RUMBLE RESOURCES LIMITED — Interim / Quarterly Report 2019

Apr 29, 2019

30[th ] April 2019

March 2019 Quarterly Activities Report

Rumble Resources Ltd (ASX: RTR) (“Rumble” or “the Company”) is pleased to provide an update in respect to the Company’s activities during the March 2019 quarter. In line with Rumble’s strategy of generating and drill testing a pipeline of exploration projects capable of high-grade world-class discoveries, Rumble is drill testing 4 projects and drill targeting 4 projects over the following months providing multiple catalysts for discovery and a significant re-rating for our shareholders.

Highlights

Munarra Gully Cu-Au Project, Cue District, Murchison, Western Australia

• M51-0122 – White Rose Prospect – Air core & RC drilling commenced designed to extend the known 800m of copper-gold strike potential & to test wide (up to 80m) zones of copper-gold anomalism previously defined by shallow AC drilling

• E51/1677 – Over 8km of Strike Potential – Air core & RC drilling commenced designed to test significant copper in soil anomalism (3.6km of strike), a series of magnetic targets under cover which have been recently defined by airborne magnetics and test copper gold mineralisation targets defined by the aircore drilling

Earaheedy Zn Project, Wiluna, Western Australia

• Diamond drilling has commenced on two diamond core holes designed to test the large gravity drill targets EG1 and EG3, with contingency holes planned for gravity targets EG4 and EG6

• The large EG1 gravity drill target is up to 1.5km in strike length and up to 300m in width (similar width and length to the Pillara Zn-Pb Deposit located in the Lennard Shelf of Western Australia)

Panache Ni-Cu-Co-Au-PGM Project, Sudbury, Canada

• Area B - Exposed gossans ( up to 10m wide and 950m of strike ) with grab sampling identifying Cu to 1.61%, Ni to 0.49%, Co to 1.1%, Au to 1.64 g/t, Pt to 1.64 g/t and Pd to 1.58 g/t Pd[1] have been tested by a FLTEM (fixed loop transient electro-magnetic) survey.

• Two compelling shallow conductors were delineated side by side and potentially represent a massive sulphide zone with associated stringer sulphide mineralisation within disseminated sulphides hosted in gabbro (Nipissing Gabbro)[2] .

• No previous drilling or geophysical targetting over Area B

• Rumble plans to complete a single diamond drill hole to test the two conductors.

Rumble Resources Ltd

Suite 9, 36 Ord Street, West Perth, WA 6005 T +61 8 6555 3980 F +61 8 6555 3981

rumbleresources.com.au

ASX RTR

Executives & Management

Mr Shane Sikora Managing Director

Mr Brett Keillor Technical Director

Mr Matthew Banks Non-executive Director

Mr Michael Smith Non-executive Director

Mr Steven Wood Company Secretary

Lamil Cu-Au Project. Western Australia, Paterson Province, Western Australia

• Large dome structure (Target P1 – “Lamil Dome”) target has similar dome size, trend and host rocks to the Telfer Au – Cu deposit (32Moz Au, 1Mt Cu resource ), a large dome structure which lies 30km to the northeast

• Large southeast plunging synform (Target P2) target has similar characteristics to the Nifty Cu Deposit (2Mt Cu resource) which lies 60km to the northwest

• Northeast structure and dome (Targets P3 and P4) northeast structure (P3) with significant demagnetisation (alteration and fluid flow) – NE structures known for mineralisation (upgrade overprint at the Nifty Cu deposit)

Long Lake Cu-Ni-PGE-Co Project, Sudbury, Canada

• Ground TEM scheduled with the aim of generating high order conductors for subsequent diamond drill testing.

Braeside & Barramine Zn-Pb-Cu-Ag-V Projects, East Pilbara, Western Australia

• Detailed airborne magnetic survey to highlight zones of magnetite associated with potential mineralised intrusions - Completed

• CSIRO commenced Phase 2 of Braeside Study

Corporate

• $1.5m cash at bank at end of quarter. Capital raising for additional $1.5m completed subsequent to end of quarter, consolidating working capital up to $3.0m .

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1. Refer previous ASX announcement 9 August 2018 2. Refer previous ASX announcement 12 March 2019

Rumble Pipeline of Projects

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Image 1. Rumble location of Projects

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Image 2. Rumble exploration pipeline of projects

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Munarra Gully Cu-Au Project, Cue District, Murchison, WA (See Image 3)

Exploration target(s) are multiple copper-gold bearing mafic (norite) intrusions

• Target mineralisation style is potentially magmatic Cu–Au and is atypical with respect to mineralised mafic intrusive systems due to high Cu:Ni ratios, high Au and Ag, low S and elevated PGM’s*

• The style is similar to known large copper rich mafic intrusive (ortho-pyroxenite) historical deposits in:

• Brazil (Caraiba mining district – 96Mt @1.82% Cu reserve and production)

• South Africa (Okiep mining district – 94Mt @ 1.75% Cu historic production)

  • *This style of mineralisation is known to form extensive camps of deposits

The Munarra Gully Project is located some 50km NNE of the town of Cue within the Murchison Goldfields of Western Australia.

During the quarter Rumble completed an airborne magnetics program, commenced aircore and RC drilling ( ASX Announcement 8[th] April 2019 ), exercised its option to acquire the Munarra Gully M51/122 and E51/1677 projects and acquired 100% of a further strategic highly prospective tenement E51/1919 contiguous to existing Munarra Gully project north eastern boundary ( ASX Announcement 25[th] March 2019 ).

Airborne Magnetic Survey (image 3 and 5)

Rumble conducted a detailed airborne magnetic survey over the main inferred Cu-Au mineralised trend in February 2019 within the Munarra Gully Project. The survey was designed to highlight potential magnetic features related to structure and mineralisation. The survey comprised of 540 line-km on 100m line spacing bearing 145° with a sensor height of 45m.

