AI assistant
Rumble Resources Incorporated — Management Reports 2025
Dec 19, 2025
48360_rns_2025-12-19_62053f7d-f264-4148-815e-4323de620dc8.pdf
Management Reports
Open in viewerOpens in your device viewer
MANAGEMENT DISCUSSION FOR RUMBLE RESOURCES INC.
FOR THE THREE MONTHS ENDED OCTOBER 31, 2025
PREPARED AS OF DECEMBER 17, 2025
Background
This discussion and analysis of financial position and results of operations is prepared as at December 17, 2025 and should be read in conjunction with the interim financial statements for the fiscal period ended October 31, 2025 of Rumble Resources Inc. ("Rumble" or the "Company"). The financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS"). Except as otherwise disclosed, all dollar figures included therein and the following management discussion and analysis ("MD&A") are quoted in Canadian dollars. Additional information relevant to the Company's activities can be found on SEDAR+ at www.sedarplus.ca.
Cautionary Statement on Forward Looking Information
This Management's Discussion and Analysis may include forward-looking statements with respect to business plans, activities, prospects, opportunities and events anticipated or being pursued by the Company and the Company's future results. Although the Company believes the assumptions underlying such statements to be reasonable, any of the assumptions may prove to be incorrect. The anticipated results or events upon which current expectations are based may differ materially from actual results or events. Therefore, undue reliance should not be placed on such forward-looking information. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a downturn in general economic conditions in North America and internationally, (2) the uncertainty as to property development and exploration milestones, (3) the uncertainty as to the regulatory approval of the Company's Property, (4) the risk that the Company does not execute its business plan, (5) inability to retain key employees, (6) inability to finance exploration and growth, and (7) other factors beyond the Company's control.
Forward-looking statements speak only as of the date of this MD&A and actual results could differ materially from those anticipated in the forward-looking statements as a result of a number of factors. Investors should not place undue reliance on forward-looking statements as the plans, intentions or expectations upon which they are based may not occur. The Company does not assume responsibility for the accuracy and completeness of the forward-looking statements set out in this MD&A and, subject to applicable securities laws, does not undertake any obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
Overview
Rumble is engaged in the identification, acquisition, exploration and development of mineral projects.
On September 5, 2023, the Company's common shares became listed and commenced trading on the Canadian Securities Exchange ("CSE") under the symbol "RB".
On August 25, 2025, the Company completed a forward stock split of its issued and outstanding common shares on a 2-for-1 basis. All share and per share figures in this Management's Discussion and Analysis have been retroactively adjusted to reflect the stock split.
The Company previously held the exclusive option to acquire a 100% interest in the Woolford Creek claims (the "Property"), which is subject to a 2% net smelter returns royalty. The Woolford Creek claims are comprised of 8 mining claims located in the Adams Lake area of the Kamloops Mining Division, British Columbia, covering 4,414 hectares.
Rumble commissioned and filed via SEDAR+ an independent technical report prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") with respect to the Woolford Creek claims. The NI 43-101 technical report recommended an additional phase of exploration on the Property consisting of prospecting, mapping, and sampling.
During the year ended July 31, 2024, Greenlink Exploration Corp. was engaged by Rumble to carry out a follow up exploration program on the Woolford Creek Property, which was based on the recommendations detailed in the company's NI 43-101 technical report. The program included prospecting, rock chip sampling, channel cutting, soil sampling, ground geophysical surveys, and geological mapping.
Rumble's exploration team investigated the quartz veins of the Nik East showing where a notable 2020 sample assayed 10.4 grams per tonne gold. Four channels were cut through Nik East quartz veins to collect nine channel samples, along with two grab samples from the extremities of the veins. The quartz veins were found to be 12.5 feet (3.8 meters) thick, with variable thickness along the strike, characterized by white, rusty, and vuggy quartz with sulfide spots and country rock clasts. The roadside mapping along this section was extended north to the claim boundary, revealing additional quartz veins, which were also sampled. A new 20- to 22-foot (6.1- to 6.7-meter) wide oxidized zone was identified with disseminated lead content, associated with a 60 to 70 feet (18.29 to 21.33 meter) wide volcanic dyke.
