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RUMBLE RESOURCES LIMITED Capital/Financing Update 2025

Apr 15, 2025

65736_rns_2025-04-15_17d3e210-1b43-42fa-8692-002f28145abb.pdf

Capital/Financing Update

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ASX ANNOUNCEMENT

16 April 2025

Western Queen - Mine Development and Exploration Update

Key Points

Mine Development – Open Pit Gold

  • Development activities continue with first ore on track to be mined before the end of the calendar year, subject to all the necessary documents being executed and all necessary approvals in place.

  • Definitive Agreements

  • The structure of the relationship between the parties has been optimised and will now be covered by three separate agreements: Co-operation Agreement, Primary Facility Agreement (covering the working capital of up to $35 million) and Specific Security Deed.

  • All three agreements have been drafted and the parties are in the process of agreeing the final wording.

Exploration – Gold and Tungsten

  • Duke 40m x 40m RC drilling has returned high grade assay results including:

  • 4m @ 6.27g/t Au from 77m (WQRC234) - representing a potential new high-grade lode

    • including 1m @ 23.03g/t Au from 77m

  • 3m @ 6.82g/t Au from 75m (WQRC224)

    • including 1m @ 18.61g/t Au from 76m

  • Further sampling of historical Western Queen diamond core holes has returned multiple high-grade tungsten intercepts including:

  • 11.5m @ 1.46% WO3 & 0.79g/t Au from 248.55m (MXDD003)

    • including 0.55m @ 24.97% W03 & 0.11g/t Au from 248.55m

  • 3.1m @ 1.13% WO3 & 0.61g/t Au from 239.95m (MXDD003)

    • including 0.3m @ 10.11% W03 from 239.95m

  • 16m @ 0.50% WO3 & 2.22g/t Au from 148m (QND-38975-1)

    • including 4.3m @ 0.88% WO3 & 1.74g/t Au from 154.8m (QND-38975-1)

  • Phase 2 diamond drilling at Western Queen South and Princess is due for completion this month with assay results expected in the June quarter

Peter Harold, Managing Director and CEO commented:

“We are pleased with the progress being made on the development of Western Queen. After further consultation with our advisors, we have restructured the arrangements between us and Bain Global Resources to ensure we have a structure which is optimal for both parties. This has taken longer than we all anticipated but we are close now to finalising the various agreements. The current exploration program is coming to an end and we may have discovered a new lode at Duke. We await the assay results from the deeper Western Queen South diamond holes which are much anticipated. The re-assaying of the historical core for tungsten continues to deliver positive results and we are eager to see the results of the preliminary metallurgical testwork.”

Rumble Resources Limited ASX: RTR ABN 74 148 214 260

Head Office Level 1, 16 Ord St West Perth, Western Australia 6005

rumbleresources.com.au T: +61 8 6555 3980 E: [email protected]

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Mine Development

Background

On 28 November 2024 Rumble Resources Limited ( ASX: RTR) (“ Rumble ” or the “ Company ”) announced that it plans to generate early cashflow from the Western Queen Gold Project. To develop Western Queen, Rumble are teaming up with the large Indian mining contractor, BGR Mining & Infra Limited ( BGR ) through BGR’s Australian entities, Bain Global Resources Pty Ltd ( Bain ) and MEGA Resources Pty Ltd ( MEGA )[1] . The arrangement contemplates that Rumble and Bain will jointly develop the Western Queen Gold Project with Bain providing the working capital for the project development, up to $35 million. The proposed mining operations involve the cut back and deepening of the existing Western Queen South pit ( JORC Resource of ~1.42Mt @ 1.59 g/t for ~72.5koz gold )[2] and mining some of the smaller open pits. MEGA will manage the project and undertake all the mining operations under a Mining Services Agreement. The ore will be processed by a third-party gold plant in the vicinity of Western Queen under an ore tolling/ore sale agreement.

Prior to making a Final Investment Decision the following items are required:

  • executed binding definitive agreements;

  • approved mine plan and financial model;

  • ore tolling/ore sale agreement with a local gold ore processing plant; and

  • all necessary approvals.

Progress to date

Development activities continue with first ore on track to be mined before the end of the calendar year. Progress continues in the following areas:

  • Definitive Agreements - the Term Sheet contemplated a joint venture between Rumble and Bain. This has been determined by both parties and their advisors to be a sub-optimal structure and the parties have agreed to restructure the arrangement under three separate agreements:

  • Co-operation Agreement

  • Primary Facility Agreement (covering the working capital of up to $35 million)

  • Specific Security Deed

These agreements have all been drafted and the parties are in the process of agreeing to the final wording. This process has taken longer than anticipated and therefore the parties have mutually agreed to extend the CPs to execute these agreements until 30 May 2025, which should be sufficient time.

The Mining Services Agreement will be finalised once these agreements have been executed.

  • Mine scheduling – MEGA has prepared a revised mine schedule which is being reviewed by Rumble.

  • Equipment – Bain/MEGA have purchased all the major pieces of mobile equipment for this project, with arrival in Australia remaining on scheduled for mid-year.

