maximizing the use of the Nugget Pond processing facility-- Increase available resources and reserves through further exploration both within the Ming Mine and current land holdings-- Continue to investigate, through various optimization studies, development of the Lower Footwall Zone creating organic growth-- Selectively pursue growth opportunities within Atlantic Canada including joint ventures, acquisitions, strategic alliances and equity positions



George Ogilvie, President and CEO, Rambler Metals & Mining commented:

"Q2 2013 was Rambler's first quarter as a commercial producer, and we are proud to see our first profit from the new operation. We have retained the financial flexibility to fulfill our operational goals of continuing development and exploration of the Ming Copper-Gold Mine while optimising the Nugget Pond processing facility. We will also continue the work we started in Q1 2013, to reduce costs and improve efficiencies.

"Looking ahead, our team remains focussed on building upon on the solid foundation that profitable production has provided for us. In addition, through organic growth and evaluating regional prospects, we feel that the unique market conditions that we are experiencing have given Rambler an opportunity to further strengthen its business in the short to medium term."

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 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 is expressed in good faith and believed to have a reasonable basis. 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 securities law.

Management's Discussion & Analysis ('MD&A')

For the Quarter Ended 31 January 2013

----------------------------------------------------------------------------This MD&A, including appendices, is intended to help the reader understandRambler Metals and Mining plc ('the parent company') and its subsidiaries(the 'Group' or 'Rambler'), our operations and our present businessenvironment. It has been prepared as of 27 March 2013 and covers the resultsof operations for the quarter ended 31 January 2013. This discussion shouldbe read in conjunction with the audited Financial Statements for the yearended 31 July 2012 and notes thereto. This consolidated financialinformation has been prepared in accordance with International FinancialReporting Standards ("IFRS") and their interpretations issued by theInternational Accounting Standards Board ("IASB"), as adopted by theEuropean Union and with IFRS and their interpretations issued by the IASB.The presentation currency is Canadian dollars. These statements togetherwith the following MD&A are intended to provide investors with a reasonablebasis for assessing the potential future performance.---------------------------------------------------------------------------- Rambler Metals and Mining plc Salatin House 19 Cedar Road Sutton Surrey SM2 5DACONTENTSGROUP OVERVIEW 2HIGHLIGHTS OF THE SECOND QUARTER 3FINANCIAL RESULTS 6HEALTH AND SAFETY 7OUTLOOK 8CAPITAL PROJECTS UPDATE 9FINANCIAL REVIEW 12SUMMARY OF QUARTERLY RESULTS 13LIQUIDITY, CAPITAL RESOURCES AND FINANCIAL POSITION 14COMMITMENTS AND LOANS 16SUBSEQUENT EVENTS 18APPENDIX 1 - LOCATION MAP 19APPENDIX 2 - SELECTED FINANCIAL INFORMATION & REVIEW OF OVERALL PERFORMANCE 20APPENDIX 3 - CRITICAL ACCOUNTING POLICIES AND ESTIMATES 21 CHANGES IN ACCOUNTING POLICIES 24APPENDIX 4 - OTHER MATTERS 25 Outstanding Share & Option Data 25 Forward Looking Information 25 Further information 26



GROUP OVERVIEW

The principal activity of the Group is the development, mining and exploration of the Ming Copper-Gold Mine ('Ming Mine') located on Newfoundland and Labrador's Baie Verte Peninsula. See Appendix 1. On 29 October 2012 the Group announced a significant milestone with the Ming Mine reaching commercial production being 85% of designed production for a period of 60 continuous days with 1 November 2012 as the official start of commercial production. During the second quarter of the 2013 fiscal year, the first quarter as a commercial producer, the Group reported revenue of $11.4 million from the sale of 5,353 wet metric tonnes ('wmt') of copper concentrate containing 1,285 tonnes of accountable copper metal and 878 ounces of accountable gold, generated cash from operations of $5 million and net profit of $2 million.

The parent Company's Ordinary Shares trade on the London AIM market under the symbol "RMM", the TSX Venture Exchange under the symbol "RAB".

The Group has established the following four strategic goals:

1. Continue as a profitable copper and gold producer by maximizing the use of the Nugget Pond processing facility.2. Increase available resources and reserves through further exploration both within the Ming mine and current land holdings.3. Continue to investigate, through various optimization studies, development of the Lower Footwall Zone creating organic growth.4. Selectively pursue growth opportunities within Atlantic Canada including joint ventures, acquisitions, strategic alliances and equity positions.



The Group's directors and management believe that focussing on these priorities will instil a solid foundation for Rambler, while providing the best opportunity to build a successful and long term mining company.

HIGHLIGHTS OF THE SECOND QUARTER

The second quarter ("three months ended 31 January 2013", "Q2/13", "Q2'13") was a significant period for the Group, being the first quarter following the official declaration of commercial production on 1 November 2012.

Highlights of the second quarter of the 2013 fiscal year included:

Capital Development and Production

-- Produced a total of 4,350 wmt (Q1'13 - 4,955 wmt) of concentrate for a total of 11,579 wmt since the start of copper production in May 2012. Concentrate produced during the second quarter averaged 28% copper with 7 g/t gold and 51 g/t silver (Q1'13: 27% copper with 6 g/t gold and 49 g/t silver) with milling recoveries for copper and gold averaging 88% and 62% respectively (Q1'13: 90% and 65% respectively). Copper recoveries averaged 85% in November however improved to 91% over December and January 2013 more in line with anticipated recoveries.-- Experienced an unplanned 6-day shutdown in January when an electrical component failed in the motor control centre that was part of the original gold hydromet mill built in 1996. The Company was able to procure a replacement part and now has a critical spare in inventory to avoid any similar downtime in the future.-- During the second quarter daily tonnage through the mill decreased from 632 wmt in November to 597 wmt in December and 561 wmt in January. This decrease was primarily due to an increase in fine grained material as more of the higher grade 1807 zone was fed to the mill. With the advent of winter and below zero degree temperatures the fines have a tendency to freeze in the coarse ore bin in turn slowing concentrate production at Nugget Pond. As a short term solution the Group has installed an air canon inside the course ore bin and vibrators on the outside of the bin to ensure a steady flow of material through the system. The temporary fix has increased production back to the planned 630 wmt per day however further modifications may be required. The problem was not seen last winter as the 1806 zone had a different mineralogy with coarser grained material. In the longer term the coarse ore bin which was part of the original gold hydromet built in 1996, may have to be further modified. Management is considering various options.-- Development into the high grade 1807 copper zone continued with ore being stockpiled as development progressed. With the majority of tonnes for the 2013 fiscal year coming from this zone, ore access on multiple levels was the main focus for underground development crews.-- In September (Q1/13) the Company took a 10-day shutdown in the mill to install additional pumps and piping that would allow the pumping of concentrator tailings to the gold hydromet plant. The intention was to determine if additional gold could be recovered through the gold hydromet prior to disposal into the tailings impound. The pilot test was initiated on 21 November 2012 and was concluded on 25 January 2013. Final clean out of the refinery is yet to be completed however initial results for overall gold recovery are in line with previous lab testing which showed a gold recovery of 85%. With gold in the feed grade anticipated to increase throughout the remainder of the fiscal year this process will be reinitiated at a later date.-- Shipped first copper concentrate, totalling approximately 8,873 wmt via the Group's port facility at Goodyear's Cove, Newfoundland and Labrador. Subsequently, on 23 February 2013, at the request of the Group's off- taker partner, shipped a further 3,150 wmt.



Financing

-- During the second quarter a repayment of US$390,027(project to date US$8,624,569) was made on the Group's gold loan from the delivery of 234 ounces (project to date 5,222 ounces) of gold representing the payable portion of gold contained within the concentrate provisionally invoiced to Transamine.-- Initiated payback of the Group's $7.5 million credit facility with a $500,000 payment on 30 November 2012. Subsequent to the quarter end, the Group agreed terms for the extension of its $10 million credit facility to 31 March 2014. Under the amendment agreement the Group will pay Sprott, in shares, a 4% extension fee. Interest will continue to accrue at 9.25% and any drawdown on the facility will be subject to the 4% drawdown fee as per the original agreement. $3.0 million has been made available under the amended credit facility and is available until 30 September 2013.



Exploration and evaluation

-- Development into the gold zone through the 107 level was put on hold to focus development attention towards completing the new 1807 ramp access down to the 481 level. Breakthrough will be completed in February whereupon exploration will continue.-- In January an up-dip extension of the 1807 zone, above the current mining reserve, was discovered. The Company is evaluating the potential of new economically viable stoping blocks further up-plunge. The 1807 zone remains unexplored down-plunge and has new access planned during Q3'13. The 1807 Zone is the highest grade copper zone currently in the mine with the next 12 months of production exclusively from this area.



Staffing

-- At the end of the second quarter a total of 143 full time employees were employed at the Ming Mine compared to 135 full time employees at 31 October 2012.-- Announced the appointment of Mr. Robert McGuire, P.Eng., as the Group's new General Manager at the Ming Copper-Gold Mine. Mr. McGuire has over 35 years' experience in underground mining with a diverse background in supervisory and managerial positions. Mr. Tim Sanford, P.Eng., the Group's previous General Manager was promoted to Vice President Technical Services, a new executive position that will oversee the preparation of Rambler's expansion plans of the Ming Mine and external growth opportunities.



