RUMBLE RESOURCES LIMITED — Capital/Financing Update 2019

Oct 20, 2019

21st October 2019 Rumble Exercises Earaheedy Option Targeting Large Tonnage Zn-Pb Sandstone Hosted Deposits

New Target – Sandstone Zn-Pb Hosted Deposits

• Recent diamond/RC drilling on E69/3464 by Rumble identified a previously unrecognised sandstone Zn-Pb unit which hosts the higher-grade Zn-Pb mineralisation throughout the entire project.
• Rumbles new target has potential for large tonnage, flat lying, near surface (open pittable) sandstone hosted Zn–Pb deposits.
• Two shallow sandstone sub basins containing Zn-Pb mineralisation have been identified.
  • o The main sandstone sub basin has an area extent of at least 8km by 2.5km and is open to the southeast.
    • Only fifteen (15) drill holes have been completed within the Main Sandstone Sub Basin – all are mineralised with over half ending in mineralisation. Drilling intercepts include:
      • o 7m @ 4.85% Zn + Pb from 103m EOH in sandstone
      • o 6m @ 3.91% Zn, 0.39% Pb from 210.5m in sandstone
  • o The northwest sandstone sub basin has an area extent of 5km by 2km and is completely open.
    • Only seven (7) drillholes have been completed within the Northwest Sandstone Sub Basin – all are mineralised with drilling intercepts including:
      • o 11m @ 3.6% Zn + Pb from 222.5m in sandstone
      • o 6m @ 2.52% Zn, 1.02% Pb from 126m EOH in sandstone
      • o 7m @ 1.18% Zn, 2.37% Pb from 60m in sandstone
  • o The two sub basins have over 13km of prospective strike that come to surface under shallow cover on the southwestern margin of project representing an exciting drill target area

*Important: the drill target areas have had no previous drilling

Earaheedy Zn-Pb Project Tenements

• Rumble has renegotiated and exercised the option to acquire 75% of E69/3464.
• Based on the newly identified sandstone Zn-Pb mineralisation style, Rumble has strategically applied for three 100% RTR contiguous exploration license applications to cover potential mineralised sub basin extensions.

Next Steps

• A passive seismic orientation survey is planned in November 2019 to cover the main and northwest sandstone sub basins to potentially provide a tool that maps the Zn-Pb mineralized sandstone sub-basin as it comes to surface to aid in drill targeting
• A wide spaced shallow vertical RC drilling is planned in December 2019 targeting where the two Zn-Pb mineralised sandstone sub-basins come to the surface under cover – over 13kms of strike

Rumble Resources Ltd

Suite 9, 36 Ord Street, West Perth, WA 6005

T +61 8 6555 3980

F +61 8 6555 3981

rumbleresources.com.au

ASX RTR

Executives & Management

Mr Shane Sikora Managing Director

Mr Brett Keillor Technical Director

Mr Matthew Banks Non-executive Director

Mr Michael Smith Non-executive Director

Mr Steven Wood Company Secretary

Mr Mark Carder Exploration Manager

Rumble Resources Limited (ASX: RTR) ("Rumble" or "the Company") is pleased to announce it has exercised the option to acquire a 75% in E69/3464 on renegotiated terms with Fossil Prospecting Pty Ltd (a wholly owned subsidiary of ASX Listed Zenith Minerals Ltd (ASX: ZNC)).

Rumble's Managing Director, Mr Shane Sikora, said: "Rumble is pleased to exercise the option to acquire 75% of E69/3464 on renegotiated terms that were fair and reasonable for both parties. We look forward to continuing our strong relationship with Zenith Minerals as JV partners and Rumble shareholders as we progress the project.

"Historic and recent drilling had focused on Mississippi Valley Type (MVT) Zn-Pb mineralisation hosted within a mineralised dolomite unit defined over 20km's of strike. An exciting new development on the project has been identified in the recent drilling by Rumble, which discovered a previously unrecognised, mineralised Zn-Pb sandstone unit located above the mineralised dolomite unit. On review of the mineralisation intersected in drilling over the whole project, Rumble identified the dolomite unit hosted the lower grade MVT mineralisation whilst the higher-grade mineralised zones are hosted in the more porous mineralised sandstone unit above. The source of the Zn-Pb in the sandstone is from the underlying dolomite which hosts the Zn-Pb MVT mineralisation.