  • Ore tolling/ore purchase – discussions and data exchange are ongoing with companies who operate gold processing plants proximal to Western Queen

  • Permitting & Approvals – MEGA are managing the permitting and approval process and continue to advance the project through the approvals process

.

1 Refer to Rumble ASX release 28 November 2024 “Development of Western Queen Gold Project”

2 Refer to Rumble ASX release 15 October 2024 “Western Queen Resources increased 76% to 287koz at 2.02g/t”

Rumble Resources Limited ASX: RTR ABN 74 148 214 260

rumbleresources.com.au Head Office T: +61 8 6555 3980 Level 1, 16 Ord St E: [email protected] West Perth, Western Australia 6005

2

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Exploration Results

Duke Gold Prospect

Twenty (20) reverse circulation (RC) holes were completed at Duke for a total of 1,880m as part of the Phase 2 drill program at Western Queen. An approximate 40m x 40m spaced drill program was completed over the prospect area ahead of planned open pit mining activities. The best assay intercepts returned to date include:

  • 4m @ 6.27g/t Au from 77m (WQRC234)

  • including 1m @ 23.03g/t Au from 77m

  • 3m @ 6.82g/t Au from 75m (WQRC224)

  • including 1m @ 18.61g/t Au from 76m

  • 1m @ 4.53g/t Au from 42m (WQRC239)

The Duke mineralised position was intersected in all RC holes and is characterised by a zone of silicification, quartz veining and pyrrhotite-tremolite alteration. Late-stage quartz-mica pegmatites crosscut throughout the Duke area, and frequently intrude sub-parallel to, and within the mineralised lode position. Despite this, mineralisation remains open at depth and down plunge.

Notably, an intercept in WQRC234 of 4m @ 6.27g/t Au from 77m represents a possible fourth high-grade lode within the Duke Prospect (refer to Figure 1).

Following this drilling campaign the Company plans to complete a revision of the geological resource model at Duke as part of a future gold Mineral Resource Estimate update.

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Figure 1 – Duke Longitudinal Section - highlighting interpreted lodes and significant intersections

Rumble Resources Limited ASX: RTR ABN 74 148 214 260

rumbleresources.com.au Head Office T: +61 8 6555 3980 Level 1, 16 Ord St E: [email protected] West Perth, Western Australia 6005

3

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Western Queen and Princess diamond drilling

The Phase 2 diamond drilling at Western Queen South (WQS) and Princess is nearing completion with the final hole currently underway. A total of five holes will be completed at WQS, with four holes targeting extensions to the main high-grade southerly plunge and one hole targeting the sub-parallel mineralisation beneath the main WQS lode.

Visually, all four holes completed at WQS to date have intersected the mineralised position with moderate to intense silicification, quartz veining and pyrrhotite-pyrite alteration. Additionally, three holes have been completed at Princess targeting a newly recognised lode reported in the Phase 1 RC drilling program[3] . Visually, all three holes at Princess have intersected the interpreted lode position with moderate quartz veining, silicification and pyrrhotite alteration observed.

Several holes at both WQS and Princess have also intersected intervals of scheelite alteration of varying intensities. All intervals of visible scheelite alteration and the expected gold mineralisation have been sampled and all, except for the final two drill holes, have been delivered to the laboratory. Assay results are expected to be reported during the June quarter.

Further high-grade tungsten assays from historical core sampling

Ongoing sampling for tungsten of the 78 historical diamond holes (totalling 7,823m) drilled at Western Queen by previous owners has returned more high-grade tungsten assays including:

  • 11.5m @ 1.46% WO3 & 0.79g/t Au from 248.55m (MXDD003)

  • including 0.55m @ 24.97% W03 & 0.11g/t Au from 248.55m

  • 3.1m @ 1.13% WO3 & 0.61g/t Au from 239.95m (MXDD003)

  • including 0.3m @ 10.11% W03 from 239.95m

  • 16m @ 0.50% WO3 & 2.22g/t Au from 148m (QND-38975-1)

  • including 4.3m @ 0.88% WO3 & 1.74g/t Au from 154.8m (QND-38975-1)

No pXRF data and only very limited assays for tungsten exist for all the historic diamond holes at Western Queen. The Company is systematically reviewing every historic hole, completing pXRF analysis and sampling any anomalous intervals containing visible scheelite under ultraviolet light, with most holes being sampled and sent for laboratory analysis for tungsten (via fusion XRF analysis). Once the historical core sampling is completed a review of the spatial data density of tungsten assays will be undertaken ahead of a maiden JORC compliant Mineral Resource Estimate for tungsten.

Tungsten mineralisation at Western Queen remains open in all directions , with Western Queen South emerging as a primary target area. The Company has also recently initiated a technical study on the mineralisation styles and timing of the tungsten mineralisation, together with a preliminary metallurgical testwork program which collected 500kg of scheelite bearing material from mining bunds and waste dumps at Western Queen South.