FINANCIAL RESULTS

Revenue

-- A total of 5,353 wmt of concentrate were provisionally invoiced during the period at an average price of $3.55 per pound copper, $1,688 gold per ounce gold and $31.86 per ounce silver, generating $11.7 million in revenue before final assay and weights were agreed.-- Revenue associated with the sale of copper concentrate is recognised when significant risks and rewards of ownership of the asset sold are transferred to the Group's off-taker, which is when the group receives provisional payment for each lot of concentrate invoiced. Where a provisional invoice is not raised, risks and rewards of ownership transfer when the concentrate passes over the rail of the shipping vessel. Adjustments arising due to differences in assays, from the time of provisional invoicing to the time of final settlement, are adjusted to revenue. Adjustments arising due to differences in commodity prices, from the time of provisional invoicing to the time of final settlement, are adjusted to Gain or loss on Derivative Financial Assets.-- During the quarter the Group agreed final weights and assays on the first concentrate shipment with its off-take partner resulting in a $333,155 reduction in revenue bringing net revenue for the period to $11.4 million. Following the shipment of concentrate in November 2012, and in-line with a provision in the off-take agreement, the Group fixed a portion of its copper, gold and silver content resulting in a realized gain on derivative financial assets of $492,914 being the difference in the commodity prices at time of provisional invoicing, and actual commodity prices realized on the fixed portion of the shipment. The following summarizes provisional commodity prices versus actual commodity prices realized on price fixing:



---------------------------------------------------------------------------- Average provisional Actual commodity commodity price price fixed----------------------------------------------------------------------------Copper - $/lb $ 3.52 $ 3.62----------------------------------------------------------------------------Gold - $/oz $ 1,685 $ 1,709----------------------------------------------------------------------------Silver - $oz $ 31 $ 33------------------------------------------------------------------------------ Revenue realized in Q1/13 during the testing and commissioning of the Ming Mine was credited against the mineral property asset.-- Profit



The net profit for Q2/13 was $1,958,000 or $0.014 per share which compares with a loss of $1,039,000 or $0.008 per share for Q2/12. The increase in net profit during Q2/13 arose from the declaration of commercial production on 1 November 2012 resulting in revenue and operating expenditures being report on the unaudited consolidated income statement. Prior to 1 November 2012 revenue and operating expenditures were credited to the Mineral Property asset. Earnings before interest, taxes, depreciation, amortisation ("EBITDA") were $3,684,000 and $2,944,000 for the three and six months ended 31 January 2013.

-- Cash flow and cash resources



Cash flows generated from operating activities for Q2/13 were $4,978,000 compared with cash utilized of $1,157,000 in Q1/13 and cash utilized of $530,000 in Q2/12. The generation of cash from operations reflects the commencement of commercial production and a change in accounts receivable, inventory and account payable balances.

Cash resources (including short-term investments) as at 31 January 2013 were $7.3 million and as of 27 March 2013 had decreased to $5.0 million. Operating cash flows are anticipated to continue to build throughout the balance of the fiscal year in line with the move to commercial production at the beginning of Q2/13.

HEALTH AND SAFETY

-- The Group completed the period with no lost time accidents and 4 medical aid injuries. The lost time accident frequency rate and medical aid frequency rate for the period and fiscal year to date was 0 and 6.3 respectively.-- The Health and Safety of the Group's employees continues to be a high priority with prevention and hazard recognition being key components of the Group's strategy.



OUTLOOK

Management continue to pursue the following objectives:

-- Continue mining and milling the exposed 1807 workplaces for the generation of copper concentrate revenue from the Ming Mine. Place additional development focus into preparing this high grade zone for further exploration both up-dip and down-dip for inclusion in future resource and reserve estimates.-- Focus immediate exploration on the down-dip extension of the 1806 zone over the next quarter.-- Develop the main 1807 zone ramp down-plunge to access stoping blocks at depth and to eventually allow down-plunge exploration drilling of the 1807 zone.-- Optimize the mining and processing of ores from the Ming Mine in addition to continuing to evaluate Optimization Opportunities for a possible future expansion into the Lower Footwall Zone.-- Become a strategic long term low-cost producer on the Baie Verte Peninsula, and throughout Atlantic Canada, by selectively pursuing growth opportunities including joint ventures and acquisitions, including the Group's investment in Maritime Resources Corp.-- Increase exposure and liquidity on the Toronto Venture Exchange through an increased marketing and investor relations campaign in North America.



See 'Forward Looking Information' for a description of the factors that may cause actual results to differ from forecast.

CAPITAL PROJECTS UPDATE

During the second quarter the Group incurred expenditures of $2,145,000 on Mineral Property and $586,000 on property, plant and equipment. Prior to the mine being considered substantially complete and ready for its intended use, all direct operating costs, including costs associated with stockpile ores and concentrate, were capitalized within the Mineral Property asset and offset by revenue generated from on-going production. Following the declaration of commercial production on 1 November 2012 revenue and direct operating costs incurred at the Ming Mine are charge directly to the Group's Income Statement. Costs associated with stockpile ores and concentrate are charged to Inventory on a monthly basis. Expenditures incurred on underground capital development are charged to Mineral Property and offset by amortisation calculated on a unit of production basis.

Mineral Property

--------------------------------------------------------------------------------------------------------------------------------------------------------Mineral Property (capital development - Ming Q2/13 Q1/13 Q2/12 Mine) $,000 $,000 $,000----------------------------------------------------------------------------Labour costs - capital 1,105 2,015 2,031----------------------------------------------------------------------------Contractors' and consultancy expenses - 27 88----------------------------------------------------------------------------General materials and other costs - 297 250----------------------------------------------------------------------------Surface development - 210 171----------------------------------------------------------------------------Underground capital development 1,040 1,990 1,666----------------------------------------------------------------------------Processing and ore transportation - 1,806 1,223----------------------------------------------------------------------------Concentrate transportation & other allowances - 813 -----------------------------------------------==============================Sub-total 2,145 7,158 5,429----------------------------------------------------------------------------Other Charges---------------------------------------------------------------------------- Finance costs - 1,123 1,408---------------------------------------------------------------------------- Depreciation - 1,045 1,056---------------------------------------------------------------------------- Royalties - 612 57---------------------------------------------------------------------------- Reclamation and closure provision - 23 23----------------------------------------------==============================Total 2,145 9,961 7,973----------------------------------------------------------------------------Revenue recognized from sale of concentrate - (9,477) (2,479)----------------------------------------------------------------------------Transfer to inventory on commercial production (2,130) - -----------------------------------------------==============================Mineral property - amortisation (578) - -----------------------------------------------==============================Net (563) 484 5,494----------------------------------------------==============================--------------------------------------------------------------------------------------------------------------------------------------------------------Mineral Property (capital development - Ming Mine Q2/13 Q1/13 Q2/12 by area, before other charges)---------------------------------------------------------------------------- $,000 $,000 $,000----------------------------------------------------------------------------Surface, including electrical & mechanical support staff 274 1,100 997----------------------------------------------------------------------------1806 ore zone 194 333 1,440----------------------------------------------------------------------------1807 ore zone 1,424 2,261 212----------------------------------------------------------------------------Lower Footwall ore zone 37 207 103----------------------------------------------------------------------------Ramp improvements & ongoing maintenance - 282 1,288----------------------------------------------------------------------------Ventilation bulk head refurbishment/Shaft manway 63 - 8----------------------------------------------------------------------------Technical support staff 127 564 427----------------------------------------------------------------------------Port site - 984 40----------------------------------------------------------------------------Nugget Pond Mill - 1,427 914--------------------------------------------------------------------------------------------------------------------------------------------------------Total before other charges & amortization 2,145 7,158 5,429--------------------------------------------------------------------------------------------------------------------------------------------------------



Total mineral property costs before other charges and amortisation decreased in Q2/13 compared to Q1/13 in line with the declaration of commercial production at 1 November 2012. Capital expenditures decreased over the previous quarter as operating expenditures were charged directly to the Group's income statement during the three months ended 31 January 2013. Both operating and capital costs were charged to mineral property costs during the three months ended 31 October 2013. The majority of capital expenditures incurred during Q2/13 related to the capital development in the 1807 zone including the 1807 decline ramp which will provide access to 1807 stoping and future access to lower levels of the Ming Mine ore body. Commencing at the start of commercial production accumulated mineral property costs will be amortised on a unit of production basis. Revenue recognized during the three months ended 31 January 2013 were charged directly to income compared to being offsetting against mineral property costs for the three months ended 31 October 2013.

Property, plant and equipment

-------------------------------------------------------------------------------------------------------------------------------------------------------- Q2/13 Q1/13 Q2/12---------------------------------------------------------------------------- $,000 $,000 $,000--------------------------------------------------------------------------------------------------------------------------------------------------------Mill purchase and construction 12 105 1,671----------------------------------------------------------------------------Plant and equipment 515 689 2,089----------------------------------------------------------------------------Buildings 7 23 152----------------------------------------------------------------------------Other assets 52 1 80--------------------------------------------------------------------------------------------------------------------------------------------------------Total 586 818 3,992-------------------------------------------------===========================



Plant and equipment decreased during Q2/13 compared to Q1/13 due to the purchase of less underground equipment at the Ming Mine. Mill purchase and construction decreased during Q2/13 in-line with final commissioning and a move to commercial production on 1 November 2012.

