RUMBLE RESOURCES LIMITED — Capital/Financing Update 2021

Aug 1, 2021

2[nd] August 2021

Western Queen Project Resource Upgrade by 35% to 163,000oz Au

Highlights

• A new independent Indicated & Inferred JORC 2012 Mineral Resource of 2.1Mt grading 2.42 g/t Au for 163,268 oz Au has been estimated for the 100% owned Western Queen Project

Rumble Resources Ltd

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

T +61 8 6555 3980 F +61 8 6555 3981

• Mineral Resource Estimate ounces increased by 35%

• Indicated ounces increased by 145%

• Western Queen South & Western Queen Central deposits remain open at depth

Western Queen Project Advancement

• Sternship Advisors have been engaged to help the Company complete a strategic review looking at optionality for the Project

Exploration Upside at the Western Queen Project

• Rumble owns 35km of the Western Queen Shear Zone (WQSZ) which hosts the Western Queen resources, with exceptional potential for further discoveries and delineation of new mineral resources

Rumble Managing Director, Shane Sikora said “ The Board is pleased to announce the updated Independent JORC resource estimate for the Western Queen Project which has provided some attractive options for the Project. The independent resource report highlights that the gold resources could potentially support a rapid start-up open-pit and underground mining operation, combined with industry-standard gold processing technology that could be toll treated at the three nearby processing mills within a 110km radius”.

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 Peter Venn Non-executive Director

Mr Steven Wood Company Secretary

“There is scope to significantly expand the resources at depth and discover further near surface and underground deposits along the 35kms of highly prospective Western Queen shear zone strike which has yet to be drill tested. This supports our view that there is potential to expand and develop a standalone operation at Western Queen .”

Rumble Resources Limited (ASX: RTR) (“Rumble” or “the Company”) is pleased to announce that it has completed the updated Mineral Resource Estimate (MRE) on two mining leases M59/45 and M59/208 at the 100% owned Western Queen Gold Project, that lies 110km NW of Mt Magnet within the Yalgoo Mineral field of Western Australia.

The resource update was completed independently by Cube Consulting (Perth) after completing a drill database update. Drilling data from Rumble’s recent campaigns and newly secured historical datasets (databases, excel spreadsheets, reports) underwent an extensive compilation and verification process.

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The Western Queen Project Mineral Resource Statement (July 2021) was estimated using Ordinary Kriging estimation methodology constrained by interpreted domain wireframes and was reported at a 0.5g/t Au cutoff for open cut resource and 1.5g/t Au cutoff for underground resource. The mineral resource was subsequently classified into Indicated and Inferred Resources. The Indicated material has an average drill hole spacing of 10m Northings x 5m Eastings and the Inferred resource was drilled at 40m Northings x 40m Eastings.

The updated Mineral Resource Estimate (MRE) produced a 35% increase in the total resource from the previous estimate. The combined Indicated and Inferred Resource is 2.1Mt @ 2.42g/t Au for a total of 163,268 ounces . The total Indicated Resources now stand at 1.1Mt @ 1.95g/t Au for a total of 67,145 ounces , which represents a 145% increase over the previous estimate. The combined open cut and underground resource for the Western Queen project is presented in Table 1.

Drilling completed by Rumble has helped to refine the overall geometry of the gold system and controls. The deposits remain open at depth, whilst significant drilling intercepts to the north and south within the WQ shear zone which hosts the Western Queen Project Mineral Resources, highlights the potential to discover new deposits throughout the immediate Western Queen Gold Project area (see Images 1 & 2).

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Image 1: Western Queen Gold Project – longitudinal section of resources, previous mining and near deposit exploration potential

The Western Queen Project has 3 nearby operating gold processing mills (see Image 2). The closest mill is the Dalgaranga Mill (48km) which has a capacity of 2.5 Mtpa. The Checkers Mill (Mt Magnet) has a capacity of 1.9 Mtpa and the Tuckabianna Mill has a capacity of 1.2 Mtpa. These facilities provide the possibility for near term toll treating production.

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Image 2 – Project Location with Neighboring Gold Processing Facilities

Exploration Potential for Additional Resources

ML59/45 and ML59/208 (see Image 1 and 3)

• Immediately below the current resources (Western Queen South (WQS) and Western Queen Central)

• Northeast along strike from the Duke Prospect

• Mineralisation is open immediately to the NE from Duke – 8m @ 7.22 g/t Au

• Some 2km further NE from Duke and along the WQSZ, shallow oxide mineralization has been defined at the Cranes Prospect – 14m @ 4.87 g/t Au from surface and 11m @ 1.85 g/t Au from surface .

• South along strike along the WQSZ from the WQS Deposit

• Mineralisation and alteration is open to the south – 6m @ 4.3 g/t Au and 4m @ 5.67 g/t Au

E20/0967 (see Image 3)

• Review of historic drilling has highlighted the lack of exploration drilling both north and south of ML59/45 and ML59/208 within granted tenement E20/0967.

• Geophysical interpretation utilizing multiple airborne magnetic imagery has highlighted the WQSZ (significant demagnetization zone – alteration fluids) extends for at least 5 km south and 5km north of ML59/45 and ML59/208 into E20/0967.

• A further review of historic exploration information has indicated little if any surface geochemistry for gold has been conducted. Interpretation of the geomorphology (surface cover) suggests the WQSZ is under shallow cover.

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Previous High-Grade gold intercepts showcase the exploration upside regionally along the Western Queen Shear Zone including:

Western Queen South

• 4m @ 49.73 g/t Au from 134m (QND-38975-1)

• 5m @ 38.76 g/t Au from 193m - (WQRC188)

• 17m @ 5.7 g/t Au from 221m – (WQRC188)

The Duke (North of Western Queen Central)

• 8m @ 26.27 g/t Au from 14m (WQRC155)

• 6m @ 25.87 g/t Au from 48m (WQRC157)

• 7m @ 60.6 g/t Au from 70m – (WQJC-32)

• 6m @ 37.34 g/t Au from 50m – (QNC-10310-1)

Western Queen Central

• 6.4m @ 36.09 g/t Au from 305.7m (WQD-1072)

• 6m @ 34.24 g/t Au from 354m (WQRC007D)

• 5m @ 22 g/t Au from 280m (WQRC150)

• 11.8m @ 16.08 g/t Au from 340.4m (WQD-1089)

Refer previous ASX announcements 3 February 2021, 4 November 2020, 20 May 2020, 17 February 2020, 4 November 2019 and 6 August 2019 for previous and historic drill results.