3 Refer to Rumble ASX release 17 February 2025 “ High-grade Gold and Tungsten Assays from Phase 1 Drilling”

Rumble Resources Limited ASX: RTR ABN 74 148 214 260

rumbleresources.com.au Head Office T: +61 8 6555 3980 Level 1, 16 Ord St E: [email protected] West Perth, Western Australia 6005

4

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Western Queen Next Steps

Gold

  • Complete the Phase 2 drilling program, focused on growing the gold resources with drilling principally targeting the newly defined gold mineralisation at Princess and depth extensions of the Western Queen South lodes.

Tungsten

  • Complete the relogging, pXRF analysis and sampling of the historic diamond core and locate intervals of tungsten mineralisation not previously analysed.

  • Complete the preliminary tungsten metallurgical testwork program.

  • Report a maiden tungsten mineral resource estimate.

About Western Queen

The Western Queen Gold Project (“ Western Queen ” or the “ Project ”) lies 110km NW of Mt Magnet within the Yalgoo mineral field of Western Australia. The Project comprises of two contiguous mining leases (M59/45 and M59/208) for a total area of 9.8 km². In addition to the mining leases, there includes L59/40 (Miscellaneous License) which covers a portion of the original haul road between Western Queen and Dalgaranga. The Dalgaranga plant processed the historic ore reserves from the Western Queen Central deposit. The original haul road is still open and is the main access into the Project. Rumble holds 100% equity in the Project. Surrounding Western Queen is the Wardawarra Project (100% Rumble). The Wardawarra Project consists of a single granted exploration license (E20/967) and three exploration licence applications (ELA59/2929, ELA59/2816 and E59/2943).

The Project is located within a 100km radius of three gold processing plants (see Figure 2). The closest plant is Dalgaranga (48km by road) which has a capacity of 2.5 Mtpa. The Checkers plant (Mt Magnet) has a current capacity of 1.9 Mtpa and the Tuckabianna plant (near Cue) has a capacity of 1.2 Mtpa.

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Figure 2 - Location Plan of the Western Queen Gold Project

Rumble Resources Limited ASX: RTR ABN 74 148 214 260

rumbleresources.com.au Head Office T: +61 8 6555 3980 Level 1, 16 Ord St E: [email protected] West Perth, Western Australia 6005

5

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The two mined deposits at the Western Queen Gold Project had a combined historic production of 880,000t @ 7.6 g/t Au for 215,000oz . The Western Queen Central Mine produced 660,000t @ 8.9 g/t Au for 189,500oz and the Western Queen South Mine (from two stages) produced 220,000t @ 3.6 g/t Au for 25,500oz.

On 15 October 2024, Rumble announced an updated mineral resource (indicated and inferred) of 4.42Mt @ 2.02 g/t Au for 286,600 oz[4] (see Table 2).

Within both the Western Queen Project area and the surrounding Wardawarra Project there is high potential to add significantly to the current resource. Gold mineralisation is associated with a structural jog zone within a major orogenic shear which trends north-south along the Wardawarra Greenstone Belt (see Figure 3). The structural jog cuts across amphibolite (after basalt and dolerite) and ultramafic lithologies. At the Western Queen Central deposit, a very high-grade gold skarn has developed within the ultramafic rocks, with an average grade of 8.9g/t Au recorded in historic production.

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Figure 3 - Western Queen Shear Zone Prospectivity over TMI Airborne Magnetics

The skarn is tremolite after diopside and plunges moderately to the south. At the Western Queen South deposit, highgrade gold potassic altered quartz-sulphide lodes have developed in fine to medium grain amphibolite and plunge moderately to the south.

Rumble considers there is significant potential for continuity of the high-grade gold zones. To date, the deepest drilling has been below the Western Queen Central deposit which returned 4.7m @ 6.06 g/t Au from 485.5m (approximately 430m below surface) which included 0.7m @ 26.6 g/t Au from 488.3m.

Potential for new discoveries and gold additional resources is highlighted in Figure 3, proximal and along strike of the largely untested Western Queen Shear Zone.

4 ASX release date 15 October 2024 “Western Queen Gold Resources increased 76% to 287koz @ 2.02g/t”

Rumble Resources Limited ASX: RTR ABN 74 148 214 260

Head Office Level 1, 16 Ord St West Perth, Western Australia 6005

rumbleresources.com.au T: +61 8 6555 3980 E: [email protected]

6

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Authorisation

This announcement is authorised for release by the Board of the Company.

-Ends-

For further information visit rumbleresources.com.au or contact [email protected]

Peter Harold
Managing Director & CEO
Rumble Resources Limited		 Peter Venn
Technical Director
Rumble Resources Limited		 Trevor Hart
Chief Financial Officer
Rumble Resources Limited

About Rumble

Rumble Resources Ltd is an Australian based exploration company, listed on the ASX in July 2011. Rumble was established with the aim of adding significant value to its selected mineral exploration assets and to search for suitable mineral acquisition opportunities in Western Australia.

Rumble has a unique suite of resources projects including the Western Queen Gold Project which is being developed to deliver near term cash flow from the existing open pit resources and resource growth through future exploration success. In addition, the discovery of the Earaheedy Zn-Pb-Ag Project has demonstrated the capabilities of the exploration team to find world class orebodies.