From the processing of the magnetic data, a semi continuous magnetic feature has been inferred (see image 3) which has a strong association with the high order copper in soil anomalism. The feature is under relatively shallow cover (5 to 10m depth of cover) along strike between the copper in soil anomalism and the White Rose Prospect. The magnetic feature has been inferred as potentially being a Cu – Au bearing norite (mafic intrusive) sequence which is the main target mineralisation style at Munarra Gully.

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Image 3 – Munarra Gully – Solid geology interpretation highlighting the norite intrusion (defined by airborne magnetics) Over 10km of strike to be drill tested

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M51/122 – White Rose Prospect (New Cu-Au Discovery Aug 2018, see image 4)

In August 2018 four (4) RC drill-holes returned significant copper-gold mineralisation from a fine to medium grain intrusive pyroxenite (norite) at the White Rose Prospect ( ASX Announcement – Significant Cu-Au Discovery at Munarra Gully – 30 August 2018 ). All four RC drill-holes intercepted significant copper-gold mineralisation over 160m of strike which is completely open (along strike and depth). See image 4 for significant intercepts. Results included:

o 22m @ 1.00% Cu from 29m coincident with 19m @ 2.19 g/t Au from 33m - WRRC001

During December 2018, five shallow aircore drill traverses (average depth of only 22m and 15m vertical) tested for potential strike extensions to the significant copper-gold mineralisation discovered by the maiden RC drilling at White Rose.

The aircore program extended the strong copper with gold anomalism geochemistry to 800m strike northeast and west from the White Rose Cu – Au mineralisation. In addition, wide widths of copper geochemistry were intercepted (up to 80m) which has significantly added size and scale potential to the Munarra Gully Project.

Aircore and RC Drill Programme for White Rose (commenced)

• Aircore drilling designed to extend the 800m of copper-gold strike potential – open west and northeast

• RC Drilling to test wide zones of copper-gold anomalism (up to 80m in width) within the 800m of copper-gold untested at depth

• RC Drilling to test new target type - A north-south trending magnetic target tested by the aircore drilling confirmed an ultramafic intrusive (pyroxenite) which returned Ni to 4008 ppm and Cu to 1061 ppm near surface

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Image 4 - White Rose Prospect - Cu-Au mineralisation over 800m of strike and up to 80m wide to be drill tested

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E51/1677 – Over 8km of Strike Potential

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During December 2018, infill and extension lag sampling (344 samples) complemented previous orientation lag sampling (107 samples) for a total of 451 samples and were collected on 200m by 50m and 200m by 100m spacings over a strongly magnetic northeast trending sequence of mafic volcanics with ultramafic and mafic intrusions.

Four (4) significant, coherent copper anomalies were discovered, some with gold anomalism over a strike of 3.6km:

1. Copper A1 Anomaly – 600m strike, up to 400m wide with copper to 437 ppm

2. Copper A2 Anomaly – 500m strike with copper to 444 ppm

3. Copper A3 Anomaly – 2000m strike with copper to 620 ppm and gold to 35 ppb 4. Copper A4 Anomaly – 200m strike with copper to 916 ppm and gold to 19 ppb

Strike Under Cover: Approximately 4km of potential strike is under cover between the copper in lag anomalism and the White Rose Cu – Au mineralisation. Airborne magnetics have shown an undercover magnetic connection and high probability of mineralistation extension – see image 5

Aircore and RC Drill Programme for E51/1677 (commenced)

• Aircore drilling programmed to test copper in soil anomalism over a strike of 3.6 km and associated magnetic targets under cover over 4km in strike

• RC drilling to be completed on best targets generated by the aircore drilling

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Image 5: Munarra Gully Project – Recent airborne magnetic survey (TMI1VDUC30m) highlighting magnetic trend/copper geochemistry association over 10km of strike.

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Earaheedy High Grade Zn Project (See Image 6)

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Exploration target:

• Rumble is targeting Mississippi Valley Type (MVT) high-grade zinc deposits associated with basement faults (high angle breccia fault zones) within flat lying carbonate rocks

Rumble has an option agreement with Fossil Prospecting Pty Ltd (a wholly owned subsidiary of ASX Listed Zenith Minerals Ltd – (ASX: ZNC) to acquire a 75% interest in the Earaheedy Project.

During the quarter Rumble announced that it has commenced diamond core drilling ( ASX Announcement 10[th] April 2019 ) at the Earaheedy Project. The drill programme will initially target up to four first order gravity targets recently identified (total six targets identified). The Earaheedy Project is located approximately 110km northeast of Wiluna, Western Australia.

Zinc and lead mineralisation with elevated silver is associated with the Navajoh Dolomite Member (also known as the Sweetwaters Well Member) of the Yelma Formation. The Yelma Formation is the lower unit of the 5000m thick Earaheedy Basin (Palaeoproterozoic). Sphalerite, galena, pyrite and marcasite (coarse grain) occurs as stratiform/stratabound ore fill veins and breccias, dissolution cavity fill, disseminated, stylolitic and fault fill mineralisation styles (Mississippi Valley Type). Broad spaced drilling (completed in the 1990’s) defined oxidised and primary Zn-Pb mineralisation (zinc dominant) over a strike of 20km. The mineralisation is associated with a flat lying to shallow northeast dipping laterally continuous dolomite to shale horizon. The initial drill spacing was 5 to 10km. The current drill program spacing is approximately 2km by 1km.

Review of the historic drilling has concluded that approximately half the drill holes did not intercept the target horizon.

A total of 64 drill holes were previously completed within the project area (E69/3464), with 35 drill holes intercepting the stratiform zinc horizon (including partial end of hole intercepts). The historic drilling was completed by Renison (RGC) 1991 -1992 and Zenith in 2007 (8 RC holes completed). Rumble is confident that all holes are located accurately and the sampling and assay techniques represent best practice for the period.

