Rumble Resources Clears Key Milestones at Western Queen Gold and Tungsten Project

Rumble Resources Clears Key Hurdles as Western Queen Charges Toward Production

Rumble Resources (ASX: RTR) has delivered a series of meaningful milestones in quick succession, signalling that its Western Queen Gold and Tungsten Project in Western Australia is firmly on the path toward a final investment decision. The Rumble Resources Western Queen gold and tungsten project milestone update centres on two pivotal developments: the receipt of the second and final $5 million milestone payment from Elemental Royalty, bringing total royalty proceeds to $10 million, and the clearance of a critical condition precedent in its ore toll milling agreement — with Ramelius Resources confirming it will not exercise its pre-emptive processing rights.

Together, these developments materially de-risk the project's path to production and reinforce the company's well-funded position as it advances through feasibility, permitting, and contractor engagement.

$10 Million in the Bank: Royalty Sale Fully Funded

The two-tranche royalty sale to Elemental Royalty is now complete. Under the agreement announced on 4 May 2026, Rumble exchanged its existing flat-rate gold royalty ($6–$20 per ounce) for a 2.5% Net Smelter Return (NSR) royalty on all gold produced from the Western Queen tenements — a transaction that netted Rumble $10 million in cash across two structured payments.

The royalty applies across the Western Queen tenements: M59/45, M59/208, L59/40, E20/967, and E59/2816. Royalty payments to Elemental will be made quarterly in arrears, 30 days after each quarter end. Elemental also holds a right of first refusal on any future stream, royalty, metals payment, or similar transaction over these tenements.

Proceeds are earmarked for general corporate purposes, exploration, and project development — directly fuelling the workstreams now underway at Western Queen.

Understanding Net Smelter Return Royalties

A Net Smelter Return (NSR) royalty is a royalty agreement under which the royalty holder receives a fixed percentage of the gross revenue generated from the sale of minerals, after deducting certain direct costs such as smelting, refining, and transport.

In this case, Elemental Royalty will receive 2.5% of the revenue from gold produced at Western Queen. For the project developer — Rumble — the key benefit is that it generates upfront capital without diluting equity or taking on debt, while the royalty holder gains exposure to future production revenue.

Why Does This Matter to Investors?

• It provides Rumble with non-dilutive funding at a critical pre-development stage
• The fixed percentage structure means Rumble retains the overwhelming majority (97.5%) of gold revenue
• The second payment being triggered by the toll milling agreement confirms that the commercial pathway to processing is genuinely secured

The Toll Milling Agreement: A Critical Enabler

The Ore Toll Milling and Blending Agreement with Gylden Resources and Kirkalocka Gold, announced on 19 May 2026, provides Rumble with access to a 2.1 million tonne per annum processing plant located approximately 180km by road from Western Queen — without the capital burden of building its own processing infrastructure.

Key Commercial Terms

The agreement also includes a good-faith undertaking for both parties to negotiate the potential development of a dedicated tungsten processing circuit at Kirkalocka — an important optionality lever given Rumble's emerging tungsten asset.

The Pre-Emptive Rights Hurdle Is Cleared

One of three conditions precedent required to activate the agreement was the confirmation that Ramelius Resources would not exercise its pre-emptive rights to process Western Queen ore. On 27 May 2026, Ramelius confirmed it would not be doing so. This represented a pivotal moment in the Rumble Resources Western Queen gold and tungsten project milestone update, removing a significant commercial uncertainty.

"We are also pleased that one of the key condition precedents of the ore tolling and blending agreement with Gylden has been satisfied with Ramelius not exercising their pre-emptive rights in relation to processing of Western Queen ore."
— Peter Harold, Managing Director & CEO

The remaining conditions precedent are a positive decision to mine Western Queen, and the execution of a joint gold refining contract with Gylden.

Western Queen: The Asset Underpinning It All

Project Overview

Western Queen sits 90km northwest of Mt Magnet within the Yalgoo mineral field of Western Australia. Rumble holds 100% equity in the project across two contiguous mining leases covering 9.8km², plus surrounding exploration licences under the Wardawarra Project.

The site carries significant historical pedigree — two deposits with combined historical production of 880,000t at 7.6 g/t Au for 215,000 ounces. The current mineral resource, updated in July 2025, stands at 3.72Mt at 3.1 g/t Au for 370,000 oz (Indicated and Inferred).

November 2025 Scoping Study — Key Findings

The independent Scoping Study by Baybridge Mining Services set out the economic case for the Western Queen South underground mine, and the numbers are compelling — particularly given that gold prices have moved significantly higher since the study was completed.

The low upfront capital requirement — under $10 million — combined with a high IRR and substantial free cash flow underscores why this project has attracted structured royalty funding and toll milling partnerships. Furthermore, the current gold price of approximately $6,350/oz represents a material premium above the $5,540/oz used in the scoping study, implying even more favourable economics if those prices are sustained through to the feasibility study.