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Image 3 – Western Queen Shear Zone Prospectivity over TMI Airborne Magnetics

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Western Queen Mineral Resource

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The deposits have been interpreted as a structurally controlled shear hosted mineralisation focused along the main Western Queen Shear Zone that strikes NE-SW and dips steeply 70[o] to the west. The Mineral Resource was estimated using Ordinary Kriging estimation methodology, inside the identified estimation domains, using the continuity models, estimation parameters and kriging neighborhood parameters derived from the wellinformed domains. Mineralisation wireframes were built using a combination of Surpac and Leapfrog software based on sectional string interpretation for mineralised zones above certain grade thresholds.

For all shallow mineralisation (open cut potential) the following additional criteria to above were used:

• maximum of 4 m internal waste

• zones extended up and down-dip halfway to the nearest hole in well-drilled areas of no more than 20 m in sparsely drilled areas

• endplates no more than 20 m from a section

For underground mineralisation modelling, the following additional criteria to above were used:

• zones extended up and down-dip halfway to the nearest hole in well-drilled areas of no more than 20 m in sparsely drilled areas

• endplates no more than 20 m from a section

• zone was WQ Central Deeps (refer to below)

Prospect	Mining	Cut-off g/t	Classification	Tonnes (t)	Au g/t	Contained
	Method
						**Metal **
	OC	0.5	Indicated	273,946	1.23	10,833
WQ
			Inferred	1,545	1.06	53
Central			Total	275,491	1.23	10,894
	UG	1.5	Indicated	33,032	4.99	5,299
			Inferred	347,774	3.98	44,499
			Total	380,806	4.06	49,705
	TOTAL		Indicated	306,978	1.63	16,132
			Inferred	349,319	3.97	44,552
			Total	656,297	2.88	60,684
	OC	0.5	Indicated	745,150	2.04	48,870
WQ South
			Inferred	254,738	2.32	19,000
			Total	999,888	2.11	67,828
	UG	1.5	Indicated	17,090	3.9	2,143
			Inferred	423,897	2.39	32,571
			Total	440,987	2.45	34,735
	TOTAL		Indicated	762,240	2.08	51,013
			Inferred	678,635	2.36	51,571
			Total	1,440,875	2.21	102,584
	O/C and UG		Indicated	1,069,218	1.95	67,145
WQ MRE
			Inferred	1,027,954	2.91	96,123
			Total	2,097,172	2.42	163,268

Table 1: Mineral Resource Estimate Tabulation for the Western Queen Project

Footnote:

The pit optimisation has shown that much of the resource has the potential to be mined economically, and further mining studies are warranted to further progress the project. Mineral Resources that are not Ore Reserves have not demonstrated economic viability at this point. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. Mining Method refers to either open cut (OC) or Underground (UG).

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Table 1 above shows detailed reporting of the Mineral Resource Estimate at Western Queen Central (WQC) and Western Queen South (WQS). Parts of the resource that are above an optimized pit shell (gold price of AUD $2,700) have potential for open cut (OC) mining, and have been reported above 0.5 g/t Au. Material below the optimized pit shells has potential for underground (UG) mining, and has been reported above 1.5 g/t Au. These cut-off grades are based on the following assumptions:

The pit optimisation assumed mining costs of $3.50/t at surface, increasing with depth, average processing cost of $15/t, transport costs of $5/t and G&A of $7/t. Pit slope angles were based on geotechnical studies, and are consistent with the existing pits.

For the underground parts of the deposit, an overall mining cost of $90/t was assumed.

A summary of JORC Table 1 is provided below for compliance regarding the Mineral Resource reported within and in-line with requirements of ASX Listing Rule 5.8.1. Reports described herein have been prepared in accordance with the reporting requirements set out in the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the JORC Code). Details of data collection and resource estimation techniques are provided in Appendix A to this release in accordance with the Table 1 checklist in the JORC Code.

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Image 4: Location of drillholes by Rumble Resources (red) and historic drillholes in black

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Western Queen South Mineralisation (WQS)

The recent drilling carried out by Rumble defined a depth extension of the mineralisation at WQS.

The main mineralised lode covers a strike length of 560m, dips steeply to the NW with an average thickness between 10 to 15m.

The depth extent of the main lode was modelled to 150-200m below surface and remains open at depth (image 5).

The mineralisation is also crosscut by a pegmatite dyke (pegmatite 6).

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Image 5: Mineralised lodes at WQS, crosscut by Pegmatite 6 location (Red= Rumble Drillholes, Black=Historical Holes).

Duke Prospect Mineralisation (WQC)

Mineralisation at Duke is modelled in a single steeply dipping structure.

The prospect is drilled at 10m section spacing and along the section line.

It extends over 70m strike length with average thickness of between 2 and 5m (Image 6).

The interpretation is extrapolated to a depth of 60m.

The drill holes that defined the Duke mineralisation are all RC.

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Image 6: Duke Mineralised domain with drillhole location (Red= Rumble Drillholes, Black= Historical Holes).

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Baron Prospect Mineralisation (WQC)

Mineralisation lodes at Baron were modelled on 10m section lines, using a visual cut off of 0.3 g/t Au.

The mineralisation was defined mostly by RC drillholes, drilled on 10m section lines on average and 10m spacing along the section lines. The overall strike extent of the mineralisation at Baron is 350m, where twelve domains were modelled, with an average dip of 60[o] to the West (Image 7).

The main domain extends over 230 m strike length and an average thickness between 5 to 10 m thick. The lodes were modelled to 50- 60 m depth extension. In addition, a low-grade mineralisation halo was modelled for Baron, using a cut off of 0.1 g/t Au in Leapfrog Geo.

The shapes with volume greater than 100 m3 were exported and validated into Surpac, which were used to code the mineralised waste domain. The mineralisation at Baron is crosscut by a number of Pegmatite dykes (Pegmatite 4 and Pegmatite 1) which truncate it to the West.

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Image 7: Baron Mineralised domains with drillhole location (Red= Rumble Drillholes, Black= Historical Holes) and Pegmatites dykes (PEG 1 and 4) terminating the mineralisation to the West.

North Pit Mineralisation (WQC)

Remnant mineralisation located below the northern part of the North Pit was modelled using the Indicator categorical method within Leapfrog Geo using a cut off of 0.3 g/t Au.

Sample intervals that satisfy this condition were coded as Ore and this was later modelled as intrusion in Leapfrog Geo with a Steeply dipping trend to the West.

A total of 5 objects were modelled and the major domain has a strike extent of 55 m (Image 8).

