Rumble Resources Accelerates Gold Production and Expands Resource Base at Western Queen

Western Queen Project: Pathway to Production

Rumble Resources Ltd (ASX: RTR) has made a decisive step toward near-term gold production at its Western Queen Project in Western Australia. The company entered into an indicative non-binding term sheet with Bain Global Resources and MEGA Resources, setting the stage for a joint venture to develop the open pit gold resources without requiring upfront capital from Rumble. MEGA will provide mining services and fund development costs up to $25 million, with an additional $10 million cost overrun facility available.

This arrangement allows Rumble and Bain to share free cashflow after cost recovery, with definitive agreements targeted for signing by the end of February 2025. The initial development plan focuses on deepening the Western Queen South open pit, which holds a JORC resource of approximately 1.42 million tonnes at 1.59 g/t gold for 72,500 ounces, alongside smaller pits such as Duke and Princess.

Resource Upgrade and Exploration Potential

The December quarter saw a substantial 76% increase in the Western Queen Mineral Resource Estimate (MRE), now standing at 4.42 million tonnes at 2.02 g/t gold for 286,600 ounces. Notably, Indicated Resources surged by 142%, comprising 56% of the total resource. This upgrade reflects a comprehensive geological review and incorporation of new mineralisation zones, with resources fully contained within granted mining licences.

Rumble has also commenced a major drilling program targeting both gold and tungsten mineralisation along the Western Queen Shear Zone. Phase 1 drilling completed in late December 2024 delivered 4,736 meters of reverse circulation and 680 meters of diamond drilling, with assay results expected in early 2025. Phase 2 drilling is scheduled to begin mid-Q1 2025, aiming to expand high-grade discoveries and support future resource upgrades.

Tungsten Discovery: A Strategic Commodity

Complementing the gold potential, Rumble confirmed significant tungsten mineralisation at Western Queen, with assays revealing high-grade intersections such as 4 meters at 4.58% WO3 and 0.72 g/t gold. Tungsten mineralisation extends over a continuous 1.3-kilometer strike and remains open in all directions, positioning Western Queen as a potentially high-grade tungsten resource compared to global peers.

Recognising tungsten's critical raw material status and supply risks, particularly given China's dominant production, Rumble is advancing a preliminary tungsten metallurgy program in early 2025. The company has also collected 500 kilograms of scheelite-bearing samples from historic mine waste for metallurgical testing, underscoring its commitment to unlocking this emerging specialty metal opportunity.

Earaheedy Zinc-Lead-Silver Project: Metallurgical Breakthroughs

At the Earaheedy Project, Rumble completed metallurgical test work on the Chinook Deposit, achieving excellent recoveries of 79% zinc into a high-grade bulk concentrate suitable for the Imperial Smelting Process. Innovative HydroFloat™ technology demonstrated the ability to reject over 30% of barren material early in processing, promising reduced plant footprint and operating costs.

The test work supports a simplified, low-capex and low-opex flowsheet adaptable to variable feed grades, enhancing the project's economic viability. An internal scoping study is set to commence in Q1 2025 to further refine project economics and processing strategies.

Corporate and Financial Position

Rumble successfully raised $7.1 million through a two-tranche placement at 4 cents per share, attracting support from existing shareholders including Bain Resource Holdings and new institutional investors. The company ended the quarter with a healthy cash balance of $5.7 million, providing a solid financial foundation for ongoing exploration and development activities.

Exploration expenditure for the quarter was $1.8 million, focused primarily on advancing Western Queen and Earaheedy projects. The company also maintained disciplined corporate costs and staff expenses, reflecting prudent financial management amid an active development phase.

Outlook

Rumble Resources is poised for a transformative year as it moves toward gold production at Western Queen, leverages its tungsten discovery, and advances the Earaheedy zinc project toward feasibility. The upcoming drilling results and execution of joint venture agreements will be critical milestones to watch, potentially reshaping the company's growth trajectory and market positioning.