Rambler Metals and Mining plc announced an operational update for its Ming Mine. Rambler, having established a developed state in the Ming Mine to support its designed production rate of 1,350 tonnes per day ("tpd") of new mined ore, is now undertaking an efficiency improvement program aimed at optimising the size of the organisation. This process is targeting cost reductions and improvements in operational efficiency that the management expects to yield cost savings of up to USD 1 million per month.

In addition, the Company has embarked on a strategic process to evaluate how to best reduce debt and restructure its balance sheet. The goal of this process is to ensure that the Company's current operational success translates into financial success for all stakeholders. This operational improvement effort consists of the following elements: Optimising the number of personnel at the mine.

With four production zones fully operational and each now with multiple headings available for development, it is possible to more efficiently schedule and allocate resources to the development cycle. Three development equipment fleets have been deployed to specific areas of the mine1 to reduce non-productive equipment travel time between working areas and maximise personnel utilisation. The mine development crews needed to achieve the development required reduces from 12 to four while maintaining future ore mining at current rates.

This will result in a sustained mine development capacity of 400 meters per month which is sufficient to maintain all four current mining areas at an optimum stope ore to development ore ratio going forward. The personnel complement at Ming Mine as a result of these changes has reduced by 45 persons, down to 186. Mine Blasting Schedule.

Historically, given an over-reliance on development ore, blasting was done at the end of every shift. With a reliable inventory of blasted stope ore that has now been established, in addition to periodic sources of development ore, the mine has moved to blasting once per 24 hours at the end of the day shift. Where previously, the company is working 2 x 10 hour shifts to allow for blasting between shifts, the company has moved to 2 x 11 hour shifts increasing the time available for work by two hours (10%) per day, further improving the utilisation of people and equipment.

Temporary Reduction in Development. Over and above the permanent restructure of reducing development crews to four, Rambler is temporarily reducing the development crews to three as the current mine plan does not currently need the development rate that four crews can deliver. At the end of October, developed ore inventories were sitting at 383,000 tonnes of ore across the four mining zones of the operation.

With reduced development to the end of June 2023, inventory is projected to be 240,000 tonnes. These changes in operation have been implemented since the beginning of November 2022 and have resulted in an immediate reduction in cost. At the current time, Rambler has launched a strategic financial restructuring program, the goal of which is to ensure the long-term financial viability of the operations.

Rambler is in discussions with several groups as the Company seeks to restructure its finances. As previously announced, central to this process is Newgen Resource Lending Inc. ("Newgen"), the Company's principal secured creditor, for whom the repayment of its loan was due to start on 31 October 2022.Newgen and Rambler remain in constructive discussions to find a solution to the refinancing or restructuring of the Company. However, there can be no certainty at this stage that Newgen will agree to defer or reschedule the repayment of its loan or interest due on its loan, or the terms on which any deferral will be agreed.

The company remains confident in the inherent value of the Ming Mine and will update the market as appropriate. Currently (i) the Lower Footwall Zone (710 -760 Levels); (ii) the Lower Footwall Zone (510 - 535 Levels); and (iii) the Ming North Zone and Upper Footwall Zone.