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Image 8: 3D view of the mineralisation located below and to the north of the North pit, with drill hole locations (Red= Rumble Drillholes, Black= Historical Holes).

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Western Queens Deep Mineralisation (WQC)

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Three mineralised domains were interpreted at Western Queen Deep, with the main domain having a strike extent of 270 m along a NE-SW orientation.

The mineralisation is truncated to the NE by a pegmatite dyke (pegmatite 1).

Three mineralised domains were interpreted at Western Queen Deep, with the main domain having a strike extent of 270 m along a NE-SW orientation. Mineralisation dips steeply to the west with an average thickness of 2 to 4 m (Image 9).

The mineralisation is truncated to the NE by a pegmatite dyke (pegmatite 1).

Image 9: 3D view of the WQ Deep mineralisation with drill hole locations (Red=Rumble drillholes, Black=historical drill holes)

Western Queen Central (WQC) Historical Open Pit and Underground Mine Production

Oldest known historical production from Western Queen was between 1936-1937, when 9,991t at an average grade of 17.3 g/t Au for 5,550 oz Au was mined. Subsequently the Western Queen mine produced 660,000 t at 8.9 g/t Au for 188,800 oz Au. The high-grade orebody was mined initially via open pit (Equigold NL October 1998 - March 2001), then via a small underground mine (2001 - February 2002) developed from a decline in the pit. The mineralisation was disrupted at the base of the mine by a series of cross-cutting pegmatite dykes which led to the closure of the mining operation in 2002. During the underground mining period (2001 – 2002), some 82,907t of ore was mined in two stages and sent to the Dalgaranga Mill.

The first stage completed was for 8,355 t @ 10.32 g/t Au. The second stage, 74,552 t was processed as the Dalgaranga Mill (Equigold) was shutting down and the reconciliation of grade is uncertain (thought to be more than 10 g/t Au). There are only two stope models in the historic underground workings’ wireframes (Image 10). This means there is potential for high grade mineralisation in unmined areas of the underground, such as the crown pillar, between levels 1 and 2, and beneath level 2. Level 2 was benched and backfilled but there still appears to be mineralisation below it for a short distance until the cross-cutting pegmatites are reached.

A historic mine report (2001) wrote that the ore had been closed out on the Level 2 northern drive by an antiformal fold which plunges to the north and appears to dip at about 60 to 70°. There is also a cross-cutting pegmatite closing off the ore. It was noted in the report that there was potential for additional tonnes below the 3 Level, and that the area is poorly understood both in terms of mineralisation and the position of the pegmatite, due to lack of holes.

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Image 10: Western Queen Central Base of Pit and Underground Stopes and Drives.

Western Queen South (WQS) Historical Open Pit Mine Production

The Western Queen South open pit has been previously mined and the ore hauled to the Checkers Mill in Mt Magnet in two separate mining campaigns by Harmony Gold (Harmony) in 2007 and Ramelius Resources (Ramelius) in 2014. A total of 226,727t at 3.74 g/t Au for 27,238 oz Au was mined.

The first mining campaign by Harmony commenced on 12[th] July 2007 and finished on 20[th] November 2007; an unplanned pit wall failure ended production in November 2007 when the pit was 42 m deep.A total of 61,660 t at 3.46 g/t Au for 6,859 oz Au was mined in this period. The second campaign by Ramelius commenced on 1[st] March 2013 and finished on 12[th] March 2014; an unplanned pit wall failure ended production in March 2014 when the pit was 90m deep. A total of 165,067t at a grade of 3.84 g/t Au for 20,378 oz Au was mined during this time.

The following is a summary of additional material information used to estimate the Mineral Resource, as required by Listing Rule 5.8.1 and JORC 2012 Reporting Guidelines.

History

The Western Queen Project has undergone numerous ownership changes in the past. The most recent transfer of ownership was from Ramelius Resources Limited (wholly-owned entity Mt Magnet Gold Pty Ltd) to Rumble Resources Limited in August 2019.

Mineral Title Status

There are two contiguous mining leases (M59/45 and M59/208, total area 9.8 km2) within the project area and both are wholly-owned by Rumble Resources Limited. Both mining leases are in good standing. In addition, there are two exploration tenements (E20/0967 and E59/2443) over the area, covering the northern and southern strike extent of the mineralised Western Queen Shear Zone (WQSZ) in the Warda Warra greenstone belt.

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Geology and Geological Interpretation

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Regional Geology

The Western Queen tenements lie within the Archaean Warda Warra Greenstone Belt, a north trending enclave within the Murchison Province of the Yilgarn Craton. The belt is situated in the far western sector of the Cue 1:250,000 geological map. The Western Queen and Western Queen South deposits are within the Kylie Mining Group and are the largest known deposits within the Warda Warra Greenstone Belt. The Warda Warra Greenstone Belt is approximately 35 km in length, and at the southern end near the Western Queen deposit it is 2 km wide; at the northern end it is up to 7 km wide. The north striking and steeply west dipping Warda Warra Greenstone Belt is a layered sequence that has been metamorphosed to amphibolite grade and is enveloped by recrystallised granitoids.

Property and Local Geology

Stratigraphy

The major rock units in the belt strike parallel to the margins of the belt and are crosscut by the late stage intrusions. There are two major stratigraphic rock groups which are classified in terms of their age and lithological differences. The eastern portion of the belt comprises rocks of the Golconda Formation and those on the west relate to the Gabanintha Formation. The Western Queen and Western Queen South deposits are situated within the Gabanintha Formation.

The Golconda Formation is described as a succession of quartz-hematite BIF units interlayered with mafic and ultramafic extrusive and intrusive rocks. In the Warda Warra Belt the BIF units are reasonably narrow (less than 5 m thick) and are interlayered with tholeiitic basalt, gabbro, and minor ultramafic rocks. Ridges to the east of Western Queen tenements are covered with scree derived from the BIF units. In other regions of the Murchison the Golconda Formation overlays the Murrouli basalt, however, in this area the underlying units have either been removed by granites or were not formed.

The Gabanintha Formation is the largest rock group in the northern portion of the Murchison Province. These rocks are defined as a succession of mafic and ultramafic rocks, felsic volcanic and volcaniclastic rocks and sedimentary rocks overlying the Golconda Formation. Within the Warda Warra Greenstone Belt, the dominant rock types consist of high-magnesium basalt, intrusive ultramafics and differentiated gabbro sills. No felsic volcanic rocks have been observed in the Warda Warra Greenstone Belt.