Exploration and evaluation costs (Ming Mine)

-------------------------------------------------------------------------------------------------------------------------------------------------------- Q2/13 Q1/13 Q2/12---------------------------------------------------------------------------- $,000 $,000 $,000----------------------------------------------------------------------------Consultancy & Contractor expenses - 58 248-------------------------------------------------===========================Total - 58 248-------------------------------------------------===========================



Exploration expenditures in Q1/13 were incurred during exploration drilling on the Group's Lower Footwall Zone aimed at identifying higher grade ore within the zone to serve as potential blend feed for the Nugget Pond Mill. The exploration drilling may also assist in upgrading the reserve and resource for this zone at a later stage. No expenditures were incurred during the current period as capital development first had to be undertaken before the drilling platforms could be made available. Several drilling platforms are now available with diamond drilling resuming in Q3.

FINANCIAL REVIEW

----------------------------------------------------------------------------Q2/13 Results ($000's) Commentary Comparatives B/ B/ Q1/13 (W)(i) Q2/12 (W)--------------------------------------------------------------------------------------------------------------------------------------------------------11,407 Revenue in Q2/13 was generated through the sale of 5,353 wmt of copper concentrate containing 1,285 tonnes of accountable copper metal and 878 ounces of accountable gold compared with $9.5 million from the sale of 4,797wmt of copper concentrate in Q1/13. Revenues realized in Q1/13 during the testing and commissioning of the Ming Mine have been credited against Mineral Property and will continue until commercial production is achieved (see 'Ming Mine Revenue' below). - N/a - N/a----------------------------------------------------------------------------7,328 Production Costs relate to the processing and mining costs associated with Group's Ming Mine production and include processing and mining costs of $1.9 million and $5.4 million respectively. Operating costs associated with mining and processing of Ming Mine ores were capitalized to Mineral Property prior to commercial production being achieved. - N/a - N/a----------------------------------------------------------------------------925 General and administrative expenses were higher than the previous quarter by $109,000. The increase is substantially due to an increase in administrative salaries. In comparison to Q2/12 administrative expenses increased by $142,000. Administrative salaries increased by $109,000 as explained above and utility costs increased by $19,000. 817 (13)% 783 (18)%----------------------------------------------------------------------------(11) Foreign exchange differences arising on the Gold Loan resulted in a loss in Q2/13 as a result of the weakening of the Canadian dollar against the US dollar during the quarter. 36 (130)% (267) 104%----------------------------------------------------------------------------2,145 Mineral Properties. The group incurred costs of $2.1 million in the quarter. The cost includes labour costs of $1.1 million and development costs of $1 million mainly related to underground capital development in the 1807 ramp. Net mineral properties expenditures increase in Q2/13 reflecting the commencement of commercial production and the recognition of revenue in the income statement. 484 (343)% 5,494 (61)%----------------------------------------------------------------------------586 Capital spending on property, plant and equipment reduced during the quarter compared to Q1/13. The main expenditure in the quarter was on additional underground mobile equipment. The decrease from Q2/12 is due to the substantial completion of the copper concentrator at the Nugget Pond gold and base metal milling facility, fewer capital lease acquisitions for plant and equipment and the overall movement from capital development into production. 818 28% 3,992 85%----------------------------------------------------------------------------- Capital spending on exploration and evaluation costs was put on hold in Q2/13 as the Group concentrated on the commencement of commercial production. 58 (100)% 248 (100)%----------------------------------------------------------------------------



(i)B / (W) = Better / (Worse)

SUMMARY OF QUARTERLY RESULTS

The quarterly results for the Group for the last eight fiscal quarters are set out in the following table.

----------------------------------------------------------------------------Quarterly Results(All amounts in 000s of Canadian Dollars, except Loss per share 4th 3rd 2nd 1st figures) Quarter Quarter Quarter Quarter----------------------------------------------------------------------------Fiscal 2013Revenue 11,407 -(i)Net Income/ (loss) 1,958 (718)Earnings/(loss) per Share (Basic) 0.014 (0.005)----------------------------------------------------------------------------Fiscal 2012Revenue -(i) -(i) -(i) 1,219Net Income/ (loss) (1,202) (281) (1,039) (845)Earnings/(loss) per Share (Basic & Diluted) (0.009) (0.002) (0.008) (0.007)----------------------------------------------------------------------------Fiscal 2011Revenue 2,089 183Net Income/ (loss) 577 193Earnings/(loss) per Share (Basic & Diluted) 0.008 0.002----------------------------------------------------------------------------(i) gold and copper sales resulting from the testing and commissioning of the Ming Mine are credited to Mineral Properties until commercial production is achieved



Losses in the first quarter of 2011 reduced as a result of revenue from toll processing and rose again in the second quarter of 2011 following the completion of a toll processing agreement in November 2010. The profit arising in Q3 2011 included an exchange gain of $0.8 million arising on the retranslation of the Gold Loan following the weakening of the US Dollar against the Canadian Dollar during the quarter. The profit arising in Q4 2011 arose from the profits realised on the sale of gold from the Group's satellite deposits. Losses increased in first quarter of 2012 and further increased in the second quarter of 2012 as a result of an exchange loss of $0.7 million and $0.30 million respectively and reduced sales activity due to the processing of the Group's satellite deposits completed in the first quarter of 2012. The fluctuation in losses in the third and fourth quarters of 2012 and the first quarter of 2013 reflects exchange gains and losses on the retranslation of the Gold Loan. The profit in the second quarter of 2013 reflects the successful move into commercial production on 1 November 2012.

LIQUIDITY, CAPITAL RESOURCES AND FINANCIAL POSITION

Following the commencement of commercial production the Group has generated cash flows to finance its operational and development requirements. Prior to Q2/13 the Group has relied on private placement financings of equity securities, a Gold Loan facility, capital leases and a credit facility (see 'Commitments and Loans' section) to finance its development requirements. Positive cash flows are expected to continue following commercial production at the Ming Mine; however, there is no guarantee that expenses will not exceed income particularly during the start-up phase. If this is the case, the liquidity risk could be material, even with current cash resources.

The Group's holding of cash balances is kept under constant review. Given the current climate, the Group takes a very risk averse approach to management of cash resources and Management and Directors monitor events and associated risks on a continuous basis. Cash and short-term investment resources (cash, cash equivalents and short-term investments) were as follows:

----------------------------------------------------------------------------Resource 31 January 31 October 31 July 2013 2012 2012 $'000 $'000 $'000----------------------------------------------------------------------------Cash $CDN 4,981 4,442 7,394----------------------------------------------------------------------------Cash GBP 195 85 77----------------------------------------------------------------------------Cash $USD 2,149 205 -----------------------------------------------------------------------------Short-term Investments GBP - 161 355----------------------------------------------------------------------------Total 7,325 4,893 7,826----------------------------------------------------------------------------



Sales of copper concentrate are in US dollars and the majority of the Group's expenses are incurred in Canadian dollars. The Group's principal exchange rate risk relates to movements between the Canadian and US dollar. The Gold Loan is repayable in US dollars from future sales of gold mitigating the exchange risk. Management will closely monitor exchange fluctuation and consider the use of forward exchange contracts as required.

Interest rates on the capital leases and short term borrowings are fixed, eliminating interest rate risk.

Cash flows utilised in investing activities amounted to $1.2 million in the quarter. Cash of $1.0 million was spent on the Group's Mineral Property and $0.1 million was spent on property, plant and equipment.

Cash flows utilized in financing activities during the quarter amounted to $1.4 million reflecting gold loan repayments of $0.4 million, payment of $0.5 million against the credit facility and finance lease repayments of $0.5 million.

The group is required to hold Letters of Credit in favour of the Government of Newfoundland and Labrador in respect of the reclamation and closure liability at the existing Nugget Pond Mill and Ming Mine. At period end the Group holds bearer deposit notes totalling $3.27 million.

The Group's ability to continue as a going concern, and the recoverability of its mineral properties, is dependent on future trends in copper and gold prices, and its ability to continue generating positive cash flows from current operations. Through the use of current cash reserves and continued production management is satisfied that the Group has sufficient working capital for the forthcoming 12 months. However, there are risks associated with the commencement of a new mining and processing operation, which may give rise to the possibility that additional working capital may be required to fund unanticipated delays at the copper concentrator and continued mine production and the repayment of loans falling due for repayment in March 2014. Should additional working capital be required, the Directors consider that further sources of finance could be secured in the required timescale; however, there is no certainty that these funds will be forthcoming. On this basis, the Directors have concluded that the Group is a going concern. These financial statements do not reflect the adjustments to carrying values of assets and liabilities and the reported expenses and balance sheet classifications that would be necessary should the going concern assumption be inappropriate, and these adjustments could be material.

At 27 March 2013 the Group had $5.0 million in cash and cash equivalents.

Financial Instruments

The Group's financial instruments as at 31 January 2013 comprised of financial assets, comprising available for sale investments, cash and cash equivalents and trade and other receivables and financial liabilities comprised of trade payables, other payables, accrued expenses and interest bearing loans and borrowings.

All of the Group's financial liabilities are measured at amortised cost.

The Board of Directors determines, as required, the degree to which it is appropriate to use financial instruments and hedging techniques to mitigate risks. The main risks for which such instruments may be appropriate are foreign currency risk, liquidity risk, credit risk, interest rate risk and commodity price risk each of which is discussed in note 13 of the financial statements for the quarter ended 31 January 2013.

COMMITMENTS AND LOANS

At 31 January 2013 there were no capital commitments made to third parties.

Gold Loan

In March 2010, the Group entered into an agreement ("Gold Loan") with Sandstorm to sell a portion of the life-of-mine gold production from its Ming Mine. Under the terms of the agreement Sandstorm made staged upfront cash payments for the gold to the Group totalling US$20 million.

