Western Queen Gold Resource Climbs to 370,000 Oz at 3.1g/t, Tungsten Estimate Pending

• Western Queen gold resource upgraded to 370,000 oz at 3.1g/t Au, a 29% increase
• High-grade gold and tungsten intersections confirm multi-commodity potential
• Underground mining scoping study underway alongside open pit permitting
• Earaheedy zinc-lead-silver project scoping study on track for Q3 2025 completion
• Cash reserves at $1.9 million with ongoing financing and processing discussions

Resource Growth at Western Queen

Rumble Resources Limited (ASX – RTR) has reported a substantial upgrade to its Western Queen Gold Project, with the Mineral Resource Estimate (MRE) rising to 3.72 million tonnes at 3.1 grams per tonne gold, totaling 370,000 ounces. This marks a 29% increase in contained gold ounces and a notable 53% uplift in average grade compared to the previous estimate from October 2024. The upgrade was driven by over 10,600 metres of recent drilling, focusing on expanding high-grade zones, particularly at Western Queen South, which alone saw a 59% increase in ounces.

The resource remains open along strike and at depth, underscoring the potential for further expansion. Rumble plans additional drilling to convert a significant portion of inferred resources to the higher-confidence indicated category, a critical step toward advancing the project’s development.

High-Grade Gold and Tungsten Intersections

Diamond drilling has confirmed the presence of high-grade gold mineralisation extending down plunge, with standout intercepts including 6.93 metres at 4.10 g/t gold and a narrow but exceptional 0.3 metres at 32.38 g/t gold. Alongside gold, the company has intersected significant tungsten mineralisation, with assays revealing zones grading up to 10.53% WO3. Petrographic studies indicate that tungsten mineralisation predates the orogenic gold, suggesting a complex and potentially lucrative multi-commodity deposit.

Rumble is preparing a maiden tungsten Mineral Resource Estimate, expected in the September quarter, which could add a valuable revenue stream to the project. Preliminary metallurgical testwork supports the economic potential of tungsten recovery, with further testing underway.

Advancing Mining Studies and Permitting

In response to the increased resource size and grade, Rumble has initiated a detailed underground mining scoping study for Western Queen South and Central deposits. Early results from a proof-of-concept study are positive, complementing ongoing open pit mine planning. Adjustments to the open pit design have increased the strip ratio and working capital requirements, prompting a re-optimisation to maximise free cash flow.

Permitting progress is steady, with key approvals submitted for open pit mining. The company is also in advanced discussions with potential third-party ore processors, including mills currently on care and maintenance within 200 kilometres of the project, which could facilitate rapid project ramp-up.

Earaheedy Zinc-Lead-Silver Project Scoping Study

Parallel to Western Queen, Rumble is advancing an internal scoping study for its Earaheedy Zn-Pb-Ag Project. The study engages multiple specialist consultants to evaluate mining, processing, environmental, hydrogeological, and geotechnical aspects. Scheduled for completion in the third quarter of 2025, this work aims to define the project’s economic potential and guide future development decisions.

Financial Position and Outlook

As of June 30, 2025, Rumble held $1.9 million in cash, with quarterly outflows of $2.27 million primarily directed toward exploration and corporate costs. The company is actively exploring options to enhance working capital, including selling an additional gold royalty for upfront cash. Discussions with Bain Global Resources and MEGA Resources continue to finalise financing and operational agreements, with execution deadlines extended to September 30, 2025.

Rumble’s diversified portfolio across Western Australia, including gold, base metals, lithium, and specialty metals projects, positions it well for multiple growth avenues. The coming quarters will be critical as resource updates, mining studies, and financing arrangements unfold.

Bottom Line?

Rumble’s resource growth and multi-commodity potential at Western Queen, combined with advancing studies at Earaheedy, set the stage for a transformative phase; yet financing and execution risks remain key watchpoints.

Questions in the middle?

• How will the maiden tungsten resource impact the overall project economics at Western Queen?
• What are the expected timelines and capital requirements for transitioning from studies to production?
• Can Rumble secure the necessary financing and processing agreements to sustain development momentum?