RUMBLE RESOURCES LIMITED — AGM Information 2024

Nov 27, 2024

M U L T I C O M M O D I T Y G R O W T H - W I T H N E A R T E R M G O L D D I S C O V E R Y & P R O D U C T I O N

AGM Presentation 28 November 2024

A S X : R T R

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DISCLAIMER

This presentation has been prepared by Rumble Resources Limited (Rumble or the Company). It contains general information about the Company’s activities current as at the date of the presentation. The information is provided in summary form and does not purport to be complete. This presentation is not to be distributed (nor taken to have been distributed) to any persons in any jurisdictions to whom an offer or solicitation to buy shares in the Company would be unlawful. Any recipient of the presentation should observe any such restrictions on the distribution of this presentation and warrants to the Company that the receipt of the presentation is not unlawful. It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation or any information, opinions or conclusions expressed in the course of this presentation. This presentation is not a prospectus, product disclosure document or other offering document under Australian law or under any other law. It has been prepared for information purposes only. This presentation contains general summary information and does not take into account the investment objectives, financial situation and particular needs of any individual investor. It is not financial product advice and investors should obtain their own independent advice from qualified financial advisors having regarding to their objectives, financial situation and needs. Rumble nor any of their related bodies corporate is licensed to provide financial product advice.

This presentation and information, opinions or conclusions expressed in the course of this presentation contains forecasts and forward-looking information. Such forecasts, projections and information are not a guarantee of future performance, involve unknown risks and uncertainties. Actual results and developments will almost certainly differ materially from those expressed or implied. There are a number of risks, both specific to Rumble, and of a general nature which may affect the future operating and financial performance of Rumble, and the value of an investment in Rumble including and not limited to title risk, renewal risk, economic conditions, stock market fluctuations, manganese demand and price movements, timing of access to infrastructure, timing of environmental approvals, regulatory risks, operational risks, reliance on key personnel, reserve estimations, native title risks, foreign currency fluctuations, and mining development, construction and commissioning risk.

You should not act or refrain from acting in reliance on this presentation, or any information, opinions or conclusions expressed in the course of this presentation. This presentation does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the prospects of Rumble. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision. Recipients of this presentation must undertake their own due diligence and make their own assumptions in respect of the information contained in this presentation and should obtain independent professional advice before may any decision based on the information. No representation or warranty, express or implied, is made in relation to the fairness, accuracy or completeness of the information, opinions and conclusions expressed in the course of this presentation. To the maximum extent permitted by law, no representation, warranty or undertaking, express or implied, is made and, to the maximum extent permitted by law, no responsibility or liability is accepted by the Company or any of its officers, employees, agents or consultant or any other person as to the adequacy, accuracy, completeness or reasonableness of the information in this presentation. To the maximum extent permitted by law, no responsibility for any errors or omissions from this presentation whether arising out of negligence or otherwise is accepted. An investment in the shares of the Company is to be considered highly speculative.

The exploration targets or conceptual exploration targets in this presentation or expressed during the course of this presentation are subject to completion of the necessary feasibility studies, permitting and execution of all necessary infrastructure agreements. This presentation and information, opinions or conclusions expressed in the course of this presentation should be read in conjunction with Rumble's other periodic and continuous disclosure announcements lodged with the ASX, which are available on the Rumble website. They involve risk and uncertainties that could cause actual results to differ from estimated results. Forward-looking statements include, but are not limited to, statements concerning the Company’s exploration programs, outlook and target sizes. They include statements preceded by words such as “potential”, “target”, “scheduled”, “planned”, “estimate”, “possible”, “future”, “prospective” and similar expressions.

COMPETENT PERSON STATEMENT

The Exploration Results referenced in this presentation were first announced by the Company in accordance with ASX Listing Rule 5.7 in its announcements dated 28 November 2024,15 October 2024, 2 September 2024, 6 August 2024, 16 July 2024, 13 March 2024, 21 February 2024, 14 November 2023, 31 October 2023, 24 October 2023, 5[t ] October 2023, 17 July 2023, 19 April 2023, 14 March 2023,16 February 2023, 17 November 2022, 3 November 2022, 29 September 2022, 30 August 202, 23 August 2022, 18 July 2022, 26 May 2022, 9 March 2022, 21 February 2022, 7 February 2022, 31 January 2022, 21 December 2021, 13 December 2021, 18 November 2021, 10 November 2021, 18 October 2021, 8 July 2021, 2 June 2021, 19 April 2021, 23 February 2021, 17 February 2021, 15 February 2021, 3 February 2021, 28 January 2021, 4 November 2020, 6 October 2020, 20 May 2020, 4 May 2020, 24 April 2020, 17 February 2020, 11 February 2020, 23 January 2020, 26 November 2019, 8 November 2019, 21November 2019, 21 October 2019, 1 October 2019, 23 August 2019, 22 August 2019, 6 August 2019, 11 July 2019, 1 July 2019, 4 April 2019, 12 March 2019, 12 February 2019, 6 February 2019, 17 December 2018, 27 November 2018, 30 August 2018 and 9 August 2018.