"Rumble now has a clearer understanding of the system and targets and believes the projects prospectivity has been significantly increased. Rumble's new target is large tonnage, flat lying, near surface (amenable to open cut mining), sandstone hosted Zn–Pb deposits which are typically metallurgical simple, making them high value propositions.

"As the sandstone unit hasn't previously been recognised and targeted, on the western margin of the project over 13km of shallow Zn-Pb mineralised sandstone units in two sub basins (see image 2) has been identified with no historic drilling where the units come to surface, making these first order drill target areas.

"Rumble will fast track exploration utilising a seismic geophysical survey that can potentially map the sandstone unit to surface and provide a valuable drill targeting tool. This survey will be followed by a wide spaced shallow vertical RC drilling program to test the two basins and the Zn-Pb bearing sandstone units".

Earaheedy Zn-Pb Project

The Earaheedy project is located approximately 110km north of Wiluna, Western Australia. Rumble now owns a 75% interest in E69/3464. Based on the newly identified mineralisation style, Rumble has applied for three (100% RTR) contiguous exploration licence applications ELA69/3743, ELA69/3745 and ELA69/3746, that cover the inferred unconformity contact between the overlying Frere Iron Formation and underlying Yelma Formation of the Palaeoproterozoic Earaheedy Basin – See image 2 and 3.

Image 1 – Regional Geology and Tenement Location Plan – Earaheedy Project

Earaheedy Zn-Pb Project – New Mineralisation Style (images 2 and 3)

The new style of Zn-Pb mineralisation has been delineated on the unconformity contact between the overlying Frere Iron Formation and underlying Navajoh Dolomite and shale of the Yelma Formation. Both formations are part of the lower units of the Palaeoproterozoic Earaheedy Basin. Drilling intercepted a flat lying porous sandstone to grit unit that has been interpreted to be the basal unit of the Frere Iron formation that lies unconformably over the Yelma Formation. Sphalerite, galena and pyrite have replaced the matrix (pore) space within the porous sandstone grit host forming laterally extensive sulphide layers.

Image 2 – Highlighting the two sandstone sub basins with over 13kms of shallow drill target zones and new applications.

Large Tonnage Potential for Zn-Pb Deposits (image 2)

The flat lying Zn Pb bearing sandstone unit with over 13km of strike potential is a high tonnage target based on the average 7.5° dip to the northeast. Image 2 highlights a target tonnage using the following assumptions:

• o 1000m of strike (note there is over 13km of strike potential)
• o 700m width (based on shallow 7.5° and depth to 80m typical large open cut mine scenario)
• o 7m width of mineralisation (multiple intercepts with average true width of 7m)
• o Specific Gravity (SG) of 2.5 (world average SG of sandstone not accounting for metal)

The project has the potential for >12 million tonnes (plus metal) per 1km strike. Note over 13km of prospective strike has been identified.

Disclaimer: The example of 12million tonne target is not a mineral resource estimate, it's an example of the area required for a deposit of this size in the identified target zone based on assumptions outlined above which are conceptual in nature. There has been no drilling to date in the target zone to identify mineralisation, the example is to highlight there is ample area in the identified 13km's of target zone to have large tonnage deposits if the company is successful in making a discovery in upcoming exploration. There is no certainty exploration will result in a discovery.

Two sandstone sub basins dipping to the northeast between 5 - 10° have been identified beneath the main Frere Iron Formation. The sub basins daylight under shallow sand cover along the regionally extensive Frere Iron Formation/Yelma Formation contact (unconformity) on the southwestern margin of project.

