RUMBLE RESOURCES LIMITED — Interim / Quarterly Report 2023

Mar 13, 2023

ABN 74 148 214 260

Interim Financial Report For the Half-Year Ended 31 December 2022

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	17
Independent Auditors Review Report	18

DIRECTORS

Shane Sikora – Managing Director Matthew Banks – Non-Executive Director Michael Smith – Non-Executive Director Peter Venn – Non-Executive Director Geoff Jones – Non-Executive Director

COMPANY SECRETARY

Steven Wood

PRINCIPAL AND REGISTERED OFFICE

Rumble Resources Ltd Level 1, 16 Ord Street West Perth WA 6005 Tel: 08 6555 3980 Fax: 08 6555 3981 Email: info@rumbleresources.com.au Web: www.rumbleresources.com.au

STOCK EXCHANGE - STOCK EXCHANGE CODE – RTR

Australian Securities Exchange Limited 152-158 St Georges Terrace Level 40, Central Park Perth WA 6000

SHARE REGISTRY

Automic Group Level 5, 191 St Georges Terrace Perth WA 6000 Tel: 1300 288 664 www.automicgroup.com.au

AUDITORS

Hall Chadwick WA Audit Pty Ltd 283 Rockeby Road Subiaco WA 6008

LAWYERS

Hamilton Locke Level 48, 152-158 St Georges Terrace Perth WA 6000

BANKERS

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

The Directors present their report together with the consolidated financial statements of the Group comprising of Rumble Resources Ltd ("Company") and its controlled entities ("Group") for the half-year ended 31 December 2022.

DIRECTORS

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

Shane Sikora	Managing Director
Michael Smith	Non-Executive Director
Matthew Banks	Non-Executive Director
Peter Venn	Non-Executive Director
Geoff Jones	Non-Executive Director (appointed 5 July 2022)

REVIEW OF OPERATIONS

The Group's principal activity during the period was the continued exploration of the Company's mineral exploration projects in Western Australia with the main focus being on rapidly advancing the large-scale Zn-Pb-Ag-Cu discovery at Earaheedy. Included in this activity was the advancement of the Earaheedy Project towards a maiden Mineral Resource Estimate (MRE) and the development of an initial process flowsheet for the zinc sulphide dominant ores.

During the period, joint venture partner AIC Mines met the expenditure requirements to earn a 50% interest in the Lamil Project by spending $6 million over 4 years (Stage 1). Completion of the Stage 1 expenditure requirement triggered a milestone payment from AIC Mines to Rumble, with AIC completing this requirement by issuing 544,573 AIC Mines shares to Rumble and subscribing for 962,094 Rumble shares at a cost of $250,000.

The Company and its joint venture partners also completed drill programs and other exploration activities elsewhere across its portfolio in Western Australia, whilst the Company also continued with its strategy of commercialising non-core assets.

FINANCIAL RESULTS

The loss after tax for the half-year ended 31 December 2022 was $1,982,125 (2021: loss after tax: $1,682,782).

SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS

During the period, AIC Mines Ltd announced that it had completed its expenditure requirements to earn a 50% interest in the Lamil Joint Venture project and has elected not to continue sole funding. Each company now holds a 50% interest and contributes equally to exploration expenditure.

In the opinion of the Directors, there were no other significant changes in the state of affairs of the Group that occurred during the half year under review.

SUBSEQUENT EVENTS

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

AUDITOR'S INDEPENDENCE DECLARATION

The lead auditor's independence declaration under s307c of the Corporations Act 2001 for the half-year ended 31 December 2022 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: 14 March 2023

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 half year ended 31 December 2022, 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,

HALL CHADWICK AUDIT WA PTY LTD D M BELL CA

Dated this 14 th day of March 2023 Perth, Western Australia

Director

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE HALF-YEAR ENDED 31 DECEMBER 2022