Collected assay samples carried silver values which ranged from 0.01 ppm to 3.23 ppm, with notable samples exceeding 1.0 ppm. Gold values were generally low, with eight samples above 0.2 ppm and one sample at 0.73 ppm. Copper values varied from 0.9 ppm to 2,120 ppm, with several samples exceeding 1,000 ppm. Geophysical surveys identified two significant targets, one on the West Grid with high magnetic gradients and EM conductivity, and a second target on the East Grid interpreted as a sulphide-bearing lithological contact.
Notwithstanding the continued prospects for Woolford, due to a challenged junior resource environment and the inability of company management to renegotiate the option agreement terms with respect to the Woodruff Creek property to its satisfaction, the Company decided to terminate the Woolford Creek claims option and focus on the Wilmac Property discussed below.
On June 4, 2025, the Company entered into an Option Agreement (the "Option Agreement") whereby it was granted an option to acquire a 70% interest in two mineral claims in the Princeton area of the Kamloops Mining Division, British Columbia, covering 2,355 hectares (the "Wilmac Property"). In order to exercise the option, the Company must pay $25,000 and issue 2,000,000 units to the owners upon regulatory approval. Each unit will consist of one common share and one two-year transferable share purchase warrant entitling the owner to purchase an additional common share of the Company for $0.10. The units will be subject to a four month and one day hold period from issuance. In order to exercise the option, the Company must make additional cash payments totaling $305,000 over three years and incur a minimum of $3,990,000 in exploration expenditures on the Property over five years, including $40,000 by December 31, 2025. The Company may purchase half of the 2% NSR royalty for a one-time payment of $2,000,000. The Company is obligated to make advance NSR payments to the owners of $100,000 per year commencing after the option is exercised.
On October 8, 2025, the Company amended its mineral property Option Agreement in relation to its Wilmac copper-gold project, increasing the project from 2,355 hectares to 11,504 hectares. Pursuant to the amendment, the Company agreed to issue an additional 2,000,000 units. Each Unit consists of one common share and one transferable common share purchase warrant. Each warrant entitles the holder to purchase one common share at $0.30 per share for 24 months from issuance. Securities are subject to a four-month-and-one-day hold and applicable regulatory approvals. In addition, the total cash consideration was amended from $330,000 to $700,000, payable according to the following schedule:
a) $25,000 upon closing of the private placement (paid);
b) $50,000 by December 1, 2025;
c) $125,000 by September 1, 2026;
d) $200,000 by September 1, 2027; and
e) $300,000 by September 1, 2028.
On October 24, 2025, the Company issued the additional 2,000,000 units.
Overall Performance
Because Rumble is involved in the exploration of mineral property without any known economic quantities of mineralization, it has not generated any revenue to date and is unlikely to realize revenue in the foreseeable future. Management anticipates that it will incur expenses in connection with the exploration of its mineral property, compliance with applicable securities rules and continuous disclosure requirements, and general and administrative costs.
In the three months ended October 31, 2025, the Company incurred a net loss of $157,346, a significant increase from the net loss of $18,185 during the same period in fiscal 2024. The increase was primarily due to the increase in consulting fees, professional fees, shareholder communications and transfer agent and filing fees. The Company anticipates that it will continue to incur increasing expenses in fiscal 2026 as it conducts further exploration on its Property and complies with its disclosure obligations as a publicly listed entity.