The larger sub basin (Main Sandstone Sub Basin) (See image 2 and 3) has an area of 8km by 2.5km and is open to the southeast. Within the Main Sandstone Sub Basin fifteen (15) diamond core and RC drill holes have intercepted the Zn Pb bearing sandstone unit. Over half of the drill holes did not pass through the sandstone and ended in mineralisation. Significant drill hole intercepts include:

• o TDH20 - 7m @ 4.85% Zn + Pb from 103m EOH in sandstone
• o TRC47 - 6m @ 3.91% Zn, 0.39% Pb from 210.5m in sandstone

The smaller sub basin (Northwest Sandstone Sub Basin) (see image 2) has an area of 5km by 2km and is completely open along strike (open to the southeast and open to the west). Within the Northwest Sandstone Sub Basin seven (7) diamond core and RC drill holes have intercepted the Zn – Pb bearing sandstone unit.

Significant drill hole intercepts include:

• o TDH14 – 11m @ 3.6% Zn + Pb from 222.5m in sandstone
• o TRC70 – 6m @ 2.52% Zn, 1.02% Pb from 126m EOH in sandstone
• o TRC65 – 7m @ 1.18% Zn, 2.37% Pb from 60m in sandstone

Over 13km of prospective strike (see image 2) of potential shallow Zn-Pb mineralized sandstone has been identified where the unconformity comes to surface. The prospective strike is completely open. All previous exploration (drill holes) has focused on MVT (Mississippi Valley Type) Zn-Pb mineralisation hosted within the Navajoh Dolomite (upper unit of the Yelma Formation). No drill hole has tested the up-dip to surface expression of the Zn-Pb bearing sandstone unit within the sub basins.

The source of the Zn-Pb in the sandstone is from the underlying eroded dolomite which hosts the Zn Pb MVT mineralisation. With both sub basins, the Zn Pb (MVT) dolomite is completely eroded towards the southwest. Metal zonation is evident with Pb (Galena) increasing substantially (Zn:Pb ratio decreasing) towards the southwest. Mineralisation is sphalerite, galena and pyrite. The sandstone unconformity is often cavitated and fill of voids with large volumes of high salinity water present.

A series of diagrammatic longitudinal sections of the Main Sandstone Sub Basin (images 3 and 4) highlights the approximate depth and location of the prospective Zn Pb bearing sandstone as it nears the surface (up dip). Image 3 highlights Zn + Pb anomalism from previous soil sampling (partial leach geochemistry – iron) located close to the unconformity as it surfaces under shallow cover.

Image 3 – Earaheedy Project – Main Sandstone Sub Basin – Geology, Prospectivity and Section Location Plan

Highlights:

• o The higher-grade Zn-Pb Sandstone unit is close to surface – No drilling
• o The Dolomite hosting the MVT mineralisation has been eroded completely.

Image 4 – Earaheedy Project – Longitudinal Sections AA', BB' and CC'

Next Steps

• Passive seismic traverses are planned in November 2019 to cover the Main and Northwest Sandstone Sub Basins to aid in understanding and locating the highly prospective sandstone unconformity as it comes to surface.
• Shallow vertical RC drilling is planned in December 2019 to test the up-dip position of the Zn Pb bearing sandstone unit. It is planned to drill on approximate 500m centres covering both the Main and Northwest Sandstone Sub Basins.

Key Commercial Terms of the Earn-In Agreement

RTR renegotiated the terms to acquire 75% of the title and interest in the E69/3464 and has provided notice to Fossil Prospecting that it has exercised the option based on the below terms:

• a. Rumble has exercised the option to acquire 75% of the project by paying A$350,000 in RTR shares (renegotiated down from A$500,000) calculated using a 30 Day VWAP - 3,846,153 shares were issued.

• b. Fossil Prospecting is free carried to bankable feasibility study (BFS).

• Ends -

c. Following the completion of a BFS and any decision to mine, Fossil Prospecting Ltd can either elect to contribute to ongoing project development or dilute to a 1.5% net smelter royalty (NSR).

About Rumble Resources Ltd

Rumble Resources Ltd is an Australian based exploration company, officially admitted to the ASX on the 1st July 2011. Rumble was established with the aim of adding significant value to its current gold and base metal assets and will continue to look at mineral acquisition opportunities both in Australia and abroad.