Mineralisation has been defined over an area of approximately 20km by up to 3.5km in width and is completely open.

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Image 6. Project Geology, Historic significant zinc mineralisation over 20km by 3.5km and area of exploration focus

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Six First Order Gravity Drill Targets (Image 7, 8 and 9)

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Two surveys covering an area of 24km² were completed on 100m by 100m and 200m by 100m spacings (1080 stations). The surveys targeted the main basement fault zone (interpreted from aero-magnetics) and the stronger base metal drill-hole intercepts from the historic drilling. Gravity inversion modelling has defined six (6) first order drill targets that occur over the main basement fault structure (Image 7). The targets are determined by variations in density contrasts (iso-shells). Targets EG1 to EG6 (see Image 7 & 9) are defined by the 0-200 (0.20 g/cm³) isoshell.

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Image 7. Area of Exploration Focus (see image 6 for location), historic drill Intercepts, Section AA, and 6 Gravity Drill Targets being drill tested over TMI Aeromagnetics on the interpreted basement extension fault and likely represent high to moderate angle fault breccia zones with high potential to host economic base metal mineralisation

Of Importance:

• The six gravity targets sit below the overlying Frere Iron Formation and their dip length strongly correlates with width of the carbonate formations that host the historic Zn mineralisation (see image 4).

• The steep dip of the gravity targets (steep southwest) also reflect the inferred dip of the underlying basement fault.

• The depth of the gravity targets gradually deepen to the southeast in line with the basement fault and dip of the hosting sediments.

• The gravity targets (EG1 to EG6) are interpreted to be associated with high angle fault/fault breccias that extend from the basement and are hosted in the main carbonate units.

• The targets represent bodies defined by density contrasts and these bodies may reflect denser carbonate rich zones or more significantly (based on the widespread Zn and Pb metal distribution), base metal mineralisation (epigenetic replacement).

• The gravity targets (iso-shells) are up to 1.5km in strike length (EG1) and up to 300m in width .

• Review of the historic drilling has indicated no drill hole has intercepted any of the gravity targets .

• Historic drill holes that are close to the gravity targets include TDH19 (approximately 250m into the hanging wall of target EG1 - see image 8) which returned a wide low-grade intercept of 56m @ 0.46% Zn from 209m.

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Diamond Core Drilling Commenced (Image 7, 8 and 9)

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• Two diamond core holes will test gravity targets EG1 and EG3 with contingency holes for gravity targets EG4 and EG6.

• Image 8 highlights the proposed diamond core drill hole into target EG1.

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Image 8 - Section AA (see Image 7 for location of target) – Mineralisation Model and location of EG1 Gravity Target drill hole being completed (same size target as the Pillara Zn-Pb Deposit)

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Image 9 - 3D Image of Gravity Targets (Isoshells) highlighting historic drill holes not intersecting the 6 gravity drill targets being drill tested – (See Image 7 for locations)

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Target Potential and Style

The target style for the Earaheedy Zn project is considered Mississippi Valley Type (MVT) with economic sphalerite – galena mineralisation hosted in high to moderate angle fault/fault breccia.

Widespread flat lying carbonate replacement by low grade Zn and Pb sulphides has been delineated by historic drilling at Earaheedy. The area of flat lying mineralisation is very significant (20km by 3.5km) indicating extensive metal input and is completely open along strike and down dip. The historic drilling is wide spaced and has not tested the zone within the carbonates overlying the main basement fault.

Previous work by Rumble has highlighted strong metal zonation Zn:Pb ratios paralleling the basement fault ( ASX Announcement 12 October 2017 – Option Agreement to acquire Earaheedy Zinc Project ). Metal zonation is characteristic of MVT deposits in the Devonian Lennard Shelf of Western Australia and has proven to be a useful vector to aid in delineating high-grade faults mineralisation.

The exploration completed to date at the Earaheedy Project has shown similarities to the historical Pillara (Blendevale) Zn-Pb deposit located in the Lennard Shelf of Western Australia (previously mined by BHP and Billiton from 1987 at Cadjebut, continued by Western Metals until 2003 and Teck/Xstrata between 2006 and 2008). The Pillara deposit occurred over a strike of 2 km and was located 80 to 500m below surface. The geological resource was 20Mt @ 8.3% Zn, 2.5% Pb, 17ppm Ag (based on 3% cutoff)[3] . The deposit produced 10.3Mt @ 6.9% Zn and 2.3% Pb. Of note, the discovery drill-hole (8m @ 8.9% Zn, 3.5% Pb below 210m).

Reference 3: Murphy G C 1990 - Lennard Shelf Lead-Zinc deposits: in Hughes F E (Ed.), 1990 Geology of the Mineral Deposits of Australia & Papua New Guinea The AusIMM, Melbourne Mono 14, v2 pp 1103-1109

Panache Ni-Cu-Co-Au-PGM Project, Greater Sudbury, Canada (image 10)

Exploration of a number of mineralisation target styles that are associated with the Nipissing Gabbro:

• Intrusion hosted disseminated to semi-massive Ni–Cu–PGE–Au sulphides.

• Contact related Ni–Cu-Co-PGE sulphides.

During the quarter Rumble announced that ground TEM has successfully identified 2 compelling shallow coincident conductors at the Panache Project, Greater Sudbury, Canada ( ASX Announcement 12[th] March 2019 ).

The Panache Project (33.5km² in area) is located 40km southwest of the city of Sudbury, Ontario, Canada. The project hosts a large portion of the Lac Panache gabbro intrusion which is part of the regionally extensive Nipissing Gabbro Suite. Exploration activities by the project owner, Gordon Salo, has uncovered a series of prospects (Area A, B & C) associated with disseminated to massive sulphides (pyrrhotite – pentlandite – chalcopyrite - pyrite) along gabbro contact margins. Massive sulphide pipes have also been discovered along fault corridors intercepting gabbro. High grade gold mineralisation (at surface) has been associated with gabbro/metasediment contact zones (tectonic).

