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

HIGH-GRADE COPPER-GOLD PRODUCER CANADA JUNE 2018 RAB TSXV RMM AIM 1

Forward Looking Statements Caution Regarding Forward Looking Statements: Certain information included in this presentation, including information relating to future financial or operating performance and other statements that express the expectations of management or estimates of future performance constitute “forward-looking statements”. Such forward-looking statements include, without limitation, statements regarding copper and gold forecasts for fiscal 2018 (including the information provided in any tables relating to production and concentrate forecasts for fiscal 2018), the financial strength of the Company, estimates regarding timing of future development and production and statements concerning possible expansion opportunities for the Company. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief are based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, the price of and anticipated costs of recovery of, copper concentrate and gold, the presence of and continuity of such minerals at modeled grades and values, the capacities of various machinery and equipment, the availability of personnel, machinery and equipment at estimated prices, mineral recovery rates, and others. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, interpretation and implications of drilling and geophysical results; estimates regarding timing of future capital expenditures and costs towards profitable commercial operations. Other factors that could cause actual results, developments or events to differ materially from those anticipated include, among others, increases/decreases in production; volatility in metals prices and demand; currency fluctuations; cash operating margins; cash operating cost per pound sold; costs per ton of ore; variances in ore grade or recovery rates from those assumed in mining plans; reserves and/or resources; the ability to successfully integrate acquired assets; 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 law. Tim Sanford, P.Eng., is the Qualified Person responsible for the technical content, verification and quality assurance of the exploration data and the analytical results set forth in this presentation. Mr. Sanford is an employee of Rambler Metals and Mining Canada Limited. 2

Why Own Rambler? LOCATION HIGH GRADE COPPER MINE RETURN TO + CASHFLOW Newfoundland, Producing Copper Mine with Phase II Expansion Canada Attractive Economics Completed @1,250 mtpd at 1,250 mtpd EXPLORATION FURTHER OPTIMIZATION PHASE III EXPANSION To Continue to Drive C1* Continue Deep Drilling To Continue Engineering Studies Extend Resource 2017 Results Costs Below $2.00 for Phase III Expansion to 102.0 meters of 1.65% Cu 2,000 mtpd *C1=Net direct cash costs per pound of saleable copper net of by-product credits 3

Copper-Gold Production • Underground copper-gold mine • Land package 1,640 Hectares • 195 employees • 2018 sustain 1,250 mtpd expanded throughput Nugget Pond Mill 100% Ownership in Producing Copper-Gold Mine 4

Rambler Near Term Focus NEAR TERM FOCUS COMPLETED MILESTONES Sustain Production at 1,250 mtpd Completed Phase II Expansion Return to Profitability & Cashflow Updated NI43-101 Target Grade 1.3 – 1.5% Cu Completed Exploration Drill Program Upon achieving +cashflow – continue Surface Updated Mine Plan Exploration Program to Extend Deposit Hired New Mine General Manager, Chief Mine Geologist and Chief Engineer Engineer Studies for Phase III Expansion – 2,000 mtpd – following sustained cash flow Upgraded Mine Ventilation Sustain 1,250 mtpd with a Focus on Profitability & Optimization 5

Strong Copper Fundamentals COPPER CASH OFFICIAL COMEX ($/LB) • Copper expected to trade around $3.15 over next 24 $3.50 Months (Source: CapIQ) $3.25 • Potential supply disruptions $3.00 could cause further price $2.75 increases $2.50 • Global growth with EV revolution $2.25 could drive further demand $2.00 • Rambler has used copper price $1.75 of $2.99 in all models Copper Expected to Sustain Price in $3.15 Range Over the Next 18 Months Source: CapitalIQ 6 6