Forward Looking and Cautionary Statement

The information in this report that relates to historic exploration results was collected from DMP reports submitted by government agencies and previous explorers. Rumble has not completed the historical data or the verification process**.** As sufficient work has not yet been done to verify the historical exploration results, investors are cautioned against placing undue reliance on them.

Competent Persons Statement

The information in this report that relates to Exploration Targets and Exploration Results is based on information compiled by Mr Brett Keillor, who is a Member of the Australasian Institute of Mining & Metallurgy and the Australian Institute of Geoscientists. Mr Keillor is an employee of Rumble Resources Limited. Mr Keillor has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Keillor consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Samplingtechniques	•Nature and quality of sampling (e.g. cut channels,random chips, or specific specialised industry standardmeasurement tools appropriate to the minerals underinvestigation, such as down hole gamma sondes, orhandheld XRF instruments, etc.). These examplesshould not be taken as limiting the broad meaning ofsampling.•Include reference to measures taken to ensure samplerepresentivity and the appropriate calibration of anymeasurement tools or systems used.•Aspects of the determination of mineralisation that areMaterial to the Public Report.•In cases where 'industry standard' work has beendone this would be relatively simple (e.g. 'reversecirculation drilling was used to obtain 1 m samplesfrom which 3 kg was pulverised to produce a 30 gcharge for fire assay'). In other cases moreexplanation may be required, such as where there iscoarse gold that has inherent sampling problems.Unusual commodities or mineralisation types (e.g.submarine nodules) may warrant disclosure of detailedinformation.	•Refer to Rumble ASX Announcementdated 22/8/2019 (14 High Priority Targetsat Braeside – Barramine and NewMineralisation Style defined atEaraheedy) for drilling results andmethodology
Drillingtechniques	•Drill type (e.g. core, reverse circulation, open-holehammer, rotary air blast, auger, Bangka, sonic, etc.)and details (e.g. core diameter, triple or standard tube,depth of diamond tails, face-sampling bit or other type,whether core is oriented and if so, by what method,etc.)	•Refer to Rumble ASX Announcementdated 22/8/2019 (14 High Priority Targetsat Braeside – Barramine and NewMineralisation Style defined atEaraheedy) for drilling results andmethodology
Drill samplerecovery	•Method of recording and assessing core and chipsample recoveries and results assessed.•Measures taken to maximise sample recovery andensure representative nature of the samples.•Whether a relationship exists between samplerecovery and grade and whether sample bias mayhave occurred due to preferential loss/gain offine/coarse material.	•Refer to Rumble ASX Announcementdated 22/8/2019 (14 High Priority Targetsat Braeside – Barramine and NewMineralisation Style defined atEaraheedy) for drilling results andmethodology
Logging	•Whether core and chip samples have beengeologically and geotechnically logged to a level ofdetail to support appropriate Mineral Resourceestimation, mining studies and metallurgical studies.•Whether logging is qualitative or quantitative in nature.Core (or costean, channel, etc.) photography.•The total length and percentage of the relevantintersections logged.	•Refer to Rumble ASX Announcementdated 22/8/2019 (14 High Priority Targetsat Braeside – Barramine and NewMineralisation Style defined atEaraheedy) for drilling results andmethodology
Subsamplingtechniquesand samplepreparation	•If core, whether cut or sawn and whether quarter, halfor all core taken.•If non-core, whether riffled, tube sampled, rotary split,etc. and whether sampled wet or dry.•For all sample types, the nature, quality andappropriateness of the sample preparation technique.•Quality control procedures adopted for all subsampling stages to maximise representivity ofsamples.•Measures taken to ensure that the sampling isrepresentative of the in situ material collected,including for instance results for field duplicate/secondhalf sampling.•Whether sample sizes are appropriate to the grain	•Refer to Rumble ASX Announcementdated 22/8/2019 (14 High Priority Targetsat Braeside – Barramine and NewMineralisation Style defined atEaraheedy) for drilling results andmethodology