The Nipissing Gabbro Suite is a large tholeiitic to sub alkalic orthopyroxene (mafic) intrusive complex that intrudes the underlying Archaean basement and the Huronian Supergroup (large metasediment package) as sheet-like sills and subvertical dykes (feeders). The Nipissing Gabbro (2215 million years) pre-dates the Sudbury Igneous Complex and associated impacted related mineralisation (1844 million years).

Significant: Since 1883, the Sudbury Mining Field has been the second-largest supplier of nickel ore in the world with over 1.7 billion tonnes of past production, reserves and resources.

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Image 10 – Location of Panache Project – Greater Sudbury Region, Ontario, Canada

Limited Historic Exploration at Panache Ni-Cu–Co-Au–PGM Project

Exploration at Panache is limited to surface grab sampling over areas of outcrop to sub-crop. Significant areas of prospective Nipissing Gabbro are covered by swamps, bogs and transported cover.

• No systematic soil sampling has been completed at Panache.

• No detailed ground TEM and drilling has been conducted over the areas of interest.

Three areas of interest (to date) have been identified by the owner:

Area A (see image 11)

Prospecting by the owner has revealed a series of sulphide pipes within metasediments adjacent to Nipissing Gabbro. Grab sampling of the exposed sulphides has returned up to 6.01% Cu, 1.47% Ni, 1.6 g/t PGM’s and 0.49% Co.

Area B – Current Ground TEM Survey Completed by Rumble (see image 11, 12 & 14)

Shallow trenching and surface sampling have highlighted wide zones of gossan (up to 10m) within Nipissing Gabbro over a strike of 950m. Rock chip and channel samples of disseminated sulphides returned up to 1.61% Cu, 0.56% Ni, 1.64 g/t Au, 1.64 g/t Pt and 1.58 g/t Pd. No ground TEM (prior to the current survey by Rumble) or drilling has been completed over Area B.

Area C (see image 11)

Grab sampling with supportive petrography has identified a 2.5km zone of anomalous base metal gold associated with Nipissing Gabbro. Rock chip result include up to 0.59% Cu, 0.16% Ni, 524.3 g/t Au, 0.45% Co, 0.64 g/t Pt and 1.18 g/t Pd. Petrography of the gabbro has shown the level of metal within the sulphide (maximum 5% of total rock) is very high indicating the potential for high tenor disseminated Ni-Cu sulphide mineralisation.

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Image 11 – Panache Project – Local Geology with Grab Sampling, Ground TEM Grid and Location of Conductors.

GTEM Survey by Rumble (see image 11, 12 and 14) – AREA B

Ground TEM has been completed over Area B . The survey comprised of a 1.2km by 1km grid on 200m lines and 100m stations using a fixed loop configuration. The transmitter was 20 amps and the receiver being a SMARTEM24 using a HT squid sensor.

The survey covered a section of the Nipissing Gabbro where historic grab sampling (Area B – image 11) returned strong copper, nickel, cobalt, gold and platinoids anomalism. A number of gossans were exposed by the owner of the property (Gordon Salo). The style of mineralisation at surface is disseminated sulphides in gabbro.

The GTEM has delineated two co-incident conductors at a shallow depth of 40m (see image 12 & 14).

• Conductor A has a strong conductive response (9000 siemens) and is considered to be semi to massive sulphide.

• Conductor B has a lower conductive response (400 siemens) and is considered to be a zone of stringer sulphide.

The conductors are within strongly resistive rock types (fresh from the surface).

Of Importance:

• The target (conductors) is interpreted to be in a zone of disseminated sulphide bearing gabbro with a pod/shoot of semi to massive sulphide associated with stringer sulphide mineralisation.

• The disseminated sulphides are not conductive due to lack of electrical connectivity

• Immediately up dip and on the surface, a single historic grab sample returned 0.56% Ni and 0.55% Cu – See image 5

• No previous drilling or geophysical targeting over Area B

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Image 12 - Panache Project Area B – Geology, Grab sample Results, Image 13 – Exposed Wide Mineralised Gossans Area B location of conductors & proposed drill hole Area B (up to 10m wide and 950m of strike)

Area B (up to 10m wide and 950m of strike)

Potential and Next Exploration Stage

The Panache Cu–Ni-Co-Au-PGE Project is prospective for stringer to massive sulphide zones within disseminated sulphide hosted in gabbro. Surface geochemistry (grab sampling) and petrography has highlighted the prospectivity of the Nipissing Gabbro suite (locally called the Lac Panache Gabbro Intrusion) with significant Cu-Ni-Co-Au-PGE rock chip anomalism over poorly exposed outcrop.

Rumble will complete a single diamond drill hole planned to test the two conductors – See image 12 & 14 .

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Image 14 – Panache Project – Section Highlighting Conductors and Proposed Drill Hole

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Lamil Cu-Au Project, Paterson Province, Western Australia (see image 15)

Exploration target(s) includes stratiform base metal and Telfer Cu-Au deposit types.

During the quarter Rumble completed an airborne magnetic survey over the southeast portion of the Lamil Project, located in between the major mining operations of the Nifty Cu mine and the large Telfer Au-Cu mine within the Paterson Province, East Pilbara, Western Australia ( ASX Announcement 4[th] April 2019 ).

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Image 15 - Lamil Project – located in between Nifty Cu mine and large Telfer Au-Cu mine and within the same region as the recent Winu copper-gold and Havieron gold-copper discoveries within the Paterson Province.

Paterson Province – Highly Mineralised, Underexplored Region

The Paterson Province is a globally recognised mineralised belt hosting the world-class Telfer gold and copper (32Moz Au, 1Mt Cu resource) and Nifty copper (2 Mt Cu resource) deposits. Other deposits in the province include the Magnum and Calibre gold and copper deposits and the O’Callaghans tungsten deposit.