	Note	31 December 2022$	31 December 2021$
Other Income	2	392,321	381,651
Administration expenses		(248,553)	(292,302)
Compliance and regulatory expenses		(248,797)	(241,686)
Employee benefits expense		(1,243,973)	(860,308)
Gain/ (Loss) on revaluation of shares in listed companies		(15,834)	-
Impairment of exploration expenditure	3	(2,929)	(26,196)
Exploration expenditures		(92,025)	(48,312)
Occupancy costs		(29,828)	(26,851)
Travel and accommodation		(93,365)	(3,487)
Share based payment expense	8	(247,986)	(376,939)
Depreciation expense		(102,556)	(81,325)
Other expenses		(48,600)	(107,027)
Profit / (Loss) before income tax expense		(1,982,125)	(1,682,782)
Income tax (expense)/benefit		-	-
Profit / (Loss) for the period		(1,982,125)	(1,682,782)
Other comprehensive income		-	-
Total comprehensive profit / (loss) attributable tomembers of Rumble Resources		(1,982,125)	(1,682,782)
Loss Per Share
Basic and diluted profit / (loss) per share (cents per share)	5	(0.32)	(0.27)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2022

	Note	31 December 2022$	30 June 2022$
ASSETS
CURRENT ASSETS
Cash and cash equivalents		9,294,725	17,907,917
Trade and other receivables		481,876	704,170
Other financial assets		234,166	-
TOTAL CURRENT ASSETS		10,010,767	18,612,087
NON-CURRENT ASSETS
Exploration and evaluation expenditure	3	44,968,269	38,811,104
Plant and equipment		407,294	455,411
Right of use assets		136,928	191,368
TOTAL NON-CURRENT ASSETS		45,512,491	39,457,883
TOTAL ASSETS		55,523,258	58,069,970
CURRENT LIABILITIES
Trade and other payables	4	1,414,854	3,131,145
Lease liabilities		285,029	84,567
Provisions		86,314	246,676
TOTAL CURRENT LIABILITIES		1,786,197	3,462,388
NON- CURRENT LIABILITIES
Lease liabilities		60,334	101,417
TOTAL NON-CURRENT LIABILITIES		60,334	101,417
TOTAL LIABILITIES		1,846,531	3,563,805
NET ASSETS		53,676,727	54,506,165
EQUITY
Issued capital	6	72,923,090	72,018,389
Reserves	7	3,923,675	3,675,689
Accumulated losses		(23,170,038)	(21,187,913)
TOTAL EQUITY		53,676,727	54,506,165

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2022

	Issued capital	Other Equity	Reserves	Accumulated losses	Total
	$	$	$	$	$
Balance at 1 July 2022	72,018,389	-	3,675,689	(21,187,913)	54,506,165
Profit / (Loss) for the period	-	-	-	(1,982,125)	(1,982,125)
Total comprehensive income	-	-	-	(1,982,125)	(1,982,125)
Transactionswithownerdirectly recorded in equity
Shares issued during theperiod, net of transactioncosts	904,701	-	-	-	904,701
Share based payments	-	-	247,986	-	247,986
Balance at 31 December2022	72,923,090	-	3,923,675	(23,170,038)	53,676,727
	Issued capital	Other Equity	Reserves	Accumulated losses	Total
	$	$	$	$	$
Balance at 1 July 2021	69,483,704	1,155,002	2,998,028	(18,190,810)	55,445,924
Profit / (Loss) for the period	-	-	-	(1,682,782)	(1,682,782)
Total comprehensive income	-		-	(1,682,782)	(1,682,782)
Transactions with ownerdirectly recorded in equity
Capital funds received inadvanced transferred toissued capital	1,155,002	(1,155,002)			-
Shares issued during theperiod, net of transactioncosts	1,229,682	-	-	-	1,229,682
Share based payments	-	-	376,939	-	376,939
Balance at 31 December2021	71,868,388	-	3,374,967	(19,873,592)	55,369,763

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF-YEAR ENDED 31 DECEMBER 2022