Rumble Resources Limited ASX: RTR ABN 74 148 214 260

Head Office Level 1, 16 Ord St West Perth, Western Australia 6005

rumbleresources.com.au T: +61 8 6555 3980 E: [email protected]

7

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Table 1 - Drill Hole Location, Survey and Tungsten and Gold Assay Results

Hole ID E MGA N MGA Depth
(m)		 Dip Azi From (m) To (m) Width
(m)		 WO3% Au (g/t)
<0.10
WQRC218 512967.65 6955883.53 54 -60 270 4 7 3 - 0.51
And
24		 28 4 - 0.28
WQRC219 512972.47 6955868.97 60 -60 270 45 46 1 - 0.30
WQRC220 512979.67 6955863.22 102 -60 270 9 10 1 - 0.35
And
87		 88 1 - 0.55
WQRC221 512978.47 6955918.55 54 -60 270 34 36 2 - 0.34
And
39		 40 1 - 1.00
WQRC222 512978.21
6955905.79		 72 -60 270 42 43 1 - 1.08
And
44		 46 2 - 0.56
WQRC223 512991.35
6955903.79		 84 -60 270 7 8 1 - 0.34
And
10		 11 1 - 0.43
And
55		 57 2 - 0.91
And
67		 70 3 - 0.91
WQRC224 512995.32
6955907.43		 90 -60 270 75 78 3 - 6.82
Incl.
76		 77 1 - 18.61
WQRC225 513014.93 6955898.72 144 -60 270 NSA
WQRC226 512991.05 6955946.99 84 -60 270 8 9 1 - 0.36
WQRC227 513013.85 6955928.96 126 -60 270 63 67 4 - 0.20
WQRC228 512991.98 6955992.3 66 -60 270 NSA
WQRC229 513016.45 6955971.36 120 -60 270 96 99 3 - 0.89
And
111		 112 1 - 0.30
And
119		 120 1 - 0.20
WQRC230 512999.76 6956056.91 96 -60 95 39 40 1 - 0.33
WQRC231 512935.37 6956041.1 132 -60 95 NSA
WQRC232 512942.25 6956101.93 140 -60 95 NSA
WQRC233 512970.73 6956108.33 132 -60 95 97 98 1 - 0.87
WQRC234 512983.01 6956080.72 108 -60 95 77 81 4 - 6.27
Incl.
77		 78 1 - 23.03
WQRC235 512972.04 6956047.07 96 -60 95 75 77 2 - 0.64
82 83 1 - 0.25
WQRC239 512979.13 6955933.71 60 -60 260 35 39 4 - 0.68
And
42		 43 1 - 4.53
WQRC240 512968.95 6955926.58 60 -75 308 12 13 1 - 0.26
QND-
38975-1		 512368.2 6954653.01 193 -60 128 And
148		 164 16 0.51 2.22
Incl.
154.8		 159.12 4.32 0.92 1.74
MXDD003 512235.33 6954513.63 333.6 -55 131 219 220 1 0.30 -
And
239.95		 243 3.05 1.13 0.61
Incl.
239.95		 240.25 0.3 10.11 -
And
248.55		 260 11.45 1.46 0.79
Incl.
248.55		 249.1 0.55 24.97 0.11
And
270		 272 2 0.20 5.41

Rumble Resources Limited ASX: RTR ABN 74 148 214 260

rumbleresources.com.au Head Office T: +61 8 6555 3980 Level 1, 16 Ord St E: [email protected] West Perth, Western Australia 6005

8

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Table 2 - - Mineral Resource Estimate Tabulation for the Western Queen Project broken down by Resource Area and split of Indicated and Inferred Resources for reported Open Pit and Underground economic cutoffs

P Mining Cut-off
g/t		 Classification Tonnes
(t)		 Au g/t Contained
Metal
rospect Method
WQ
Central		 OC 0.5 Indicated 480,201 1.77 27,255
Inferred 162,172 1.19 6,228
Total 642,373 1.62 33,483
UG 1.5 Indicated 113,336 8.78 32,006
Inferred 471,388 3.00 45,490
Total 584,724 4.12 77,496
TOTAL Indicated 593,537 3.11 59,261
Inferred 633,560 2.54 51,718
Total 1,227,097 2.81 110,979
WQ
South		 OC 0.5 Indicated 1,314,113 1.62 68,460
Inferred 102,338 1.23 4,046
Total 1,416,451 1.59 72,506
UG 1.5 Indicated 250,672 2.71 21,821
Inferred 476,306 2.00 30,561
Total 726,978 2.24 52,381
TOTAL Indicated 1,564,785 1.79 90,281
Inferred 578,644 1.86 34,607
Total 2,143,429 1.81 124,887
Duke OC 0.5 Indicated 51,834 4.23 7,046
Inferred 65,598 2.70 5,698
Total 117,432 3.38 12,744
Indicated - - -
UG 1.5 Inferred 714 2.23 51
Total 714 2.23 51
TOTAL Indicated 51,834 4.23 7,046
Inferred 66,312 2.70 5,749
Total 118,146 3.37 12,795
Princess OC 0.5 Indicated 177,575 0.92 5,248
Inferred 487,825 1.04 16,276
Total 665,400 1.01 21,524
Indicated - - -
UG 1.5 Inferred 187,262 2.17 13,073
Total 187,262 2.17 13,073
TOTAL Indicated 177,575 0.92 5,248
Inferred 675,087 1.35 29,349
Total 852,662 1.26 34,597
Cranes OC 0.5 Indicated - - -
Inferred 74,042 1.39 3,299
Total 74,042 1.39 3,299
Indicated - - -
UG 1.5 Inferred - - -
Total - - -
TOTAL Indicated - - -
Inferred 74,042 1.39 3,299
Total 74,042 1.39 3,299
Total OC 0.5 Indicated 2,023,723 1.66 108,009
Inferred 891,975 1.24 35,548
Total 2,915,698 1.53 143,557
Indicated 364,008 4.60 53,826
UG 1.5 Inferred 1,135,670 2.44 89,175
Total 1,499,678 2.97 143,001
TOTAL Indicated 2,387,731 2.11 161,836
Inferred 2,027,645 1.91 124,723
Total 4,415,376 2.02 286,558

