Rambler's Second Quarter Results 2013 Reali...

FOR:  RAMBLER METALS & MINING PLC

AIM SYMBOL:  RMM
TSX VENTURE SYMBOL:  RAB

March 27, 2013

Rambler's Second Quarter Results 2013 Realises Maiden Net Profit

LONDON, ENGLAND and BAIE VERTE, NEWFOUNDLAND AND LABRADOR--(Marketwire - March 27, 2013) - 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

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This MD&A, including appendices, is intended to help the reader understand
Rambler Metals and Mining plc ('the parent company') and its subsidiaries
(the 'Group' or 'Rambler'), our operations and our present business
environment. It has been prepared as of 27 March 2013 and covers the results
of operations for the quarter ended 31 January 2013. This discussion should
be read in conjunction with the audited Financial Statements for the year
ended 31 July 2012 and notes thereto.  This consolidated financial
information has been prepared in accordance with International Financial
Reporting Standards ("IFRS") and their interpretations issued by the
International Accounting Standards Board ("IASB"), as adopted by the
European Union and with IFRS and their interpretations issued by the IASB.
The presentation currency is Canadian dollars. These statements together
with the following MD&A are intended to provide investors with a reasonable
basis for assessing the potential future performance.
----------------------------------------------------------------------------

                        Rambler Metals and Mining plc
                                Salatin House
                                19 Cedar Road
                                   Sutton
                                   Surrey
                                   SM2 5DA

CONTENTS
GROUP OVERVIEW                                                             2
HIGHLIGHTS OF THE SECOND QUARTER                                           3
FINANCIAL RESULTS                                                          6
HEALTH AND SAFETY                                                          7
OUTLOOK                                                                    8
CAPITAL PROJECTS UPDATE                                                    9
FINANCIAL REVIEW                                                          12
SUMMARY OF QUARTERLY RESULTS                                              13
LIQUIDITY, CAPITAL RESOURCES AND FINANCIAL POSITION                       14
COMMITMENTS AND LOANS                                                     16
SUBSEQUENT EVENTS                                                         18
APPENDIX 1 - LOCATION MAP                                                 19
APPENDIX 2 - SELECTED FINANCIAL INFORMATION & REVIEW OF OVERALL
 PERFORMANCE                                                              20
APPENDIX 3 - CRITICAL ACCOUNTING POLICIES AND ESTIMATES                   21
  CHANGES IN ACCOUNTING POLICIES                                          24
APPENDIX 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 2013
Revenue                                                    11,407      -(i)
Net Income/ (loss)                                          1,958      (718)
Earnings/(loss) per Share (Basic)                           0.014    (0.005)
----------------------------------------------------------------------------
Fiscal 2012
Revenue                                  -(i)      -(i)      -(i)     1,219
Net Income/ (loss)                     (1,202)     (281)   (1,039)     (845)
Earnings/(loss) per Share (Basic &
 Diluted)                              (0.009)   (0.002)   (0.008)   (0.007)
----------------------------------------------------------------------------
Fiscal 2011
Revenue                                 2,089       183
Net Income/ (loss)                        577       193
Earnings/(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)                       -            -        1,662
Concentrate 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          789
Net 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)       1,230
Net 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      106,670
Total 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      123,650
Earnings/(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   Application
Amendment                      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 [phone] ext.
500 or [e-mail].

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 Plc

Unaudited Consolidated Income Statement

For 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       $,000
Revenue                       11,407            -       11,407       1,219
Production costs               7,328            -        7,328         674
Depreciation &
 amortisation                  2,040            -        2,040           -
                        ---------------------------------------------------
Gross profit                   2,039            -        2,039         545

Administrative expenses          925          789        1,742       1,489
                        ---------------------------------------------------
Operating profit/(loss)        1,114         (789)         297        (944)
                        ---------------------------------------------------

Bank interest receivable          20           20           44          53
Gain 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 Plc

Unaudited Consolidated Statement of Comprehensive Income

For 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        $,000

Profit/(loss) for the
 period                        1,958       (1,039)       1,240       (1,884)
                        ----------------------------------------------------

Amounts which may be
 reclassified
 subsequently to profit
 or loss
Exchange differences on
 translation of foreign
 operations (net of tax)          (7)          (2)          (3)          10
Gain 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 Plc

Consolidated Balance Sheet

As at 31 January 2013
(EXPRESSED IN CANADIAN DOLLARS)

                                             Note    Unaudited      Audited
                                                    31 January      31 July
                                                          2013         2012
                                                         $,000        $,000
Assets
  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 Plc