The Updated Mineral Resource Estimate (MRE) for the Western Queen Project referenced in this presentation was announced by the Company in accordance with ASX Listing Rule 5.8 on 15 October 2024 the previous MRE for Western Queen was announced 2 August 2021. The Mineral Resource estimate for the Earaheedy Project referenced in this presentation was first announced by the Company in accordance with ASX Listing Rule 5.8 in its announcement dated 19 April 2023. Rumble is not aware of any new information or data that materially affects the information included in the relevant market announcements described above and, in the case of the Mineral Resource estimate, that all material assumptions and technical parameters underpinning the estimate in the relevant market announcement continue to apply and have not materially changed.

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CORPORATE
OVERVIEW
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Capital Structure (RTR:ASX)

Share Price (12 months)

Shares On Issue	(M)	~903
Unlisted Options1,2	(M)	8
Market Capitalisation3	(A$M)	~45
**Cash and Equivalents4 **	(A$M)	~6
Debt	(A$M)	Nil
Enterprise Value	(A$M)	~39

Notes:

1. 1.5 million 58c Options (Various Expiry)

2. 5.0 million Performance Options Vesting $1 & $2 (unvested), 1.5 million Options @ 20c 3. As at 28 November 2024

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$0.120 12,000,000
Volume RTR A$ Share Price
$0.100 10,000,000
$0.080 8,000,000
$0.060 6,000,000
$0.040 4,000,000
$0.020 2,000,000
$- -
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1. Post tranche 1 share issue - 8 November 2024

Shareholder Composition

Research Anal st Covera e y g

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Board and Management 8% Top 20 26%

Sam Catalano Micheal Bentley

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VISION AND MISSION

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To become a leading Australian resources company,
delivering significant value and growth through resource
discoveries and innovative exploration in Western Australia.
To enhance shareholder value by identifying and developing
mineral assets, with a focus on generating near-term
cashflow from Western Queen to internally fund further
resource growth through successful exploration at the
Western Queen and move Earaheedy towards development.
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OUR PEOPLE

Management

Board of Directors

Luke Timmermans

Michael Smith

Peter Harold Managing Director & CEO

Brett Keillor

Project Manager, Earaheedy

Non-Executive Director

Technical Consultant

Trevor Hart

Peter Venn Technical Director

Matthew Banks

Ben Jones Chief Geologist

Chief Financial Officer & Joint Company Secretary

Non-Executive Director

Geoff Jones

Non-Executive Director

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CLEAR STRATEGY – NEAR TERM CASHFLOW & GROWTH

Overarching Goals

• Grow resources at Western Queen

• Generate cashflow so we are self-funding

• Advance Earaheedy and attract a major resource company

Western Queen – gold

• Grow gold inventory through targeted exploration

• Get into open pit production (toll mining) in 2025 – Bain/MEGA deal[1]

• Earaheedy – zinc/lead/silver

• Confirm metallurgy[2] – done

• Complete internal scoping study

• Attract at partner to take project through BFS and into production

Project Generation – it’s in our DNA

• Keep looking for new opportunities

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• Bring in JV partners to fund exploration, where appropriate

1 refer Company’s ASX Announcement 28 November 2024 – Development of Western Queen Gold Project

• 2 refer Company’s ASX announcement 28 November 2027 – Excellent Metallurgical Results Highlight Earaheedy’s Development Potential

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OUR PROJECTS

Western Queen

• Discovery drilling ongoing

• Resource Upgraded to ~287koz gold resource[1]

• Potential near-term gold production

• Recent high-grade tungsten discovery

Earaheedy

• Inferred Resource containing 2.2Mt Zn, 0.7Mt Pb and 12.6Moz Ag[2]

• Potential large-scale, low-case open pit mining

• Less than 30% of the 70km host Unconformity Unit tested

• One of the largest zinc sulphide discoveries over the last decade

• Other Projects - Lamil, Braeside/Warroo, Munarra Gully, Fraser Range

• Base metals, Au, Ag, PGEs, U and what else?