For this, in each production year following the first year of production, until 175,000oz of payable gold has been produced, the Group has agreed to sell a percentage equal to 25% x (85% divided by the actual percentage of metallurgical recovery of gold realized in the immediately preceding production year) provided that, if the payable gold production in any production year after the third production year is less than 15,000 ounces, then in each such production year, Sandstorm payable gold shall not be less than 25% of the payable gold. In each production year following the first year of production, after 175,000oz of payable gold has been produced, the Group has agreed to sell a percentage equal to 12% x (85% divided by the actual percentage of metallurgical recovery of gold realized in the immediately preceding production year) provided that, if the payable gold production in any production year after the third production year is less than 15,000 ounces, then in each such production year, Sandstorm payable gold shall not be less than 12% of the payable gold for the remainder of the period ending 40 years after the date of the agreement. After the expiry of the 40 year term, the agreement is renewable in 10 year terms at the option of Sandstorm.

The remaining circumstances in which the Gold Loan may be repaid earlier than by the delivery of payable gold are as follows:

i. If within 24 months of the date that gold is first produced (28 November 2011), the Ming Mine has not produced and sold a minimum of 24,000oz of payable gold (16,628 oz produced to 31 January 2013) then a portion of the US$20 million will be repayable based on the shortfall of payable gold, and/or;ii. Within the first 36 months of production of gold any shortfall in the value of payable gold below the following amounts will be required to be paid in cash:-- within the first 12 months - US$3.6 million-- within the second 12 months - US$3.6 million-- within the third 12 months - US$3.1 million



During the first fourteen months of production, repayments of US$8,624,569 were made from the delivery of 5,222 ounces of gold thereby satisfying the requirement to repay a minimum of US$3.6 million cash during the first and second 12 month periods and partially meeting the requirements for the third 12 months.

Credit Facility

On 29 September 2011 the Group agreed a Credit Facility of up to $10 million with Sprott Resource Lending Partnership ('Sprott') for use as additional funding for the development of the Ming Mine. Subsequent to amending the agreement in December 2011 the facility is available in three instalments; the first instalment of $5 million was drawn on 29 October 2011, the second instalment of $2.5 million was drawn on 30 January 2012 and the final instalment for the balance up to $10 million was available until 31 August 2012. The Company did not draw on this $2.5 million final available instalment. Interest will accrue at a fixed rate of 9.25% per annum. On 26 March 2013 this agreement was amended such that the principal is repayable by 31 March 2014 and secured by a fixed and floating charge over the assets of the Group. In connection with the Credit Facility, a Structuring Fee of $100,000 and a 3% Commitment Fee of $300,000 were paid to Sprott in cash. Pursuant to the terms of the Credit Facility, the Company issued $300,000 of ordinary shares of 1p each in the capital of the Company to Sprott in exchange for the repayment of the previously paid cash Commitment Fee. In addition, a further 4% Drawdown Fee on all amounts drawn under the Credit Facility was satisfied by the issuance of ordinary shares by the Company.

Loan and lease balances

At 31 January 2013 interest bearing loans and borrowings comprised a Gold Loan of $19,915,000, finance lease commitments of $7,607,000, a Credit Facility of $7,000,000 and a bank loan of $24,000. During the quarter the Group entered into finance lease commitments of $233,000 to finance the acquisition of a front loader for the Goodyear's Cove facility.

SUBSEQUENT EVENTS

On 26 March 2013 the Group agreed terms for the extension of its $10 million credit facility to 31 March 2014. Under the amendment agreement the Group will pay Sprott, in shares, a 4% extension fee. Interest will continue to accrue at 9.25% and any drawdown on the facility will be subject to the 4% drawdown fee as per the original agreement. $3.0 million has been made available under the amended credit facility and is available until 30 September 2013. This extension, had it been agreed prior to 31 January 2013, would have resulted in a positive net working capital balance of $783,000.

On 20 February 2013 announced that Non-Executive Director Mr. Merfyn Roberts resigned as a Director with immediate. The Board will have eight (8) remaining Executive and Non-Executive Directors with significant mining, commercial, financing and investing experience.

To view APPENDIX 1 - LOCATION MAP, please visit the following link: http://media3.marketwire.com/docs/rab0327appendix1.pdf.

APPENDIX 2 - SELECTED FINANCIAL INFORMATION & REVIEW OF OVERALL PERFORMANCE

----------------------------------------------------------------------------Financial Highlights Three months ended,(All amounts in 000s of Canadian Dollars, except shares and per share figures) -------------------------------------- 31 January 31 October 31 January 2013 2012 2012----------------------------------------------------------------------------Gold sales (ounces) - - 1,459(2)Average price (per ounce) - - 1,662Concentrate sales (dmt) 4,899 4,331(1) -Average provisional price (per tonne Cu, Ag & Au concentrate) 2,378 2,185 -----------------------------------------------------------------------------Revenue 11,407 - -Production costs 7,328 - -Depreciation & amortisation 2,040 - -Administrative expenses 925 817 789Net Income (loss) 1,958 (718) (1,039)Cash Flow generated from/(used in) operating activities 4,978 (1,157) (530)Cash Flow from (used in) investing activities (1,158) (1,005) (4,983)Cash Flow from (used in) financing activities (1,413) (789) 1,230Net increase (decrease) in cash 2,407 (2,933) (4,283)Cash and cash equivalents at end of period 7,325 4,893 3,974----------------------------------------------------------------------------Total Assets 111,967 109,229 106,670Total Liabilities (42,734) (42,335) (46,010)Working Capital (6,072) (8,820) (4,005)----------------------------------------------------------------------------Weighted average number of shares outstanding 142,380 142,369 123,650Earnings/(loss) per share 0.014 (0.005) (0.008)----------------------------------------------------------------------------(1) gold and copper concentrate sales relating to the testing and commissioning of the Ming Mine were credited to Mineral Properties until commercial production is achieved.(2) includes 621 ounces from the Group's Tilt Cove East Mine satellite deposit and 74 ounces from further refining of slag materials from the Nugget Pond Crown Pillar satellite deposit generating $1.219 million in revenue.



APPENDIX 3 - CRITICAL ACCOUNTING POLICIES AND ESTIMATES

The details of the Group's accounting policies are presented in accordance with International Financial Reporting Standards as set out in Note 2 to the financial statements. The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the year.

The following estimates are considered by management to be the most critical for investors to understand some of the processes and reasoning that go into the preparation of the Group's financial statements, providing some insight also to uncertainties that could impact the Group's financial results.

Going Concern

The Group's ability to continue as a going concern, and the recoverability of its mineral properties, is dependent on future trends in copper and gold prices, and its ability to continue generating positive cash flows from current operations. Through the use of current cash reserves and continued production management is satisfied that the Group has sufficient working capital for the forthcoming 12 months. However, there are risks associated with the commencement of a new mining and processing operation which may give rise to the possibility that additional working capital may be required to fund unanticipated delays at the copper concentrator and continued mine production and the repayment of loans falling due for repayment in March 2014. Should additional working capital be required, the Directors consider that further sources of finance could be secured in the required timescale; however, there is no certainty that these funds will be forthcoming. On this basis, the Directors have concluded that the Group is a going concern. These financial statements do not reflect the adjustments to carrying values of assets and liabilities and the reported expenses and balance sheet classifications that would be necessary should the going concern assumption be inappropriate, and these adjustments could be material.

Share-based payments

The Group calculates the cost of share based payments using the Black-Scholes model. Inputs into the model in respect of the expected option life and the volatility are subject to management estimate and any changes to these estimates may have a significant effect on the cost. The assumptions used in calculating the cost of share based payments are explained in note 5 of the financial statements for the year ended 31 July 2012.

Gold Loan

The Group calculates the balance outstanding on the Gold Loan based on estimates of future cash flows arising from the sale of payable gold (see note 19 of the financial statements for the year ended 31 July 2012). The cash flows will be dependent on the production of gold and its selling price at the time of delivery which have been estimated in line with the mine plan, future prices of gold and resource and reserve estimates. Management's estimates of these factors are subject to risk and uncertainties affecting the amount of the interest charge. Any changes to these estimates may result in a significantly different interest charge which would affect the carrying value of the mineral properties costs and the corresponding Gold Loan liability.

Mineral Property and Exploration and Evaluation Costs

The directors have assessed whether there are any indicators of impairment in respect of mineral property and exploration and evaluation costs. In making this assessment they have considered the Group's business plan which includes resource estimates, future processing capacity, the forward market and longer term price outlook for copper and gold. Resource estimates have been based on the most recently filed NI43-101 report and its opportunities economic model which includes resource estimates and conversion of its inferred resources. Management's estimates of these factors are subject to risk and uncertainties affecting the recoverability of the Group's mineral property and exploration and evaluation costs. Any changes to these estimates may result in the recognition of an impairment charge with a corresponding reduction in the carrying value of such assets. After consideration of the above factors, the directors do not consider that there are any indicators that mineral property and exploration and evaluation costs are impaired at the year end.

Closure Costs

The Group has an obligation to reclaim its properties after the minerals have been mined from the site, and has estimated the costs necessary to comply with existing reclamation standards. These estimates are recorded as a liability at their fair values in the periods in which they occur. If the estimate of reclamation costs proves to be inaccurate, the Group could be required to increase the provision for site closure and reclamation costs, which would increase the amount of future reclamation expense, resulting in a reduction in the Group's earnings and net assets.

