RUMBLE RESOURCES LIMITED — Interim / Quarterly Report 2018

Mar 15, 2018

ABN 74 148 214 260

And Controlled Entities

Interim Financial Report For the Half-Year Ended 31 December 2017

INTERIM FINANCIAL REPORT

For the Half-Year Ended 31 December 2017

Company Directory	1
Directors' Report	2
Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income	6
Condensed Consolidated Statement of Financial Position	7
Condensed Consolidated Statement of Changes in Equity	8
Condensed Consolidated Statement of Cash Flows	9
Notes to the Condensed Financial Statements	10
Directors' Declaration	18
Auditor's Independence Declaration	19
Independent Auditor's Review Report	20

COMPANY DIRECTORY

For the Half-Year Ended 31 December 2017

MANAGING DIRECTOR Shane Sikora

TECHNICAL DIRECTOR Brett Keillor

NON-EXECUTIVE DIRECTORS Michael Smith Matthew Banks

COMPANY SECRETARY Steven Wood

REGISTERED OFFICE

Suite 9, 36 Ord Street WEST PERTH WA 6005 Telephone: (08) 6555 3980 Facsimile: (08) 6555 3981

AUDITORS

Bentleys Level 3, 216 St Georges Terrace PERTH WA 6000

SHARE REGISTRAR

Automic Registry Services Level 2, 267 St Georges Terrace PERTH WA 6000 1300 288 664 (local) +61 2 9698 5414 (international) hello@automic.com.au

STOCK EXCHANGE CODE RTR

INTERIM FINANCIAL REPORT DIRECTORS' REPORT

Your directors submit the financial report of the Consolidated Group "the Group" for the half-year ended 31 December 2017.

DIRECTORS

The names of Directors who held office during or since the end of the half year are:

Shane Sikora	Managing Director
Brett Keillor	Technical Director
Michael Smith	Non–Executive Director
Matthew Banks	Non-Executive Director

RESULTS

The loss after tax for the half-year ended 31 December 2017 was $1,605,092 (2016: $413,693).

REVIEW OF OPERATIONS

During the period Rumble Resources Ltd ("Company') executed the board's clear strategy of organic growth by generating a pipeline of quality high grade base and precious metal projects which are critically reviewed against stringent criteria by Rumbles technical director Brett Keillor.

Rumble's Technical director Brett Keillor brings a very successful background in exploration having discovered 7 significant deposits worldwide and twice recipient of the AMEC Award "Prospector Of The Year", for the Plutonic and Tropicana discoveries and thirty years of identifying company making projects with majors Resolute and IGO.

In April 2017 Rumble announced the acquisition of the Company's flagship Braeside high grade Zinc-Lead project and subsequent exploration during the period culminated in a maiden drilling program, which was significant in identifying a new high-grade zinc discovery in its first ever drill program. Rumble also added the Earaheedy High Grade Zinc Project, Munarra Gully high grade Copper Gold Project, Nemesis high grade Gold Project and the Barramine High Grade Cu-Pb-Zn-Ag Project option.

Four of these projects will be drilled tested in 2018 with JV partner IGO exploring our Fraser Range Project. Exploration by Rumble in 2018 will give shareholders multiple near term catalysts to have a significant re-rating with each drill program a chance to make high grade discoveries.

Braeside High Grade Zn-Pb-Cu-Ag -V Project – New High Grade Zinc Discovery

• 34km strike of base metal mineralisation with high grade grab sampling assays returning up to 29.31% Zn, 79% Pb, 17.48% Cu, 325 g/t Ag, 13 g/t Au and V205 3.29%
• Rumble completed first systematic modern exploration on the project which culminated in the first ever RC drilling on the project in late 2017 which identified a new high grade zinc discovery at Devon Cut 5m @ 8.0% Zn, 0.35% Pb from 32m
• 2 x Drill Programs planned in 2018 to commence in May
• Rumble is targeting high-grade fault breccia pipe type deposits (2-5Mt of high-grade Zn and Pb) and lower grade disseminated base metal deposits (30-50Mt).