• 1 refer Company’s ASX Announcement 15 October 2024

• 2 refer Company’s ASX announcement 19 April 2023

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WESTERN QUEEN – HIGH-GRADE GOLD

• 76% Increase in Mineral Resource Estimate (MRE) reported in October 2024

• MRE – 4.42Mt @ 2.02g/t Au for 287,000oz

• Historical production – 880kt @ 7.6g/t Au for 215koz

• Well located – 100km radius of 3 gold plants, on granted mining leases

• Geology - The Western Queen deposits are associated with a major orogenic shear zone that remains largely untested along strike and at depth

• Possible Analogy – Spartan’s Never Never which is 6.75Mt @ 8.65 g/t Au for 1.875Moz[1] to a vertical depth of 1,000m

• Refer Spartan Resources Ltd ASX release dated 23 July 2024

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Location Plan of the Western Queen Gold Project

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WESTERN QUEEN – 76% INCREASE IN RESOURCES TO 287KOZ

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WESTERN QUEEN – NEVER NEVER COMPARISON

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Western Queen South comparison to Spartan’s Never Never (To Scale)
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WESTERN QUEEN – OTHER TARGETS ALONG THE SHEAR ZONE

Targets

• Over the 2km strike between the Duke and Cranes deposits

• Limited RAB drilling with an average end of hole depth of less than 20m and only three RC holes

• Small gold in laterite and oxide Inferred Resource of 3,300oz @ 1.39g/t Au

• Limited historical drilling at Cranes returned intercepts of 14m @ 4.87 g/t Au from surface and 11m @ 1.85 g/t Au from surface

• Further northeast of Cranes the position of the regionally significant Western Queen Shear Zone has been reinterpreted using detailed airborne magnetics flown by Rumble and remains untested

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Western Queen Shear Zone Prospectivity over TMI Airborne Magnetics

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WESTERN QUEEN SOUTH – DRILLING & TOWARDS PRODUCTION

Recent Drilling

• Has extended and potentially revealed new mineralisation

• WQDD013 returned[1] :

• 5m @ 5.02g/t from 216m

• 16m @ 1.32g/t from 264m

• WQDD014 returned[1] :

• 29m @ 1.75g/t from 202m including

• 12m @ 3.5g/t from 208m

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Towards Production & Further Exploration
 Resources upgraded to 287kozs gold

Company investigating production options and
seeking a development partner

Excellent upside to add significant resources
with more drilling

Up to 20,000 metres (RC + diamond) drilling
commenced mid- November 2024
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Western Queen South - gram metre contours with selected drill hole intersections – Longitudinal Section

1. Refer Rumble ASX announcement “Initial drilling intersects potential new parallel high-grade gold system at Western Queen Project” dated 16 July 2024

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~20,000M DRILLING CAMPAIGN – MULTIPLE HIGH-GRADE TARGETS

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HEADING TOWARDS PRODUCTION – BAIN GLOBAL/MEGA DEAL

Term Sheet[1] with Bain Global/MEGA

• Key terms

• Bain & Rumble to form JV to develop open pits

• MEGA to provide mining services

• Bain providing up to $35M to fund pre-development

• Rumble & Bain share free cash after development costs repaid

• Bain Global Resource

• Subsidiary of BGR Mining & Infra Ltd – major Indian mining contractor

• MEGA Resources

• 100% subsidiary of Bain Global

• Team of experience Australian mining technical & operation personnel

Next steps

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• Negotiate and execute definitive agreements between Bain, MEGA & Rumble

Bain Global, MEGA & Rumble personnel at Western Queen in November

• Ore tolling agreement

• Permitting & pre-development planning

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1 refer Company’s ASX Announcement 28 November 2024 – Development of Western Queen Gold Project

– MORE POTENTIAL TUNGSTEN

WQDD013 intersections[1] :

• 4m @ 4.58% WO3 , 0.72g/t Au from 174.85m including

• 2.05m @ 8.71% WO3, 1.38g/t from 176.85ml and

• 0.65m @ 18.35% WO3

• 2.97g/t Au from 176.85m

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WQDD013 intersection under UV light
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Source: Group 6 Metals Noosa Presentation 17 July 2024

1. ASX release dated 6 August 2024 – High-grade Tungsten Discovery at Western Queen

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– EARAHEEDY GLOBALLY SIGNIFICANT Zn/Pb/Ag RESOURCE

Maiden Sulphide, pit constrained, inferred Mineral Resource Estimate (MRE)

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• 94Mt @ 3.1% Zn+Pb and 4.1g/t Ag (at a 2% Zn+Pb cutoff) for
2.2Mt Zinc, 0.7Mt Lead and 12.6Moz Silver of contained metal
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• Large scale, low-cost open pit mining proposition in premier mining jurisdiction

• One of the largest zinc sulphide discoveries globally over the last decade

Metallurgical testwork program completed

• Confirmed high recoveries and bulk concentrate spec. (+60% Zn+Pb) suitable for ISP smelters

• HyroFloat[TM] works – rejects 30%of the waste and should lead to lower plant capex & opex

Project optionality

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• The pit constrained MRE hosts a 41Mt higher-grade component >3% Zn+Pb cut-off

• 462Mt component > 0.5% Zn+Pb cut-off that could be upgraded through beneficiation

Exceptional resource growth and discovery potential

• Deposits remain open with less than 30% of the now 70km host Unconformity Unit effectively drill tested

• Excellent potential to locate further near-surface high grade areas i.e. Mato, Kalitan, Colorado zones

• High grade MVT deposit targets in fertile underlying carbonate formations remain untested

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– EARAHEEDY MAJOR ZN/PB/AG SULPHIDE DISCOVERY

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• Major sedimentary hosted base metal discovery in the Earaheedy Basin announced in April 2021

• Chinook discovery hole intersected:

• 34m @ 4.22% Zn+Pb from 66m, incl.