Revenue

Revenues are subject to variation after the date of sale due to assay, price and foreign exchange fluctuations. Management monitors these changes closely and at the end of the period the directors will consider whether the effect of these variations are material on the whole and determine whether an adjustment is therefore appropriate.

Available for sale investment

Management consider that they do not have significant influence over the financial and policy decisions of Maritime and therefore have included the investment as an available for sale investment.

Commercial production

The Group monitors the on-going testing and commissioning of its copper concentrate milling facility to assess when commercial production has been achieved. Commercial Production is the assessment that the mill is capable of operating in the manner intended and was defined by management at the onset of development to be 60 days of continuous production from both the mill and mine, being 85% of target rates envisaged in the Group's Feasibility Study. Prior to commercial production being declared, costs and revenues are offset to the Mineral Properties asset and post commercial production will be charged to the Group's income statement. Commercial production was achieved at 1 November 2012.

CHANGES IN ACCOUNTING POLICIES

In the current quarter, new and revised standards which have been adopted have not affected the disclosures presented in these financial statements.

No standards issued but not yet effective have been adopted early.

International Financial Reporting Standards that have recently been issued or amended but are not yet effective have not been adopted for the annual reporting period ended 31 July 2013:

IFRS/ Title Nature of change Application ApplicationAmendment to accounting date of date for policy standard Group----------------------------------------------------------------------------Various Annual No change to Various 1 August 2013 Improvements to accounting IFRSs policy, therefore, no impact----------------------------------------------------------------------------IFRS 9 Financial No change to 1 January 1 August 2015 instruments: accounting 2015 Classification policy, and Measurement therefore, no impact----------------------------------------------------------------------------IFRS 10 Consolidated No change to 1 January 1 August 2013 Financial accounting 2013 Statements policy, therefore, no impact----------------------------------------------------------------------------IFRS 11 Joint No change to 1 January 1 August 2013 Arrangements accounting 2013 policy, therefore, no impact----------------------------------------------------------------------------IFRS 12 Disclosure of No change to 1 January 1 August 2013 Interests in accounting 2013 Other Entities policy, therefore, no impact----------------------------------------------------------------------------IFRS 13 Fair Value No change to 1 January 1 August 2013 Measurement accounting 2013 policy, therefore, no impact----------------------------------------------------------------------------



Management have reviewed the impact of the above standards and interpretations and have concluded that they will not result in any material changes to reported results.

Details of the main accounting policies of the Group are included in note 2 of the financial statements for the year ended 31 July 2012.

APPENDIX 4 - OTHER MATTERS

Outstanding Share & Option Data

As at the date of this MD&A the following securities are outstanding:

----------------------------------------------------------------------------Security Shares issued Weighted Average or Issuable Exercise Price----------------------------------------------------------------------------Common Shares 142,432,240 ------------------------------------------------------------------------------Options 4,025,000(i) $ 0.46----------------------------------------------------------------------------(i)if all options have fully vested



For further assistance Mr. Peter Mercer, Corporate Secretary can be reached directly at +1-709-800-1929 ext. 500 or pmercer@ramblermines.com.

Forward-Looking Information

This MD&A contains "forward-looking information" which may include, but is not limited to, statements with respect to the Group's objectives and strategy, future financial or operating performance of the Group and its projects, exploration expenditures, costs and timing of the development of new deposits, costs and timing of future exploration, requirements for additional capital, government regulation of mining exploration and development, environmental risks, title disputes or claims and limitations of insurance coverage. All statements, other than statements of historical fact, are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonably by the Company, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Group to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; conclusions of economic evaluations; availability and cost of credit; fluctuations in Canadian dollar interest rates; fluctuations in the relative value of United States dollars, Canadian dollars and British Pounds; changes in planned parameters as plans continue to be refined; fluctuations in the market and forward prices of copper, gold, silver or certain other commodities; possible variations of ore grade or recovery rates; failure of equipment; accidents and other risks of the mining exploration industry; political instability, insurrection or war; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled "Risk Factors" in the Report of Directors. Although the Group has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Unless stated otherwise, forward-looking statements contained herein are made as of the date of this MD&A. Other than as required by applicable securities law, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. All of the forward-looking statements made in this MD&A are qualified by these cautionary statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Further information

Additional information relating to the Group is on SEDAR at www.sedar.com and on the Group's web site at www.ramblermines.com.

Unaudited Consolidated Financial Information

For the Quarter Ended 31 January 2013

The accompanying financial information for the quarter ended 31 January 2013 and 31 January 2012 has not been reviewed or audited by the Group's auditor and has an effective date of 27 March 2013.

Rambler Metals and Mining PlcUnaudited Consolidated Income StatementFor the Quarter Ended 31 January 2013(EXPRESSED IN CANADIAN DOLLARS) Quarter Quarter Six months Six months ended ended ended ended 31 January 31 January 31 January 31 January 2013 2012 2013 2012 $,000 $,000 $,000 $,000Revenue 11,407 - 11,407 1,219Production costs 7,328 - 7,328 674Depreciation & amortisation 2,040 - 2,040 - ---------------------------------------------------Gross profit 2,039 - 2,039 545Administrative expenses 925 789 1,742 1,489 ---------------------------------------------------Operating profit/(loss) 1,114 (789) 297 (944) ---------------------------------------------------Bank interest receivable 20 20 44 53Gain on derivative financial instruments 541 - 582 -Finance costs 266 (3) 264 (5)Foreign exchange differences (11) (267) 25 (988) ---------------------------------------------------Net financing income/(expense) 816 (250) 915 (940) ---------------------------------------------------Income (loss) before tax 1,930 (1,039) 1,212 (1,884)Income tax credit 28 - 28 - ---------------------------------------------------Profit/(loss) for the period and attributable to owners of the parent 1,958 (1,039) 1,240 (1,884) --------------------------------------------------- ---------------------------------------------------



