Rumble Resources (ASX: RTR) – Earaheedy Zn-Pb Project

COMPANY SCOREBOARD

Pro Plus	Pro	Con Plus	Con
	Potential for more resources	Resources are scattered and very sensitive to cut-off grade Management lacks development experience	Company requires diversification and consolidation to further develop Earaheedy

ABOUT COMPANY

Rumble Resources (RTR) (http://www.rumbleresources.com.au/) explores a variety of minerals in Western Australia. Its flagship is the Earaheedy Base Metals Project.

CAPITAL STRUCTURE


ASX Code	Share Price	Shares	Option (In)	Market Cap	Cash/Asset ($m)
RTR	0.071	702892244	5000000	50260349.3240	1.5/0


Holders No	Top 20 (Cur)	Top 20 (Pre)	Director Hold	Performance Right	Note
4747	27.45%	32.36%	8.82%		last raise $14.1m@13.5c; pre raise $40.2m@50c

MD, Shane Sikora, resigned in September 2023.

FLAGSHIP ASSETS

Earaheedy Base Metals Project WA (75% with ZNC)

Earaheedy - Base Metals - RTR, ZNC, CDT, CNR

Project Data

The company set the exploration target as 100Mt@3.5% since first discovery in early 2021. As a comparison, G1A had a resource estimate of 34.5Mt@7.2%.

The defined resources are highly sensitive to the cut-off grade, its significantly less than what the company initially targeted for.

The flotation optimisation is due to be reported in May/June 2024.

Below are the project’s resources:

OTHER ASSETS

Wardawarra Ni-Cu-Co-Li-Ta-Nb-Sn-Au Project Mt Magnet WA

Western Queen Gold Project Mt Magnet WA

The WQ currently has resource of 2.1Mt @ 2.42g/t Au for a total of 163,268 ounces. The company has stopped working or even talking about the project since early 2022 after the new resource definition.

Mt Magnet - Lithium, Gold, REE - RMS, GCY, ZNC, ARN, KTA

Lamil Gold-Copper Project Paterson WA (50-50 A1M)

AIC can earn a 50% interest by issuing Rumble 714,286 new shares in AIC for nil cash consideration and spending $6 million over four years. AIC can earn a further 15% by spending $4 million over one year.

Braeside Copper-Gold-Silver-Zinc-Lead-Vanadium Project Paterson WA

Warroo Cu-Zn-Pb-Ag-Au-U-Pt Project Paterson WA

Paterson - Gold, Copper -IGO, RIO, NCM, FMG

Munarra Gully Gold-Copper-Silver-Zinc Project Meekatharra WA

Meekathara - Gold, Copper - WGX, MEK, ODY, GBR, S2R, DYM

Fraser Range Project (IGO 70% JV)

Fraser Range - Nickel - IGO, LEG, CWX, RTR, GAL

SUMMARY

Before the Earaheedy discovery, the company had 530m shares@10c for a $53m market cap. Given STK and ZNC‘s failured spin-off their Earaheedy assets, the company’s Earaheedy asset is perhaps only worth the $40m in-ground money. The likely outcome would be STK takes the whole area.

The Western Queen Gold Project has sat on its hands for many years.