• 15m @ 6.97% Zn+Pb, from 74m

• Maiden JORC compliant Mineral Resource Estimate delivered 24 months after discovery

• Maiden resource based on 658 holes for 102,000m of drilling

• Zinc sulphide dominant ( up to 10:1 Zn:Pb )

• Represents one of the largest zinc discoveries globally in past decade

• Located 100km north of Wiluna in Western Australia, a world class mining jurisdiction with access to major highways, power, rail, ports and mining workforce

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GLOBALLY SIGNIFICANT PIT CONSTRAINED MAIDEN RESOURCE

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EXCEPTIONAL RESOURCE GROWTH POTENTIAL

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• Inferred resources constrained to closer spaced drilling with potential to significantly grow resources with infill and extension drilling

• Exceptional resource expansion with deposits open in all directions

• Mineralisation intersected in broader spaced drilling outside of inferred resource areas highlights the potential for near term resource growth

• Potential to discover highgrade MVT and fault related resources beneath existing resource area in underlying carbonate formations

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METALLURGY – BULK ISP CONCENTRATE CONFIRMED

Major metallurgical testwork program completed[1] incorporating:

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• Comminution

• Beneficiation (DMS, HydroFloat[TM] )

• Flotation (incl. LCTs)

Key Points:

• Excellent final recoveries to 79% Zn from lower grade composites (<2.6% Zn)

• High-grade bulk concentrate to 61% Zn+Pb

• Ideal for ISP smelters

• –

• HydroFloat[TM] Technology works reject 30% of waste early, means smaller plant = lower Capex & Opex

• Coarsest grind (P80>200micron) = lower Opex - further energy and consumable cost reductions

Next Steps

• Internal Scoping Study (incl. Marketing)

Chinook Zinc Recovery Vs. Head Grade Comparison to Pb-Zn Mine Database[2]

1. ASX release 28 Nov 2024 – Excellent Metallurgical Results Highlight Earaheedy’s Development Potential

2. Database from “ Handbook of Flotation Reagents: Chemistry,Theory and Practice”. Srdjan Bulatovic – 19 February 2007)

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METALLURGY – HYDROFLOAT[TM ] – GROUNDBREAKING INNOVATION

Summary - Hydrofloat results are compelling and demonstrate a

coarse grind P80 up to 310 micron for rougher flotation of the Hydrofloat[TM] concentrate, produced similar recoveries ( 86% Zn and 86% Pb ) to conventional flotation at finer grind sizes with improved Zn rougher concentrate grades.

Benefits – the testwork confirmed that the use of Eriez HydroFloat[TM] as a coarse particle rejection system in the front end of the potential process route will discard ~30% of the coarse and largely barren ore which should offer numerous operating and capital cost benefits, including:

• Increases in plant profitability – potential to increase plant throughput by 10-35% with significant reductions in Capex and Opex (e.g. Power)

• Improves environmental sustainability – increases in water recovery by 85% lead to major energy consumption reductions + coarser tailings for safer tailing disposal and management

• –

• Improves Project economics through material reduction in plant footprint OR increase in overall plant capacity enabling higher production rates

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Proposed Flowsheet with HydroFloat[TM] added – Chinook

• Increased metallurgical efficiency – Removing over 30% of total gangue in early stages of the process and allowing the processing of hard and lower grade ores at coarser fractions.

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KEY DELIVERABLES – NEXT 12 MONTHS

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Western Queen Earaheedy
 Gold resources increase -  Metallurgy – confirmed •
from 163kozs to 287kozs, •
Internal scoping study
76% upgrade
•
Partnership discussions
 Discovery drilling - 20,000m
program commenced mid-
November
 Gold production - in
partnership with Bain/MEGA
•
Tungsten – maiden resource
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Driving value creation through
exploration success and achieving
key milestones to drive
shareholder value.
Recognition of
True Value
•
Unlock value for
shareholders
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CONNECT WITH US

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Peter Harold Managing Director & CEO info@rumbleresources.com.au

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+61 8 6555 3980

rumbleresources.com.au

Level 1, 16 Ord Street, West Perth, WA 6005

https://www.linkedin.com/company/ rumble-resources-ltd

Rumble Resources Ltd (@RumbleResources) / X

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