Summary of Quarterly Results
The following is selected financial information from the Company's eight most recent fiscal quarters and comparable periods in the prior fiscal year:
| 1st Qtr Ended 10-31-25 | 4th Qtr Ended 7-31-25 | 3rd Qtr Ended 4-30-25 | 2nd Qtr Ended 1-31-25 | |
|---|---|---|---|---|
| Total Revenues | Nil | Nil | Nil | Nil |
| Operating Loss | ($157,346) | ($50,080) | ($15,407) | ($40,466) |
| Total Net Loss | ($157,346) | ($218,632) | ($15,407) | ($40,466) |
| Total Net Loss Per Share | ($0.00) | ($0.01) | ($0.00) | ($0.00) |
| 1st Qtr Ended 10-31-24 | 4th Qtr Ended 7-31-24 | 3rd Qtr Ended 4-30-24 | 2nd Qtr Ended 1-31-24 | |
| --- | --- | --- | --- | --- |
| Total Revenues | Nil | Nil | Nil | Nil |
| Operating Loss | ($18,185) | ($22,736) | ($16,399) | ($18,845) |
| Total Net Loss | ($18,185) | ($22,736) | ($16,399) | ($18,845) |
| Total Net Loss Per Share | ($0.00) | ($0.00) | ($0.00) | ($0.00) |
Factors causing significant variations in quarterly results are as follows:
During the three months ended January 31, 2024, the Company recorded an operating and net loss of $18,845, which was comprised of professional fees of $6,868, consulting fees of $7,500, general and administrative expenses of $1,530, and transfer agent and filing fees of $2,947. Compared to the same quarter in the prior fiscal year, the decrease in operating loss can be mainly attributed to a decrease in professional fees, and share-based compensation.
During the three months ended April 30, 2024, the Company recorded an operating and net loss of $16,399, which was comprised of professional fees of $3,360, consulting fees of $7,500, general and administrative expenses of $1,530, and transfer agent and filing fees of $4,009. Compared to the same quarter in the prior fiscal year, the decrease in operating loss can be mainly attributed to a decrease in professional fees, transfer agent and filing fees, and share-based compensation.
During the three months ended July 31, 2024, the Company recorded an operating and net loss of $22,736, which was comprised of transfer agent and filing fees of $6,136, consulting fees of $7,500, professional fees of $7,468, and general and administrative expenses of $1,632. Compared to the same quarter in the prior fiscal year, the increase in operating loss can be mainly attributed to an increase in professional, consulting fees, and transfer agent and filing fees.
During the three months ended October 31, 2024, the Company recorded an operating and net loss of $18,185, which was comprised of transfer agent and filing fees of $3,589, consulting fees of $7,500, professional fees of $5,569, and general and administrative expenses of $1,527. Compared to the same quarter in the prior fiscal year, the decrease in operating loss can be mainly attributed to the absence of expenses incurred in relation to the Company's IPO.
During the three months ended January 31, 2025, the company recorded an operating and net loss of $40,466 which was compromised of professional fees of $27,521, consulting fees of $7,500, general and administrative expenses of $1,518, and transfer agent and filing fees of $3,927. Compared to the same quarter in the prior fiscal year, the increase in operating loss can be mainly attributed to an increase in professional fees.
During the three months ended April 30, 2025, the company recorded an operating and net loss of $15,407 which was compromised of professional fees of $891, consulting fees of $7,500, general and administrative expenses of $1,649, and transfer agent and filing fees of $5,367. Compared to the same quarter in the prior fiscal year, the decrease in operating loss can be mainly attributed to a decrease in professional fees.
During the three months ended July 31, 2025, the company recorded an operating loss of $50,080 and net loss of $218,632 which was compromised of professional fees of $11,767, consulting fees of $27,932, general and administrative expenses of $3,098, transfer agent and filing fees of $7,283, and impairment of exploration and evaluation assets of $168,877 and offset by interest income of $325. Compared to the same quarter in the prior fiscal year, the increase in operating loss can be mainly attributed to an increase in consulting fees, professional fees, and impairment of exploration and evaluation assets.