Consolidated Statement of Changes in Equity

(EXPRESSED IN CANADIAN         Share        Share       Merger  Translation
 DOLLARS)                    capital      premium      reserve      reserve
Audited                        $,000        $,000        $,000        $,000
Balance at 1 August 2011       2,299       65,934          214          135
                        ----------------------------------------------------
Comprehensive loss
Loss for the year                  -            -            -            -
Foreign exchange
 translation differences           -            -            -            8
Loss on available for
 sale investments                  -            -            -            -
                        ----------------------------------------------------
Other comprehensive loss           -            -            -            8
                        ----------------------------------------------------
Total comprehensive loss
 for the year                      -            -            -            8
                        ----------------------------------------------------
Transactions with owners
Issue 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
                        ----------------------------------------------------
                        ----------------------------------------------------
Unaudited
Balance at 1 August 2012       2,599       74,756          214          143
                        ----------------------------------------------------
Comprehensive loss
Profit 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 owners
Issue 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        Total
Audited                        $,000        $,000        $,000
Balance at 1 August 2011           -       (6,604)      61,978
                        ---------------------------------------
Comprehensive loss
Loss for the year                  -       (3,367)      (3,367)
Foreign exchange
 translation differences           -            -            8
Loss 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 owners
Issue of share capital             -            -        9,347
Share issue expenses               -            -         (225)
Share-based payments               -           83           83
                        ---------------------------------------
Transactions with owners           -           83        9,205
                        ---------------------------------------
Balance at 31 July 2012         (422)      (9,888)      67,402
                        ---------------------------------------
                        ---------------------------------------
Unaudited
Balance at 1 August 2012        (422)      (9,888)      67,402
                        ---------------------------------------
Comprehensive loss
Profit 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 owners
Issue of share capital             -            -           21
Share-based payments               -           65           65
                        ---------------------------------------
Transactions with owners           -           65           86
                        ---------------------------------------
Balance at 31 January
 2013                             86       (8,583)      69,233
                        ---------------------------------------
                        ---------------------------------------

Rambler Metals and Mining Plc

Unaudited Statements of Cash Flows

For 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        $,000
Cash flows from
 operating activities
Operating profit/(loss)        1,114         (789)         297         (944)
Depreciation                   2,066           54        2,090          103
Share based payments              28           16           65           47
(Increase)/decrease in
 inventory                    (1,416)        (262)      (1,527)          40
(Increase)/decrease in
 receivables                    (661)         360         (581)         939
Increase in payables           4,109           94        3,741          574
                        ----------------------------------------------------
Cash generated
 from/(utilised in)
 operations                    5,240         (527)       4,085          759
Income 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 activities
Interest received                 20           20           44           53
Acquisition 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 activities
Proceeds from issue of
 share capital                     4            -           21            -
Proceeds from issue of
 share options                     -            4            -            8
Repayment of Gold loan          (388)        (778)        (760)        (778)
(Repayment)/proceeds
 from loans                     (500)       2,446         (500)       6,970
Capital 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       10,170
Effect 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
                                                                       $,000
Cost
Balance at 1 August 2011                                              16,627
Acquisitions                                                             633
                                                             ---------------
Balance at 31 July 2012                                               17,260
                                                             ---------------
                                                             ---------------

Balance at 1 August 2012                                              17,260
Acquisitions                                                              58
                                                             ---------------
Balance at 31 January 2013                                            17,318
                                                             ---------------
                                                             ---------------
Carrying amounts
At 31 July 2012                                                       17,260
                                                             ---------------
                                                             ---------------
At 31 January 2013                                                    17,318
                                                             ---------------
                                                             ---------------

4. Mineral Properties

                                                                    Mineral
                                                                   Property
                                                                      $,000
Cost
Balance at 1 August 2011                                             38,468
Acquisitions                                                          9,596
                                                                 -----------
Balance at 31 July 2012                                              48,064
                                                                 -----------
                                                                 -----------

Balance at 1 August 2012                                             48,064
Acquisitions                                                          2,630
Transfer to inventory on commercial production                       (2,130)
                                                                 -----------
Balance at 31 January 2013                                           48,564
                                                                 -----------
                                                                 -----------

Amortisation
Balance 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 amounts
At 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         $,000
Cost
Balance at 1 August
 2011                        2,941       15,310           153        14,165
Acquisitions                   733        6,189            59         3,378
Disposals                        -            -             -          (189)
                     -------------------------------------------------------
Balance at 31 July
 2012                        3,674       21,499           212        17,354
                     -------------------------------------------------------
                     -------------------------------------------------------

Balance at 1 August
 2012                        3,674       21,499           212        17,354
Additions                       30          117            32         1,204
Reclassification               613      (21,604)            -        20,991
                     -------------------------------------------------------
Balance at 31 January
 2013                        4,317           12           244        39,549
                     -------------------------------------------------------
                     -------------------------------------------------------