The highly mineralised Paterson Province region is largely underexplored but has recently been subject to exploration from various groups targeting large scale stratiform Cu, sediment hosted Zn-Pb, potential iron oxide copper gold (IOCG) and sediment hosted vein copper - gold Telfer Style deposits.

Recent developments in the region include mining major Rio Tinto Limited (ASX: RIO) announcing the large Winu copper-gold discovery and Greatland Gold plc defining the Havieron gold-copper discovery, which has recently been subject to a US$65m farm in agreement with mining major Newcrest Mining (ASX: NCM).

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Lamil Project Overview (see image 16)

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The Lamil Project (Project) (area of 1375 km²) lies over partly covered siltstones, sandstones and carbonate rocks of the Neoproterozoic Lamil Group which is a part of the Yeneena Basin within the Paterson Province of Western Australia. The Project is located between the major mining operations of the large Telfer gold mine owned by Newcrest Mining and the Nifty copper mine owned by Metals X Limited (ASX: MLX). The Telfer Au – Cu deposit, which lies some 30km to the northeast of the Lamil Project, is hosted by rocks of the Lamil Group. Younger highly fractionated granitic intrusions of the Mt Crofton, Minyari, Wilki and O’Callaghans Suites intrude into the Lamil Group.

The main cover sequence is Permian fluvio-glacial sediments. In the central and north-western portions of the Project area, the Permian cover is deep, however, in the south-eastern portion of the Project area, Lamil Group sediments outcrop and regional geophysics (airborne Tempest EM survey and recently flown magnetics) indicate the cover is shallow, averaging 50 – 100m.

Open File review of the Lamil Project has indicated only 15 drill holes have been completed within the two tenements (ELA45/5270 and ELA45/5271) that form the Lamil Project. In addition, only wide-spaced (400m line spacing) airborne magnetics have previously been conducted over the main Project area.

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Image 16 - Lamil Project – location with area of new airborne magnetic survey
and Tempest Airborne EM (ch15) highlighting area of deep cover
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Airborne Magnetics Survey (Feb/Mar 2019)

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Rumble completed a 1565 line-km survey on 200m line spacing bearing 050 (normal to regional geology) over the southeast portion of the Lamil Project (ELA45/5271). The area is covered by shallow Permian and recent sediments. Sub-cropping siltstones of the Lamil Group have been mapped within the survey area.

Four High Priority Targets identified (see image 17)

Four high priority target areas have been delineated from the processed airborne magnetics. Processing included a series of upward continued images designed to highlight deeper magnetic sources which potentially could represent mineralising intrusions.

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Image 17 - Lamil Project – High priority targets with interpreted structure over merged TMI airborne magnetics, all untested by previous exploration (drilling or geophysical)

Rumble’s Technical Director Brett Keillor commented:

“The airborne magnetic survey identified 4 high priority targets that have importantly not been tested by previous exploration (drilling and geophysical) and have similar characteristics to significant ore deposits in the region.

The survey has highlighted a major dome structure under relatively shallow cover (up to 100m) which has many characteristics to the world class Telfer Au – Cu deposit which lies some 30km to the northeast.

The large southeast plunging synform with a number of magnetic and structural targets along the fold hinge zone has similar characteristics to the nearby Nifty Cu deposit.

Northeast mineralising structures have been delineated from the latest magnetics and these structures are thought to be important for upgrading and overprinting the Nifty Cu mineralisation.

The latest airborne magnetics completed by Rumble has highlighted at least two potential target styles in an area which has been overlooked due to the previous perception of ubiquitous deep cover.”

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Target P1 - Large NNW Trending Dome (informally named the “Lamil Dome”) – Image 18

A large NNW trending dome (double plunging antiform) has been inferred over a strike of 8km under Permian and recent cover. Importantly:

• The depth of cover is approximately 100m .

• No previous exploration (drilling or geophysical) has tested the target.

• The upward continued magnetic imagery at 500m (UC500m) has highlighted an increase in the magnetic response which may indicate a potential underlying intrusion ( image 18 ).

• The dome has similar characteristics to the Telfer Dome with respect to orientation of the main axial plane, inferred host rocks and size.

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Image 18 - P1 Target – Series of Upward Continued Magnetic Images highlighting the “Lamil Dome” which has similar dome size, trend and host rocks to the Telfer Au – Cu deposit (32Moz Au, 1Mt Cu resource) a large dome structure which lies 30km to the northeast of Rumble’s Lamil Dome Target.

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Target P2 - Large Southeast Plunging Synform (image 17)

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A large synform with a southeast plunge has at least three magnetic targets located along the inferred hinge zone of the main fold axis. The host rocks are the Lamil Group (sub-crop has been mapped). Importantly:

• The target has similarities to the Nifty Cu deposit (2Mt Cu resource) which lies 60km to the northwest. The Nifty deposit is hosted shales and carbonates of the Broadhurst Formation (older than the Lamil Group) and is a sediment hosted Cu system lying within the keel/hinge zone of a southeast plunging synform with a northeast trending overprint (epigenetic).

• Depth of cover interpreted to be 50 – 100m (Permian). Sub cropping siltstone (Lamil Group) occurs near the target area.

• No previous exploration (drilling or geophysical)

Target P3 - Northeast Structure (image 17)

Inferred strong pervasive (demagnetisation) alteration can be delineated along a significant northeast structure immediately south of the “Lamil Dome”. Later northeast trending structures (fluid bearing) are thought to have modified and upgraded copper mineralisation at the Nifty deposit (chalcopyrite replacement of earlier metalliferous pyrite).

• No previous exploration (drilling or geophysical)

Target P4 - Dome Target (image 17)

Immediately east of the “Lamil Dome”, partial dome structures and closures along with ovoid features potentially reflect deformed domal targets.