INTERIM FINANCIAL REPORT DIRECTORS' REPORT

Barramine High Grade Cu-Pb-Zn-Ag Project

• High grade prospects of up to 25.32% Cu, 279 g/t Ag, 6% Pb and 1.8% Zn not tested by modern exploration
• Rumble to conduct maiden exploration in 2018

Earaheedy High Grade Zn Project

• Historical drilling discovered high-grade zinc up to 18.6% within an intersection 3.3m @ 11.2% Zn, and 0.93% Pb from 150m.
• Rumble completing targeting for maiden drill program in 2018
• The target size is similar to the Pillara (Blendevale) Zn Pb deposit located in the Devonian limestones of the Lennard Shelf, which produced 10.3 Mt @ 6.9% Zn and 2.3% Pb

Munarra Gully High Grade Cu-Au Project

• Historic exceptional intersection from surface of 40m @ 0.66% Cu, 4.85 g/t Au to EOH, with an intersection 8m @ 1.32% Cu, 22.75 g/t Au from 24m - open at depth
• Rumble maiden drill program planned for April 2018

Nemesis – High Grade Au Project

• Historic small scale gold mine produced from 1900-1910 7157oz of gold from 2276 ton of ore - 98 g/t Au
• Rumble maiden drill program planned for April 2018

Fraser Range Ni -Cu Projects

• JV with major Independence Group NL (ASX: IGO) who has completed 12000m of drilling, results pending.

INTERIM FINANCIAL REPORT DIRECTORS' REPORT

Image: location of Rumble's Key Projects

The Company is in an exceptionally strong cash position being fully funded with $5.2mil in bank to compete the exploration plans with all projects acquired low cost exploration to test for discovery.

The Company continued to review its project portfolio during the period, and relinquished non-core assets that were assessed to not present an opportunity to achieve shareholder value. The Company continued to maintain its existing projects in good standing and review opportunities to advance these projects.

INTERIM FINANCIAL REPORT DIRECTORS' REPORT

SUBSEQUENT EVENTS

On 16 January 2018 and 22 February 2018 drilling results from the maiden drill program at the Braeside Project were disclosed to the market.

On 5 February 2018 the Company provided an update on its JV with Independence Group NL at the Company's Fraser Range Projects.

On 27 February 2018 the Company announced to the ASX an Option agreement had been executed to acquire the Munarra Gully Copper Gold Project.

On 6 March 2018 the Company announced to the ASX an Option agreement had been executed to acquire the Nemesis Gold Project.

With the exception of the above, no events occurred of a material nature that require further disclosure.

AUDITOR'S INDEPENDENCE DECLARATION

The lead auditor's independence declaration under s307c of the Corporations Act 2001 for the halfyear ended 31 December 2017 is included within this financial report.

This report is signed in accordance with a resolution of the Board of Directors.

_______________________

Shane Sikora Managing Director

Perth Dated: 16th March 2018

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the Half-Year Ended 31 December 2017

	Note	31 December2017$	31 December2016$
Other Income	2	98,762	2,766
Administration expensesCompliance and regulatory expensesEmployee benefits expense		(29,474)(150,190)(147,259)	(81,656)(89,929)(126,680)
Impairment of exploration expenditureAcquisition & business development costsOccupancy costsTravel and accommodation	3	(555,302)(178,638)(24,187)(22,481)	(89,530)-(25,507)(3,157)
Share based payment expenseDepreciation expenseOther expenses	7	(558,258)(2,523)(35,542)	---
Loss before income tax expenseIncome tax (expense)/benefit		(1,605,092)-	(413,693)-
Loss from continuing operations		(1,605,092)	(413,693)
Other comprehensive income		-	-
TOTAL COMPREHENSIVE INCOMEATTRIBUTABLE TO MEMBERS OF THE
PARENT ENTITY		(1,605,092)	(413,693)
Basic loss per share (cents per share)	5	(0.53)	(0.17)

The accompanying notes form part of this financial report.

