Western Queen Gold Resource Upgraded 29% to 370,000 Ounces Amid $9M Capital Raise

Capital Raise to Fuel Growth

Rumble Resources Limited (ASX – RTR) has announced a $9 million capital raising comprising a two-tranche placement and a pro-rata entitlement offer. The funds are earmarked primarily for advancing drilling programs, mining studies, and pre-development activities at its flagship Western Queen gold and tungsten projects in Western Australia.

The placement includes a $5 million tranche within existing placement capacity and a $2 million tranche subject to shareholder approval, alongside a $2 million entitlement offer to existing shareholders. The offer price of $0.025 per share represents a significant discount to recent trading prices, reflecting a strategic move to secure funding ahead of key development milestones.

Western Queen – A Growing Gold and Tungsten Asset

Western Queen has seen a substantial upgrade in its mineral resource estimate, with gold resources increasing to 370,000 ounces at an average grade of 3.1 grams per tonne, a 53% increase in grade and a 29% increase in contained ounces since the last update. This positions Western Queen as a high-grade gold project with near-term production potential.

Alongside gold, Rumble has reported a maiden tungsten resource of 13.2 kilotonnes of WO3, opening the possibility of a valuable co-product revenue stream. Tungsten mineralisation occurs in higher-grade lodes parallel to the gold deposits, enhancing the project's economic prospects.

Pathway to Production and Strategic Partnerships

The company is progressing towards production with options for both open pit and underground mining. A key development is a collaboration agreement with Bain Global Resources LLP and its Australian subsidiary MEGA Resources, which will provide mining services and potentially fund up to $35 million in working capital. Rumble and Bain plan to share free cash flow equally after development costs are repaid, aiming for production in the second half of calendar year 2026, contingent on approvals and final investment decisions.

Rumble is also advancing ore tolling agreements and conducting metallurgical testwork to optimise processing routes, particularly for tungsten. The company plans to release an underground scoping study in the December 2025 quarter, which could further inform development strategy.

Earaheedy Project – A Base Metals Giant Seeking Partners

Beyond gold and tungsten, Rumble’s Earaheedy project hosts a globally significant zinc-lead-silver resource, with a maiden inferred mineral resource estimate of 94 million tonnes at 3.1% combined zinc and lead and 4.1 grams per tonne silver. This equates to 2.2 million tonnes of zinc, 0.7 million tonnes of lead, and 12.6 million ounces of silver contained metal.

The project remains open for expansion, with less than 30% of the prospective host rock effectively drill tested. Rumble is actively seeking a development partner to advance Earaheedy, highlighting its potential as a large-scale, low-cost open pit mining opportunity in a premier jurisdiction.

Exploration and Other Projects

Rumble continues to explore additional targets, including the Thunderstorm gold project in the Fraser Range, where recent high-grade intersections have been reported. The company is planning further drilling campaigns to build on these early successes and is also advancing copper and gold exploration at other regional projects.

Risks and Outlook

The company’s announcement includes a comprehensive outline of risks typical for mining exploration and development companies. These range from capital requirements, exploration success, regulatory approvals, commodity price volatility, to operational and environmental risks. While the capital raise strengthens Rumble’s position, the path to production remains contingent on multiple factors including securing final approvals, financing, and market conditions.