Earnings (loss) per share

Quarter Quarter Six months Six months ended ended ended ended 31 January 31 January 31 January 31 January 2013 2012 2013 2012 $ $ $ $Basic earnings/(loss) per share 0.014 (0.008) 0.009 (0.015) ----------------------------------------------------Diluted earnings/(loss) per share 0.014 (0.008) 0.009 (0.015) ----------------------------------------------------Rambler Metals and Mining PlcUnaudited Consolidated Statement of Comprehensive IncomeFor the Quarter Ended 31 January 2013(EXPRESSED IN CANADIAN DOLLARS) Quarter Quarter Six months Six months ended ended ended ended 31 January 31 January 31 January 31 January 2013 2012 2013 2012 $,000 $,000 $,000 $,000Profit/(loss) for the period 1,958 (1,039) 1,240 (1,884) ----------------------------------------------------Amounts which may be reclassified subsequently to profit or lossExchange differences on translation of foreign operations (net of tax) (7) (2) (3) 10Gain on available for sale investment 356 - 508 - ----------------------------------------------------Total amounts which may be reclassified subsequently to profit or loss 349 (2) 505 10 ----------------------------------------------------Other comprehensive income/(loss) for the period 349 (2) 505 10 ----------------------------------------------------Total comprehensive income/(loss) for the period and attributable to the owners of the parent 2,307 (1,041) 1,745 (1,874) ---------------------------------------------------- ----------------------------------------------------Rambler Metals and Mining PlcConsolidated Balance SheetAs at 31 January 2013(EXPRESSED IN CANADIAN DOLLARS) Note Unaudited Audited 31 January 31 July 2013 2012 $,000 $,000Assets Intangible assets 3 17,318 17,260 Mineral properties 4 47,987 48,064 Property, plant and equipment 5 30,341 31,494 Available for sale investments 6 1,220 712 --------------------------Total non-current assets 96,866 97,530 -------------------------- Inventory 7 2,627 1,100 Trade and other receivables 1,185 999 Derivative financial asset 8 696 - Restricted cash 10 3,268 3,263 Cash and cash equivalents 7,325 7,826 --------------------------Total current assets 15,101 13,188 --------------------------Total assets 111,967 110,718 -------------------------- --------------------------Equity Issued capital 2,600 2,599 Share premium 74,776 74,756 Merger reserve 214 214 Translation reserve 140 143 Fair value reserve 86 (422) Accumulated losses (8,583) (9,888) --------------------------Total equity 69,233 67,402 --------------------------Liabilities Interest-bearing loans and borrowings 9 19,703 20,691 Provision 10 1,858 1,812 --------------------------Total non-current liabilities 21,561 22,503 -------------------------- Interest-bearing loans and borrowings 9 14,700 14,827 Trade and other payables 6,473 5,986 --------------------------Total current liabilities 21,173 20,813 --------------------------Total liabilities 42,734 43,317 --------------------------Total equity and liabilities 111,967 110,718 -------------------------- --------------------------Rambler Metals and Mining PlcConsolidated Statement of Changes in Equity(EXPRESSED IN CANADIAN Share Share Merger Translation DOLLARS) capital premium reserve reserveAudited $,000 $,000 $,000 $,000Balance at 1 August 2011 2,299 65,934 214 135 ----------------------------------------------------Comprehensive lossLoss for the year - - - -Foreign exchange translation differences - - - 8Loss on available for sale investments - - - - ----------------------------------------------------Other comprehensive loss - - - 8 ----------------------------------------------------Total comprehensive loss for the year - - - 8 ----------------------------------------------------Transactions with ownersIssue of share capital 300 9,047 - -Share issue expenses - (225) - -Share-based payments - - - - ----------------------------------------------------Transactions with owners 300 8,822 - - ----------------------------------------------------Balance at 31 July 2012 2,599 74,756 214 143 ---------------------------------------------------- ----------------------------------------------------UnauditedBalance at 1 August 2012 2,599 74,756 214 143 ----------------------------------------------------Comprehensive lossProfit for the period - - - - ----------------------------------------------------Foreign exchange translation differences - - - (3)Gain on available for sale investments - - - - ----------------------------------------------------Other comprehensive income - - - (3) ----------------------------------------------------Total comprehensive income for the period - - - (3) ----------------------------------------------------Transactions with ownersIssue of share capital 1 20 - -Share-based payments - - - - ----------------------------------------------------Transactions with owners 1 20 - - ----------------------------------------------------Balance at 31 January 2013 2,600 74,776 214 140 ---------------------------------------------------- ---------------------------------------------------- Fair(EXPRESSED IN CANADIAN value Accumulated DOLLARS) reserve Losses TotalAudited $,000 $,000 $,000Balance at 1 August 2011 - (6,604) 61,978 ---------------------------------------Comprehensive lossLoss for the year - (3,367) (3,367)Foreign exchange translation differences - - 8Loss on available for sale investments (422) - (422) ---------------------------------------Other comprehensive loss (422) - (414) ---------------------------------------Total comprehensive loss for the year (422) (3,367) (3,781) ---------------------------------------Transactions with ownersIssue of share capital - - 9,347Share issue expenses - - (225)Share-based payments - 83 83 ---------------------------------------Transactions with owners - 83 9,205 ---------------------------------------Balance at 31 July 2012 (422) (9,888) 67,402 --------------------------------------- ---------------------------------------UnauditedBalance at 1 August 2012 (422) (9,888) 67,402 ---------------------------------------Comprehensive lossProfit for the period - 1,240 1,240 ---------------------------------------Foreign exchange translation differences - - (3)Gain on available for sale investments 508 - 508 ---------------------------------------Other comprehensive income 508 - 505 ---------------------------------------Total comprehensive income for the period 508 1,240 1,745 ---------------------------------------Transactions with ownersIssue of share capital - - 21Share-based payments - 65 65 ---------------------------------------Transactions with owners - 65 86 ---------------------------------------Balance at 31 January 2013 86 (8,583) 69,233 --------------------------------------- ---------------------------------------Rambler Metals and Mining PlcUnaudited Statements of Cash FlowsFor the Quarter Ended 31 January 2013(EXPRESSED IN CANADIAN DOLLARS) Quarter Quarter Six months Six months ended ended ended ended 31 January 31 January 31 January 31 January 2013 2012 2013 2012 $,000 $,000 $,000 $,000Cash flows from operating activitiesOperating profit/(loss) 1,114 (789) 297 (944)Depreciation 2,066 54 2,090 103Share based payments 28 16 65 47(Increase)/decrease in inventory (1,416) (262) (1,527) 40(Increase)/decrease in receivables (661) 360 (581) 939Increase in payables 4,109 94 3,741 574 ----------------------------------------------------Cash generated from/(utilised in) operations 5,240 (527) 4,085 759Income tax received 28 - 28 -Interest paid (290) (3) (292) (5) ----------------------------------------------------Net cash generated from/(utilised for) operating activities 4,978 (530) 3,821 754 ----------------------------------------------------Cash flows from investing activitiesInterest received 20 20 44 53Acquisition of bearer deposit note 1 - (5) (28)Acquisition of evaluation and exploration assets - (286) (60) (313)Acquisition of mineral properties - net (1,053) (2,578) (1,496) (5,936)Acquisition of property, plant and equipment (126) (2,139) (646) (6,197) ----------------------------------------------------Net cash utilised in investing activities (1,158) (4,983) (2,163) (12,421) ----------------------------------------------------Cash flows from financing activitiesProceeds from issue of share capital 4 - 21 -Proceeds from issue of share options - 4 - 8Repayment of Gold loan (388) (778) (760) (778)(Repayment)/proceeds from loans (500) 2,446 (500) 6,970Capital element of finance lease payments (529) (442) (963) (776) ----------------------------------------------------Net cash from financing activities (1,413) 1,230 (2,202) 5,424 ----------------------------------------------------Net increase/(decrease) in cash and cash equivalents 2,407 (4,283) (544) (6,243)Cash and cash equivalents at beginning of period 4,893 8,257 7,826 10,170Effect of exchange rate fluctuations on cash held 25 - 43 47 ----------------------------------------------------Cash and cash equivalents at end of period 7,325 3,974 7,325 3,974 ---------------------------------------------------- ----------------------------------------------------



Rambler Metals and Mining Plc

Unaudited Notes to the Financial Statements

1. Nature of operations and going concern

The principal activity of the Group is the development and exploration of the Ming Copper-Gold Mine ("Ming Mine") located in Baie Verte, Newfoundland and Labrador, Canada.

The Group's ability to continue as a going concern, and the recoverability of its mineral properties, is dependent on future trends in copper and gold prices, and its ability to continue generating positive cash flows from current operations. Through the use of current cash reserves and continued production, management is satisfied that the Group has sufficient working capital for the forthcoming 12 months. However, there are risks associated with the commencement of a new mining and processing operation which may give rise to the possibility that additional working capital may be required to fund unanticipated delays at the copper concentrator and continued mine production and the repayment of loans falling due for repayment in March 2014. Should additional working capital be required, the Directors consider that further sources of finance could be secured in the required timescale; however, there is no certainty that these funds will be forthcoming. On this basis, the Directors have concluded that the Group is a going concern. These financial statements do not reflect the adjustments to carrying values of assets and liabilities and the reported expenses and balance sheet classifications that would be necessary should the going concern assumption be inappropriate, and these adjustments could be material.

2. Accounting policies

Details of the main accounting policies of the Group are included in note 2 of the financial statements for the year ended 31 July 2012. The following accounting policies have been applied or modified during the current quarter:

Revenue - Sale of concentrate

Revenue associated with the sale of copper concentrate is recognised when significant risks and rewards of ownership of the asset sold are transferred to the Group's off-taker, which is when the group receives provisional payment for each lot of concentrate invoiced. Where a provisional invoice is not raised, risks and rewards of ownership transfer when the concentrate passes over the rail of the shipping vessel. Adjustments arising due to differences in assays and weights, from the time of provisional invoicing to the time of final settlement, are adjusted to revenue.

Trade and other receivables

Trade and other receivables are generally stated at their cost less impairment losses. Receivables in respect of the sale of copper concentrate which contain an embedded derivative linking them to future commodity prices are measured at fair value through profit and loss and are treated as derivative financial assets or liabilities.

Financial instruments measured at fair value through profit and loss

Financial instruments measured at fair value through profit and loss, which includes all derivative financial instruments and receivables containing embedded derivatives arising from sales of copper concentrate, are measured at fair value at each balance sheet date with changes in value reflected directly within the income statement.

3. Intangible assets

Exploration and evaluation Costs $,000CostBalance at 1 August 2011 16,627Acquisitions 633 ---------------Balance at 31 July 2012 17,260 --------------- ---------------Balance at 1 August 2012 17,260Acquisitions 58 ---------------Balance at 31 January 2013 17,318 --------------- ---------------Carrying amountsAt 31 July 2012 17,260 --------------- ---------------At 31 January 2013 17,318 --------------- ---------------



4. Mineral Properties

Mineral Property $,000CostBalance at 1 August 2011 38,468Acquisitions 9,596 -----------Balance at 31 July 2012 48,064 ----------- -----------Balance at 1 August 2012 48,064Acquisitions 2,630Transfer to inventory on commercial production (2,130) -----------Balance at 31 January 2013 48,564 ----------- -----------AmortisationBalance at 1 August 2011 -Amortisation charge - -----------Balance at 31 July 2012 - ----------- -----------Balance at 1 August 2012 -Amortisation charge 577 -----------Balance at 31 January 2013 577 ----------- -----------Carrying amountsAt 31 July 2012 48,064 ----------- -----------At 31 January 2013 47,987 ----------- -----------