	31 December 2022$	31 December 2021$
CASH FLOWS FROM OPERATING ACTIVITIES
Net interest received	38,032	19,955
Payments to suppliers and employees	(3,367,220)	(938,713)
Exploration and evaluation expenditure	(92,025)	(48,312)
R&D grant refund and other income	101,659	212,817
Net cash provided by/ (used in) operating activities	(3,319,554)	(754,253)
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for capitalised exploration and evaluation	(6,160,094)	(11,708,856)
Purchase of plant and equipment	-	(279,381)
Dividends received	1,987	679
Proceeds from disposal of listed investments	-	340,412
Net cash (used in) investing activities	(6,158,107)	(11,647,146)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares	904,701	45,182
Payment of principal portion of lease liabilities	(40,232)	(17,178)
Net cash provided by financing activities	864,469	28,004
Net (decrease)/increase in cash held	(8,613,192)	(12,373,395)
Cash at beginning of financial period	17,907,917	39,663,807
Cash at end of financial period	9,294,725	27,290,412

NOTES TO THE FINANCIAL STATEMENTS For the Half-Year Ended 31 December 2022

NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

These financial statements and notes represent those of Rumble Resources Ltd and controlled entities ("Rumble" or 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 2022.

These interim financial statements were approved by the Board of Directors on 14 March 2023.

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) New, revised or amending Accounting Standards and Interpretations adopted

The Group has adopted all of the new, revised or amending Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. The adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial performance or position of the Group during the financial period.

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

NOTE 2:	OTHER INCOME	31 Dec 2022$	31 Dec 2021$
Interest received		38,677	20,601
Dividends received		1,985	679
Fuel Tax Credits received		101,659	135,217
Other revenue(1)		250,000	225,154
		392,321	381,651

(1) Other revenue for 2022 relates to gain on shares received from AIC mines upon completion of Stage 1 of Lamil JV Project. Other revenue for 2021 relates to the disposal of shares held in AIC Mines.

For the Half-Year Ended 31 December 2022

NOTE 3:EXPLORATION AND EVALUATION EXPENDITURE	31 Dec 2022$	30 June 2022$
Exploration expenditure capitalised
-Exploration and evaluation phase	44,968,269	38,811,104
A reconciliation of the carrying amount of exploration and evaluationexpenditure is set out below:
Carrying amount at the beginning of the period	38,811,104	16,249,825
-Costs capitalised during the period, net of refunds	6,160,094	22,589,875
-Costs impaired during the period	(2,929)	(28,596)
Carrying amount at the end of the period	44,968,269	38,811,104

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 2022$	30 June 2022$
Current
Trade creditors(1)		1,182,019	2,709,687
	Accrued expenses and other payables	232,835	421,458
		1,414,854	3,131,145
(1)	Trade creditors are expected to be paid on 30-day terms.
NOTE 5:	EARNINGS PER SHARE	31 Dec 2022	31 Dec 2021
		Cents per share	Cents pershare

Basic and diluted profit/(loss) per share (0.32) (0.27)

The profit /(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	(1,982,125)	(1,682,782)
	Number	Number
Weighted average number of ordinary shares for the purposes of basic/dilutedloss per share	622,688,695	619,788,015

As the Group is in a loss position, the options outstanding at 31 December 2022 have no dilutive effect on the earnings per share calculation.

