First Quarter 2015 Unaudited Financial Results

Companies

Rambler Metals & Mining (RMM)

All directors dealings today

	Quarter ended October 31 2014	Quarter ended October 31 2013
	$,000	$,000
Revenue	12,298	16,745
Production costs	(6,688)	(7,288)
Depreciation and amortisation	(2,329)	(2,516)
Gross profit	3,281	6,941

Administrative expenses	(963)	(969)
Exploration expenses	(15)	(12)
Operating profit	2,303	5,960

Bank interest receivable	28	7
(Loss)/gain on derivative financial instruments	(367)	393
Finance costs Foreign exchange differences	(864) (635)	(824) (272)
Net financing expense	(1,838)	(696)

Profit before tax	465	5,264

Income tax expense	(189)	(1,556)
Profit for the period and attributable to owners of the parent	276	3,708

	Quarter ended October 31 2014	Quarter ended October 31 2013
	$	$

Basic and diluted earnings per share	0.002	0.026

	Note	Unaudited	Audited
		October 31 2014	July 31 2014
		$,000	$,000
Assets
Intangible assets	3	19,773	18,514
Mineral properties	4	51,405	51,644
Property, plant and equipment	5	26,839	25,676
Available for sale investments	6	1,433	2,151
Deferred tax		1,519	1,754
Total non-current assets		100,969	99,739

Inventory	7	4,523	3,950
Trade and other receivables		1,799	2,120
Derivative financial asset	8	1,012	788
Cash and cash equivalents		9,519	9,535
Restricted cash		3,255	3,255
Total current assets		20,108	19,648
Total assets		121,077	119,387

Equity
Issued capital		2,628	2,628
Share premium		75,505	75,505
Merger reserve		214	214
Translation reserve		272	316
Fair value reserve		(887)	206
Accumulated profits		8,857	8,539
Total equity		86,589	87,408

Liabilities
Interest-bearing loans and borrowings	9	20,915	20,242
Provision	10	1,927	1,903
Total non-current liabilities		22,842	22,145

Interest-bearing loans and borrowings	9	6,146	5,300
Trade and other payables		5,500	4,534
Total current liabilities		11,646	9,834
Total liabilities		34,488	31,979
Total equity and liabilities		121,077	119,387

	Quarter ended October 31 2014	Quarter ended October 31 2013
	$,000	$,000
Cash flows from operating activities
Operating profit	2,303	5,960
Depreciation and amortization	2,351	2,543
Share based payments	42	19
Increase in inventory	(573)	(861)
Decrease in receivables	321	35
Increase in derivative financial instruments	(591)	(1,577)
Increase/(decrease) in payables	964	(451)
Cash generated from operations	4,817	5,668
Interest paid	(121)	(220)
Net cash generated from operating activities	4,696	5,448

Cash flows from investing activities
Interest received	28	7
Redemption of bearer deposit note	-	6
Acquisition of listed investment	(375)	-
Acquisition of evaluation and exploration assets	(1,259)	(314)
Acquisition of mineral properties - net	(976)	(1,281)
Acquisition of property, plant and equipment	(620)	(409)
Net cash utilised in investing activities	(3,202)	(1,991)

Cash flows from financing activities
Proceeds from issue of share capital	-	7
Repayment of Gold loan (note 9)	(746)	(585)
Repayment of Credit Facility	-	(2,150)
Capital element of finance lease payments	(844)	(610)
Net cash utilised in financing activities	(1,590)	(3,338)

Net (decrease)/increase in cash and cash equivalents	(96)	119
Cash and cash equivalents at beginning of period	9,535	5,566
Effect of exchange rate fluctuations on cash held	80	(30)
Cash and cash equivalents at end of period	9,519	5,655