RUMBLE RESOURCES LIMITED — Interim / Quarterly Report 2021

Mar 15, 2021

ABN 74 148 214 260

And Controlled Entities

Interim Financial Report For the Half-Year Ended 31 December 2020

Rumble Resources Ltd & Controlled Entities CONTENTS

Corporate Directory	2
Directors' Report	3
Auditors Independence Declaration	5
Condensed Consolidated Statement of Profit or Loss and Other ComprehensiveIncome	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 Financial Statements	10
Directors' Declaration	16
Independent Auditors Report	17

Rumble Resources Ltd & Controlled Entities CORPORATE DIRECTORY

DIRECTORS

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

COMPANY SECRETARY

Steven Wood

PRINCIPAL AND REGISTERED OFFICE

Rumble Resources Ltd Suite 9, 36 Ord Street West Perth WA 6005 Tel: 08 6555 3980 Fax: 08 6555 3981 Email: enquiries@rumbleresources.com.au Web: www.rumbleresources.com.au

STOCK EXCHANGE

Australian Securities Exchange Limited Level 40, Central Park 152-158 St Georges Terrace Perth WA 6000 STOCK EXCHANGE CODE – RTR

SHARE REGISTRY

Automic Registry Services Level 2, 267 St Georges Terrace Perth WA 6000 Tel: 1300 288 664 www.automic.com.au

AUDITORS

Bentleys Level 3, 216 St Georges Terrace Perth WA 6000

LAWYERS

HWL Ebsworth Lawyers Level 20, St Georges Tce Perth WA 6000

BANKERS

Westpac Banking Corporation Level 13, 109 St Georges Terrace Perth WA 6000

Rumble Resources Ltd & Controlled Entities DIRECTORS' REPORT

Your directors submit the financial report of Rumble Resources Limited ("Rumble" or "the Company") and its controlled entities ("the Group") for the half-year ended 31 December 2020.

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 profit after tax for the half-year ended 31 December 2020 was $330,753 (2019 loss after tax: $176,362).

REVIEW OF OPERATIONS

Rumble had a transformational half-year ending 31 December 2020 executing the Board's clear strategy of drill testing a pipeline of projects capable of world-class discoveries culminating in the highly anticipated drilling being completed at the Western Queen Au, Munarra Gully Cu-Au-Ag, Lamil Au-Cu and Braeside Cu-Au-Zn-Pb-Ag Projects, all located in Tier 1 regions of Western Australia for a combined 40,000m of drilling.

During the period JV Partner IGO completed reconnaissance AC drilling on the Thunderstorm Au JV Project located in the Fraser Range intersecting a new high-grade Au intersection of 16m @ 6.69 g/t Au from 42m which lies 50m southeast of the initial discovery hole intersecting 6m @ 9.15 g/t Au from 48m. The AC drilling was completed over the entire Thunderstorm Project area on a 1.5km by 400m pattern intersecting significant widespread AU throughout the project highlighting the potential for multiple Au deposits.

The group also exercised the option to acquire 100% of the Western Queen Au Project and secured further tenements at the Project increasing the total landholding by over 500%.

Date	Description
28 January	The Company's JV Partner AIC Mines (ASX: A1M) announced Initial Maiden Drilling results
2021	at the Lamil Au-Cu Project.
3 February 2021	The Company announced drilling intersected High-Grade Au Shoots beneath the WesternQueen South Deposit located at the Western Queen Au Project.
15 February2021	The Company announced drilling intersecting significant widths of Copper at the CamelHump Prospect indicating a potential new VMS province located at the Braeside Cu-Au-ZnPb-Ag Project.
17 February	The Company announced drilling discovered multiple high-grade Pb-Zn-Ag Breccia Zones
2021	over 800m located at the Braeside Cu-Au-Zn-Pb-Ag Project.
23 February	The Company announced that drilling expanded the large-scale Au-Cu-Ag system at the
2021	Munarra Gully Au-Cu-Ag Project.
26 February	The Company's JV Partner AIC Mines (ASX: A1M) announced drilling intersected a potential
2021	large scale intrusive Au-Cu System at the Lamil Au-Cu Project

SUBSEQUENT EVENTS

No other events occurred of a material nature subsequent to the period end that require further disclosure.

Rumble Resources Ltd & Controlled Entities DIRECTORS' REPORT

AUDITOR'S INDEPENDENCE DECLARATION

The lead auditor's independence declaration under s307c of the Corporations Act 2001 for the half-year ended 31 December 2020 is included on page 5 within this financial report.