Note: Totals may differ due to rounding, Mineral Resources reported on a dry in-situ basis.

All Mineral Resources figures reported in the table above represent estimates at October 2024. Mineral Resource estimates are not precise calculations, being dependent on the interpretation of limited information on the location, shape and continuity of the occurrence and on the available sampling results. OC is Open Cut for Resources above the 245mRL and UG is Underground for Resources below the 245mRL.

Rumble Resources Limited ASX: RTR ABN 74 148 214 260

Head Office Level 1, 16 Ord St West Perth, Western Australia 6005

rumbleresources.com.au T: +61 8 6555 3980 E: [email protected]

9

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The Company confirms that it is not aware of any new information or data that materially affects the information included in the previous market announcement from 15 October 2024. In the case of estimates of mineral resources, all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.

Previous ASX Announcements – Western Queen Gold Project

  • 6/8/2019 – Option to Acquire High-Grade Western Queen Gold Project

  • 4/11/2019 – Western Queen Gold Project – Multiple Targets to be Drilled

  • 22/11/2019 – Drilling Commenced at Western Queen Gold Project

  • 17/2/2020 – High Grade Gold Discovery at the Western Queen Project

  • 25/2/2020 – Drilling Commenced at the Western Queen Gold Project

  • 14/4/2020 – Exploration Update – Three Drill Programmes Completed

  • 20/5/2020 – Drilling Identifies Multiple High-Grade Gold Shoots

  • 9/6/2020 – Major Drill Programme to Commence – Western Queen Gold Project

  • 24/6/2020 – Major Drill Programme Commenced at The Western Queen Gold Project

  • 16/7/2020 – 500% Increase in Landholding Extends Western Queen Project

  • 31/8/2020 – Option Exercised to Acquire the Western Queen Gold Project

  • 10/9/2020 – 100% Acquisition of Western Queen Gold Project Complete

  • 4/11/2020 – Discovery High-Grade Gold Shoots and Shear Zone Extension

  • 3/2/2021 – High-Grade Gold Shoots at Western Queen South Deposit

  • 2/8/2021 – Western Queen Resource Upgrade to 163,000oz

  • 29/4/2024 – Drilling to test High-Grade Gold Zones at Western Queen

  • 29/5/2024 – Western Queen Drilling Commenced

  • 16/7/2024 – Western Queen Drilling Update

  • 6/8/2024 – High-Grade Tungsten Discovery at Western Queen

  • 2/9/2024 – Tungsten Discovery at Western Queen Confirmed

  • 27/09/2024 - Rumble welcomes new Strategic Investor

  • 15/10/2024 – Western Queen Gold Resources increased 76% to 287koz

  • 20/11/2024 – Commencement of Drilling at Western Queen

  • 28/11/2024 – Development of Western Queen Gold Project

  • 11/12/2024 – High-Grade Tungsten Assays Highlights Resource Potential at WQ

  • 17/2/2025 – High-grade Gold and Tungsten Assays from Phase 1 Drilling

  • 28/2/2025 – Development of Western Queen Gold Project.

