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	0.026	938882090	5000000	24540934.34	4.1/0


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

Western Queen Gold Project Mt Magnet WA

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

Project Data

In August 2019, the company bought the project from RMS for $1m. At the time, the resource stands at 120,000 ounce (962,000@3.9 g/t)

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.

OTHER ASSETS

Earaheedy Base Metals Project WA (75% with ZNC)

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

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.