RUMBLE RESOURCES LIMITED — Capital/Financing Update 2025

Feb 27, 2025

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ASX ANNOUNCEMENT

28 February 2025

Development of Western Queen Gold Project

Highlights

• Term Sheet - Bain Global Resources ( Bain ), MEGA Resources ( MEGA ) and Rumble entered into an Indicative Non-Binding Term Sheet on 27 November 2024 to develop certain open pit resources at Western Queen. Key commercial terms[1] are:

• Mining Services – MEGA to provide the open pit mining contract services and Bain to pay all costs up to a maximum of $25 million in development and working capital (with a further $10 million cost overrun facility available). No investment required by Rumble

• Sharing of cashflow – Rumble and Bain will share the free cashflow from the Western Queen open pits after the initial development costs are recovered

• Proposed Mine Development – the current plan is to cutback and deepen the existing Western Queen South open pit ( JORC Resource of ~1.42Mt @ 1.59 g/t for ~72.5koz gold )[2] and some of the smaller open pits

• Progress to date

• Ore tolling/ore purchase – discussions are underway with companies who operate gold processing plants in the Western Queen area

• Mine scheduling – MEGA have prepared a preliminary mine schedule which has been shared with Rumble and potential processors of the ore

• Permitting & Approvals – MEGA are managing the entire permitting and approval process and are well advanced with all aspects of the project development

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

• Definitive Agreements - the parties are negotiating the commercial arrangements including a Joint Venture Agreement (or similar document depending on the most suitable structure) and a Mining Services Agreement. These have taken longer than anticipated due to structuring considerations and need for independent tax advice. The parties have mutually agreed to extend the CPs to execute these agreements until 15 April 2025

Peter Harold, Managing Director and CEO commented:

“ we are delighted with speed and professionalism that MEGA has shown in managing this project. They are already well advanced with the mine planning, equipment acquisition and the permitting and approvals process. We are targeting first ore before the end on this calendar year and based on the quality of the MEGA team and the level of activity I believe that is an achievable goal. Bain and MEGA are a pleasure to work with and we look forward to the successful development of our Western Queen Project and potentially doing other projects with them in the future.”

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

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

rumbleresources.com.au T: +61 8 6555 3980 E: info@rumbleresources.com.au

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Details

Rumble Resources Limited ( ASX: RTR) (“ Rumble ” or the “ Company ”) announced on 28 November 2024 that in line with the stated corporate strategy to generate early cashflow from the Western Queen Gold Project, the Company had entered into an Indicative Non-Binding Term Sheet ( Term Sheet ) with the Australian entities of the large Indian mining contractor, BGR Mining & Infra Limited ( BGR ) to mine the open pit resources at Western Queen.

The Term Sheet between Rumble and BGR’s Australian entities, Bain Global Resources Pty Ltd ( Bain ) and MEGA Resources Pty Ltd ( MEGA ) contemplates the formation of a joint venture between Rumble and Bain for the development of the Western Queen Gold Project. The proposed mine development is 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 ) and mining some of the smaller open pits. Prior to making a Final Investment Decision the following are required:

• executed binding definitive agreements;

• a detailed mining plan and financial model;

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

• all the necessary approvals.

Key terms of the Term Sheet are as follows:

• Joint Venture – Rumble and Bain propose to enter into a joint venture ( JV ) for the development and operation of the Western Queen Gold Project (limited to the existing Mineral Resource Estimate that can be mined by open pit methods) ( Project ).

• Mining Services – MEGA (via a standalone Mining Services Agreement ) will provide the open pit mining contract services to the JV (at prevailing market rates) and Bain will pay all costs up to a maximum of $25 million for development and working capital (repayable from any future revenue generated from the Project). Rumble will not be required to contribute funds below this $25 million threshold. Bain will also provide a Cost Overrun Facility for an additional $10 million on commercial terms, if required.

• Sharing of free cashflow – once the initial development costs, working capital and ongoing mining costs outlaid by Bain has been recouped in full, all remaining free cashflow from the Project will be shared between Bain and Rumble.

• Other terms – other standard terms for agreements of this nature including representations and warranties, termination rights, etc.

• Definitive Agreements – binding, full-form Joint Venture (or similar) and Mining Services Agreements to be executed

Progress to date

Development activities are well underway with first ore on track to be mined before the end of the calendar year. Solid progress has been made in the following areas:

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

• Mine scheduling – MEGA has prepared a preliminary mine schedule which has been shared with Rumble to allow a preliminary economic model to be prepared. This schedule has also been shared with the potential processors of the ore.

• Permitting & Approvals – MEGA are managing the entire permitting and approval process and are well advanced with all aspects of the project development

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: info@rumbleresources.com.au West Perth, Western Australia 6005

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

• EX1200 brand new excavators

• 10 x Cat 777 brand new haul trucks

• 2 x Cat D10 dozers

• 1 x 16M Grader

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• Definitive Agreements - the parties are negotiating the commercial arrangements including a Joint Venture Agreement (or similar document depending on the most suitable structure) and a Mining Services Agreement. These have taken longer than anticipated due to structuring considerations and the need for independent tax advice. In order the ensure the JV structure is optimal for both Rumble and Bain/MEGA the parties have mutually agreed to extend the CPs to execute these agreements until 15 April 2025 or later if required.