Criteria	JORC Code explanation	Commentary
	size of the material being sampled.
Qualityofassaydataandlaboratorytests	•The nature, quality and appropriateness of theassaying and laboratory procedures used and whetherthe technique is considered partial or total.•For geophysical tools, spectrometers, handheld XRFinstruments, etc., the parameters used in determiningthe analysis including instrument make and model,reading times, calibrations factors applied and theirderivation, etc.•Nature of quality control procedures adopted (e.g.standards, blanks, duplicates, external laboratorychecks) and whether acceptable levels of accuracy(i.e. lack of bias) and precision have been established.	•Refer to Rumble ASX Announcementdated 22/8/2019 (14 High Priority TargetsatBraeside–BarramineandNewMineralisationStyledefinedatEaraheedy)fordrillingresultsandmethodology
Verificationof samplingandassaying	•The verification of significant intersections by eitherindependent or alternative company personnel.•The use of twinned holes.•Documentation of primary data, data entry procedures,data verification, data storage (physical and electronic)protocols.•Discuss any adjustment to assay data.	•Refer to Rumble ASX Announcementdated 22/8/2019 (14 High Priority Targetsat Braeside – Barramine and NewMineralisation Style defined atEaraheedy) for drilling results andmethodology
Locationofdata points	•Accuracy and quality of surveys used to locate drillholes (collar and down-hole surveys), trenches, mineworkings and other locations used in Mineral Resourceestimation.•Specification of the grid system used.•Quality and adequacy of topographic control.	•Refer to Rumble ASX Announcementdated 22/8/2019 (14 High Priority Targetsat Braeside – Barramine and NewMineralisation Style defined atEaraheedy) for drilling results andmethodology
Dataspacing anddistribution	•Data spacing for reporting of Exploration Results.•Whether the data spacing and distribution is sufficientto establish the degree of geological and gradecontinuity appropriate for the Mineral Resource andOre Reserve estimation procedure(s) andclassifications applied.•Whether sample compositing has been applied.	•Refer to Rumble ASX Announcementdated 22/8/2019 (14 High Priority Targetsat Braeside – Barramine and NewMineralisation Style defined atEaraheedy) for drilling results andmethodology
Orientationofdatainrelationtogeologicalstructure	•Whether the orientation of sampling achieves unbiasedsampling of possible structures and the extent to whichthis is known, considering the deposit type.•If the relationship between the drilling orientation andthe orientation of key mineralised structures isconsidered to have introduced a sampling bias, thisshould be assessed and reported if material.	•Refer to Rumble ASX Announcementdated 22/8/2019 (14 High Priority TargetsatBraeside–BarramineandNewMineralisationStyledefinedatEaraheedy)fordrillingresultsandmethodology.
Samplesecurity	•The measures taken to ensure sample security.	•Refer to Rumble ASX Announcementdated 22/8/2019 (14 High Priority Targetsat Braeside – Barramine and NewMineralisation Style defined atEaraheedy) for drilling results andmethodology
Auditsorreviews	•The results of any audits or reviews of samplingtechniques and data.	•Refer to Rumble ASX Announcementdated 22/8/2019 (14 High Priority Targetsat Braeside – Barramine and NewMineralisation Style defined atEaraheedy) for drilling results andmethodology