5. Property, plant and equipment

Assets Land and under Motor Plant and buildings construction vehicles equipment $,000 $,000 $,000 $,000CostBalance at 1 August 2011 2,941 15,310 153 14,165Acquisitions 733 6,189 59 3,378Disposals - - - (189) -------------------------------------------------------Balance at 31 July 2012 3,674 21,499 212 17,354 ------------------------------------------------------- -------------------------------------------------------Balance at 1 August 2012 3,674 21,499 212 17,354Additions 30 117 32 1,204Reclassification 613 (21,604) - 20,991 -------------------------------------------------------Balance at 31 January 2013 4,317 12 244 39,549 ------------------------------------------------------- -------------------------------------------------------Depreciation and impairment lossesBalance at 1 August 2011 926 - 71 6,452Depreciation charge 333 - 58 3,755Eliminated on disposals - - - (189) -------------------------------------------------------Balance at 31 July 2012 1,259 - 129 10,018 ------------------------------------------------------- -------------------------------------------------------Balance at 1 August 2012 1,259 - 129 10,018Depreciation charge 195 - 24 2,286 -------------------------------------------------------Balance at 31 January 2013 1,454 - 153 12,304 ------------------------------------------------------- -------------------------------------------------------Carrying amountsAt 31 July 2012 2,415 21,499 83 7,336 ------------------------------------------------------- -------------------------------------------------------At 31 January 2013 2,863 12 91 27,245 ------------------------------------------------------- ------------------------------------------------------- Fixtures, fittings and Computer equipment equipment Total $,000 $,000 $,000CostBalance at 1 August 2011 90 670 33,329Acquisitions 3 89 10,451Disposals - (6) (195) -----------------------------------------Balance at 31 July 2012 93 753 43,585 ----------------------------------------- -----------------------------------------Balance at 1 August 2012 93 753 43,585Additions 15 6 1,404Reclassification - - - -----------------------------------------Balance at 31 January 2013 108 759 44,989 ----------------------------------------- -----------------------------------------Depreciation and impairment lossesBalance at 1 August 2011 57 491 7,997Depreciation charge 15 128 4,289Eliminated on disposals - (6) (195) -----------------------------------------Balance at 31 July 2012 72 613 12,091 ----------------------------------------- -----------------------------------------Balance at 1 August 2012 72 613 12,091Depreciation charge 7 45 2,557 -----------------------------------------Balance at 31 January 2013 79 658 14,648 ----------------------------------------- -----------------------------------------Carrying amountsAt 31 July 2012 21 140 31,494 ----------------------------------------- -----------------------------------------At 31 January 2013 29 101 30,341 ----------------------------------------- -----------------------------------------



6. Available for sale investments

Available for sale investments $'000CostBalance at 1 August 2011 -Acquisitions 1,134Revaluation (422) -------------Balance at 31 July 2012 712 ------------- -------------Balance at 1 August 2012 712Revaluation 508 -------------Balance at 31 January 2013 1,220 ------------- -------------



Rambler holds a 17% equity stake Maritime Recourses Corp and an invitation to appoint a representative to join Maritime's Board of Directors. The market price at 31 January 2013 was $0.24 per share.

7. Inventories

31 January 31 July 2013 2012 $,000 $,000Operating supplies 1,510 1,100Ore and concentrate stockpile 1,117 - ------------------------ 2,627 1,100 ------------------------ ------------------------



8. Derivative financial asset

31 January 31 July 2013 2012 $,000 $,000Concentrate receivables from off-taker 696 - ------------------------ ------------------------



9. Interest-bearing loans and borrowings

This note provides information about the contractual terms of the Group's interest-bearing loans and borrowings. For more information about the Group's exposure to interest rate and foreign currency risk, see note 13.

31 January 31 July 2013 2012 $,000 $,000Non-current liabilitiesBank loan 21 23Finance lease liabilities 5,376 5,727Gold Loan 14,306 14,941 ------------------------ 19,703 20,691 ------------------------ ------------------------Current liabilitiesCurrent portion of bank loan 3 3Current portion of finance lease liabilities 2,231 1,962Current portion of Gold Loan 5,609 5,948Credit Facility 6,857 6,914 ------------------------ 14,700 14,827 ------------------------ ------------------------



Finance lease liabilities

Finance lease liabilities are payable as follows:

Minimum Minimum lease lease Payments Interest Principal Payments Interest Principal 31 January 31 January 31 January 31 July 31 July 31 July 2013 2013 2013 2012 2012 2012 $,000 $,000 $,000 $,000 $,000 $,000Less than one year 2,370 139 2,231 2,189 227 1,962Between one and five years 5,989 613 5,376 6,361 634 5,727 ------------------------------------------------------------------ 8,359 752 7,607 8,550 861 7,689 ------------------------------------------------------------------ ------------------------------------------------------------------



Under the terms of the equipment lease agreements, no contingent rents are payable.

The bank loan is secured by way of a fixed charge over a property and is repayable in monthly instalments of $384 over 12 years.

Gold Loan

In March 2010, the Group entered into an agreement ("Gold Loan") with Sandstorm to sell a portion of the life-of-mine gold production from its Ming Mine.

Under the terms of the agreement Sandstorm made staged upfront cash payments for the gold to the Group totalling US$20 million.

For this, in each production year following the first year of production, until 175,000oz of payable gold has been produced, the Group has agreed to sell a percentage equal to 25% x (85% divided by the actual percentage of metallurgical recovery of gold realized in the immediately preceding production year) provided that, if the payable gold production in any production year after the third production year is less than 15,000 ounces, then in each such production year, Sandstorm payable gold shall not be less than 25% of the payable gold. In each production year following the first year of production, after 175,000oz of payable gold has been produced, the Group has agreed to sell a percentage equal to 12% x (85% divided by the actual percentage of metallurgical recovery of gold realized in the immediately preceding production year) provided that, if the payable gold production in any production year after the third production year is less than 15,000 ounces, then in each such production year, Sandstorm payable gold shall not be less than 12% of the payable gold for the remainder of the period ending 40 years after the date of the agreement. After the expiry of the 40 year term, the agreement is renewable in 10 year terms at the option of Sandstorm.

A 4.5% cash commission was payable with each payment received under the agreement.

The remaining circumstances in which the Gold Loan may be repaid earlier than by the delivery of payable gold are as follows:

i. If within 24 months of the date that gold is first produced (28 November 2011), the Ming Mine has not produced and sold a minimum of 24,000oz of payable gold then a portion of the US$20 million will be repayable based on the shortfall of payable gold.ii. Within the first 36 months of production of gold any shortfall in the value of payable gold below the following amounts will be required to be paid in cash:-- within the first 12 months - US$3.6 million-- within the second 12 months - US$3.6 million-- within the third 12 months - US$3.1 million



During the first fourteen months of production, repayments of US$8,624,569 were made from the delivery of 5,222 ounces of gold thereby satisfying the requirement to repay a minimum of US$3.6 million cash during the first and second 12 months and partially meeting the requirements for the third 12 months.

The Gold Loan is accounted for as a financial liability carried at amortised cost. In determining the carrying value of the loan the cash flows due under the agreement are forecast at each quarter end based on management's best estimates of the time of delivery of payable gold, the total amount of gold expected to be produced over the mine life and the timing of that production.

Interest of $818,000 was credited to the income statement during Q2/13 and $581,000 (31/01/12: $1,595,000) was charged to mineral properties in Q1/13.

The Gold Loan is secured by a fixed and floating charge over the assets of the Group.

Credit Facility

On 29 September 2011 the Group agreed a credit facility of up to $10 million with Sprott Resource Lending Partnership ("Sprott") for use as additional funding for the development of the Ming Mine. Subsequent to amending the agreement in December 2011 the facility is available in three instalments; the first instalment of $5 million was drawn on 29 January 2012, the second instalment of $2.5 million was drawn on 30 January 2012 and the final instalment for the balance up to $10 million was available until 31 August 2012 but was not drawn. Interest accrues at a fixed rate of 9.25% per annum. On 26 March this agreement was amended such that the principle is repayable by 31 March 2014 and is secured by a fixed and floating charge over the assets of the Group. In connection with the credit facility, a structuring fee of $100,000 and a 3% commitment fee of $300,000 were paid to Sprott in cash. Pursuant to the terms of the credit facility, the Company issued $300,000 of ordinary shares of 1p each in the capital of the Company to Sprott in exchange for the repayment of the previously paid cash commitment fee. In addition, a further 4% drawdown fee on all amounts drawn under the credit facility was satisfied by the issuance of ordinary shares by the Company.

Financing and interest charges of $391,000 were expensed during Q2/13 and $392,000 (31/01/12: $247,000) were charged to mineral properties in Q1/13.

10. Provisions

31 January 31 July 2013 2012 $,000 $,000Reclamation and closure provisionAt 1 July 2012 1,812 1,647Released during the period - (121)Unwinding of discount 46 286 -------------------------At 31 January 2013 1,858 1,812 ------------------------- -------------------------



The reclamation and closure provision has been made in respect of costs of land restoration and rehabilitation expected to be incurred at the end of the Ming Mine's useful life. The provision has been calculated based on the present value of the expected future cash flows associated with reclamation and closure activities as required by the Government of Newfoundland and Labrador. The provision relates to restoration of all three sites associated with the Ming Mine project: mill, mine and port sites. The liability is secured by Letters of Credit for $3,267,616.

11. Related parties

Transactions with key management personnel

Total key management personnel compensations were as follows:

Quarter Quarter Six months Six months ended ended ended ended 31 January 31 January 31 January 31 January 2013 2012 2013 2012 $,000 $,000 $,000 $,000Salaries 206 178 378 336Share based payments - - - 13 ------------------------------------------------ 206 178 378 349 ------------------------------------------------ ------------------------------------------------



12. Share-based payments

The number and weighted average exercise prices of share options are as follows:

Weighted Weighted average Number average Number exercise of exercise of price options price options 31 January 31 January 31 July 31 July 2013 2013 2012 2012 $ No. 000 $ No. 000Outstanding at the beginning of the period 0.461 3,937 0.484 4,167Granted during the period 0.525 278 0.503 646Exercised 0.380 (72) 0.175 (202)Cancelled during the period 0.800 (68) 0.541 (674) ------------- -------------Outstanding at the end of the period 0.462 4,075 0.461 3,937 ------------- ------------- ------------- -------------Exercisable at the end of the period 0.445 3,287 0.446 3,313 ------------- ------------- ------------- -------------



The options outstanding at 31 January 2013 have an exercise price in the range of $0.16 to $1.10 and a weighted average remaining contractual life of 6.6 years (31 July 2012: 6.9 years).