• No previous exploration (drilling or geophysical)

Next Steps

Target P1 - “Lamil Dome”

• Proposed gravity survey to aid in delineating the core of the domal structure and to highlight potential palaeo-topographical highs beneath the cover which may reflect indurate zones of alteration and mineralisation.

• Follow up drilling of targets delineated.

Target P2 - Southeast Plunging Synform

• Proposed gravity survey to delineate the hinge/fold axis zone. Structural thickening of known carbonate units within the Lamil Group may potentially outline the trace of the hinge zone.

• Follow up drilling of combined gravity and magnetic targets.

Target P3 - Northeast Structure Zone

• Proposed gravity survey to highlight main structure in association with magnetic targets (demagnetised alteration zones).

• Follow up drilling of targets.

Target P4 - Dome Target

• Proposed gravity survey (done in conjunction with the “Lamil Dome”).

• Follow up drilling of new targets.

17

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Braeside & Barramine Zn-Pb-Cu-Ag-V Projects, East Pilbara, Western Australia

Exploration target(s) are:

• Porphyry related structurally controlled high-grade Zn-Pb-Cu-Ag-V breccia pipes

• High level (epithermal) base metal veins

• Sediment hosted disseminated base metal replacement zones

• Porphyry related stock-works

During the quarter Rumble completed an airborne magnetic survey over the Braeside and Barramine Projects and phase 2 of the CSIRO study commenced ( ASX Announcement 18th February 2019 ). Results from the survey are not yet available, and the Company will release full details of the programs and results as soon as they are available.

In 2018 Rumble discovered a regional scale porphyry to epithermal system to surface ( refer ASX Announcement 27 November 2018 ). The identified system has camp-scale potential for multiple deposit types and is 60 km of mineralised strike and up to 6km wide

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Image 18. Braeside & Barramine Tenure, 60km’s of mineralised strike

18

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Image 19. Braeside Prospectivity and Proposed Exploration Targets 2019

Next steps Braeside – Image 19

Lightning Ridge – Eastern Zone

Target: Multiple vein high-grade Pb-Ag-In epithermal/epizonal deposits with Cu – Zn.

• Detailed surface geochemistry along interpreted vein systems (structure mapping)

• RC drilling

Gossan East/Barker Well - Central Zone

Target: High-grade base metal (Pb dominant) sulphide – silica veins/breccia pipes deposits

• Detailed geochemistry at Barker Well north along strike into the Barramine JV and between Gossan East and Barker Well

• Structural mapping to highlight high priority targets

• RC drilling

• Diamond drilling

Devon Cut – Mt Brockman 2 – Central Zone

Target: High-grade base metal (Zn dominant) sulphide – silica veins/breccia pipes deposits

• Follow up geochemistry at high order spectral targets generated from the recent CSIRO study

• Structural mapping to highlight targets.

• RC drilling

Barium Ridge – Sugar Ramos – Western Zone

Target: Large scale disseminated Cu – Au deposits associated with underlying porphyry

• Detailed magnetic survey to highlight zones of magnetite associated with potential mineralised intrusions - Completed

• Detailed geochemistry infill to highlight co-incident Ba – Cu – Au anomalism

• Conduct geophysics (IP) over targets generated

• Diamond drill test targets

19

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Image 20 – Barramine JV E45/4368 – Location, Results and Proposed Regional Soil Geochemistry

Next steps Barramine – Image 20

• Detailed magnetic survey to highlight zones of magnetite associated with potential mineralised intrusions - Completed

• Detailed soil geochemistry along main trend.

• Follow-up in situ pXRF soil sampling of anomalism generated by soil geochemistry.

• Detailed prospect mapping and grab sampling of high order base metal targets.

• First pass RC drilling of targets.

CSIRO Phase 2 – Commenced – Detailed Study of the Braeside Base Metal Mineralisation.

The successful conclusion of Phase 1 has enabled Rumble to progress to Phase 2 in collaboration with CSIRO. Through the Innovation Connections element of the Australian Government’s Entrepreneurs’ Programme, Rumble will receive a dollar-matched grant of $50,000 for the Phase 2 project with CSIRO. Innovation Connections helps drive industry-led collaboration between Australian companies and the research sector.

In Phase 2 , Rumble and CSIRO will investigate:

• 1) The relationship between the alteration mineral assemblages and the mineralization as well as the paragenesis of the ore.

• 2) The source of the mineralising fluids.

• 3) The age of the Pb-Zn mineralisation.

This vital R&D will help Rumble Resources confirm the identified mineral system and further help them in targeting the most prospective areas.

CSIRO’s research will analyse selected samples from the drilling chips acquired by Rumble resources using stateof-the art mineral characterisation facilities.

20

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The study objectives are to:

• Analyse drill chips of the altered and mineralised rocks to derive mineral maps revealing relationships between the alteration and mineralisation as well as identify suitable samples for fluid inclusion work, dating and stable isotope work.

• Analyse a suite of fluid inclusions to derive temperature, salinity, and composition of the mineralising fluids.

• Analyse the isotopic composition of the sulphide minerals to derive age of the mineralisation.

• Analyse the isotopic composition of the quartz grains associated with the mineralisation to confirm the source and timing of the mineralising fluids.

The study is expected to be completed in 5 months, running parallel with Rumble’s current exploration program at the Braeside Project.

Long Lake Project - Gold-Copper-Nickel-PGM, Sudbury, Canada (Image 21)

Exploration target

• Long Lake Project – Target blind Sudbury “Offset Dyke” style massive Ni – Cu – PGM type deposits

Overview of Sudbury Mining Camp, Ontario Canada

Since 1883, the Sudbury Mining Field has been the second-largest supplier of nickel ore in the world with over 1.7 billion tonnes of past production, reserves and resources .

Ni-Cu and PGM bearing sulphide minerals occur in a 60 km by 27 km elliptical igneous body called the Sudbury Igneous Complex (“SIC”). The current model infers the SIC was formed some 1,844 million years ago after sheet-like flash/impact melting of nickel and copper bearing rocks by a meteorite impact.