Depreciation and
 impairment losses
Balance at 1 August
 2011                          926            -            71         6,452
Depreciation charge            333            -            58         3,755
Eliminated on
 disposals                       -            -             -          (189)
                     -------------------------------------------------------
Balance at 31 July
 2012                        1,259            -           129        10,018
                     -------------------------------------------------------
                     -------------------------------------------------------

Balance at 1 August
 2012                        1,259            -           129        10,018
Depreciation charge            195            -            24         2,286
                     -------------------------------------------------------
Balance at 31 January
 2013                        1,454            -           153        12,304
                     -------------------------------------------------------
                     -------------------------------------------------------

Carrying amounts
At 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         $,000
Cost
Balance at 1 August
 2011                           90          670        33,329
Acquisitions                     3           89        10,451
Disposals                        -           (6)         (195)
                     -----------------------------------------
Balance at 31 July
 2012                           93          753        43,585
                     -----------------------------------------
                     -----------------------------------------

Balance at 1 August
 2012                           93          753        43,585
Additions                       15            6         1,404
Reclassification                 -            -             -
                     -----------------------------------------
Balance at 31 January
 2013                          108          759        44,989
                     -----------------------------------------
                     -----------------------------------------

Depreciation and
 impairment losses
Balance at 1 August
 2011                           57          491         7,997
Depreciation charge             15          128         4,289
Eliminated on
 disposals                       -           (6)         (195)
                     -----------------------------------------
Balance at 31 July
 2012                           72          613        12,091
                     -----------------------------------------
                     -----------------------------------------

Balance at 1 August
 2012                           72          613        12,091
Depreciation charge              7           45         2,557
                     -----------------------------------------
Balance at 31 January
 2013                           79          658        14,648
                     -----------------------------------------
                     -----------------------------------------

Carrying amounts
At 31 July 2012                 21          140        31,494
                     -----------------------------------------
                     -----------------------------------------
At 31 January 2013              29          101        30,341
                     -----------------------------------------
                     -----------------------------------------

6. Available for sale investments

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

Balance at 1 August 2012                                                712
Revaluation                                                             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       $,000

Operating supplies                                         1,510       1,100
Ore and concentrate stockpile                              1,117           -
                                                    ------------------------
                                                           2,627       1,100
                                                    ------------------------
                                                    ------------------------

8. Derivative financial asset

                                                      31 January     31 July
                                                            2013        2012
                                                           $,000       $,000

Concentrate 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       $,000
Non-current liabilities
Bank loan                                                     21          23
Finance lease liabilities                                  5,376       5,727
Gold Loan                                                 14,306      14,941
                                                    ------------------------
                                                          19,703      20,691
                                                    ------------------------
                                                    ------------------------

Current liabilities
Current portion of bank loan                                   3           3
Current portion of finance lease liabilities               2,231       1,962
Current portion of Gold Loan                               5,609       5,948
Credit 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     $,000
Less than
 one year        2,370         139       2,231     2,189       227     1,962
Between
 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       $,000
Reclamation and closure provision
At 1 July 2012                                            1,812       1,647
Released 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       $,000
Salaries                             206         178         378         336
Share 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. 000
Outstanding at the
 beginning of the period         0.461       3,937        0.484       4,167
Granted during the period        0.525         278        0.503         646
Exercised                        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        $,000
Fair 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        0.279
Share price (weighted
 average)             $       0.580        0.435 $       0.525        0.476
Exercise price
 (weighted average)   $       0.580        0.435 $       0.525        0.476
Expected 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            5
Expected dividends
 (%)                              0            0             0            0
Risk-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       $,000
Total 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        $,000
10% strengthening of GB pound                              (11)          24
10% 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       $,000
Due within one year                                       14,700      16,174
Due within one to two years                                4,746       5,667
Due within two to three years                              4,467       4,795
Due within three to four years                             2,923       4,778
Due within four to five years                              1,652       3,168
Due 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       $,000
Due within one year                                        9,091       8,879
Due within one to two years                                2,221       2,021
Due within two to three years                              2,274       2,015
Due within three to four years                               862       1,461
Due within four to five years                                 32         243
Due 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          $,000
10% 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          $,000
5% 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         fixed
At 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          0.25
Canadian $                     -      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.

FOR FURTHER INFORMATION PLEASE CONTACT:

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

OR

Rambler Metals & Mining Plc
Corporate Office
[phone]
[phone] (FAX)
www.ramblermines.com

OR

Seymour Pierce
Stewart Dickson / Jeremy Stephenson
[phone]

OR

Pelham Bell Pottinger
Charles Vivian / Daniel Thole
[phone]

OR

Ocean Equities Limited
Guy Wilkes
[phone]

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.

Rambler Metals & Mining Plc