Rumble’s Western Queen Scoping Study Shows $112M NPV and 370% IRR

Exploration Momentum Builds

Rumble Resources Limited (ASX – RTR) has made notable strides in advancing its Western Queen Gold and Tungsten Project in Western Australia. The company’s diamond drilling campaign, initiated in late October 2025, has already completed 25 holes, intersecting the anticipated sheared silica-sulphide zones that host both gold and tungsten mineralisation. While assay results remain pending, expected in January 2026, early geological observations align well with Rumble’s updated structural model, reinforcing confidence in resource expansion potential.

Robust Underground Mining Economics

Complementing exploration progress, Rumble released a scoping study for the Western Queen South underground mine in November 2025. The study, conducted by independent consultants, outlines a compelling project with a production target of 617,000 tonnes at 2.95 grams per tonne gold, equating to approximately 58,500 ounces. Financial metrics are particularly strong, featuring a net present value of $112 million at an 8% discount rate and an internal rate of return of 370%, based on a conservative gold price of A$5,540 per ounce, well below current spot prices exceeding A$6,500.

Notably, the project requires a modest upfront capital investment of under $10 million and anticipates all-in sustaining costs around A$2,970 per ounce, positioning it as a potentially profitable near-term producer. The mine design leverages simple underground uphole stoping methods, benefiting from the deposit’s steep geometry, and currently includes only 29% of the existing resource, suggesting room for mine life extension.

Processing and Financing in Focus

Rumble is actively negotiating a toll milling agreement with Gylden Resources to process ore at the Kirkalocka plant, approximately 180 kilometres from the Western Queen site. Gylden plans to refurbish the facility and resume operations in the latter half of 2026. While the agreement remains in draft form and subject to negotiation, the scoping study’s processing cost assumptions are informed by these discussions and comparable regional arrangements.

On the financing front, Rumble intends to fund the project primarily through debt, leveraging the low capital intensity and working capital needs. Discussions with potential financiers are underway, with the company targeting debt arrangements by the second quarter of 2026.

Tungsten’s Emerging Role

Alongside gold, tungsten represents a significant co-product opportunity at Western Queen. The maiden tungsten resource, announced earlier in 2025, totals 4.31 million tonnes at 0.31% WO3, including a higher-grade segment. Metallurgical testwork is currently underway to refine processing flowsheets and optimise concentrate grades and recoveries. Results expected in early 2026 will be critical in defining the economic contribution tungsten can make to the project’s revenue stream.

Looking Ahead

Rumble’s immediate priorities include finalising assay results from the current drilling program, advancing permitting for underground mining, and concluding metallurgical studies. The company is also focused on upgrading inferred resources to indicated status to expand the mine plan and extend project life. With multiple catalysts on the horizon, Western Queen is shaping up as a promising development poised to deliver value in the near term.