The Archaean Warda Warra Greenstone Belt is bound by the regionally voluminous, re-crystallised and foliated monzogranite. Due to high strains, a strong foliation fabric has formed in the monzogranite on an orientation sub-parallel to the granite/greenstone contact. Numerous late-stage felsic dykes have intruded the granites and greenstones where they contact. These intrusives are usually pegmatitic and are particularly numerous in the Warda Warra Greenstone Belt. Several shallow pits occur where mining for minerals including beryl and tantalite has been undertaken.

Structure and metamorphism

The Western Queen and Western Queen South deposits lie within the Archaean Warda Warra Greenstone Belt, interpreted as an isoclinal upright north striking F3 fold with associated D4 shear zones sub-parallel to the fold axis and is an enclave within the Murchison Province of the Yilgarn Craton. The gold occurrences in the greenstone belt are most likely associated with these D4 events. The north striking and west dipping layered sequence has been metamorphosed to amphibolite and locally garnet amphibolite grade and is enveloped by recrystallised granitoids. A later phase of retrograde metamorphism has altered the mineralogy.

The Warda Warra belt and the internal geological units are generally linear north striking features parallel to the granite / greenstone contacts. A number of broad zones of shearing crosscuts the belt. The most prominent of these is directly to the north of Western Queen in the form of a dextral offset striking 40 degrees. The zone is intensively sheared and there appears to be associated faulting as evidenced by granite truncating the greenstone stratigraphy.

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Two metamorphic events are evident in the belt. The earlier event (M2) is a contact metamorphic, lower amphibolite facies event which has affected the margins of the Warda Warra belt. This occurred during the intrusion of monzogranite sheets into the basal greenstones prior to the major folding events. The second even (M3) led to partial retrograde metamorphism in a regional metamorphic event which was pervasive throughout the Murchison.

Mineralisation

At the Western Queen, the geology is steep westerly dipping and comprises intercalated sheared amphibolites of mafic to ultramafic composition with thin iron formation horizons, komatiitic basalt, dolerite sills, and talc chlorite schists. Later dolerite and pegmatitic felsic intrusives cut across the amphibolites and gold mineralisation.

Mineralisation is associated with sheared silica-sulphide zones with an ultramafic footwall and a mafic hanging wall. The mineralised zone is strongly recrystallised and massive, comprising phlogopite- chlorite-tremolitetalc schist, amphibolite with lenticular quartzo-feldspathic layering and quartz- muscovite-biotite-sillimanite schist. Pyrite, pyrrhotite, chalcopyrite, molybdenite and scheelite are present. Depth of complete oxidation is approximately 30 m to 60 m with depth to fresh rock approximately 45 to 80 m. A zone of lacustrine sediments up to 45 m thick overlies the WQS deposit.

Sample Preparation, Analyses, and Security

Sampling Methods

Sampling procedures followed by historic operators are assumed to be in line with industry standard practice at the time. Since 2019, RC drilling by Rumble was used to obtain 1 m samples which were split cone splitter at the rig to produce a 1.5 – 2.5 kg sample. The samples were transported to the laboratory (ALS Perth) for analysis via 30 g Fire Assay.

A 4m composite sample of approximately 3 – 5 kg was collected for all AC drilling. This was transported to the laboratory for analysis via 30 g Fire Assay. Where anomalous results were detected, two metre samples were collected for subsequent analysis via a 30 g Fire Assay.

Diamond drilling completed by Rumble was sawn as ½ core (for NQ) and sampled. Previous companies have conducted diamond drilling with mostly ½ core or rarely ¼ core taken.

Analytical Methods

Historical Au assays were carried out by a combination of Aqua regia and Fire assay.

For the most recent drilling carried out by Rumble, samples were assayed at ALS Perth by Fire Assay. The sample was crushed, a 250 g split was taken and pulverised. Assaying for gold was via a 30 g charge lead collection Fire Assay with AAS finish.

Quality Assurance and Quality Control

Rumble QC Sample Insertion

Protocol was to submit standards plus blanks at a combined rate of 1 in 20 and field duplicates at a rate of 1 in every 20 samples.

Sample Security

Prenumbered calico bags are collected in lots of 5 into labelled white poly-weave bags that are zip tied and put into labelled bulka bags in lots of 250 samples. The bulka bags are tied shut and 80% of WQ samples were taken directly from site to ALS Perth using Rumble employees; the other 20% were taken to Cue and transported by McMahon Burnett Transport to ALS Perth. Each sample batch submitted to ALS Perth from WQ was recorded with who and when it was transported to the Lab, and reconciled with the sample submission sheets.

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Drilling Techniques

The Western Queen deposit has been sampled using Rotary Air Blast (RAB), Air Core (AC), Reverse Circulation (RC) and Diamond (DD) drilling over numerous campaigns by several operators. The RC drilling for resource definition and grade control used a nominal 5 ½ inch diameter face sampling hammer. AC drilling used a conventional 3 ½ inch face sampling blade to a refusal or a 4 ½ inch face sampling hammer to a nominal depth. The diamond drilling was undertaken as diamond tails to the RC holes or diamond core from surface, using NQ2 sized equipment.

RC sample recovery was visually assessed and recorded where significantly reduced. Very little sample loss was noted. The diamond drilling recovery was excellent with very little or no core loss identified. RC samples were visually checked for recovery, moisture and contamination. A cyclone and splitter were used to provide a uniform sample and these were routinely cleaned. DD drilling was undertaken and the core measured and orientated to determine recovery, which was generally 100%.

Sample recoveries are generally high. No significant sample loss was recorded with a corresponding increase in gold present. Sample bias is not anticipated, and no preferential loss/gain of grade material was noted.

Criteria Used for Classification, Drill and Data spacing and distribution

The mineral resource estimates for both Western Queen and WQS deposits have been classified into Indicated and Inferred category. The classification of the mineral resource took into consideration the data spacing, the spatial continuity of respective domains based on variogram analysis, assessment of key estimation quality parameters such as slope of regression and average distance to informing samples, as well as the validation of the estimate based on global statistical comparison and trend plots.

The Indicated resource had a maximum drill spacing of 20 mE x 20 mN, with the Inferred resource drill spacing greater than this up to a maximum spacing of 40 mE x 40 mN. Estimation domain interpretations extended about 20 m along strike or below drill intercepts.

The Competent Person is satisfied that the stated Mineral Resource classification reflects the relevant factors of the deposit.

Drill-hole collars have been surveyed using DGPS. Survey completed by Lone Star and Murchison Surveys. System is MGA94 Zone 50. Down-hole surveys were completed by Gyro every 20 to 30 m. Data spacing is based on surface DGPS drill hole pick-up including RL.