Mineralization occurs within the SIC as well as in the neighbouring country rocks in close association with breccias and so-called ‘ Offset Dykes’ . Nearly half of the nickel ore at Sudbury occurs in breccias and Offset Dykes in the footwall rocks of the SIC.

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Image 21 – The location of the Long Lake Projects and the Deposit Types of the Sudbury Basin.

21

The Copper Cliff Offset Dyke System (Images 21 & 22)

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The Copper Cliff South and Copper Cliff North mine have some 200 million tonnes of ore . Vale Limited’s Clarabelle mill , smelter and nickel refinery are all located close to the Copper Cliff Offset dyke.

The southernmost deposit discovered to date is at Kelly Lake with a reserve of 10.5 Mt @ 1.77% Ni, 1.34% Cu and 3.6 g/t PGM. Note: IGO’s Nova – Bollinger Deposit in Fraser Range, WA has a reserve o f 13.3 Mt @ 2.06% Ni and 0.83% Cu (2017). The Long Lake Project lies some 10km SW of the Kelly Lake Ni-Cu-PGM deposit inferred to be the faulted southern extension of the ‘Copper Cliff Offset Dyke’

Long Lake Au-Cu-Ni-PGM Project

Fieldwork (including a single shallow diamond drill-hole of anomaly 19) has highlighted Sudbury Breccia and quartz diorite (known host for Sudbury Basin deposits) occurrences over 4km’s of strike . The occurrence is inferred to be the faulted southern extension of the ‘Copper Cliff Offset Dyke’ system that has been moved west by later regional faults - some 10km SW of the Kelly Lake Ni-Cu-PGM deposit

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Image 22 – Long Lake Project - Highlighting the Copper Cliff Image 23 – Long Lake Project – Anomaly 19 Offset Dyke and the Inferred Sudbury Breccia Dyke Outcropping Sudbury Breccia & Quartz Diorite

Next Steps

• A deep penetrating ground TEM survey scheduled to test a VTEM conductor & outcropping Sudbury Breccia at anomaly 19 with the aim of generating high order conductors for subsequent diamond drill testing.

Fraser Range Ni-Cu Projects, Western Australia – IGO JV (image 26)

Exploration target - Massive Ni-Ci type deposits

During the quarter joint venture partner Independence Group NL (ASX: IGO) (“Independence”) advised that it had continued exploration activities to earn an interest in Rumble’s highly prospective projects in the Fraser Range region of WA ( Fraser Range Project ), on the Thunderdome (E28/2366), and Thunderstorm (E28/2595, E28/2528, E28/2529) projects.

Rumble will provide exploration results as they become available.

22

Ongoing Review of Resource Opportunities

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During the Quarter the Rumble Board continued to implement a clear strategy of organic growth via the generation of a pipeline of quality high grade base and precious metal projects, critical review against stringent criteria, to provide optionality to complete low cost systematic exploration to drill test for high grade world class discoveries on multiple projects.

In line with this strategy Rumble is currently reviewing projects and the Company will keep the market updated as required.

Corporate

At the end of the March quarter, Rumble had $1.5m cash at bank. Subsequent to the end of the quarter Rumble completed a capital raising for an additional $1.5m, consolidating the Company’s working capital up to $3.0m.

Directors of the Company proposed to participate in raising $120,000 of this capital raising, and the associated securities are proposed to be issued to directors of the Company subject to shareholder approval. A notice of meeting will be despatched shortly to approve, amongst other resolutions, the ratification of the Placement and the issue of the additional securities to the directors of the Company. Refer ASX announcements 15 April 2019 and 18 April 2019.

- ENDS -

Shane Sikora Managing Director

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

About Rumble Resources Ltd

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

Competent Persons Statement

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

23

Appendix

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In accordance with Listing Rule 5.3.3. Rumble provides the following information in relation to its mining tenements.

1. The mining tenements held at the end of the quarter and their location.

Project	Tenement Number	Status	Location	Beneficial Percentage Interest
Big Red	E28/2268	Granted	Western Australia	100%
Thunderstorm	E28/2528	Granted	Western Australia	100%Note 3
Thunderstorm	E28/2529	Granted	Western Australia	100%Note 3
Thunderstorm	E28/2595	Granted	Western Australia	100%Note 3
Thunderdome	E28/2366	Granted	Western Australia	100%Note 3
Mt Gibson	E59/2215	Granted	Western Australia	100%
Mt Gibson	E59/2216	Granted	Western Australia	100%
Mt Gibson	E59/2359	Application	Western Australia	100%
Braeside	E45/2032	Granted	Western Australia	70%
Braeside	E45/4873	Granted	Western Australia	100%
Braeside	E45/4874	Granted	Western Australia	100%
Braeside	P45/3037	Granted	Western Australia	100%
Braeside	E45/5356	Application	Western Australia	100%
Braeside	E45/5365	Application	Western Australia	100%
Braeside	E45/5366	Application	Western Australia	100%
Braeside	E45/5367	Application	Western Australia	100%
Braeside	P45/3091	Application	Western Australia	100%
Braeside	P45/3092	Application	Western Australia	100%
Braeside	P45/3097	Application	Western Australia	100%
Barramine	E45/4368	Granted	Western Australia	0%Note 1
Earaheedy	E69/3464	Granted	Western Australia	0%Note 2
Earaheedy	E69/3543	Application	Western Australia	100%
Munarra Gully	M51/0122	Granted	Western Australia	80%Note 4
Munarra Gully	E51/1677	Granted	Western Australia	80%Note 4
Munarra Gully	E51/1919	Application	Western Australia	100%
Lamil	E45/5270	Application	Western Australia	100%
Lamil	E45/5271	Application	Western Australia	100%
Panache Project		Granted	Canada	0%Note 5
Long lake Project		Granted	Canada	0%Note 5

24

2. Mining tenements acquired during the quarter and their location:

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Project	Tenement Number	Status	Location	Beneficial Percentage Interest
Munarra Gully	M51/0122	Granted	Western Australia	80%Note 4
Munarra Gully	E51/1677	Granted	Western Australia	80%Note 4
Munarra Gully	E51/1919	Application	Western Australia	100%
Mt Gibson	E59/2359	Application	Western Australia	100%

3. Mining tenements disposed of during the quarter and their location:

Project	Tenement Number	Status	Location	Comment

1. Barramine Project, Western Australia

• E45/4368 is subject to an earn in agreement whereby Rumble can earn a 70% interest by spending A$750k over 3 years. Refer ASX announcement 4[th] June 2018 for further details in respect of the acquisition.