For the Half-Year Ended 31 December 2022

NOTE 6: ISSUED CAPITAL

	31 Dec 2022	31 Dec 2022	30 Jun 2022	30 Jun 2022
	Number	$	Number	$
Ordinary shares fully paid of no-par value	626,749,363	72,923,090	621,422,655	72,018,388
Reconciliation of movements in issued capital:			Number of
			Shares	$
Opening Balance – 1 July 2021			614,788,090	69,483,704
Shares issued pursuant to acquiring 100% interest in the Braeside Project(E45/4368 and E45/2032) - 14 July 2021			2,300,000	1,184,500
Shares issued in relation to exercise of options - 14 July 2021			1,033,349	155,002
Director participation in share placement - 14 July 2021			2,000,000	1,000,000
Shares issued in relation to exercise of options - 18 October 2021			85,716	12,857
Shares issued in relation to exercise of options - 21 December 2021			125,000	18,750
Shares issued in relation to exercise of options - 23 December 2021			90,500	13,575
Shares issued in relation to exercise of options – 1 June 2022			1,000,000	150,000
Less: transaction costs			-	-
Closing Balance – 30 June 2022			621,422,655	72,018,388
Shares issued to AIC Mines upon Stage 1 Completion of JV Earn-In – 26August 2022			962,094	250,000
Shares issued in relation to exercise of options – 25 November 2022			2,550,800	382,620
Shares issued in relation to exercise of options – 19 December 2022			1,472,547	220,892
Shares issued in relation to exercise of options – 31 December 2022			341,267	51,190
Less: transaction costs			-	-
Closing Balance – 31 December 2022			626,749,363	72,923,090
NOTE 7:RESERVES			31 Dec 2022	30 Jun 2022
			$	$
Share based payments reserve			3,817,832	3,570,606
Option premium reserve			105,083	105,083
			3,923,675	3,675,689

	Number	WeightedAverageExercise Price($)
A summary of the movements of all unlisted options granted is as follows:
Options outstanding as at 1 July 2021	21,909,054	0.15

For the Half-Year Ended 31 December 2022

NOTE 7: RESERVES (continued)

Granted during the year	4,000,000	-
Exercised during the year	(2,334,565)	-
Expired during the year	-	-
Options outstanding as at 30 June 2022	23,574,489	0.15
Granted during the period (1)	5,750,000	0.29
Exercised during the period	(4,364,614)	-
Expired during the period	(209,875)
Lapsed during the period	(5,000,000)	-
Options outstanding as at 31 December 2022	19,750,000	0.29

(1) 5.75 million options issued during the 2022 half year period had a total fair value of $104,407, of which $50,320 was recognised as a share-based payment expense in the consolidated statement of profit or loss and other comprehensive income.

Share Options on issue at 31 December 2022

At 31 December 2022, the Group has the following share options on issue:

• 551,142 unlisted options exercisable at $0.15 expiring on or before 31 December 2022
• 10,000,000 incentive options with zero exercise price expiring on or before 26 July 2023, subject to vesting conditions;
• 750,000 unlisted options exercisable at $0.58 expiring on or before 13 December 2025;
• 4,000,000 unlisted options exercisable at $0.58 expiring on or before 30 September 2024; and
• 5,000,000 unlisted options with zero exercise price expiring on or before 13 December 2025, subject to vesting conditions.

NOTE 8: SHARE BASED PAYMENTS

Share based payments during the half year ended 31 December 2022 are summarised below.

	31 Dec 2022$	31 Dec 2021$
Expense arising from incentive options issued to Non-Executive Director – 30November 2022 (i)	46,933	-
Expense arising from incentive options issued to Technical Director – 18 July2022 (ii)	2,991	-
Expense arising from incentive options issued to Managing Director – 30November 2022 (iii)	396	-
Expense arising from Director options on issue as at 1 July 2022 (iv)	16,391	22,770
Expense arising from Non-Executive director options on issue at 1 July 2022	42,667	12,487
Expense arising from Employee options on issue at 1 July 2022	138,608	341,682
Share Based Payment Expense	247,986	376,939

(i) During the period, the Company issued 750,000 unlisted incentive options to Mr Geoff Jones, a Non-Executive Director of the Company. The issue was executed to align the efforts of Mr Jones, in seeking to achieve growth of the share price and in the creation of shareholder value.

For the Half-Year Ended 31 December 2022

NOTE 8: SHARE BASED PAYMENTS (continued)

Of the 750,000 options, 375,000 options are subject to a 12-month vesting period, commencing from the date of issue, and have been expensed over that time period. 375,000 options are subject to a 24-month vesting period, commencing from the date of issue, and have been expensed over that time period. A sharebased payment expense of $46,933 has been recognised for period ended 31 December 2022 in relation to the director incentive options.