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

_______________________

Shane Sikora Managing Director

Perth Dated: 16 March 2021

To the Board of Directors

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

As lead audit partner for the review of the financial statements of Rumble Resources Limited for the half year ended 31 December 2020, 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

Chartered Accountants Partner

Dated at Perth this 16th day of March 2021

BENTLEYS MARK DELAURENTIS CA

Rumble Resources Ltd

& Controlled Entities

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE

INCOME

FOR THE HALF-YEAR ENDED 31 DECEMBER 2020

	Note	31 December 2020$	31 December 2019$
Other Income	2	961,251	1,551,222
Administration expenses		(95,120)	(87,088)
Compliance and regulatory expenses		(145,814)	(162,424)
Employee benefits expense		(308,415)	(331,286)
Gain/ (Loss) on revaluation of shares in listed companies		72,143	(85,714)
Impairment of exploration expenditure	3	-	(483,429)
Exploration expenditures		(15,792)	(471,049)
Occupancy costs		(20,685)	(29,291)
Travel and accommodation		(4,753)	(18,514)
Share based payment expense	8	(41,444)	(30,270)
Depreciation expense		(21,068)	(8,730)
Other expenses		(49,550)	(19,789)
Profit / (Loss) before income tax expense		330,753	(176,362)
Income tax (expense)/benefit		-	-
Profit / (Loss) for the period		330,753	(176,362)
Other comprehensive income		-	-
Total comprehensive profit / (loss) attributable tomembers of the Rumble Resources		330,753	(176,362)
Loss Per Share
Basic and diluted profit /(loss) per share (cents pershare)	5	0.06	(0.04)

Rumble Resources Ltd & Controlled Entities CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2020

	Note	31 December 2020	30 June 2020
		$	$
ASSETS
CURRENT ASSETS
Cash and cash equivalents		4,197,825	6,188,248
Trade and other receivables		471,246	237,338
Other financial assets		266,345	235,542
TOTAL CURRENT ASSETS		4,935,416	6,661,128
NON-CURRENT ASSETS
Exploration and evaluation expenditure	3	13,471,485	8,549,233
Plant and equipment		70,183	38,893
Right of use assets		24,730	34,621
TOTAL NON-CURRENT ASSETS		13,566,398	8,622,747
TOTAL ASSETS		18,501,814	15,283,875
CURRENT LIABILITIES
Trade and other payables	4	893,253	702,911
Lease liabilities		20,277	19,266
Provisions		85,031	72,016
TOTAL CURRENT LIABILITIES		998,561	794,193
NON- CURRENT LIABILITIES
Lease liabilities		5,327	15,723
TOTAL CURRENT LIABILITIES		5,327	15,723
TOTAL LIABILITIES		1,003,888	809,916
NET ASSETS		17,497,926	14,473,959
EQUITY
Issued capital	6	31,656,080	29,004,310
Reserves	7	2,966,622	2,925,178
Accumulated losses		(17,124,776)	(17,455,529)
TOTAL EQUITY		17,497,926	14,473,959

Rumble Resources Ltd & Controlled Entities CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2020

	Issued capital	Reserves	Accumulatedlosses	Total
	$	$	$	$
Balance at 1 July 2020	29,004,310	2,925,178	(17,455,529)	14,473,959
Profit / (Loss) for the period	-	-	330,753	330,753
Other comprehensive income	-	-	-	-
Total comprehensive income	-	-	330,753	330,753
Transactions with owner directlyrecorded in equity
Shares issued during the period,net of transaction costs	2,651,770	-	-	2,651,770
Share based payments	-	41,444	-	41,444
Balance at 31 December 2020	31,656,080	2,966,622	(17,124,776)	17,497,926

	Issued capital	Reserves	Accumulatedlosses	Total
	$	$	$	$
Balance at 1 July 2019	19,851,752	2,576,454	(16,488,432)	5,939,774
Loss for the period	-	-	(176,362)	(176,362)
Other comprehensive income	-	-	-	-
Total comprehensive income	-	-	(176,362)	(176,362)
Transactions with owner directlyrecorded in equity
Shares issued during the period,net of transaction costs	4,177,187	-	-	4,177,187
Share based payments	-	120,083	-	120,083
Balance at 31 December 2019	24,028,939	2,696,537	(16,664,794)	10,060,682

Rumble Resources Ltd & Controlled Entities CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF-YEAR ENDED 31 DECEMBER 2020