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31 December 2017

	Note	31 December2017	30June2017
		$	$
CURRENT ASSETS
Cash and cash equivalents		5,263,207	1,621,110
Trade and other receivables		86,729	14,324
Other financial assets		16,640	12,875
TOTAL CURRENT ASSETS		5,366,576	1,648,309
NON-CURRENT ASSETS
Plant and equipment		8,914	11,437
Exploration and evaluation expenditure	3	4,222,522	4,065,243
TOTAL NON-CURRENT ASSETS		4,231,436	4,076,680
TOTAL ASSETS		9,598,012	5,724,989
CURRENT LIABILITIES
Trade and other payables	4	634,737	1,309,170
TOTAL CURRENT LIABILITIES		634,737	1,309,170
TOTAL LIABILITIES		634,737	1,309,170
NET ASSETS		8,963,275	4,415,819
EQUITY
Issued capital	6	18,114,936	12,812,732
Reserves	7	2,576,454	1,726,110
Accumulated losses		(11,728,115)	(10,123,023)
TOTAL EQUITY		8,963,275	4,415,819

The accompanying notes form part of this financial report.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the Half-Year Ended 31 December 2017

	IssuedCapital	Reserves	AccumulatedLosses	Total
	$	$	$	$
BALANCE AT 1 JULY 2016	12,812,732	1,726,110	(9,338,129)	5,200,713
Comprehensive income
Loss for the period	-	-	(413,693)	(413,693)
TOTAL COMPREHENSIVE INCOME	-	-	(413,693)	(413,693)
Transactions with owners, in theircapacity as owners, and othertransfers
TOTAL TRANSACTIONS WITHOWNERS AND OTHER TRANSFERS	-	-	-	-
BALANCE AT 31 DECEMBER 2016	12,812,732	1,726,110	(9,751,822)	4,787,020
	IssuedCapital	Reserves	AccumulatedLosses	Total
	$	$	$	$
BALANCE AT 1 JULY 2017	12,812,732	1,726,110	(10,123,023)	4,415,819
Comprehensive income
Loss for the period	-	-	(1,605,092)	(1,605,092)
TOTAL COMPREHENSIVE INCOME	-	-	(1,605,092)	(1,605,092)
Transactions with owners, in theircapacity as owners, and othertransfers
Shares issued during the period	5,925,945	-	-	5,925,945
Transaction costs relating to shareissues	(623,741)	-	-	(623,741)
Option reserve on recognition of sharebased payment	-	850,344	-	850,344
TOTAL TRANSACTIONS WITHOWNERS AND OTHER TRANSFERS	5,302,204	850,344	-	6,152,548

The accompanying notes form part of this financial report.

BALANCE AT 31 DECEMBER 2017 18,114,936 2,576,454 (11,728,115) 8,963,275

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

For the Half-Year Ended 31 December 2017

	31 December2017$	31 December2016$
CASH FLOWS FROM OPERATING ACTIVITIESInterest receivedExploration and evaluation expenditurePayments to suppliers and employees	9,997(712,581)(173,643)	3,130(145,846)(273,440)
Net cash used in operating activities	(876,227)	(416,156)
CASH FLOWS FROM FINANCING ACTIVITIESProceeds from issue of sharesShare issue costs	4,849,980(331,656)	-(32,000)
Net cash (used)/provided by financing activities	4,518,324	(32,000)
Net increase/(decrease) in cash heldCash and cash equivalents at beginning of periodCash and cash equivalents at end of reportingperiod	3,642,0971,621,1105,263,207	(448,156)1,390,667942,511

The accompanying notes form part of this financial report.

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

For the Half-Year Ended 31 December 2017

1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Preparation

These interim financial statements constitute a general purpose financial report and have been prepared in accordance with the requirements of the Corporations Act 2001 and Australian Accounting Standard AASB 134: Interim Financial Reporting. Compliance with AASB134 ensures compliance with IAS134: Interim Financial Reports. They do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Company as at and for the year ended 30 June 2017.

These interim financial statements were approved by the Board of Directors on 16 March 2018.

The consolidated financial statements have been prepared on the basis of historical cost, except for the revaluation of certain non-current assets and financial instruments. Cost is based on the fair values of the consideration given in exchange for assets. All amounts are presented in Australian dollars, unless otherwise noted.

The accounting policies and methods of computation adopted in the preparation of the halfyear financial report are consistent with those adopted and disclosed in the company's 2017 annual financial report for the financial year ended 30 June 2017, except for the impact of the Standards and Interpretations described below. These accounting policies are consistent with Australian Accounting Standards and with International Financial Reporting Standards.

The Group has adopted all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board (the AASB) that are relevant to their operations and effective for the current half-year.