The drill hole spacing in the mineralised zones shows sufficient continuity in both geology and grade to be considered appropriate for the Mineral Resource estimation procedures and classification categories specified under the 2012 JORC Code.

Composite sampling completed only on reconnaissance air core drilling. Orientation of sampling versus structure and trend of gold mineralisation is known based on large historic database and mining history of the Western Queen Central and Western Queen South Gold deposits. Mining completed in 2012.

The drill hole orientation is therefore optimal, with most holes dipping at 50° to 60°towards ESE (perpendicular to strike).

Estimation Methodology

Ordinary kriging was used to extrapolate the gold grade inside the above defined mineralised lodes.

Statistical analyses were carried out on all the estimation domains to characterize each domain statistically and identify statistical outliers. Domains with high CV were top-cut to between 4 and 50 g/t Au. The selection of the top cut value was achieved using histogram, log probability plots and the spatial location of the outliers. Local top cutting was also applied to some domains (mainly domain 101 at Duke) in order to limit the spatial influence of elevated Au grades and control grade smearing.

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Cube used Snowden Supervisor software to assess the spatial continuity of the data through variography. The analysis was carried out on the top cut 1 m downhole composites of the well-informed domains. Normalscore transformation was applied to the data in order to reduce the effect of outliers and help identify the underlying structure of the element to estimate. The variogram models were back-transformed into real space for use in the estimation process. The nugget effect was defined using downhole variograms for the domain to be assessed.

A south plunging structure was delineated for the main lode at Western Queen South and Duke. Variogram models from the well-informed domains were applied to the lesser informed domains.

The Kriging Neighbourhood Analysis (“KNA”) function within Snowden Supervisor software was used to assist with assessing the minimum and maximum samples and other search parameters to be used for the kriging.

Ordinary Kriging (“OK”) and Inverse Distance to the power of 2 (“ID2”) were used to estimate the gold grade, using Surpac software. The ID2 served as a check estimate only, and it is the OK estimate which has been reported.

No assumptions were made regarding recovery of by-products. No estimates of deleterious elements or other non-grade variables were undertaken.

Two block models were generated for the deposit. The Western Queen block model extends between6,955,120 mN to 6,955,940 mN covers the Duke, Baron and Western Queen Deep lodes. The average drillhole spacing at Baron and Duke is around 5 mE x 10 mN and Western Queen Deep is drilled at 40 mE x 40 mN. The parent block size was set to 20 mE x 20 mN x 10 mRL and sub-blocked to x1.25 mE x 2.5 mN x 1.25 mRL, where the estimation for Baron and Duke uses a parent block size of 5 mE x 5 mN x 2.5 mRL.

The Western Queen South block model extends between 6,954,260 mN to 6,954,880 mN, with a parent block size of 10 mE x 10mN x 5 mRL, which was sub-blocked to1.25 mE x 2.5 mN x 1.25 mRL.

The block models were coded by the interpreted estimation domains and the volume of the coded blocks were compared with the wireframe volumes to ensure a good representation of the estimation domains. Multiple passes were used to populate the gold grade in each estimation domain, with the first pass set to the distance equivalent to 95% of the sill of the variogram model. The second pass is a factor of three of the first pass and the third pass is factor of five of the first pass with the minimum number of samples to be used in the estimate relaxed to 1.

Only Au was estimated and there is no correlation analysis with other element. No assumptions were made with respect to selective mining units. The model cannot be considered to be a local recoverable estimate.

Block model validation was conducted by the following means:

• Visual validation of block values vs drillhole data

• Comparison of global estimated block means vs declustered cut composite means.

• Swath plots showing estimated block means vs composite means in E, N and RL slices.

• Tonnages are estimated on a dry basis only. Moisture was not considered in the density assignment.

Cut-off Grades

Cube ran pit optimizations to constrain the potential open-cut part of the deposits with pit shells. The optimizations were run with a gold price of AUD$2,700, and basic cost data is shown in the Mining factors section below.

The mineral resource was reported at a cut off of 0.5 g/t for the open-cut mineralisation (Duke, Baron and WQS) inside the optimized pit shells and at 1.5 g/t for the underground mineralisation (WQD Deep, WQS) below the optimized pit shell.

14

Mining and Metallurgical Methods and Parameters

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The deposit has previously been mined using selective open pit mining methods and small-scale underground development. Shallow mineralisation located at Duke and Baron are considered to be extractable by open pit method. Portions of the deposit at Western Queen South is considered to have sufficient grade and continuity to be considered for underground mining.

Pit optimization assumed mining costs of $3.50/t at surface, increasing with depth, average processing cost of $15/t, transport costs of $5/t and G&A of $7/t.

Pit slope angles were based on geotechnical studies, and are consistent with the already existing pits. For the underground parts of the deposit, an overall mining cost of $90/t was assumed.

Metallurgical test work was undertaken by previous operators. Historic production has demonstrated that good gold recovery can be expected from conventional processing methods. The average processing recovery used for the pit optimizations was 93%, which is supported by actual production.

The previous mining operation included the development of mine infrastructure including waste dumps and haul roads. The area is not known to be environmentally sensitive and there are no indications that further developments may not be approved in the future.

Rumble Resources collected an additional 171 measurements from core samples and rock samples in the pit area. The rock samples were sealed using beeswax prior to weighing in water. The samples were coded by the weathering status. As there were not enough measurements to carry out an estimation of the density, the average density value per weathering state were calculated and assigned.

Strategic Review Enquiries

Rumble Resources Ltd Sternship Advisors Shane Sikora Denis Dwiputra Managing Director Director Ph: +61 8 6555 3980 Ph: +61 414 536 101 Email: info@rumbleresources.com.au Email: info@sternship.com.au

Authorisation

This announcement is authorised for release by Shane Sikora, Managing Director of the Company.

-Ends-

For further information visit rumbleresources.com.au or contact info@rumbleresources.com.au.

About Rumble Resources Ltd

Rumble is currently focussed on rapidly advancing the major Zinc-Lead ‘Tier 1’ SEDEX-variant discovery at the Earaheedy Project in Western Australia. Rumble Resources Limited is an Australian based ASX Listed exploration company with a clear strategy to generate and drill test a pipeline of projects providing the capability to make world-class discoveries on multiple projects. The company critically reviews each project against stringent criteria and has assembled a portfolio of seven highly prospective base and precious metal projects located in Tier 1 regions in Western Australia. Rumble’s board and management team has a successful track record in making discoveries and project development.