	31 Dec 2020$	31 Dec 2019$
CASH FLOWS FROM OPERATING ACTIVITIES
Interest received	981	10,493
Payments to suppliers and employees	(653,633)	(479,710)
Exploration and evaluation expenditure	-	(1,137,758)
R&D grant refund and other income	954,313	1,336,531
Net cash (used in) operating activities	301,661	(270,444)
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for capitalised exploration and evaluation	(3,701,039)	(1,088,278)
Purchase of plant and equipment	(42,465)	(3,112)
Net cash (used in) investing activities	(3,743,504)	(1,091,390)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares	1,461,770	3,895,000
Payment of principal portion of lease liabilities	(10,350)	-
Net cash provided by financing activities	1,451,420	3,895,000
Net (decrease)/increase in cash held	(1,990,423)	2,533,166
Cash at beginning of financial period	6,188,248	1,831,332
Cash at end of financial period	4,197,825	4,364,498

NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

These financial statements and notes represent those of Rumble Resources Limited and controlled entities (the "Group"). Rumble is a listed public company, incorporated and domiciled in Australia.

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 Group as at and for the year ended 30 June 2020.

These interim financial statements were approved by the Board of Directors on 15 March 2021.

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.

All monetary values are reported in Australian Dollar unless otherwise stated.

a) Adoption of new and revised accounting standards

The accounting policies adopted in the current year are consistent with those adopted and disclosed in the Group's 2019 Annual Report for the year ended 30 June 2020 except for the impact of the new and amended standards and interpretations issued by the Australian Accounting Standards Board ('AASB').

New standards, interpretations and amendments not yet effective

There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in future accounting periods that the group has decided not to adopt early.

The following amendments are effective for the period beginning 1 January 2022:

• Onerous Contracts Cost of Fulfilling a Contract (Amendments to IAS 37);
• Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16);
• Annual Improvements to IFRS Standards 2018-2020 (Amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41); and
• References to Conceptual Framework (Amendments to IFRS 3).

In January 2020, the IASB issued amendments to IAS 1, which clarify the criteria used to determine whether liabilities are classified as current or non-current. These amendments clarify that current or non-current classification is based on whether an entity has a right at the end of the reporting period to defer settlement of the liability for at least twelve months after the reporting period. The amendments also clarify that 'settlement' includes the transfer of cash, goods, services, or equity instruments unless the obligation to transfer equity instruments arises from a conversion feature classified as an equity instrument separately from the liability component of a compound financial instrument. The amendments were originally effective for annual reporting periods beginning on or after 1 January 2022. However, in May 2020, the effective date was deferred to annual reporting periods beginning on or after 1 January 2023.

The Group is currently assessing the impact of these new accounting standards and amendments and does not believe that the amendments to IAS 1 will have a significant impact on the classification of its liabilities.

Other

The Group does not expect any other standards issued by the IASB, but not yet effective, to have a material impact on the group.

• IFRS 17 Insurance Contracts (effective 1 January 2023) - In June 2020, the IASB issued amendments to IFRS 17, including a deferral of its effective date to 1 January 2023.

Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

NOTE 2:	OTHER INCOME	31 Dec 2020$	31 Dec 2019$
Interest received		981	10,493
	Share acquired at nil consideration	-	292,857
	Research and development refund	871,624	1,225,694
Other revenue		88,646	22,177
		961,251	1,551,222
	NOTE 3: EXPLORATION AND EVALUATION EXPENDITURE	31 Dec 2020$	30 June 2020$
	Exploration expenditure capitalised
-	Exploration and evaluation phase	13,471,485	8,549,233
	A reconciliation of the carrying amount of exploration and evaluationexpenditure is set out below:
	Carrying amount at the beginning of the period	8,549,233	4,679,760
-	Costs capitalised during the period, net of refunds	4,922,252	4,427,490
-	Costs impaired during the period	-	(558,017)
	Carrying amount at the end of the period	13,471,485	8,549,233

The value of the Group's interest in exploration expenditure is dependent upon:

• the continuance of the Group's rights to tenure of the areas of interest;

• the results of future exploration; and

• the recoupment of costs through successful development and exploitation of the areas of interest, or alternatively, by their sale.

NOTE 4:TRADE AND OTHER PAYABLES	31 Dec 2020$	30 June 2020$
Current
Trade creditors	857,932	650,068
Accrued expenses and other payables	35,321	52,843
Trade and other payables(1)	893,253	702,911

(1) Trade creditors are expected to be paid on 30 day terms.

For the Half-Year Ended 31 December 2020

NOTE 5:	EARNINGS PER SHARE	31 Dec 2020	31 Dec 2019
		Cents per share	Cents pershare
	Basic and diluted profit/ (loss) per share	0.06	(0.04)

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

	$	$
Profit / (Loss) for the period	330,773	(176,362)
	Number	Number
Weighted average number of ordinary shares for the purposes of basic/ dilutedloss per share	518,500,968	423,281,521

As the Group is in a loss position, the options outstanding at 31 December 2020 have no dilutive effect on the earnings per share calculation.

