Rumble Resources Ltd
- ASX Code: RTR
- Market Cap: $66,346,917
Rumble Resources Advances Western Queen Gold Project Toward Production
Rumble Resources (ASX: RTR) has released a development update on its Western Queen Gold and Tungsten Project, confirming a series of milestones that bring the company closer to a production decision. This Rumble Resources Western Queen gold project update covers the granting of a critical water licence, the appointment of a senior operations executive, and progress on an updated economic study, indicating that development activity is now gathering pace.
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The Western Queen Story in Brief
Western Queen is a wholly owned gold and tungsten project located 90km northwest of Mount Magnet in Western Australia's Yalgoo Mineral Field. The site carries a substantial production history, with prior operations extracting 880,000 tonnes at 7.6 g/t gold for 215,000 ounces across two deposits before mining ceased.
According to the update, the project is now defined by an upgraded resource base, a secured processing pathway, and a development plan aimed at near-term cash generation. Rumble holds 100% equity in the project, meaning shareholders retain full exposure to any value created as development progresses.
The current Mineral Resource Estimate, released in June 2026, includes the following figures:
| Metric | Figure |
|---|---|
| Total Resource | 5.13Mt @ 2.6 g/t Au |
| Contained Gold | 433,600oz |
| Indicated Resources | 2.46Mt @ 2.9 g/t Au |
| Indicated Contained Gold | 227,700oz |
| High-Grade Central Zone | 145kt @ 11.3 g/t Au for 52,500oz |
The high-grade Central zone, situated directly beneath the historical underground workings, is described by the company as a notable feature that will be incorporated into the Updated Scoping Study for the first time.
Critical Water Licence Granted — Dewatering Can Now Begin
Among the developments outlined in this Rumble Resources Western Queen gold project update is the granting of a Groundwater Extraction Licence by the Department of Water and Environmental Regulation (DWER). This licence is the prerequisite for dewatering the Western Queen South open pit, described as the first physical task required before underground mine development can proceed.
With the licence secured, Rumble has reported the following actions:
- A preferred pit dewatering contractor has been engaged
- Pumps and pipework have been ordered
- The formal contractor agreement is being finalised
The remaining major approval outstanding is the Mine Development and Closure Proposal, which the company states must be received before underground pre-development works can formally commence.
"We are 100% committed to getting Western Queen into production as soon as possible. The first major task is dewatering of the Western Queen South open pit, and we are pleased to report that we have recently received the Groundwater Extraction Licence to enable this to commence," said Peter Harold, Managing Director and CEO of Rumble Resources.
What the November 2025 Scoping Study Shows
While Rumble is currently preparing an updated version, the November 2025 Scoping Study, undertaken by independent mining consultant Baybridge Mining Services, provides the baseline financial framework for the project.
| Scoping Study Metric | Result |
|---|---|
| Production Target | 617kt @ 2.95 g/t Au for 58,500oz |
| Mine Life | Two years |
| Free Cash Flow | $133 million |
| NPV (8% discount rate) | $112 million |
| IRR | 370% |
| Gold Price Assumption | $5,540/oz |
| Current Spot Gold Price (approx.) | $6,150/oz |
| All-In Sustaining Cost | $2,970/oz |
| Upfront Pre-Development Capital | Less than $10 million |
Two points from the study are worth noting. First, the study was modelled at a gold price of $5,540/oz, compared with the current spot price of approximately $6,150/oz — a difference that may support improved project economics in the updated study.
Furthermore, the original study incorporated only 29% of the July 2025 Mineral Resource at Western Queen South, leaving a substantial portion of the resource base outside the financial model. The Updated Scoping Study, expected in late September 2026, is intended to incorporate a larger portion of the resource, including the new high-grade Central zone, revised capital and operating cost estimates, and the finalised terms of the toll milling agreement.
Understanding the Toll Milling Arrangement
What Is Toll Milling?
Toll milling is an arrangement where a mining company sends its ore to be processed at a third-party facility in exchange for a fee, rather than constructing its own processing plant. The main advantage of this approach is that it removes the need for substantial upfront capital spending on processing infrastructure.
Why Does This Matter for Western Queen?
One notable feature of this project is the sub-$10 million upfront pre-development capital estimate outlined in the November 2025 Scoping Study. This relatively low capital requirement is linked to the toll milling agreement executed between Rumble, Gylden Resources Pty Ltd and Kirkalocka Gold SPV Pty Ltd.
Under the agreement, ore from Western Queen will be processed at Gylden's Kirkalocka plant, located approximately 180km southeast of the project. Gylden is currently refurbishing the plant, which is scheduled to come online in the second half of 2026, broadly aligning with Rumble's own production timeline.
The final terms of the agreement will be incorporated into the Updated Scoping Study, which is consequently expected to provide investors with a clearer picture of project economics once released.