New and revised Standards and amendments thereof and Interpretations effective for the current half-year that are relevant to the Group include:

• AASB 2014-1: Amendments to Australian Accounting Standards (Part D);
• AASB 2014-3: Amendments to Australian Accounting Standards Accounting for Acquisitions of Interests in Joint Operations;
• AASB 2014-4: Amendments to Australian Accounting Standards Clarification of Acceptable Methods of Depreciation and Amortisation;
• AASB 2014-6: Amendments to Australian Accounting Standards Agriculture: Bearer Plants;
• AASB 2014-9: Amendments to Australian Accounting Standards Equity Method in Separate Financial Statements;
• AASB 2015-1: Amendments to Australian Accounting Standards Annual Improvements to Australian Accounting Standards 2012–2014 Cycle;
• AASB 2015-2: Amendments to Australian Accounting Standards Disclosure Initiative: Amendments to AASB 101;
• AASB 2015-5: Amendments to Australian Accounting Standards Investment Entities: Applying the Consolidation Exception; and
• AASB 2015-9: Amendments to Australian Accounting Standards Scope and Application Paragraphs.

The adoption of the above standards have not had a material impact on this half year financial report.

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

For the Half-Year Ended 31 December 2017

2. OTHER INCOME

	31 December2017$	31 December2016$
Interest received	9,997	2,766
Reimbursement of project expenditure	85,000	-
Unrealised gain on revaluation of investment	3,765	-
	98,762	2,766

3. EXPLORATION AND EVALUATION EXPENDITURE

	31 December	30 June 2017
	2017$	$
Exploration expenditure capitalised	4,222,522	4,065,243
Movement during the period/year
Balance at the beginning of the period	4,065,243	3,962,205
Additions	712,581	277,606
Impairment (a)	(555,302)	(174,568)
Exploration expenditure capitalised	4,222,522	4,065,243

(a) The $555,302 impairment expense recognised in the half-year to 31 December 2017 refers to previous expenditure incurred on the Company's projects in Burkina Faso.

4. TRADE AND OTHER PAYABLES

	31 December2017	30 June 2017
	$	$
Trade creditors	530,352	212,643
Share monies received in advance (a)	-	1,017,914
Accrued expenses and other payables	104,385	78,613
Trade and other payables	634,737	1,309,170

(a) Relates to monies received in advance for issue of shares after the financial year balance date

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

For the Half-Year Ended 31 December 2017

5. EARNINGS PER SHARE

	31 December2017$Cents per share	31 December2016$Cents per share
Basic and diluted loss per share	(0.53)	(0.17)

The loss and weighted average number of ordinary shares used in this calculation of basic/diluted loss per share are as follows:

	$	$
Loss	(1,605,092)	(413,693)
	Number	Number
Weighted average number of ordinary shares for thepurposes of basic/ diluted loss per share	301,562,199	248,102,202

As the Company is in a loss position the options outstanding at 31 December 2017 have no dilutive effect on the earnings per share calculation.

6. ISSUED CAPITAL

	31 December2017No.	31 December2017$	30 June2017No.	30 June2017$
(a)Issued and paid upcapital
Ordinary shares fully paid ofno par value	353,361,562	18,114,936	248,102,202	12,812,732

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

For the Half-Year Ended 31 December 2017

(b) Movement reconciliation

Ordinary Shares	Number ofOrdinaryshares	$
Opening balance at 1 July 2017	248,102,202	12,812,732
Issue of 34,097,138 Placement Shares at $0.03 each on5 July 2017 (net of transaction costs)	34,097,138	1,022,914
Issue of 1,500,000 Placement Shares at $0.03 each on8 September 2017 (net of transaction costs)	1,500,000	45,000
Issue of 67,391,428 Placement Shares at $0.07 each on10 November 2017 (net of transaction costs)	67,391,428	4,717,379
Issue of 1,180,000 Placement Shares at $0.07 each on28 November 2017 (net of transaction costs)	1,180,000	82,600
Issue of shares to Advisors in lieu of cash fees	267,000	7,800
Issue of shares as part of Earaheedy Option Fee	823,794	50,252
Less: Capital raising costs		(623,741)
	353,361,562	18,114,936