NOTE 6:	ISSUED CAPITAL	31 Dec 2020	31 Dec 2020	30 June 2020	30 June 2020
		Number	$	Number	$
	Ordinary shares fully paid of no par value	532,194,029	31,656,080	504,464,263	29,004,310

Reconciliation of movements in issued capital:	Number ofShares	$
Opening Balance – 1 July 2019	385,791,041	19,851,752
Issue of Director Placement shares - 26 July	400,000	120,000
Shares issued pursuant to Long Lake and Panache Project acquisitionagreement – 26 July	2,181,812	22,000
Shares issued pursuant to Lamil Project JV agreement with AIC – 23 August	4,166,667	250,000
Issue of Placement shares - 10 September	50,000,000	3,750,000
Shares issued to acquire 75% of Earaheedy Project pursuant to acquisitionagreement – 18 October	3,846,153	350,000
Shares issued to secure 80% of all mineral rights at Munarra Gully (tenementE51/1677) - 24 February	309,290	25,052
Issue of Placement shares (tranche 1) - 29 June	57,769,300	5,423,282
Less: transaction costs		(787,776)
Closing Balance – 30 June 2020	504,464,263	29,004,310

Rumble Resources Ltd & Controlled Entities NOTES TO THE FINANCIAL STATEMENTS

For the Half-Year Ended 31 December 2020

Note 6: ISSUED CAPITAL (continued)	Number ofShares	$
Issue of Placement shares (tranche 2) – 8 July 2020	6,000,000	553,815
Shares issued as consideration for tenement applications for Western QueenProject	755,199	100,000
Shares issued in relation to exercise of options - 2 September	4,000,000	120,000
Issue of Director Placement shares that were subject to shareholder approval –7 September	1,230,700	67,955
Shares issued Rumble exercising its Option to acquire 100% of WesternQueen Gold Project – 10 September	6,743,867	1,090,000
Shares issued in relation to exercise of options - 30 December 2020	9,000,000	720,000
Less: transaction costs	-	-
Closing Balance – 31 December 2020	532,194,029	31,656,080

NOTE 7:	RESERVES	31 Dec 2020	30 June 2020
		$	$
Option premium reserve		2,966,622	2,925,178
		2,966,622	2,925,178

	Number	WeightedAverageExercise Price($)
A summary of the movements of all unlisted options granted is as follows:
Options outstanding as at 1 July 2019	29,073,110	0.11
Exercised during year	-	-
Granted during the year (1)	25,664,115	0.15
Expired during the year	(16,313,110)	0.15
Options outstanding as at 30 June 2020	38,424,115	0.15
Granted during Period (2)	679,000	-
Exercised during Period	(13,000,000)	-
Expired during Period	-	-
Options outstanding as at 31 December 2020	26,103,115	0.15

1. 15 million options issued during the half-year ended 31 December 2019 had a total fair value of $174,433, of which $79,075 was recognised as a share based payment expense in the consolidated statement of profit or loss and other comprehensive income.

2. 679,000 options were issued 8 July 2020 in relation to capital raising services and brokerage services 29 June 2020. These options were valued on grant date being when the placement was completed in June 2020, hence the total expense was fully recognised in FY2020 as capital raising costs.

Share Options on issue at 31 December 2020

At 31 December 2020, the Group has the following share options on issue:

• 15,000,000 incentive options with zero exercise price expiring on or before 26 July 2023, subject to vesting conditions;
• 2,000,000 unlisted options exercisable at $0.15 expiring on or before 1 April 2023; and
• 9,103,115 unlisted options exercisable at $0.15 expiring on or before 31 December 2022.

NOTE 8: SHARE BASED PAYMENTS

Share based payments during the half year ended 31 December 2020 are summarised below.

	31 Dec 2020$	31 Dec 2019$
Expense arriving from equity settled share based payment transactions	41,444	30,270

The above expense relates to employee options and Directors Incentive Options which were previously issued in prior period. The Director Incentive Options will vest on the earlier to occur of:

• (i) the satisfaction of the Timeframe Vesting Condition and the relevant VWAP Vesting Condition.
• (ii) the holder becoming a Good Leaver, and the relevant VWAP Vesting Condition being satisfied; or
• (iii) a Change in Control Event occurring, and the relevant VWAP Vesting Condition being satisfied.

NOTE 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 (chief operating decision makers) in assessing performance and determining the allocation of resources. The Group has one operating segment being mining exploration in Australia.