Ming Copper-Gold Mine Ramp Historical Shaft Blasted Ore Drilled Stope Longhole Drilling Lower Footwall Zone Development Post Pillar Cut Transverse Modified Sub- and Fill Mining Long-hole level Longhole Mining Mining Block 1 1800 lv Block 2 Block 3 Updated NI43-101 Fully Replacing Reserves after 2 Years of Mining Mineral Reserve T Cu Au Cu Au Block 4 Classification (‘000) (%) (g/t) M lbs K Oz Proven * 0.44 49 3,452 1.87 143 Block 5 Probable * 0.44 71 4,968 1.81 198 Total Reserve 0.41 114 8,715 1.71 329 (diluted, recovered) Block 6 Note: Proven and Probable (undiluted and unrecovered). See Appendix for further detail 7 *See Appendix for Detailed 43-101 Table

Life Of Mine Production Profile MILL FEED AND SALEABLE COPPER PRODUCED 500,000 25,000,000 450,000 400,000 20,000,000 350,000 300,000 15,000,000 Copper, Lbs Mill Feed, T 250,000 200,000 10,000,000 150,000 100,000 5,000,000 50,000 - - LFZ Mill Feed MMS Mill Feed Saleable Cu, Lbs 20 Year Mine Life with Increasing Production 8

Financial KPIs @ 1,250 MTPD AVERAGE FINANCIAL KPI'S AT 1250TPD 25,000 20,000 $000's per annum 15,000 10,000 5,000 0 2.50 2.75 2.99 3.25 3.50 USD $Cu/lb EBITDA Net Operating Cash Free Cash Attractive Financial Profile at Varying Copper Prices * Data source NI43-101 April 2018 Technical Report with base case KPI’s represented 9 at long-term Cu of $2.99/lb

Economics Updated (US$) Average copper price $2.99 / lb Average gold price $1,301 / oz Production – Total at 1,250 mtpd Copper – pounds 312 million Gold – ounces 57,000 Mine life 20 Years Revenue $1.0 B Cash Flow from operations $277 M Total Capital Cost (LOM) $120 M Net Cash Flow After Tax $157 M NPV Before Tax (7% discount Rate) $100M Attractive Economic Profile over 20 Year Life of Mine Attractive Financial Profile at Varying Copper Prices *43-101 Technical Report highlights released on March 5 th following by filing of Technical 10 Report on April 25, 2018

Production, Costs & Targeted C1 POUNDS OF SALEABLE CU AND C1* COST Pounds of Saleable Cu in Millions 4 $3.50 3.5 $3.00 3 $2.50 C1 Cost, $US 2.5 $2.00 2 $1.50 1.5 $1.00 Phase II Expansion Ongoing 1 $0.50 0.5 0 $0.00 Stub 2017 Q1 2017 Q2 2017 Q3 2017 Q4 2017 5 Month Period Saleable CU, M lbs C1 $US C1 $US • Increased production reduces cost per pound of copper • LOM average annual cash operating cost of US$1.98 per pound of copper net of by-product credits C1 over life of mine • All-in pre-tax costs of US$2.37 per pound of copper and after-tax cost of US$2.49 per pound Flexible Mine in Varying Copper Prices Stub 2017 : 5 month period from Aug. 1- Dec. 31, 2016 – transition to calendar year-end 11 *C1 – net direct cash cost per pound of saleable copper net of by-product credits

Phase II Expansion Completed • Phase II expansion to 1,250 mtpd completed in late March 2018 following completion of ventilation system upgrade • Targeting sustained production at 1,250 mtpd in 2018 • Lower Footwall Block 1 mining horizon carries lowest grade of the all 6 Blocks planned in the mine design • Grades improve from Block 2 deeper • Expansion of existing tailings dams to commence in September 2018 • Addition of a paste plant (2020) Focused on Sustained Production and Mine Productivity Improvements 12

Mine Ventilation Upgrade Completed Allows for Increases in Mine Production & Improved Cycle Times 13

Phase III – Future Studies • Further expansion (Phase III) offers scale with enhanced valuation • Targeted production – 2,000 mtpd, 60% increase • Engineering Studies required : A. Underground material handling, including potential rehab of historical shaft B. Mill location C. Following completed of items A and B commence Definitive Feasibility Study • Studies to commence following sustained production at 1,250 mtpd Further Expansion Opportunities to Increase Production to 2,000 mtpd 14