The employee options were valued using a Black Scholes model. The inputs have been detailed below:

Input	ESOP Options
Number of Options	750,000
Underlying share price	0.240
Exercise price	0.580
Expected volatility	100.00%
Expiry date (years)	3.00
Expected dividends	-
Risk free rate	3.27%
Total fair value of the options	$81,989

• (ii) During the period, the Company issued 3,000,000 zero exercise price options to Mr Brett Keillor, the Technical Director of the Company as an incentive component to the employee's remuneration package. Of the 3,000,000 options, the options will vest as follows:
  • (i) 1,500,000 options will vest subject to the 20-day VWAP reaching a vesting price of $1.00, during the period from 1 July 2022 and prior to 5.00pm (WST) on the date that is 3 years from the date of issue.
  • (ii) 1,500,000 options will vest subject to the 20-day VWAP reaching a vesting price of $2.00, during the period from 1 July 2022 and prior to 5.00pm (WST) on the date that is 3 years from the date of issue.

The Vesting conditions are subject to Brett Keillor remaining an eligible participant under the Company's Employee Incentive plan at all times until vesting (subject to the Board's discretion).

The new Incentive Options issued were valued using an up-and-in trinomial model. The inputs have been detailed below:

Tranche	DividendYield	ValuationDate	ExpectedVolatility	Risk-FreeInterestRate	Expiry	UnderlyingSharePrice	ValueperRight($)	Total FairValue($)
A	-	18 Jul 2022	91.3%	3.07%	13 Dec 2025	$0.245	0.0109	$16,170
B	-	18 Jul 2022	91.3%	3.07%	13 Dec 2025	$0.245	0.0042	$6,248

(iii) During the period, the Company issued 2,000,000 zero exercise price options to Mr Shane Sikora, the Managing Director of the Company as an incentive for continued service to the Company.

Of the 2,000,000 options, the options will vest as follows:

• (iii) 1,000,000 options will vest subject to the 20-day VWAP reaching a vesting price of $1.00, during the period from 1 July 2022 and prior to 5.00pm (WST) on the date that is 3 years from the date of issue.
• (iv) 1,000,000 options will vest subject to the 20-day VWAP reaching a vesting price of $2.00, during the period from 1 July 2022 and prior to 5.00pm (WST) on the date that is 3 years from the date of issue.

The Vesting conditions are subject to Shane Sikora remaining an eligible participant under the Company's Employee Incentive plan at all times until vesting (subject to the Board's discretion).

For the Half-Year Ended 31 December 2022

NOTE 8: SHARE BASED PAYMENTS (continued)

The new Director Incentive Options issued were valued using an up-and-in trinomial model. The inputs have been detailed below:

Tranche	DividendYield	ValuationDate	ExpectedVolatility	Risk-FreeInterestRate	Expiry	UnderlyingSharePrice	ValueperRight($)	Total FairValue($)
A	-	30 Nov 2022	92.7%	3.17%	13 Dec 2025	$0.240	0.0106	$10,560
B	-	30 Nov 2022	92.7%	3.17%	13 Dec 2025	$0.240	0.0036	$3,600

(iv) The expense of $16,391 relates to Director Incentive Options which were issued in a prior period.

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 Dec 2022	30 Jun 2022
	$	$
Not longer than 12 months	1,390,403	1,773,755
Between 12 months and 5 years	3,078,407	4,283,931
Longer than 5 years	583,653	647,193
	5,052,463	6,704,879

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 (Zenith Minerals) 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.

NOTE 11: CONTINGENT LIABILITIES (continued)

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 2022, or since that date and the date of this report.

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 16 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 2022 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 14 March 2023

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 condensed consolidated statement of financial position as at 31 December 2022, 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 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 the Consolidated Entity does not comply with the Corporations Act 2001 including:

• a. Giving a true and fair view of the Consolidated Entity's financial position as at 31 December 2022 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.

Responsibility of the Directors for the Financial Report

The directors of the Company 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 2022 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.

HALL CHADWICK AUDIT WA PTY LTD D M BELL CA

Dated this 14 th day of March 2023 Perth, Western Australia

Director