  • 4/2/2025 – High Grade Tungsten from Historical Core

Competent Persons Statement

The information in this report that relates to Exploration Results and Exploration Targets is based on and fairly represents information compiled by Mr Luke Timmermans, who is a Member of the Australian Institute of Geoscientists. Mr Timmermans is an employee and shareholder of Rumble Resources Limited. Mr Timmermans 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 Timmermans consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Previously Reported Information

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

Rumble Resources Limited ASX: RTR ABN 74 148 214 260

Head Office Level 1, 16 Ord St West Perth, Western Australia 6005

rumbleresources.com.au T: +61 8 6555 3980 E: [email protected]

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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

Rumble Resources Limited ASX: RTR ABN 74 148 214 260

Head Office Level 1, 16 Ord St West Perth, Western Australia 6005

rumbleresources.com.au T: +61 8 6555 3980 E: [email protected]

11

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Section 1 Sampling Techniques and Data

Criteria JORC Code explanation Commentary
Sampling
techniques		 • Nature and quality of sampling (e.g. cut channels,
random chips, or specific specialised industry standard
measurement tools appropriate to the minerals under		 • Historical diamond core sampling:
sampled to visible mineralisation –
scheelite observed and marked on
investigation, such as down hole gamma sondes, or core in darkness with 254nm UV
handheld XRF instruments, etc.). These examples should
not be taken as limiting the broad meaning of sampling.
• Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any		 light. Sampled to 1m intervals
where significant changes in
mineralisation intensity are not
observed.
measurement tools or systems used. • Diamond core sampling is ½ core
• Aspects of the determination of mineralisation that are for NQ2 or ¼ core for HQ3.
Material to the Public Report.
• In cases where ‘industry standard’ work has been done		 • Standards, blanks and duplicates
inserted at a rate of 8%. 4%
this would be relatively simple (e.g. ‘reverse circulation Standards, 2% Blanks, 2%
drilling was used to obtain 1 m samples from which 3 kg duplicates. Additional standards,
was pulverised to produce a 30 g charge for fire assay’). blanks and duplicates inserted
In other cases more explanation may be required, such where required.
as where there is coarse gold that has inherent sampling
problems. Unusual commodities or mineralisation types
(e.g. submarine nodules) may warrant disclosure of
detailed information.
•		 Historical core meter marked
based on remaining marks,
typically metal plates at the end of
each core tray.
• pXRF readings taken with a Vanta
M series device every metre on
clean representative core. 2
beams with 10 second run times
each.
• RC Sampling – 1 metre cone split
samples with duplicate every 20,
CRM standard (mixed OREAS
high-grade and low-grade gold)
every 20 samples and CRM blank
every 20 samples. Samples are >
2kg.
Drilling
techniques		 • Drill type (e.g. core, reverse circulation, open-hole
hammer, rotary air blast, auger, Bangka, sonic, etc.) and
details (e.g. core diameter, triple or standard tube, depth

•		 RC drill rig was a Schram 685
utilising an auxiliary compressor
and booster.
of diamond tails, face-sampling bit or other type,
whether core is oriented and if so, by what method,
etc.).		 • RC face hammer (5.5 inch),
including pre-collar to diamond
core tail.
• Historical diamond core is mix of
HQ3 and NQ2.
• Core was originally orientated but
marks are no longer visible.
Drill sample • Method of recording and assessing core and chip sample
recoveries and results assessed.
•		 RC sample chips collected from
splitter as > 2-3kg sample.
recovery • Measures taken to maximise sample recovery and Remaining sample laid in piles, if
ensure representative nature of the samples.
• Whether a relationship exists between sample recovery
andgrade and whether sample bias may have occurred		 wet, remaining sample collected in
plastic bags (approximately 30-40
kgs). Every metre, a reference

12

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Criteria
JORC Code explanation
Commentary
due to preferential loss/gain of fine/coarse material.
chip sample is collected.
Geologically logged on site. All
meters pXRF analysed.
•
Historical core was transported to
the Western Queen site from
previous storage facility, core
arrived almost completely intact,
some trays had rusted and
collapsed.
•
Metre marks for sampling and
pXRF analysis were determined
using the best downhole
information from each hole. Some
variation (10’s cm) from true down
hole depths may have occurred
due to sparse original marks
remaining.
•
Some short intervals of core were
missing from the trays due to
previous sampling for geotechnical
analysis, thin section analysis etc.
Logging
• Whether core and chip samples have been geologically
and geotechnically logged to a level of detail to support
appropriate Mineral Resource estimation, 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 relevant
intersections logged.
•
Historical diamond core has
previously been logged and
Rumble has this data in its
database.
•
The core was re-logged by a
Rumble Geologist and the
database updated of any changes.
•
pXRF data will be used to refine
logging of units, particularly using
the Ti/Zr ratio.
•
RC chip sample logging includes
geological and first pass
geotechnical appraisal.
Sub-
sampling
techniques
and sample
preparation
• If core, whether cut or sawn and whether quarter, half
or 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 and
appropriateness of the sample preparation technique.
• Quality control procedures adopted for all sub-sampling
stages to maximise representivity of samples.
• Measures taken to ensure that the sampling is
representative of the in situ material collected, including
for instance results for field duplicate/second-half
sampling.
• Whether sample sizes are appropriate to the grain
size of the material being sampled.
•
Historical diamond core had half
core taken for samples.
•
For duplicates (approximately
every 20 samples), sample is split
at the crushing stage at ALS
Laboratories. At all times, half core
was retained for future reference.
•
RC samples are cone split.
Samples were both wet and dry.
Wet samples were left to dry and
split via riffle splitter.
•
RC sample size was generally
consistent > 2kg
Quality of
assay data
and
• The nature, quality and appropriateness of the assaying
and laboratory procedures used and whether the
technique is considered partial or total.
• For geophysical tools, spectrometers, handheld XRF
instruments, etc., theparameters used in determining
•
Sample preparation by crushing,
splitting to 3kg sample if required,
and pulverising of up to 3kg.
•
For tungsten (W), assaying
~~methodology u~~tilised complete

rumbleresources.com.au Head Office T: +61 8 6555 3980 Level 1, 16 Ord St E: [email protected] West Perth, Western Australia 6005