The fair value of services received in return for share options granted are measured by reference to the fair value of share options granted. The estimate of the fair value of the services received is measured based on the Black-Scholes model. The contractual life of the option (10 years) is used as an input into this model. Expectations of early exercise are incorporated into the Black-Scholes model.

Fair value of share Quarter Quarter Six months Six months options and ended ended ended ended assumptions 31 January 31 January 31 January 31 January 2013 2012 2013 2012 $,000 $,000 $,000 $,000Fair value at measurement date of options granted in the period 10 20 60 79 -------------------------------------------------------Weighted average fair value per option granted in period 0.228 0.249 0.216 0.279Share price (weighted average) $ 0.580 0.435 $ 0.525 0.476Exercise price (weighted average) $ 0.580 0.435 $ 0.525 0.476Expected volatility (expressed as weighted average volatility used in the modelling under Black-Scholes model) 56.1% 68.8% 53.8% 69.6%Expected option life (years) 5 5 5 5Expected dividends (%) 0 0 0 0Risk-free interest rate (based on national government bonds) 1.39% 1.23% 1.39% 1.87% -------------------------------------------------------



The expected volatility is based on the historic volatility (calculated based on the weighted average remaining life of the share options), adjusted for any expected changes to future volatility due to publicly available information. There is no performance or market conditions associated with the share option grants.

Quarter Quarter Six months Six months ended ended ended ended 31 January 31 January 31 January 31 January 2013 2012 2013 2012 $,000 $,000 $,000 $,000Total expense recognised as employee costs 28 16 65 47 ------------------------------------------------ ------------------------------------------------



13. Financial risk management

The Group's principal financial assets comprise: cash and cash equivalents, trade and other receivables. The Group financial liabilities comprise: trade payables; other payables; and accrued expenses. The Group's financial liabilities also include interest bearing loans and borrowings.

All of the Group's financial liabilities are measured at amortised cost and their financial assets are classified as loans and receivables and measured at amortised cost.

The board of directors determines, as required, the degree to which it is appropriate to use financial instruments and hedging techniques to mitigate risks. The main risks for which such instruments may be appropriate are foreign exchange risk, interest rate risk, credit risk and liquidity risk each of which is discussed below.

Foreign currency risk

The Group's cash resources are held in GB pounds and Canadian Dollars and the Gold Loan is repayable in US dollars. The Group has a downside exposure to any strengthening of the GB pound as this would increase expenses in Canadian dollar terms. This risk is mitigated by reviewing the holding of cash balances in GB pounds. Any weakening of the GB pound would however result in the reduction of the expenses in Canadian dollar terms and preserve the Group's cash resources. In addition, any such movements would affect the Consolidated Balance Sheet when the net assets of the Parent Company are translated into Canadian dollars. The Group has a downside exposure to any strengthening of the US dollar as this would increase the amount repayable on the Gold Loan in Canadian dollar terms. This risk, however, is relevant only should the Gold Loan be repaid in cash under terms set out in note 8. Repayment is envisaged in payable gold which is denominated in US dollars. Once the Mine is in production, this will mitigate this foreign currency risk.

The Group does not hedge its exposure of foreign investments held in foreign currencies. There is no significant impact on profit or loss from foreign currency movements associated with the Parent company's assets and liabilities as the foreign currency gains or losses are recorded in the translation reserve.

Exchange rate fluctuations may adversely affect the Group's financial position and results. The following table details the Group's sensitivity to a 10% strengthening and weakening in the GB pound against the Canadian/US Dollar. 10% represents management's assessment of the reasonable possible exposure.

Equity 31 January 31 July 2013 2012 $,000 $,00010% strengthening of GB pound (11) 2410% weakening of GB pound 10 (22)10% strengthening of US dollar (1,991) (1,734)10% weakening of US dollar 1,810 1,576 -------------------------- --------------------------



Liquidity risk

With finite cash resources the liquidity risk is significant. The Group's approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. At 31 January 2013 the Group had a negative working capital of $6,074,000 including a credit facility balance of $6,857,000. Subsequent to the quarter ended 31 January 2013 the Group agreed the extension of its credit facility of $10 million for a further year. This extension, had it been agreement prior to 31 January 2013, would increase the negative working capital position to a positive $783,000. The maturities of other loans are disclosed in note 9.

The Group's trade payables, other payables and accrued expenses are generally due between one and three months and the Group's financial liabilities are due as follows:

Financial liabilities 31 January 31 July 2012 2012 $,000 $,000Due within one year 14,700 16,174Due within one to two years 4,746 5,667Due within two to three years 4,467 4,795Due within three to four years 2,923 4,778Due within four to five years 1,652 3,168Due after five years 5,915 16,240 ------------------------ 34,403 50,822 ------------------------ ------------------------



Fixed rate financial liabilities

At the period end the analysis of finance leases, hire purchase contracts and loans which were all due in Canadian Dollars and are at fixed interest rates was as follows:

Fixed rate liabilities 31 January 31 July 2012 2012 $,000 $,000Due within one year 9,091 8,879Due within one to two years 2,221 2,021Due within two to three years 2,274 2,015Due within three to four years 862 1,461Due within four to five years 32 243Due after five years 8 10 ------------------------ 14,488 14,629 ------------------------ ------------------------



The average fixed interest rate for the finance leases and hire purchase contracts outstanding at 31 January 2013 was 6.43%.

Credit risk

The Group holds the majority of its cash resources in Canadian dollars given that the majority of the Group's outgoings are denominated in this currency. Given the current climate, the Group has taken a very risk averse approach to management of cash resources and management and Directors monitor events and associated risks on a continuous basis. There is little perceived credit risk in respect of trade and other receivables. The Group maximum exposure to credit risk at 31 January 2013 was represented by receivables and cash resources.

Interest rate risk

The Group's policy is to retain its surplus funds on the most advantageous term of deposit available up to twelve month's maximum duration. Details of the Group's borrowings are described in note 9.

If the interest rate on deposits were to fluctuate by 1% there would be no material effect on the Group's reported results.

Commodity price risk

Commodity price risk is the risk that the Group's future earnings will be adversely impacted by changes in the market prices of commodities. The Group is exposed to commodity price risk as its future revenues will be derived based on contracts with customers at prices that will be determined by reference to market prices of copper and gold at the delivery date.

The Group calculates the effective interest rate on the Gold Loan based on estimates of future cash flows arising from the sale of payable gold. In estimating the cash flows the following table details the Group's sensitivity to a 10% increase and a 25% decrease in the price of gold. These percentages represent management's assessment of the reasonable possible exposure.

Income Gross assets 31 January 31 July 2013 2012 $,000 $,00010% increase in the price of gold (1,992) (2,089)25% decrease in the price of gold 4,979 5,222 ---------------------------- ----------------------------



Receivables in respect of the sale of copper concentrate which contain an embedded derivative linking them to future commodity prices are measured at fair value through profit and loss and are treated as derivative financial assets or liabilities. In estimating the cash flows the following table details the Group's sensitivity to a 5% increase or decrease in the price of copper. These percentages represent management's assessment of the reasonable possible exposure.

Income Gross assets 31 January 31 July 2012 2012 $,000 $,0005% increase in the price of copper 401 -5% decrease in the price of copper (401) - --------------------------- ---------------------------



Financial assets

The floating rate financial assets comprise interest earning bank deposits at rates set by reference to the prevailing LIBOR or equivalent to the relevant country. Fixed rate financial assets are cash held on fixed term deposit.

At the period end the cash and short term deposits were as follows:

Average Average period interest Fixed Floating for which rates for rate rate rates fixedAt 31 January 2013 assets Assets Total are fixed rate assets $,000 $,000 $,000 Months %GB Pounds - 195 195 - -US $ - 2,149 2,149 - -Canadian $ - 4,981 4,981 - - ------------------------------ - 7,325 7,325 ------------------------------ ------------------------------At 31 July 2012 $,000 $,000 $,000 Months %GB Pounds 355 77 432 1 0.25Canadian $ - 7,394 7,394 - - ------------------------------ 355 7,471 7,826 ------------------------------ ------------------------------



Fair values

In the directors' opinion there is no material difference between the book value and fair value of any of the group's financial instruments.

14. Subsequent Events

On 26 March 2013 the Group agreed terms for the extension of its $10 million credit facility to 31 March 2014. Under the amendment agreement the Group will pay Sprott, in shares, a 4% extension fee. Interest will continue to accrue at 9.25% and any drawdown on the facility will be subject to the 4% drawdown fee as per the original agreement. $3.0 million has been made available under the amended credit facility and is available until 30 September 2013. This extension, had it been agreed prior to 31 January 2013, would have resulted in a positive net working capital balance of $783,000.

On 20 February 2013 announced that Non-Executive Director Mr Merfyn Roberts resigned as a Director with immediate effective. The Board will have eight (8) remaining Executive and Non-Executive Directors with significant mining, commercial, financing and investing experience.

Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.



Contacts:
Rambler Metals & Mining Plc
George Ogilvie, P.Eng.
President and CEO
709-800-1929 or 709-800-1921

Rambler Metals & Mining Plc
Corporate Office
+44 (0) 20 8652-2700
+44 (0) 20 8652-2719 (FAX)
www.ramblermines.com

Seymour Pierce
Stewart Dickson / Jeremy Stephenson
+44 (0) 20-7894 7000

Pelham Bell Pottinger
Charles Vivian / Daniel Thole
+44 (0) 20 7861 3921

Ocean Equities Limited
Guy Wilkes
+44 (0) 20-7786-4370



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