How Will Rumble’s $9M Raise Transform Western Queen’s Gold-Tungsten Future?
Rumble Resources has raised $9 million through a combination of institutional placement and entitlement offer to advance its Western Queen gold and tungsten project, targeting production by mid-2026.
- Oversubscribed $7 million two-tranche institutional placement
- Pro rata non-renounceable entitlement offer to raise up to $2 million
- Funds allocated for drilling, mining studies, and metallurgical testwork
- Potential production start in second half of 2026 pending approvals
- Strong support from new investors including Tribeca Investment Partners and company directors
Capital Raising to Accelerate Development
Rumble Resources Limited (ASX, RTR) has announced a significant $9 million capital raising aimed at advancing its Western Queen gold and tungsten project in Western Australia. The raise comprises a $7 million two-tranche institutional placement and a $2 million pro rata non-renounceable entitlement offer to existing shareholders. This infusion of capital underscores growing investor confidence in Rumble’s unique asset base and its pathway towards mine development.
Investor and Director Backing
The placement was notably oversubscribed, attracting strong support from both existing and new institutional investors, including Tribeca Investment Partners, which is set to become a substantial shareholder. Additionally, several Rumble directors have committed to participate in the placement, signaling internal confidence in the project’s prospects. The shares under the placement and entitlement offer are priced at $0.025 each, reflecting a discount to recent trading prices to encourage participation.
Advancing Western Queen Towards Production
With the capital secured, Rumble plans to commence diamond drilling at Western Queen as early as October 2025. The funds will support an extensive resource extension and infill drilling program, mining studies, pre-development activities, and tungsten metallurgical testwork. The company has also received a draft ore toll milling agreement consistent with its internal studies, a critical step towards operational readiness.
However, Rumble emphasizes that several conditions must be met before production can begin, including the completion of scoping studies, execution of milling or ore sale agreements, securing project financing, and obtaining necessary regulatory approvals. If these align, the company aims to start production in the second half of calendar year 2026, pending a final investment decision by the board.
Next Steps and Shareholder Engagement
The entitlement offer opens on 16 September 2025 and closes on 26 September 2025, providing eligible Australian and New Zealand shareholders the opportunity to participate in the capital raising. An extraordinary general meeting is expected in October to approve the second tranche of the placement, including director participation. Rumble’s management has expressed gratitude for the strong investor support and remains focused on delivering value through the Western Queen project.
Bottom Line?
Rumble’s successful capital raise sets the stage for critical drilling and development milestones, but execution risks remain as it navigates approvals and financing ahead of potential production.
Questions in the middle?
- Will the entitlement offer fully subscribe given it is non-underwritten?
- How will the final investment decision timeline align with regulatory approvals?
- What are the terms and risks associated with the ore toll milling agreement?