Rumble Resources Limited ASX: RTR ABN 74 148 214 260

13

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Criteria
JORC Code explanation
Commentary
laboratory
tests
the analysis including instrument make and model,
reading times, calibrations factors applied and their
derivation, etc.
• Nature of quality control procedures adopted (e.g.
standards, blanks, duplicates, external laboratory
checks) and whether acceptable levels of accuracy (i.e.
lack of bias) and precision have been established.
digest through lithium borate
fusion with an ICP-MS finish. High
grade samples that could not be
determined by this method
underwent a lithium metaborate -
lithium tetraborate fusion with an
XRF finish.
•
Certified tungsten standards were:
CDN-W-4 and CDN-W-6.
•
In addition, each metre of core
was analysed by Vanta M Series
pXRF, with 2 10 second beams.
•
Blanks and standards analysed at
the beginning of each usage of
pXRF.
•
For Gold (Au) assaying was
completed by Photon Assay of a
500g crushed sub sample
•
Certified Gold 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.
•
In addition, all samples were
analysed by pXRF
Verification
of sampling
and assaying
• The verification of significant intersections by either
independent 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.
•
Verification of significant
intersections by Rumble
personnel.
•
No twinned holes completed.
•
All data and documentation are
electronic, backed up to company
SharePoint.
•
Logging using digital software
package. pXRF, survey and other
data entered using excel.
•
Compete hole data and assay
results sent to company database
administrator to load into online
hosted database.
Location of
data points
• Accuracy and quality of surveys used to locate drill holes
(collar and down-hole surveys), trenches, mine workings
and other locations used in Mineral Resource estimation.
• Specification of the grid system used.
• Quality and adequacy of topographic control.
•
Historical drillholes were surveyed
in a mix of MGA94 Zone 50, AGD
84 Zone 50, and local mine grid.
•
Some historical drillholes with
remaining collars were surveyed
with DGPS by Rumble.
•
RC drillhole collars have been
surveyed using DGPS
•
Rumble have converted locations
to MGA94 Zone 50.
~~•~~
~~Rumble have f~~lown a high-

Rumble Resources Limited ASX: RTR ABN 74 148 214 260

Head Office Level 1, 16 Ord St West Perth, Western Australia 6005

rumbleresources.com.au T: +61 8 6555 3980 E: [email protected]

14

==> picture [130 x 32] intentionally omitted <==

Criteria JORC Code explanation Commentary
resolution DEM to ascertain
topographic control for collars
where the natural surface still
exists.
• Down-hole surveys were
completed using cameras.
Data spacing
and
distribution
• Data spacing for reporting of Exploration Results.
• Whether the data spacing and distribution is sufficient to
establish the degree of geological and grade continuity
appropriate for the Mineral Resource and Ore Reserve
•		 Data spacing is based on surface
DGPS drill hole pick-up including
RL, and historical survey data.
estimation procedure(s) and classifications applied.
• Whether sample compositing has been applied.
Orientation
of data in		 • Whether the orientation of sampling achieves unbiased
sampling of possible structures and the extent to which
this is known, considering the deposit type.		 • Structural orientation of
mineralisation is well known. Most
historical drilling is appropriately
relation to • If the relationship between the drilling orientation and angled for this orientation.
geological
structure		 the orientation of key mineralised structures is
considered to have introduced a sampling bias, this		 • Drilling orientation is not
considered to have introduced a
should be assessed and reported if material. sampling bias.
Sample • The measures taken to ensure sample security. • All samples managed and
transported by Rumble personnel
security from mining lease to laboratory.
Audits or
reviews		 • The results of any audits or reviews of sampling
techniques and data.		 • No audits completed.

Section 2 Reporting of Exploration Results

Section 2 Reporting of Exploration Results
Criteria
JORC Code explanation
Commentary
Mineral
tenement and
land tenure
status
• Type, reference name/number, location and
ownership including agreements or material issues
with third parties such as joint ventures, partnerships,
overriding royalties, native title interests, historical
sites, wilderness or national park and environmental
settings.
• The security of the tenure held at the time of reporting
along with any known impediments to obtaining a
licence to operate in the area.
•
The Western Queen Project
comprises two mining leases
(M59/45 and M59/208), one
exploration license E20/967 and
three exploration licence
applications (ELA59/2926,
ELA59/2816 and ELA59/2943)
•
Rumble has acquired 100% of the
project.
•
The mining licenses and
exploration licence E20/967 are
granted, in a state of good
standing and have no known
impediments. Exploration licences
ELA59/2926, ELA59/2816 and
ELA59/2943 are under
application.
•
Production royalties include
$20/oz on existing resources with
$8/oz on new open pit resources
and $6/oz on new underground
resources.