7. SHARE BASED PAYMENTS

(a) Share based payment reserve

	31 December2017No.	31 December2017$	30 June2017No.	30 June2017$
Opening balance at 1 July2017	4,500,000	1,726,110	33,457,316	1,726,110
Options expired during theperiod	-	-	(28,957,316)	-
Issue of 1.5m advisor options($0.08, 6 Jul 2019)	1,500,000	28,659	-	-
Issue of 4.0m director options($0.03, 8 Sept 2020)	4,000,000	136,873	-	-
Issue of 9.0m director & KMPoptions ($0.08, 22 Dec 2020)	9,000,000	392,726	-	-
Issue of 11.1m broker options($0.15, 22 Dec 2019)	11,100,000	292,086	-	-
	30,100,000	2,576,454	4,500,000	1,726,110

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

For the Half-Year Ended 31 December 2017

7. SHARE BASED PAYMENTS (CONT.)

(b) Option Issue 31 December 2017

A summary of the options issued during the half-year is below:

Option	Recipient	Number ofOptions	Issue Date	VestingDate	ExpiryDate	ExercisePrice	TotalFairValue
A	Advisor	1,500,000	06/07/2017	06/07/2017	06/07/2019	$0.08	$28,659
B	Director	4,000,000			08/09/2020	$0.03	$136,873
C	Director &KMP	9,000,000			22/12/2020	$0.08	$392,726
D	Broker	11,100,000			22/12/2019	$0.15	$292,086

All options issued during the period were valued using Black-Scholes option pricing models with the following inputs:

Option	Recipient	DividendYield	ExpectedVolatility	RiskFreeRate	ExpectedLife ofOptions	ExercisePrice	SharePriceatGrantDate	FVperoption
A	Advisor	-	101.15%	1.77%1	1.90years	$0.08	$0.05	$0.02
B	Director	-	101.15%	1.77%1	3.00years	$0.03	$0.05	$0.03
C	Director &KMP	-	101.15%	1.76%1	3.10years	$0.08	$0.07	$0.04
D	Broker	-	101.15%	1.76%1	2.10years	$0.15	$0.07	$0.03

1. The expected volatility is based on historic volatility (based on remaining life of the options), adjusted for any expected chances to future volatility due to publicly available information.

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

For the Half-Year Ended 31 December 2017

8. COMMITMENTS

Under the terms of the Earaheedy acquisition announced to ASX on 12 October 2017, Rumble has committed to expend a minimum $100,000 before it can withdraw from the Earaheedy joint venture agreement. The Company notes it has already met a portion of this expenditure commitment.

As detailed in the subsequent events (Note 11), Rumble executed an option agreement on 6 March 2018 to acquire the Nemesis Gold Project. Under the terms of this agreement, RTR is required to expend a minimum $60,000 before it can withdraw from the option agreement

9. OPERATING SEGMENTS

The Group has identified its operating segments based on the internal reports that are reviewed and used by the Board of Directors in assessing performance and determining the allocation of resources.

The Group is managed primarily on the basis of its exploration and corporate activities. Operating segments are therefore determined on the same basis.

Reportable segments disclosed are based on aggregating operating segments where the segments are considered to have similar economic characteristics.

The Group operates as two segments which is mineral exploration within Australia and the Africa. The Group is domiciled in Australia.

Information regarding the results of each reportable segment is included below.

31 December 2017	ExplorationAustralia$	ExplorationAfrica$	Unallocated$	Total$
Segment performance
Profit/ (Loss) before income tax	(178,638)	(555,302)	(871,152)	(1,605,092)
Segment assets
Total segment assets	4,222,522	-	5,375,490	9,598,012
Segment liabilities
Total segment liabilities	469,769	-	164,968	634,737

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

For the Half-Year Ended 31 December 2017

9. OPERATING SEGMENTS (CONT.)

	ExplorationAustralia	ExplorationAfrica	Unallocated	Total
31 December 2016	$	$	$	$
Segment performance
Profit/ (Loss) before income tax	2,766	-	(416,459)	(413,693)
30 June 2017Segment assets
Total segment assets	5,169,687	555,302	-	5,724,989
Segment liabilities
Total segment liabilities	1,309,170	-	-	1,309,170

10. FINANCIAL INSTRUMENTS

The Group's financial instruments consist of trade, other receivables and held for trading financial assets and trade and other payables. These financial instruments (with the exception of held for trading financial assets) are measured at amortised cost, less any provision for nonrecovery. The carrying amount of the financial assets and liabilities approximate their fair value.