During the three months ended October 31, 2025, the company recorded an operating and net loss of $157,346 which was compromised of professional fees of $35,483, consulting fees of $30,000, general and administrative expenses of $2,885, shareholder communication of $55,700, and transfer agent and filing fees of $33,278. Compared to the same quarter in the prior fiscal year, the increase in operating loss can be mainly attributed to an increase in consulting fees, professional fees, shareholder communications, and transfer agent and filing fees.
Liquidity
As at October 31, 2025, the Company had current assets of $333,127 and current liabilities of $216,012, resulting in a working capital of $117,115. Total shareholders' equity was $1,582,415 as at October 31, 2025.
As the Company will not generate funds from operations for the foreseeable future, the Company is primarily reliant upon the sale of equity securities in order to fund operations. Since inception, the Company has funded limited operations through the issuance of equity securities on a private placement basis. This has permitted the Company to previously carry out limited exploration on its Woolford Creek claims and to commission a geological report for the Property. The Company anticipates that its cash on hand of $127,631 may not be sufficient to cover expected administrative and exploration expenses for the next twelve-month period if the Company expands its operations and additional funding may be required.
Capital Resources
The Company anticipates spending approximately $290,000 for a next-phase exploration program on the Wilmac Creek claims. The Company also anticipates spending $250,000 to cover anticipated general and administrative costs and legal, audit and office overhead expenses for the next 12-month period. At October 31, 2025, the Company had cash of $127,631, which is insufficient to cover all expected exploration, operations and administrative expenses for the next twelve months. The Company cannot offer any assurance that expenses will not exceed management's expectations. The Company may require additional funds and will be dependent upon its ability to secure equity and/or debt financing, the availability of which cannot be assured.
Although the Company currently has limited capital resources, the Company anticipates that additional funding will come from equity financing from the sale of the Company's shares or through debt financing. The Company may also seek loans. It may also receive proceeds from the exercise of outstanding share purchase warrants and stock options.
On July 25, 2025, the Company issued 14,000,000 units at $0.0375 per unit for gross proceeds of $525,000. Each unit consists of one common share and one share purchase warrant entitling the holder to acquire an additional common share of the Company at $0.05 per until July 25, 2027. In connection with the issuance, the Company incurred share issuance costs of $6,665.
On September 2, 2025, a total of 320,000 warrants were exercised at $0.05 per share.
Off Balance Sheet Arrangements
The Company does not have any off-balance sheet arrangements.
Management and Related Party Transactions
The Company's Board of Directors consists of Brian Goss, Erwin Wong, Benjamin Asuncion, and Christopher Paterson. Brian Goss acts as President and Chief Executive Officer and Erwin Wong acts as Chief Financial Officer and Secretary of the Company.
During the three months ended October 31, 2025, the Company incurred consulting fees of $15,000 (2024 – $7,500) to a director of the Company. As at October 31, 2025, the Company owed $44,293 (July 31, 2025 – $31,769) to the director of the Company. The amount is non-interest bearing, unsecured and due on demand.
During the three months ended October 31, 2025, the Company incurred rent of $2,250 (2024 – $1,500) and consulting fees of $7,500 (2024 – $nil) to a director of the Company and a company controlled by a director of the Company. As at October 31, 2025, the Company owed $10,125 (July 31, 2025 – $nil) to the director of the Company and the company controlled by a director of the Company. The amount is non-interest bearing, unsecured and due on demand.
During the three months ended October 31, 2025, the Company incurred consulting fees of $7,500 (2024 – $nil) to a director of the Company. As at October 31, 2025, the Company owed $7,500 (July 31, 2025 – $nil) to the director of the Company.
Critical Accounting Estimates
The preparation of the financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, revenues and expenses. By their nature, estimates are subject to measurement uncertainty and changes in such estimates in future periods could require a material change in the financial statements. Accordingly, actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected.
Significant areas requiring the use of estimates include fair value of share-based payments, the recoverability of exploration and evaluation assets, and unrecognized deferred income tax assets. Actual results could differ from those estimates.