Competent Persons Statement

The information in this report that relates to Mineral Resources is based on and fairly represents information and supporting information prepared by Mr Michael Job who is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity to 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 Michael Job is a full-time employee of Cube Consulting and has provided his prior written consent to the inclusion in this report of the matters based on his information and supporting information in the form and context in which it appears.

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Previously Reported Information

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The information in this report that references previously reported exploration results is extracted from the Company’s ASX market announcements released on the date noted in the body of the text where that reference appears. The previous market announcements are available to view on the Company's website or on the ASX website (www. asx.com.au). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

Disclaimer

This report contains certain forward-looking statements and forecasts, including possible or assumed reserves and resources, production levels and rates, costs, prices, future performance or potential growth of Rumble Resources Ltd, industry growth or other trend projections. Such statements are not a guarantee of future performance and involve unknown risks and uncertainties, as well as other factors which are beyond the control of Rumble Resources Ltd. Actual results and developments may differ materially from those expressed or implied by these forward looking statements depending on a variety of factors. Nothing in this report should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities. This document has been prepared in accordance with the requirements of Australian securities laws, which may differ from the requirements of United States and other country securities laws. Unless otherwise indicated, all ore reserve and mineral resource estimates included or incorporated by reference in this document have been, and will be, prepared in accordance with the JORC classification system of the Australasian Institute of Mining, and Metallurgy and Australian Institute of Geoscientists.

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Appendix A: Western Queen Gold Deposit: JORC Table 1

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The following table provides a summary of important assessment and reporting criteria used at the Western Queen Gold Project for the reporting of Mineral Resources in accordance with the Table 1 checklist in The Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code, 2012 Edition). Criteria in each section apply to all preceding and succeeding sections.

Criteria	Commentary	Commentary
Sampling	•	The Western Queen gold deposit has been sampled using Rotary Air Blast (RAB) drilling, Air
techniques		Core (AC) drilling, Reverse Circulation (RC) drilling and Diamond (DD) drilling over numerous
		campaigns by several companies and currently by Rumble Resources Limited (RTR). The RAB
		and AC samples have been excluded from gold interpolation for this Mineral Resource estimate
		since these sampling methods are considered to be of insufficient quality for the purpose of
		resource definition. These RAB and AC results were used to assist in the interpretation of
		mineralisation domains for interpolation of gold grade.
	•	Sampling procedures followed by historic operators are assumed to be in line with industry
		standards at the time.
	•	Since 2019, RC drilling by RTR was used to obtain 1 m samples which were split by cone splitter
		at the rig to produce a 1.5 – 2.5 kg sample. The samples were transported to the laboratory (ALS
		Perth) for analysis via 30 g Fire Assay.
	•	A 4 m composite sample of approximately 2 – 3 kg was collected for all AC drilling. This was
		transported to the laboratory for analysis via 30 g Fire Assay. Where anomalous results were
		detected, two metre samples were collected for subsequent analysis via a 30 g Fire Assay.
	•	The diamond drilling was undertaken as complete diamond holes or diamond tails to completed
		RC holes. The majority of the diamond holes were NQ core holes that were sampled by ½ core.
		The samples were assayed using 30 g charge fire assay with an AAS finish.
Drilling	•	Resource definition RC drilling and Grade Control RC drilling used a nominal 5½ inch diameter
techniques		face sampling hammer. AC drilling used a conventional 3½ inch face sampling blade to refusal
		or a 4 ½ inch face sampling hammer to a nominal depth. The diamond drilling was undertaken
		as diamond tails to the RC holes or diamond core from surface, using NQ2 sized equipment.
Drill sample	•	RC sample recovery was visually assessed and recorded where significantly reduced. Very little
recovery		sample loss was noted. The diamond drilling recovery was excellent with very little or no core
		loss identified.
	•	RC samples were visually checked for recovery, moisture, and contamination. A cyclone and
		splitter were used to provide a uniform sample, and these were routinely cleaned.
	•	DD drilling was undertaken, and the core measured and orientated to determine recovery, which
		was 100%.
	•	Sample recoveries are generally very high. No significant sample loss was recorded with a
		corresponding increase in gold present. Sample bias is not anticipated, and no preferential
		loss/gain of grade material was noted.
Logging	•	Detailed logging exists for most historic holes in the database.
	•	Current RC chips are geologically logged at 1m intervals and chip trays have been stored for
		future reference.
	•	DD drill holes have all been geologically, structurally and geotechnically logged. The diamond
		core was photographed tray-by-tray, both wet and dry, and kept at RTR’s Perth storage facility.
	•	RC chiploggingrecorded the lithology,oxidation state,colour,alteration and veining.
Sub-sampling	•	Diamond drilling completed by RTR was sawn as ½ core (for NQ) and sampled. Previous
techniques and		companies have conducted diamond drilling with mostly ½ core or rarely ¼ core taken.
sample preparation	• •	RC chips were cone split at the rig to produce a 1.5 – 2.5 kg sample at 1 m intervals. At ALS Perth the samples were analysed by Fire Assay - the sample was crushed, a 250 g split
		was taken and pulverised. Assaying for gold was via a 30 g charge lead collection Fire Assay
		with AAS finish.
	•	Field QAQC procedures call for the insertion of 1 in 20 certified reference materials (CRM)
		‘standards’ and 1 in 20 field duplicates for RC and AC drilling and the insertion of “blank” samples.
		Diamond drilling has 1 in 20 CRMs included.
	•	Field duplicates were collected during RC and AC drilling. Further sampling (lab umpire assays)
		was also conducted.
	•	Field duplicates for DD were viaquarter core splits of the half-core samples.