The Group's held for trading financial assets are level-1 financial instruments and valued using the quoted bid prices from the Australian Securities Exchange as at the reporting date.

11. EVENTS SUBSEQUENT TO REPORTING PERIOD

On 16 January 2018 and 22 February 2018 drilling results from the maiden drill program at the Braeside Project were disclosed to the market.

On 5 February 2018 the Company provided an update on its JV with Independence Group NL at the Company's Fraser Range Projects.

On 27 February 2018 the Company announced to the ASX an Option agreement had been executed to acquire the Munarra Gully Copper Gold Project.

On 6 March 2018 the Company announced to the ASX an Option agreement had been executed to acquire the Nemesis Gold Project.

With the exception of the above, no events occurred of a material nature that require further disclosure.

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

For the Half-Year Ended 31 December 2017

12. CONTINGENT LIABILITIES

From 1 July the Company has entered into acquisition agreements for the following projects:

• Barramine High Grade Cu-Pb-Zn-Ag Project
• Earaheedy High Grade Zn Project
• Munarra Gully High Grade Cu-Au Project
• Nemesis High Grade Au Project

The Company refers to previous ASX announcements in respect of the agreements to acquire these projects, and that set out the various contingent consideration amounts payable in the event of positive exploration results at each project and the Company electing to proceed with the next stage of the acquisition of each project. Aside from the commitments outlined in note 8 the decision to proceed to the next stage of the project acquisition and incur further Company liabilities is solely at the Company's discretion on an individual basis for each project.

The Company notes that the Braeside High Grade Zn-Pb-Cu-Ag -V Project has similar staged consideration payments.

There has been no other change in contingent liabilities since the last annual reporting period.

DIRECTORS' DECLARATION

For the Half-Year Ended 31 December 2017

The Directors of the Group declare that:

• 1. The financial statements and notes, as set out on pages 6 to 17 are in accordance with the Corporations Act 2001 and:
  • (a) comply with Accounting Standard AASB 134: Interim Financial Reporting; and

(b) give a true and fair view of the Group's financial position as at 31 December 2017 and its performance for the interim period ended on that date.

1. In the Directors' opinion there are reasonable grounds to believe that the Group will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Board of Directors.

____________________

Shane Sikora Managing Director

PERTH Dated this 16 March 2018

To the Board of Directors

Auditor's Independence Declaration under Section 307C of the Corporations Act 2001

As lead audit director for the review of the financial statements of Rumble Resources Limited for the period ended 31 December 2017, I declare that to the best of my knowledge and belief, there have been no contraventions of:

• the auditor independence requirements of the Corporations Act 2001 in relation to the review; and
• any applicable code of professional conduct in relation to the review.

Yours faithfully

BENTLEYS DOUG BELL CA Chartered Accountants Director

Dated at Perth this 16th day of March 2018

Independent Auditor's Review Report

To the Members of Rumble Resources Limited

We have reviewed the accompanying financial report of Rumble Resources Limited ("the Company") and Controlled Entities ("the Consolidated Entity") which comprises the condensed consolidated statement of financial position as at 31 December 2017, the condensed consolidated statement of profit or loss and other comprehensive income, condensed consolidated statement of changes in equity and condensed consolidated statement of cash flows for the half year ended on that date, a statement of accounting policies, other selected explanatory notes and the directors' declaration of the Consolidated Entity, comprising the Company and the entities it controlled during the period.

Directors Responsibility for the Financial Report

The directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such control as the directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express a conclusion on the financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the Consolidated Entity's financial position as at 31 December 2017 and its performance for the half year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. As the auditor of the Consolidated Entity, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

A review of a financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Independence

In conducting our review, we have complied with the independence requirements of the Corporations Act 2001.

Conclusion

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the financial report of Rumble Resources Limited and Controlled Entities is not in accordance with the Corporations Act 2001 including:

• a. Giving a true and fair view of the Consolidated Entity's financial position as at 31 December 2017 and of its performance for the period ended on that date; and
• b. Complying with Accounting Standard AASB 134: Interim Financial Reporting and Corporations Regulations 2001.

BENTLEYS DOUG BELL CA Chartered Accountants Director

Dated at Perth this 16th day of March 2018