Execution Risks Loom as Rumble Finalizes Agreements to Unlock Western Queen’s Gold and Tungsten Potential

Strategic Partnership Paves Path to Production

Rumble Resources Limited (ASX: RTR) has made significant strides in advancing its Western Queen Gold-Tungsten Project towards near-term production, targeting late 2025. Central to this progress is a joint venture arrangement with Bain Global Resources and MEGA Resources, where Bain will fund up to $25 million in development and working capital, with MEGA providing mining services. This structure allows Rumble to avoid upfront capital expenditure while sharing future free cash flow after cost recovery.

Definitive agreements are in the final negotiation stages, with a target signing date of 30 May 2025. Meanwhile, MEGA is managing permitting and approvals, and major mining equipment, including Cat excavators and haul trucks, is scheduled to arrive mid-year, underscoring the project’s momentum.

Encouraging Drilling Results Bolster Resource Potential

Drilling at the Duke Prospect, part of the Western Queen Project, has yielded impressive gold intercepts such as 4 meters at 6.27 g/t Au including a high-grade 1-meter interval at 23.03 g/t Au. These results confirm multiple high-grade lodes and support plans for open pit mining.

Complementing the gold discoveries, Rumble has uncovered significant tungsten mineralisation through sampling of 78 historical diamond drill holes. Notable tungsten assays include 0.55 meters grading nearly 25% WO3 and broader intervals exceeding 1% WO3, often accompanied by gold. This dual commodity potential enhances the project’s value proposition.

To better understand tungsten recovery, Rumble has commenced preliminary metallurgical testwork on scheelite-bearing material, aiming to refine processing strategies ahead of resource estimation.

Earaheedy Scoping Study and Thunderstorm Acquisition Expand Growth Pipeline

Beyond Western Queen, Rumble is progressing an internal scoping study on its Earaheedy Zinc-Lead-Silver Project in Western Australia. This study, expected to conclude by Q3 2025, will provide a preliminary economic assessment and guide future engineering design and development decisions.

In a strategic move to consolidate its exploration portfolio, Rumble acquired the remaining 70% interest in the Thunderstorm Gold Project from IGO Limited, securing 100% ownership. The project, located in the Fraser Range Province, has demonstrated widespread gold anomalism in previous drilling campaigns, with standout results such as 16 meters at 6.69 g/t Au at the Gazelle Prospect.

Financial Position and Outlook

Rumble ended the March quarter with a cash balance of $4.1 million, supporting ongoing exploration and development expenditures totaling approximately $1.8 million. The company’s capital-light approach to Western Queen’s development, combined with its expanding project portfolio, positions it well to deliver value in the coming quarters.

As Rumble finalizes binding agreements and advances metallurgical and scoping studies, the market will be watching closely for updates on ore tolling arrangements and resource upgrades that could underpin a robust production profile.