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Quality of	•	All assaying was by 30-gram charge Fire Assay with AA finish (total digest).
assay data and laboratory tests	• •	In addition to the Au FA analysis, both RC and diamond samples were analysed by pXRF and magnetic susceptibility meter. Standards were industry CRMs from OREAS which included low-grade and high- grade along
		with certified blanks CRMs include – G316-1, G916-4, G913-1, G915-2 and G313-4.
Verification of	•	Verification of significant intersections by Rumble personnel.
sampling and assaying	• •	No twinned holes completed. All data and documentation are both hard copy and electronic.
	•	No assay data was adjusted.
Location of	•	Drill-hole collars have been surveyed using DGPS. Survey completed by Lone Star and
datapoints		Murchison Surveys. System is MGA94 Zone 50.
	•	Down-hole surveys were completed by Gyro every 20 to 30 m.
Data spacing	•	Data spacing is based on surface DGPS drill hole pick-up including RL.
and distribution	•	The drill hole spacing in the mineralised zones shows sufficient continuity in both geology and grade to be considered appropriate for the Mineral Resource estimation procedures and
		classification categories specified under the 2012 JORC Code.
	•	Composite sampling completed only on reconnaissance air core drilling.
Orientation of	•	Orientation of sampling versus structure and trend of gold mineralisation is known based on large
data in relation		historic database and mining history of the Western Queen Central and Western Queen South
to geological		Gold deposits. Mining completed in 2012.
structure	•	The drill hole orientation is therefore optimal, with most holes dipping at 50° to 60°towards ESE
		(perpendicular to strike).
Sample security	•	Prenumbered calico bags are collected in lots of 5 into labelled white poly-weave bags that are
		zip tied and put into labelled bulka bags in lots of 250 samples. The bulka bags are tied shut and
		80% of WQ samples were taken directly from site to ALS Perth using Rumble employees; the
		other 20% were taken to Cue and transported by McMahon Burnett Transport to ALS Perth. Each
		sample batch submitted to ALS Perth from WQ was recorded with who and when it was
		transported to the Lab and reconciled with the sample submission sheets.
Audits or	•	No external audit or review of current sampling techniques and data has been conducted.
reviews

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CTION 2 REPORTING OF EXPLORATION RESULTS	CTION 2 REPORTING OF EXPLORATION RESULTS	CTION 2 REPORTING OF EXPLORATION RESULTS
Criteria	Commentary
Mineral	•	The Western Queen Project comprises two mining leases (M59/45 and M59/208, total area 9.8
tenement and		km2) and two exploration license applications (E20/967 and E59/2443).
land tenure	•	Rumble acquired 100% of the project in August 2019.
status	•	The licenses are granted, in a state of good standing and have no known impediments.
	•	Production royalties include $20/oz on existing resources with $8/oz on new open pit resources
		and $6/oz on new underground resources
Exploration done	•	The tenement area has been previously explored by numerous companies including Yinnex, WMC
by other parties		(Hill 50), Equigold, Harmony and Ramelius.
	•	Mining was carried out at Western Queen by Equigold from 1998 – 2002. This included some
		underground mining below the open-cut pit.
	•	Open cut mining was undertaken at Western Queen South by Harmony Gold in 2007, and by
		Ramelius in 2013 and 2014.
Geology	•	Deposit type is orogenic shear zone hosted gold in Archaean greenstones of the Yilgarn
		Block.
	•	The mineralised system at the Western Queen is hosted in sheared amphibolite. It is
		associated with sulphidic quartz veins and has an overall steep WNW dip. The mineralised
		zone is strongly recrystallised and massive
Drill hole	•	All exploration results have previously been reported by RTR between 2019 and 2021 (see ASX
information		announcements 4/11/2019, 22/11/2019, 17/02/2020, 20/05/2020, 4/11/2020, 3/02/2021)
	•	All information has been included in these announcements. No drill hole information has been
		excluded.
Data aggregation methods	•	Exploration results are not being reported.
	•	Not applicable as a Mineral Resource is being reported.
	•	Metal equivalent values have not been used.
Relationship	•	The dip of the main gold mineralisation zone is well documented - 75° dip to 290°
between	•	The true width of mineralization is approximately 70% of the drill-hole intersection. i.e. The true
mineralisation		width of a down-hole intersection of 6m will be 4.2m.
widths and
intercept lengths
Diagrams	•	Relevant diagrams have been included in the previous ASX announcements (see Drill hole
		information section above).
Other substantive exploration data	•	All RC and DD samples collected for assay were concurrently assayed by pXRF. However only laboratory fire assay data was used in the mineral resource estimate.
Further work	•	Further drill targets will be identified after initial mine planning study
Balanced reporting	•	Exploration results are not being reported.

SECTION 2 REPORTING OF EXPLORATION RESULTS

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SECTION 3 ESTIMATION AND REPORTING OF MINERAL RESOURCES

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Criteria	Commentary	Commentary
Database	•	The database used in the MRE was built from the ground up in 2020-2021, resulting in a Microsoft
integrity		Access Database.
	•	Data from historical datasets (databases, text files, Excel spreadsheets, reports) underwent a
		comprehensive compilation and verification stage by a team of geologists that Rumble recruited
		for the database project. Rumble drilling data were in the form of Excel spreadsheets, and these
		were incorporated into the new database.
	•	A detailed report was written on the data compilation and verification, and confidence in the
		resulting database is very high.
Site Visits	•	The Competent Person for this mineral resource estimate, Michael Job of Cube Consulting has
		not visited site. However, he has inspected and logged drill core and RC chips at the company’s
		Perth storage facility in June 2021.
Geological	•	The confidence in the interpretation is good, as the existing and current understanding of the
interpretation		geology has been used to support previous successful mining activities.
	•	The mineralised system at the Western Queen (WQ) central deposit and Western Queen South
		(WQS) is hosted in sheared amphibolite. It is associated with sulphidic quartz veins and has an
		overall steep westerly dip. The near-surface mineralisation, which included Duke, Baron and
		WQS, were modelled using a 0.3 g/t Au cut-off grade, minimum 2 m downhole length and a
		maximum 4m internal waste. A cut off of 1 g/t Au was used for modelling the deeper
		(underground) mineralisation at WQ Deep, with a minimum downhole length of 2 m.
	•	There is no other likely alternative interpretation as the mineralisation is associated to the NNE
		striking Western Queen Shear Zone, which is part of D4 deformation stage recorded in the project
		area.
	•	Late stage extensional pegmatite dykes crosscut the mineralisation.
Dimensions	•	The Western Queen project comprises mineralisation at the Duke, Baron, Western Queen Deep
		and Western Queen South lodes. The mineralised lode at Duke covers a strike length of
		approximately 70 m and is oriented NNE-SSW, steeply dipping to the west with an average
		thickness between 1.5 to 3.5 m. Mineralisation is modelled to 330 mRL.
	•	Twelve steeply dipping mineralised lodes (60° to the west) were modelled at Baron, with the main
		lode extending over a strike length of 230 m and an average thickness of 5-10 m. The lodes were
		modelled to an average depth of 50-60 m overall.
	•	The Western Queen Deep mineralised lode extends over a strike length of 270 m, dips steeply
		to the west and has an average thickness of 2-4 m.
	•	The Western Queen South main mineralised lode covers a strike length of 560 m, dip steeply to
		the west with an average thickness between 10 to 15 m. The depth extent of the main lode was
		modelled to 150-200 m deep.
Estimation and	•	Ordinary kriging was used to extrapolate the gold grade inside the above defined mineralised
modelling		lodes.
techniques	•	Statistical analyses were carried out on all the estimation domains to characterize each domain
		statistically and identify statistical outliers. Domains with high CV were top-cut to between 4 and
		50 g/t Au. The selection of the top cut value was achieved using histogram, log probability plots
		and the spatial location of the outliers. Local top cutting was also applied to some domains
		(mainly domain 101 at Duke) in order to limit the spatial influence of elevated Au grades and
		control grade smearing.
	•	Cube used Snowden Supervisor software to assess the spatial continuity of the data through
		variography. The analysis was carried out on the top cut 1 m downhole composites of the well-
		informed domains. Normal-score transformation was applied to the data in order to reduce the
		effect of outliers and help identify the underlying structure of the element to estimate. The
		variogram models were back-transformed into real space for use in the estimation process. The
		nugget effect was defined using downhole variograms for the domain to be assessed.
	•	A south plunging structure was delineated for the main lode at Western Queen South and Duke.
		Variogram models from the well informed domains were applied to the lesser informed domains.
	•	The Kriging Neighbourhood Analysis (“KNA”) function within Snowden Supervisor software was
		used to assist with assessing the minimum and maximum samples and other search parameters
		to be used for the kriging.
	•	Ordinary Kriging (“OK”) and Inverse Distance to the power of 2 (“ID2”) were used to estimate the
		gold grade, using Surpac software. The ID2 served as a check estimate only, and it is the OK
		estimate which has been reported.
	•	No assumptions were made regardingrecoveryof by-products.