2. Earaheedy Project, Western Australia

• E69/3464 is subject to an option agreement whereby Rumble can earn a 75% interest by paying A$500k within 2 years. Rumble can extend the option for a further 2 years for $200,000 in RTR shares or cash. Refer ASX announcement 12[th] October 2017 for further details in respect of the acquisition.

3. Fraser Range Projects, Western Australia

• E28/2528, E28/2529, E28/2595, E28/2366 is subject to earn-out agreement whereby IGO can earn a 70% interest by spending paying A$1.5mil in exploration over 3 years. Refer ASX announcement 2[nd ] October 2017 for further details in respect of the acquisition.

4. Munarra Gully, Western Australia

• M51/122 and E51/1677 are both subject to an option agreement whereby Rumble can acquire up to 80% of the tenements by payment of cash and Rumble shares within certain timeframes, as outlined in detail in ASX announcement 27 February 2018 and 25 March 2019.

5. Panache and Long Lake Projects, Canada

Both projects are subject to an option agreement whereby Rumble can acquire up to 100% of the tenements by payment of cash and Rumble shares within certain timeframes, as outlined in detail in ASX announcement 9 August 2018.

25

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

+Rule 5.5

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16

Name of entity

Rumble Resources Limited

Rumble Resources Limited
ABN 74 148 214 260	Quarter ended (“current quarter”)
74 148 214 260	31 March 2019

Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Research and development refunds 1.8 Other (GST) 1.9 Net cash from / (used in) operating activities	- (319) - - (100) (219) - 1 - - - 57	- (2,110) - - (290) (469) - 26 - - 583 (12)
	(580)	(2,272)
2. Cash flows from investing activities 2.1 Payments to acquire: (a) property, plant and equipment (b) tenements (see item 10) (c) investments (d) other non-current assets	- (125) - -	- (125) - -

• See chapter 19 for defined terms 1 September 2016

Page 1

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 months) $A’000
2.2 Proceeds from the disposal of: (a) property, plant and equipment (b) tenements (see item 10) (c) investments (d) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities	- - - - - - -	- - - - - - -
	(125	(125)
3. Cash flows from financing activities 3.1 Proceeds from issues of shares 3.2 Proceeds from issue of convertible notes 3.3 Proceeds from exercise of share options 3.4 Transaction costs related to issues of shares, convertible notes or options 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities	- - - - - - - - -	- - 110 - - - - - -
	-	110
4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	2,222 (580) (125) - -	3,804 (2,272) (125) 110 -
	1,517	1,517

• See chapter 19 for defined terms 1 September 2016

Page 2

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Funds held in trust for issuance of shares. 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)	509 1,008 - -	1,214 1,008 - -
	1,517	2,222

6.	Payments to directors of the entity and their associates	Current quarter
		$A'000
6.1	Aggregate amount of payments to these parties included in item 1.2	113
6.2	Aggregate amount of cash flow from loans to these parties included	-
	in item 2.3
6.3	Include below any explanation necessary to understand the transactions included in
	items 6.1 and 6.2

Executive and non-executive director fees and technical consulting services.

7.	Payments to related entities of the entity and their	Current quarter
	associates	$A'000
7.1	Aggregate amount of payments to these parties included in item 1.2		-
7.2	Aggregate amount of cash flow from loans to these parties included		-
	in item 2.3
7.3	Include below any explanation necessary to understand the transactions included in
	items 7.1 and 7.2

n/a

• See chapter 19 for defined terms 1 September 2016

Page 3

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

8. Financing facilities available Add notes as necessary for an understanding of the position Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 8.1 Loan facilities - - 8.2 Credit standby arrangements - - 8.3 Other (please specify) - - 8.4 Include below a description of each facility above, including the lender, interest rate and whether it is secured or unsecured. If any additional facilities have been entered into or are proposed to be entered into after quarter end, include details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
	-	-
	-	-
	-	-

n/a

9. Estimated cash outflows for next quarter	$A’000
9.1 Exploration and evaluation 9.2 Development 9.3 Production 9.4 Staff costs 9.5 Administration and corporate costs 9.6 Other (provide details if material) 9.7 Total estimated cash outflows	(668) - - (101) (68)
	(837)

10. Changes in tenements (items 2.1(b) and 2.2(b) above)	Tenement reference and location	Nature of interest	Interest at beginning of quarter	Interest at end of quarter
10.1 Interests in mining tenements and petroleum tenements lapsed, relinquished or reduced

• See chapter 19 for defined terms 1 September 2016

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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

10.2 Interests in mining tenements and petroleum tenements acquired or increased	E59/2359 Western Australia E51/1919 Western Australia E51/1677 Western Australia M51/0122 Western Australia	Application Application Granted Granted	0% 0% 0% 0%	100% 100% 80% 80%

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

[ lodged electronically without signature ]

[ lodged electronically without signature ] 30 April 2019 Sign here: ............................................................ Date: ............................................. ( ~~Director~~ /Company secretary) Steven Wood Print name: .........................................................

Notes

1. The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.

2. If this quarterly report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. See chapter 19 for defined terms 1 September 2016

Page 5