Rumble Resources Secures $10 Million Royalty and Advances Western Queen Development

• Second $5 million milestone payment from Elemental Royalty received
• Key condition precedent met for ore toll milling with Gylden and Kirkalocka Gold
• Updated Western Queen resource estimates due in June 2026
• Feasibility and scoping studies on track for gold and tungsten
• Recruitment underway for operations team and permitting progressing

Milestone Royalty Payment Strengthens Project Funding

Rumble Resources (ASX:RTR) has banked the second $5 million payment from Elemental Royalty, completing a $10 million milestone tied to the sale of a 2.5% net smelter return (NSR) gold royalty on future production from its Western Queen project. The initial $5 million was received in mid-May, with the latest tranche paid upon Rumble securing binding agreements for toll processing of ore, confirming strong financial backing as the project advances.

Ore Toll Milling Agreement Clears Key Hurdle

Progress on the ore toll milling front also gained traction with a critical condition precedent satisfied. Ramelius Resources, which held pre-emptive rights to process Western Queen ore, has formally declined to exercise these rights. This clears the way for Rumble’s agreement with Gylden Resources and Kirkalocka Gold to process gold-bearing ore at Kirkalocka’s 2.1Mtpa plant, located about 180km from Western Queen. The deal, spanning nearly five years, allows Rumble to retain 100% of recovered gold and provides flexible milling campaigns blending Western Queen and Gylden ore or running dedicated Western Queen ore batches.

Resource and Study Updates Signal Development Momentum

The company is on track to release updated mineral resource estimates for Western Queen South and Central in June, incorporating results from a recent 17,500m diamond drilling campaign. This update is expected to underpin the September-quarter feasibility study for gold mining and a scoping study for tungsten, both progressing as planned. The tungsten scoping study aims to evaluate processing tungsten-bearing ore via a dedicated circuit at Kirkalocka, capitalising on promising metallurgical results that confirmed a 48% WO3 concentrate at 45% recovery through simple gravity processing.

Advancing Mine Design and Permitting

AMC Consultants are developing detailed mine designs building on a robust November 2025 scoping study, which outlined a low-capital underground mining operation with strong economics. Meanwhile, Rumble is advancing permitting, with key approvals like the Works Approval and Native Vegetation Clearance already secured. The remaining Groundwater Licence and Mine Development and Closure Proposal approvals are pending, with pit dewatering set to commence once licences are granted. The company is also recruiting personnel to manage upcoming mining operations and has received multiple expressions of interest from potential underground mining contractors.

Western Queen Positioned for Next Phase

With funding secured and operational agreements in place, Rumble is moving Western Queen into pre-development. The project’s combined gold and tungsten resources, alongside the potential to expand the mining inventory by upgrading inferred resources, provide a clear pathway to value creation. The toll milling arrangement mitigates upfront capital expenditure and accelerates production timelines, while ongoing studies and permitting will shape the final investment decision expected later this year.

Bottom Line?

Rumble Resources has cleared crucial financial and contractual milestones, setting the stage for a final investment decision on Western Queen later in 2026.

Questions in the middle?

• Will updated resource estimates significantly expand the mineable inventory at Western Queen?
• How will tungsten production integration impact project economics and timelines?
• What are the potential risks or delays associated with pending permitting approvals?