Approvals Tracker — Where Things Stand
Rumble has progressed through its approvals pathway in stages. The table below summarises the current status of key permits.
| Permit / Approval | Status |
|---|---|
| Works Approval | Granted |
| Native Vegetation Clearance Approval | Granted |
| Groundwater Extraction Licence | Granted |
| Mine Development and Closure Proposal | Outstanding |
The Mine Development and Closure Proposal represents the final major regulatory step required before underground pre-development can commence, and progress on this front is likely to be closely watched by investors in coming weeks.
Development Milestone Roadmap
According to the update, Rumble has outlined a sequence of activities extending from the current period through to a potential Decision to Mine. The milestones are described as sequential and interdependent.
- Pit Dewatering — Contractor engaged, equipment ordered, agreement being finalised, with commencement expected in CY2026.
- Open Pit Cleanup — Ramp and floor remediation to prepare for underground access, to follow dewatering.
- Updated Scoping Study — Expected late September 2026, reflecting the larger resource, updated costs, and finalised toll milling terms.
- Project Financing — Following the Updated Scoping Study, potential debt providers are to be formally invited to submit financing term sheets.
- Bankable Feasibility Study — To proceed subject to positive Updated Scoping Study results and acceptable indicative financing terms.
- Decision to Mine — Targeted for the December quarter 2026.
- First Ore Delivery — Expected approximately six months after the portal is cut, according to management guidance.
In addition, the appointment of Jake Campbell as General Manager Operations, effective 10 August, adds meaningful operational capacity to this timeline. Campbell brings more than 15 years of underground mining experience, specifically in project development, commissioning and operations.
Tungsten as a Secondary Consideration
Western Queen also carries a tungsten component. In August 2025, Rumble announced a maiden tungsten Mineral Resource Estimate of 4.31Mt @ 0.31% WO3 for 13,200 tonnes of WO3. The tungsten mineralisation occurs within a prograde skarn stage lying adjacent to the gold mineralisation, and the resource remains open in all directions.
Metallurgical testwork has indicated the scheelite material can be upgraded to a concentrate containing 48% WO3 at a 45% recovery using a conventional gravity circuit. A Scoping Study for the tungsten component is planned once the gold Bankable Feasibility Study is completed, positioning the resource as a potential future consideration alongside the gold development timeline.
Summary of Reported Progress
The Rumble Resources Western Queen gold project update reflects progress across several areas concurrently rather than a single announcement. Items confirmed or advanced in the update include:
- Groundwater Extraction Licence granted, addressing a key requirement for dewatering
- Dewatering contractor engaged and equipment ordered
- Updated Scoping Study on track for late September 2026, incorporating a larger resource base
- GM Operations appointed, bringing underground mining experience
- Toll milling agreement executed, with the Kirkalocka facility targeting H2 2026 commissioning
- Decision to Mine targeted for December quarter 2026
The financial profile modelled in the November 2025 Scoping Study reflects relatively low upfront capital requirements and a 370% IRR at the assumed gold price. Whether the Updated Scoping Study improves on these figures will depend on the larger resource base and prevailing gold price environment at the time of release. The tungsten resource, however, represents an additional consideration that has not yet been incorporated into any financial modelling.
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Glossary of Key Terms
Mineral Resource Estimate (MRE): A formal estimate of the quantity and grade of mineralisation identified in a deposit, classified according to the level of geological confidence (Inferred, Indicated, Measured) under the JORC Code.
Indicated Resource: A category of Mineral Resource where sufficient drilling and sampling has been completed to allow reasonable assumptions about continuity of mineralisation. Indicated Resources carry more confidence than Inferred Resources and can be used in economic studies.
Scoping Study: A preliminary economic assessment used to evaluate whether a project warrants further detailed study. It provides order-of-magnitude estimates of costs, revenues and project returns.
Bankable Feasibility Study (BFS): A detailed technical and financial study of sufficient quality to support a final investment decision and to underwrite project financing from debt providers.
IRR (Internal Rate of Return): A financial metric representing the annualised rate of return on an investment.
NPV (Net Present Value): The present-day value of a project's future cash flows, discounted at a specified rate.
AISC (All-In Sustaining Cost): A comprehensive measure of the cost to produce one ounce of gold, including mining, processing, administration and sustaining capital.
WO3: Tungsten trioxide, the standard measure used to express tungsten grade and resource size.
Toll Milling: Processing ore at a third-party facility for a fee, avoiding the capital cost of building a dedicated processing plant.
Ready to Explore Rumble Resources' Path to Production at Western Queen?
With a Decision to Mine targeted for the December quarter 2026, a 370% IRR scoping study, and sub-$10 million upfront capital requirements, Rumble Resources (ASX: RTR) is advancing the Western Queen Gold Project through a clearly defined development roadmap. Investors seeking to understand the full scope of the opportunity — including the upcoming Updated Scoping Study, toll milling arrangements, and the project's high-grade Central zone — can find further details at the Rumble Resources website.