Tungsten: A Separate Revenue Stream Taking Shape

What started as a gold development story now carries a dual-commodity dimension that could materially enhance project economics. High-grade tungsten (scheelite) mineralisation was discovered at Western Queen South in August 2024, and just twelve months later, Rumble announced a maiden tungsten Mineral Resource Estimate of 4.31Mt at 0.31% WO3 for 13,200 tonnes of WO3.

The higher-grade portion of the resource — 1.44Mt at 0.51% WO3 for 7,400 tonnes WO3 at a 0.3% cut-off — is particularly noteworthy. In addition, metallurgical testwork completed in March 2026 confirmed that the scheelite material can be upgraded to a concentrate containing 48% WO3 at a 45% recovery using a conventional gravity circuit — a technically straightforward processing route with favourable implications for capital and operating costs.

The Tungsten Scoping Study is on track for release within the next two months (June/July 2026), and Rumble is already in discussions with Gylden regarding the potential installation of a dedicated tungsten circuit at the Kirkalocka facility.

"We expect the updated mineral resource estimates for both gold and tungsten to be released in June, whilst the tungsten scoping study is progressing and is on track to be released in the next two months. We are now well-funded to move the Western Queen gold and tungsten project into pre-development as we move towards the final investment decision."
— Peter Harold, Managing Director & CEO

Development Workstreams: Where Things Stand

Rumble is running multiple parallel workstreams across permitting, engineering, contracting, and recruitment. The pace of activity reflects a project team operating with genuine urgency, as demonstrated throughout this Rumble Resources Western Queen gold and tungsten project milestone update.

The completion of Works Approval and Native Vegetation Clearance represents meaningful regulatory progress. However, the two outstanding approvals — Groundwater Licence and Mine Development and Closure Proposal — remain prerequisites for pit dewatering to commence.

Upcoming Catalysts to Watch

The next 90 days are exceptionally busy for Rumble, with several value-inflecting releases anticipated:

1. Updated Mineral Resource Estimates for Western Queen South and Central — incorporating results from the 17,500m diamond drill program completed in March 2026. Expected June 2026.
2. Tungsten Scoping Study — expected June/July 2026, providing the first formal economic framework for the tungsten component.
3. Groundwater Licence approval — triggering pit dewatering and advancing underground access preparation.
4. Mining Contractor Tender — to follow release of the updated schedule from AMC Consultants.
5. Gold Feasibility Study — due early in the September 2026 quarter, expected to incorporate upgraded resources and refined mine design.
6. Working Capital Debt Facility — finalisation of terms expected in parallel with feasibility work.

Why Investors Should Follow Rumble Resources

Rumble Resources occupies an interesting position in the Australian junior mining landscape: a company transitioning from explorer to developer with a fully funded near-term production asset, a low-capital development model, and an emerging dual-commodity story that the market may not yet be fully pricing in.

Consequently, several factors make the investment case worth tracking closely:

• Non-dilutive funding secured. The $10 million royalty sale to Elemental provides a meaningful runway without issuing new equity, preserving shareholder value.
• Processing solution locked in. The toll milling agreement removes one of the most capital-intensive barriers to production — there is no need to build a processing plant.
• Sub-$10 million pre-development capital. The scoping study's capital estimate is exceptionally low by industry standards, reducing execution risk and financing requirements.
• Upside from resource upgrade. Only 29% of the current Western Queen South resource was included in the scoping study's production target. Updated resource estimates due in June could substantially expand the economic footprint of the project.
• Tungsten as a genuine second revenue stream. The metallurgical results are encouraging, and the upcoming scoping study will quantify this opportunity for the first time in a formal economic context.
• Multiple near-term catalysts. With resource updates, scoping studies, a feasibility study, and contractor appointments all expected within the next one to two quarters, there is a dense newsflow pipeline ahead.

Key Takeaway

Rumble Resources has secured $10 million in royalty funding, cleared a pivotal condition precedent on its toll milling agreement, and is now executing across every major workstream toward a final investment decision. With a low-capital development model, robust scoping study economics — and the current gold price running well above study assumptions — alongside an emerging tungsten story, this Rumble Resources Western Queen gold and tungsten project milestone update gives investors multiple reasons to watch Western Queen's development trajectory closely over the months ahead.

Want to Know More About Rumble Resources and Western Queen?

With $10 million in royalty funding secured, a toll milling agreement locked in, and a dense pipeline of catalysts expected over the coming months — including updated resource estimates, a tungsten scoping study, and a gold feasibility study — Rumble Resources is advancing Western Queen at pace toward a final investment decision. To learn more about the company and its Western Queen Gold and Tungsten Project, visit the Rumble Resources website.