Rumble Resources Limited ASX: RTR ABN 74 148 214 260

rumbleresources.com.au Head Office T: +61 8 6555 3980 Level 1, 16 Ord St E: [email protected] West Perth, Western Australia 6005

15

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Criteria JORC Code explanation JORC Code explanation Commentary Commentary
Exploration
done by other		 • Acknowledgment and appraisal of exploration by
other parties.		 • RC and Diamond core drilling
completed by Rumble 2020-2025
parties • Previous drilling and surface
sampling work by numerous other
parties conducted 1980’s to
2010’s.
• Small scale mining conducted
1900’s to 1930’s.
• Modern mining conducted 1999-
2012 by multiple parties.
Geology • Deposit type, geological setting and style of
mineralisation.		 • Deposit type is scheelite pyroxene
gold endoskarn considered to be
a late-stage event within the
orogenic shear zone hosted gold
in Archaean greenstones of the
Yilgarn Craton.
Drill hole
Information		 • A summary of all information material to the
understanding of the exploration results including a
tabulation of the following information for all		 • Table 1 - Drill Hole Location, Survey
and Tungsten and Gold Assay Results
Material drill holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level – elevation above
sea level in metres) of the drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
• If the exclusion of this information is justified on the
basis that the information is not Material and this
exclusion does not detract from the understanding of
the report, the Competent Person should clearly
explain why this is the case.
Data
aggregation		 • In reporting Exploration Results, weighting
averaging techniques, maximum and/or
minimum grade truncations (e.g. cutting of high		 • Weighted averaging of results
completed for diamond core and
RC drilling.
methods grades) and cut-off grades are usually Material
and should be stated.		 • Cut-off grade – no statistics
applied
• Where aggregate intercepts incorporate short
lengths of high-grade results and longer lengths
of low-grade results, the procedure used for such
aggregation should be stated and some typical
examples of such aggregations should be shown
in detail.
• The assumptions used for any reporting of metal
equivalent values should be clearly stated.
Relationship
between
mineralisation
widths and
intercept		 •
•
•		 These relationships are particularly important in
the reporting of Exploration Results.
If the geometry of the mineralisation with
respect to the drill hole angle is known, its
nature should be reported.
If it is not known and only the down hole lengths		 •
•		 The dip of the main scheelite
mineralisation zone is inferred
approximately 70° to the west.
Geological interpretation of assay
results indicates they are close to
true width.
lengths are reported, there should be a clear statement
to this effect (e.g. ‘down hole length, true width
not known’).

Rumble Resources Limited rumbleresources.com.au Head Office ASX: RTR T: +61 8 6555 3980 Level 1, 16 Ord St ABN 74 148 214 260 E: [email protected] West Perth, Western Australia 6005

16

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Criteria JORC Code explanation Commentary Commentary
Diagrams • Appropriate maps and sections (with scales) and
tabulations of intercepts should be included for		 • Figure 1 – Duke Longsection
highlighting interpreted lodes
any significant discovery being reported These
should include, but not be limited to a plan view
of drill hole collar locations and appropriate
sectional views.		 • Figure 3 -Western Queen Shear
Zone Prospectivity over TMI Airborne
Magnetics
• Figure 2 - Location Plan of the
Western Queen Gold Project
Balanced
reporting		 • Where comprehensive reporting of all
Exploration Results is not practicable,
representative reporting of both low and high		 • Table 1 - Drill Hole Location,
Survey and Tungsten and Gold
Assay Results
grades and/or widths should be practiced to • Table 2 - - Mineral Resource
avoid misleading reporting of Exploration Estimate Tabulation for the
Results. Western Queen Project broken
down by Resource Area and split
of Indicated and Inferred
Resources for reported Open Pit
and Underground economic cut-
offs
Other
substantive		 • Other exploration data, if meaningful and
material, should be reported including (but not
limited to): geological observations; geophysical		 • All RC and DD samples collected
for assay were concurrently
assayed by pXRF.
exploration survey results; geochemical survey results; bulk
data samples – size and method of treatment;
metallurgical test results; bulk density,
groundwater, geotechnical and rock
characteristics; potential deleterious or
contaminating substances.
Further work •
•		 The nature and scale of planned further work
(e.g. tests for lateral extensions or depth
extensions or large-scale step-out drilling).
Diagrams clearly highlighting the areas of		 •
•		 Ongoing geological interpretation
Re-assaying of further historical
core for tungsten.
possible extensions, including the main • Investigation on completing a
geological interpretations and future drilling maiden Mineral Resource
areas, provided this information is not Estimate (MRE) for tungsten.
commercially sensitive. • Complete drill program targeting
both gold and tungsten
mineralisation.
• Metallurgical test work on
scheelite.

Rumble Resources Limited ASX: RTR ABN 74 148 214 260

Head Office Level 1, 16 Ord St West Perth, Western Australia 6005

rumbleresources.com.au T: +61 8 6555 3980 E: [email protected]

17

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