About Western Queen

The Western Queen Gold Project is located 110km NW of Mt Magnet within the Yalgoo mineral field of Western Australia and within a 100km radius of three gold processing plants (refer to Figure 1). Western Queen comprises two contiguous mining leases (M59/45 and M59/208) for a total area of 9.8 km² and a Miscellaneous License (L59/40) which covers a portion of the original haul road between Western Queen and Dalgaranga.

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: info@rumbleresources.com.au

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Figure 1 – Location Plan of the Western Queen Gold Project

Historic ore reserves from the Western Queen Central deposit were treated at Dalgaranga. The original haul road is still open and is the main access into the project. Rumble holds 100% equity in the project. Surrounding the Western Queen Project is the Wardawarra Project (100% Rumble). The Wardawarra Project consists of a single granted exploration license (E20/967) and two exploration license applications (ELA59/2443 and ELA59/2816).

The two previously mined deposits at Western Queen 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 produced 220,000t @ 3.6 g/t Au for 25,500oz. In October 2024, Rumble announced a 76% upgrade in contained gold in the mineral resource (indicated and inferred) to 4.42Mt at 2.02g/t Au for 286,600oz[3] .

Gold mineralisation at the Western Queen Gold Project has already been defined over approximately 2.7km and is associated with a large-scale structural flexure (dilational jog) within the regionally extensive auriferous Western Queen Shear Zone (WQSZ) – refer to Figure 2.

3 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: info@rumbleresources.com.au West Perth, Western Australia 6005

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Figure 2 – Longitudinal Section – Highlighting Previous Production, Resources and Potential New Resource Areas

Current Exploration - A major reverse circulation (RC) and diamond drill program commenced in midNovember 2024 and the second phase of that program commenced in early February. The key focus of this drill program is to target high-grade down plunge extensions to previously intercepted mineralisation along the main 2.7km target strike zone within the granted mining leases, ML59/45 and ML59/208. The drilling is focused primarily beneath the Western Queen South, Princess, Duke and Western Queen Central deposits. If this drilling is successful, it could form the basis for a further Mineral Resource Estimate upgrade in 2025.

About MEGA Resources

MEGA Resources Pty Ltd, a 100% owned subsidiary of Bain Global Resources (BGR), was established to represent BGR in Western Australia. With its name standing for Mining, Engineering, and Geology Australia, MEGA brings together a team of highly experienced technical and operational personnel who have a strong track record of transforming exploration deposits into successful mining operations. MEGA's unique business model revolves around providing a full turn-key mining solution, covering every aspect of project development, from exploration through to mining production. This flexibility allows MEGA to tailor its approach to suit the specific needs of each project, ensuring a high level of customisation and efficiency at every stage of the process.

About BGR Mining and Infra Limited

BGR Mining & Infra Limited is headquartered in Hyderabad, India, and was founded in 1988 as an engineering contractor. Today BGR is a formidable force in the Indian mining industry. It has executed more than 50 projects and currently has an order book of ~US$11billion. It has consolidated its services as one of the leading mining developer and operator (MDO) in India, with a keen focus on local issues, R&R activities and the other inherent challenges in mining projects. BGR integrates design, planning and modern operation technologies

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: info@rumbleresources.com.au West Perth, Western Australia 6005

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for safer and more productive mines. From open cast coal mining contracts to MDO projects in India and now mining in Mozambique, BGR is committed to serving every region in the world. Having achieved steady growth since its inception, BGR has now set its eyes on the global stage to deliver mission-critical projects in a timely manner.

Authorisation

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

-Ends-

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

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: info@rumbleresources.com.au

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Table 1 - 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 cut-offs

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

Pt	Mining	Cut-off g/t	Classification	Tonnes (t)	Au g/t	Contained
rospec	Method					Metal
		0.5	Indicated	480,201	1.77	27,255
	OC		Inferred	162,172	1.19	6,228
WQ Central			**Total **	642,373	**1.62 **	33,483
		1.5	Indicated	113,336	8.78	32,006
	UG		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
		0.5	Indicated	1,314,113	1.62	68,460
	OC		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
WQ Sh			Inferred	476,306	2.00	30,561
out			**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			Indicated	51,834	4.23	7,046
	OC	0.5	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
	OC		Indicated	177,575	0.92	5,248
		0.5	Inferred	487,825	1.04	16,276
			**Total **	665,400	**1.01 **	21,524
Princess			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
	OC	0.5	Indicated	-	-	-
			Inferred	74,042	1.39	3,299
			**Total **	74,042	1.39	3,299
			Indicated	-	-	-
Cranes	UG	1.5	Inferred	-	-	-
			**Total **	-	-	-
	TOTAL		Indicated	-	-	-
			Inferred	74,042	1.39	3,299
			Total	74,042	1.39	3,299
	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
Total	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.

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.

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: info@rumbleresources.com.au

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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

• 11/12/2024 – High-Grade Tungsten Resource Potential at Western Queen

• 17/02/2025 – High-Grade Gold and Tungsten Assays from Phase 1 Drilling

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 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: info@rumbleresources.com.au

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