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineraltenementandlandtenurestatus	•Type, reference name/number, location andownership including agreements or material issueswith third parties such as joint ventures,partnerships, overriding royalties, native titleinterests, historical sites, wilderness or national parkand environmental settings.•The security of the tenure held at the time ofreporting along with any known impediments toobtaining a licence to operate in the area.	•The Earaheedy Project comprises of agranted exploration license – E69/3464and three exploration licenseapplicationsoE69/3464 is currently owned by FossilProspecting Pty Ltd. RumbleResources has exercised it's optionment to acquire 75% of the licence.oE69/3464 is granted, in a state of goodstanding and has no knownimpediments to operate in the area.oRumble has applied for ELA69/3743,ELA69/3745 and ELA69/3746. Rumbleholds 100% of these applications.,
Explorationdone by otherparties	•Acknowledgment and appraisal of exploration byother parties.	•Exploration solely completed by RumbleResources
Geology	•Deposit type, geological setting and style ofmineralisation.	•The Earaheedy Project Deposit type isunconformity related sandstone hostedZn-Pb type. Also MVT (MississippiValley Type) style associated withcarbonates has been identified. Currentwork by Rumble has identifiedunconformity related sandstone hostedZn Pb type.
DrillholeInformation	•A summary of all information material to theunderstanding of the exploration results including atabulation of the following information for all Materialdrill holes:oeasting and northing of the drill hole collaroelevation or RL (Reduced Level – elevationabove sea level in metres) of the drill hole collarodip and azimuth of the holeodown hole length and interception depthohole length.•If the exclusion of this information is justified on thebasis that the information is not Material and thisexclusion does not detract from the understanding ofthe report, the Competent Person should clearlyexplain why this is the case.	•Refer to Rumble ASX Announcementdated 22/8/2019 (14 High PriorityTargets at Braeside – Barramine andNew Mineralisation Style defined atEaraheedy) for drilling results andmethodology
Dataaggregationmethods	•In reporting Exploration Results, weightingaveraging techniques, maximum and/or minimumgrade truncations (e.g. cutting of high grades) andcut-off grades are usually Material and should bestated.•Where aggregate intercepts incorporate shortlengths of high-grade results and longer lengths oflow-grade results, the procedure used for suchaggregation should be stated and some typicalexamples of such aggregations should be shown indetail.•The assumptions used for any reporting of metalequivalent values should be clearly stated.	•Refer to Rumble ASX Announcementdated 22/8/2019 (14 High PriorityTargets at Braeside – Barramine andNew Mineralisation Style defined atEaraheedy) for drilling results andmethodology
Relationshipbetweenmineralisationwidthsandintercept	•These relationships are particularly important in thereporting of Exploration Results.•If the geometry of the mineralisation with respect tothe drill hole angle is known, its nature should bereported.	•Refer to Rumble ASX Announcementdated 22/8/2019 (14 High PriorityTargets at Braeside – Barramine andNew Mineralisation Style defined atEaraheedy) for drilling results andmethodology

Criteria	JORC Code explanation	Commentary
lengths	•If it is not known and only the down hole lengths arereported, there should be a clear statement to thiseffect (e.g. 'down hole length, true width not known').
Diagrams	•Appropriate maps and sections (with scales) andtabulations of intercepts should be included for anysignificant discovery being reported These shouldinclude, but not be limited to a plan view of drill holecollar locations and appropriate sectional views.	•Image 1-Regional Geology andTenement Location Plan – EaraheedyProject•Image 2 – Earaheedy Project –Prospectivity and Target Plan•Image 3 – Earaheedy Project – MainSandstone Sub Basin – Geology,Prospectivity and Section Location Plan•Image 4 – Earaheedy Project –Longitudinal Sections AA', BB' and CC'
Balancedreporting	•Where comprehensive reporting of all ExplorationResults is not practicable, representative reporting ofboth low and high grades and/or widths should bepracticed to avoid misleading reporting ofExploration Results.	•Refer to Rumble ASX Announcementdated 22/8/2019 (14 High PriorityTargets at Braeside – Barramine andNew Mineralisation Style defined atEaraheedy) for drilling results andmethodology
Othersubstantiveexplorationdata	•Other exploration data, if meaningful and material,should be reported including (but not limited to):geological observations; geophysical survey results;geochemical survey results; bulk samples – size andmethod of treatment; metallurgical test results; bulkdensity, groundwater, geotechnical and rockcharacteristics; potential deleterious orcontaminating substances.	•Refer to Rumble ASX Announcementdated 22/8/2019 (14 High PriorityTargets at Braeside – Barramine andNew Mineralisation Style defined atEaraheedy) for drilling results andmethodology
Further work	•The nature and scale of planned further work (e.g.tests for lateral extensions or depth extensions orlarge-scale step-out drilling).•Diagrams clearly highlighting the areas of possibleextensions, including the main geologicalinterpretations and future drilling areas, provided thisinformation is not commercially sensitive.	•Planned RC drilling to test up-dipposition of the Zn Pb bearingsandstone unit.•Regional passive seismic survey toaid in mapping at the Zn Pb bearingsandstone unit.