Judgments made by management include the factors used to determine the assessment of whether the going concern assumption is appropriate. The assessment of the going concern assumption requires management to take into account all available information about the future, which is at least, but is not limited to, 12 months from the end of the reporting period. The Company is aware that material uncertainties related to events or conditions may cast significant doubt upon the Company's ability to continue as a going concern.
Recently Accounting Pronouncements
IFRS 18 - Presentation and Disclosure of Financial Statements
The standard replaces IAS 1 Presentation of Financial Statements and includes requirements for the presentation and disclosure of information in financial statements, such as the presentation of subtotals within the statement of operations and the disclosure of management-defined performance measures within the financial statement. This standard is effective for periods beginning on or after January 1, 2027 with earlier application permitted. The Company is currently assessing the effect of the new standard to its financial statements in future periods.
Accounting standards or amendments to existing accounting standards that have been issued but have future effective dates are either not applicable or are not expected to have a significant impact on the Company's financial statements.
Financial Instruments
The Company, as part of its operations, carries financial instruments consisting of cash, accounts payable, and due to related parties. It is management's opinion that the Company is not exposed to significant credit, interest, or currency risks arising from these financial instruments except as otherwise disclosed.
(a) Fair Values
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability, or inputs that are derived principally from or corroborated by observable market data or other means. Level 3 inputs are unobservable (supported by little or no market activity). The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs.
As at October 31, 2025, the Company classifies cash as FVTPL with level 1 input. The Company classifies accounts payable and accrued liabilities, and due to related parties as amortized cost. The fair values of financial instruments, which include cash, accounts payable, and due to related party, approximate their carrying values due to the relatively short-term maturity of these instruments. There have been no changes in these levels and no changes in classifications during the three months ended October 31, 2025.
(b) Credit Risk
Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash. The Company limits its exposure to credit loss by placing its cash with high credit quality financial institutions. Management monitors the amount of credit extended to the parties for expense recoveries. The carrying amount of financial assets represents the maximum credit exposure.
(c) Liquidity Risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company currently settles its financial obligations out of cash. The ability to do this relies on the Company raising debt or equity financing in a timely manner and by maintaining sufficient cash in excess of anticipated needs.
(d) Market Risk
Market risk is the risk of loss that may arise from changes in market factors such as interest rates, foreign exchange rates, and commodity and equity prices. The Company does not have significant exposure to these risks.
Disclosure of Outstanding Security Data
Common Shares
As at October 31, 2025, and the date of this MD&A, the Company had 37,174,000 and 37,524,000 common shares issued and outstanding, respectively.
Escrow Shares
The Company has 3,000,000 common shares held in escrow as at October 31, 2025, and the date of this MD&A. On January 29, 2025, 400,000 shares were released from escrow. On July 29, 2025, 600,000 shares were release from escrow. Thereafter, the balance of 3,000,000 will be released in 600,000 share tranches every six months.
Stock Options
As at October 31, 2025, and the date of this MD&A, the Company had 1,600,000 options outstanding, which are exercisable at $0.05 per share and expire on September 5, 2033.
Warrants
As at October 31, 2025, and the date of this MD&A, the Company had 26,750,000 warrants and 26,400,000 warrants outstanding, respectively. Of the 26,750,000 outstanding warrants, 8,750,000 warrants are exercisable at $0.05 per share and expire on September 5, 2028, 14,000,000 warrants are exercisable at $0.05 per share and expire on July 25, 2027, 2,000,000 warrants are exercisable at $0.30 per share and expire October 22, 2027, and 2,000,000 warrants are exercisable at $0.10 per share and expire on July 25, 2027.
Additional Disclosure for Venture Issuers without Significant Revenue
During the period ended October 31, 2025, the Company recorded general and administrative expenses of $2,885, which consisted primarily of rent expense.
Additional Information
Additional information relating to Rumble Resources Inc. is located at www.sedarplus.ca.