NOTE 10: COMMITMENTS

Exploration expenditure commitments

In order to maintain current rights of tenure to exploration tenements, the Group is required to meet the minimum expenditure requirements specified by the relevant authorities. These obligations are subject to renegotiation when application for a mining lease is made and at other times. These obligations are not provided for in the financial report.

	31 December	30 June
	2020	2020
	$	$
Not Longer than 12 months	818,042	608,163
Between 12 months and 5 years	2,178,463	1,179,165
Longer than 5 years	809,239	870,801
	3,805,744	2,658,129

If the Group decides to relinquish certain leases and/or does not meet these obligations, assets recognised in the Statement of Financial Position may require review to determine the appropriateness of carrying values. The sale transfer or farm-out of exploration rights to third parties will reduce or extinguish these obligations. The ultimate recoupment of costs carried forward for exploration and evaluation is dependent on the successful development and commercial exploitation or sale of the respective mining areas.

NOTE 11: CONTINGENT LIABILITIES

Under the terms of the Earaheedy Zinc project option agreement in respect of tenement E69/3464, following completion of a bankable feasibility study and decision to mine, the vendor of the project can either elect to contribute to the ongoing project development or dilute to a 1.5% net smelter royalty ("NSR").

Under the terms of the Munarra Gully project option agreement in respect of tenement E51/1677, following completion of a bankable feasibility study and decision to mine, the vendors of the project can elect to contribute to the ongoing project development or to convert its remaining interest in to a 1% NSR resulting in Rumble holding a 100% legal and beneficial interest in the project.

As part of the terms of the Barramine project acquisition, subject to exercising the option and following completion of a bankable feasibility study and decision to mine, the vendor of the project can elect to contribute to the ongoing project development or to convert its remaining interest in to a 1.5% NSR resulting in Rumble holding a 100% legal and beneficial interest in the project.

The Western Queen Gold Project has an existing royalty, being a production royalty of $20/oz on existing resources, $8/oz on new open pit resources and $6/oz on new underground resources. This royalty was acquired by Elemental Royalties Corp. (TSX-V: ELE, OTCQX: ELEMF) on 23 November 2020.

There were no other contingent liabilities as at 31 December 2020, or since that date and the date of this report.

Date	Description
28 January 2021	The Company's JV Partner AIC Mines (ASX: A1M) announced Initial Results MaidenDrilling Program at Lamil Project.
3 February 2021	The Company announced that High-Grade Gold Shoots have been identified at WesternQueen South Deposit
15 February 2021	The Company announced significant widths of Copper at the Camel Hump Prospect,Braeside Project.
17 February 2021	The Company announced the discovery of multiple high grade Lead-Zinc-Silver BrecciaZones at the Braeside Project
23 February 2021	The Company announced that drilling at the Munarra Gully Project had expanded thelarge scale Gold-Copper-Silver System at the project
26 February 2021	The Company's JV Partner AIC Mines (ASX: A1M) announced final assay results from theMaiden Drilling Program at the Lamil Project.

NOTE 12: SUBSEQUENT EVENTS

No events occurred of a material nature subsequent to the period end that require further disclosure.

The Directors of the Group declare that:

• 1. The financial statements and notes, as set out on pages 6 to 15 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 2020 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 2021

Independent Auditor's Review Report

To the Members of Rumble Resources Limited

Conclusion

We have reviewed the accompanying half-year financial report of Rumble Resources Limited ("the Company") and Controlled Entities ("the Consolidated Entity") which comprises the consolidated statement of financial position as at 31 December 2020, the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the half-year ended on that date, a summary of significant accounting policies and other selected explanatory notes, and the directors' declaration.

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

• a. Giving a true and fair view of Rumble Resources Limited financial position as at 31 December 2020 and of its performance for the half-year ended on that date; and
• b. Complying with Accounting Standard AASB 134: Interim Financial Reporting and Corporations Regulations 2001.

Basis for Conclusion

We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity. Our responsibilities are further described in the Auditor's Responsibilities for the Review of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants that are relevant to our audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We confirm that the independence declaration required by the Corporations Act 2001 which has been given to the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor's review report.

Independent Auditor's Review Report

To the Members of Rumble Resources Limited (Continued)

Responsibility of the Directors for the Financial Report

The directors of Rumble Resources Limited are responsible for the preparation of the half-year 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 half-year financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

Auditor's Responsibility for the Review of the Financial Report

Our responsibility is to express a conclusion on the half-year financial report based on our review. ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us believe that the half-year 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 2020 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.

A review of a half-year 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.

Chartered Accountants Partner

BENTLEYS MARK DELAURENTIS CA

Dated at Perth this 16th day of March 2021