20

	•	No estimates of deleterious elements or other non-grade variables were undertaken.
	•	Two block models were generated for the deposit. The Western Queen block model extends
		between6,955,120 mN to 6,955,940 mN covers the Duke, Baron and Western Queen Deep
		lodes. The average drillhole spacing at Baron and Duke is around 5 mE x 10 mN and Western
		Queen Deep is drilled at 40 mE x 40 mN. The parent block size was set to 20 mE x 20 mN x 10
		mRL and sub-blocked to x1.25 mE x 2.5 mN x 1.25 mRL, where the estimation for Baron and
		Duke uses a parent block size of 5 mE x 5 mN x 2.5 mRL.
	•	The Western Queen South block model extends between 6,954,260 mN to 6,954,880 mN, with
		a parent block size of 10 mE x 10mN x 5 mRL, which was sub-blocked to1.25 mE x 2.5 mN x
		1.25 mRL.
	•	The block models were coded by the interpreted estimation domains and the volume of the coded
		blocks were compared with the wireframe volumes to ensure a good representation of the
		estimation domains.
	•	Multiple passes were used to populate the gold grade in each estimation domain, with the first
		pass set to the distance equivalent to 95% of the sill of the variogram model. The second pass
		is a factor of three of the first pass and the third pass is factor of five of the first pass with the
		minimum number of samples to be used in the estimate relaxed to 1.
	•	Only Au was estimated and there is no correlation analysis with other element.
	•	No assumptions were made with respect to selective mining units. The model cannot be
		considered to be a local recoverable estimate.
	•	Block model validation was conducted by the following means:
	•	Visual validation of block values vs drillhole data
	•	Comparison of global estimated block means vs declustered cut composite means.
	•	Swathplots showingestimated block means vs composite means in E,N and RL slices.
Moisture	•	Tonnages are estimated on a dry basis only. Moisture was not considered in the density
		assignment.
Cutoff	•	Cube ran pit optimizations to constrain the potential open-cut part of the deposits with pit shells.
Parameters		The optimizations were run with a gold price of AUD$2,700, and basic cost data is shown in the
		Mining factors section below.
	•	The mineral resource was reported at a cut off of 0.5 g/t for the open-cut mineralisation (Duke,
		Baron and WQS) inside the optimized pit shells and at 1.5 g/t for the underground mineralisation
		(WQD Deep, WQS) below the optimized pit shell.
Mining factors or	•	The deposit has previously been mined using selective open pit mining methods and small-scale
assumptions		underground development.
	•	Shallow mineralisation located at Duke and Baron are considered to be extractable by open pit
		method. Portions of the deposit at Western Queen South is considered to have sufficient grade
		and continuity to be considered for underground mining.
	•	Pit optimization assumed mining costs of $3.50/t at surface, increasing with depth, average
		processing cost of $15/t, transport costs of $5/t and G&A of $7/t.
	•	Pit slope angles were based on geotechnical studies, and are consistent with the already existing
		pits.
	•	For the underground parts of the deposit, an overall mining cost of $90/t was assumed.
Metallurgical	•	Metallurgical test work was undertaken by previous operators.
factors or assumptions	•	Historic production has demonstrated that good gold recovery can be expected from conventional processing methods.
	•	The average processing recovery used for the pit optimizations was 93%, which is supported by
		actual production.
Environmental	•	The previous mining operation included the development of mine infrastructure including waste
factors or		dumps and haul roads.
assumptions	•	The area is not known to be environmentally sensitive and there is no indications that further
		developments may not be approved in the future.
Bulk Density	•	Rumble Resources collected additional 171 measurements from core samples and rock samples
		in the pit area. The rock samples were sealed using beeswax prior to weighing in water.
	•	The samples were coded by the weathering status. As there were not enough measurements to
		carry out an estimation of the density, the average density value per weathering state were
		calculated and assigned.

21

Classification	•	The mineral resource estimates for both Western Queen and WQS deposits have been classified
		into Indicated and Inferred category.
	•	The classification of the mineral resource took into consideration the data spacing, the spatial
		continuity of respective domains based on variogram analysis, assessment of key estimation
		quality parameters such as slope of regression and average distance to informing samples, as
		well as the validation of the estimate based on global statistical comparison and trend plots.
	•	The Indicated resource had a maximum drill spacing of 20 mE x 20 mN, with the Inferred resource
		drill spacing greater than this up to a maximum spacing of 40 mE x 40 mN.
	•	Estimation domain interpretations extended about 20 m along strike or below drill intercepts.
	•	The Competent Person is satisfied that the stated Mineral Resource classification reflects the
		relevant factors of the deposit.
Audits and	•	No external audits or reviews have been completed on this MRE, although internal peer review
Reviews		and validation was conducted by Cube Consulting.
Discussion of	•	The relative accuracy of the Mineral Resource Estimate is reflected in the reporting of the MRE
relative accuracy/		in accordance with the guidelines of the 2012 JORC Code.
confidence	•	The MRE constitutes a global estimate.
	•	The estimate was focused on the remainder in-situ resource, not for the previously mined
		resources, and therefore comparison with existing production data was not possible.

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