Announcement PDF ABN 74 148 214 260 & Controlled Entities Annual Report For the year ended 30 June 2025 Rumble Resources Ltd & Controlled Entities CONTENTS Message from the Managing Director & CEO 4 Review of Operations 5 Mineral Resources Statement 28 Directors Report 32 Remuneration Report 39 Directors Report Declaration 44 Auditor’s Independence Declaration 45 Consolidated Statement of Profit or Loss and Other Comprehensive Income 46 Consolidated Statement of Financial Position 47 Consolidated Statement of Changes in Equity 48 Consolidated Statement of Cash Flows 49 Notes to the Consolidated Financial Statements 50 Directors Declaration 73 Independent Audit Report 74 ASX Additional Information 79 Rumble Resources Ltd & Controlled Entities CORPORATE DIRECTORY PRINCIPAL AND REGISTERED OFFICE Rumble Resources Ltd Level 1, 16 Ord Street West Perth WA 6005 Tel: 08 6555 3980 Fax: 08 6555 3981 Email: info@rumbleresources.com.au Web: www.rumbleresources.com.au DIRECTORS Peter Harold - Managing Director & CEO Peter Venn -Technical Director Matthew Banks - Non-Executive Director Michael Smith - Non-Executive Director Geoff Jones - Non-Executive Director COMPANY SECRETARY Steven Wood Trevor Hart STOCK EXCHANGE SHARE REGISTRY STOCK EXCHANGE CODE - RTR Automic Group Australian Securities Exchange Limited Level 5,191 St Georges Terrace Level 40, Central Park Perth WA 6000 152-158 St Georges Terrace Tel: 1300 288 664 Perth WA 6000 www.automicgroup.com.au AUDITORS BANKERS Hall Chadwick WA Audit Pty Ltd Westpac Banking Corporation 283 Rokeby Road Level 13, 109 St Georges Terrace Subiaco WA 6008 Perth WA 6000 LAWYERS Steinepreis Paganin Level 14 – QV/250 St Georges Terrace Perth WA 6000 Mining Access Legal Level 1, 1 Adelaide Terrace East Perth WA 6004 Rumble Resources Ltd & Controlled Entities MESSAGE FROM THE MANAGING DIRECTOR & CEO MESSAGE FROM THE MANAGING DIRECTOR & CEO Dear shareholder, It has been a very busy twelve months at Rumble with our focus shifting to the Western Queen gold project given the surge in the gold price. The exploration team undertook a number of drill programs at Western Queen throughout the year which culminated in two upgrades in the gold resources and the discovery of high-grade tungsten. The first resource upgrade was a 76% increase in contained gold from 163,000 ounces to 286,600 ounces in October 2024. This was followed by a second major upgrade to 370,000 ounces at a 53% higher average grade of 3.1 grams per tonne in July 2025. In addition, our exploration team identified high-grade tungsten which resulted in us reporting a maiden tungsten resource of 13,200 tonnes WO 3 at an average grade of 0.31% WO3. While we have been drilling we have also been undertaking open pit and underground mining studies to determine the most suitable pathway to get Western Queen into production, based on selling or toll milling our ore at one of the numerous gold processing facilities in the vicinity of Western Queen. Given the success of the recent drill programs and the strong gold price environment, which is forecast to continue, our strategy with Western Queen is as follows: • • • continue exploring to grow the gold and tungsten resources; look to go into gold production from open pit and/or underground as soon as possible; and study the tungsten mineralisation to determine if there is a pathway to generate a tungsten revenue stream in addition to the planned gold revenue stream. Our overarching goal is to become a self-funded gold producer that can utilise the free cashflow generated from our operations to grow our resources and reward our loyal shareholders with share price appreciation and a dividend stream. We will also continue to utilise our in-house exploration experience to find new orebodies that can ultimately be turned into operating mines. While our primary focus is on gold and tungsten we have undertaken an internal scoping study on our larger scale Earaheedy zinc, lead and silver project to determine the best way forward for the project. Although the copper price has rallied strongly recently both zinc and lead prices remain subdued, however as the world continues to increase the consumption for all metals we believe all base metal prices will need to increase if new projects are to be developed to meet the increased demand anticipated. We completed a number of successful capital raising during the year and I thank the existing shareholders and new shareholders for supporting those raisings. We welcomed a number of new shareholders during the year including Bain Global Resources and Tribeca Investment Partners. I would like to take this opportunity to thank the board, my fellow executives and staff and all our contractors for their efforts this year. It is a team effort at Rumble and you have all made a contribution to the successes we have enjoyed this year. Finally, to our loyal shareholders and new shareholders thank you for your support. Given our unique suite of projects and commodities we are incredibly well placed to leverage off the renewed interest in gold and the other metals in our portfolio. Peter Harold Managing Director & CEO 30 September 2025 –4– Rumble Resources Ltd & Controlled Entities REVIEW OF OPERATIONS REVIEW OF OPERATIONS Given the surge in the gold price and the robust outlook for gold Rumble Resources Limited (Rumble and/or the Company) refocused exploration and development activities on the Western Queen Gold Project, 110km northwest of Mt Magnet in Western Australia. The strategy at Western Queen is threefold: • • • Grow the gold resources through targeted exploration programs; Start gold ore production as soon as possible, based on selling ore to one of the local gold processing plants; and to Determine if the recently discovered tungsten resources can be increased and economically extracted to generate another revenue stream. The Company conducted a number of exploration programs throughout FY25 at Western Queen and investigated the potential of mining the main ore bodies at Western Queen South and Western Queen Central via open pit and/or underground methods. Western Queen Exploration Activities In July 2024, the Company completed an 823m diamond drilling (DD) program at Western Queen South. This drilling provided the crucial lithostructural data necessary for the Company to undertake a Project wide re-interpretation. In August 2024, the Company announced a spectacular high-grade tungsten (scheelite) intercept of 4 metres @ 4.58% WO3 which was recognised from one of the diamond holes completed in July 2024 at Western Queen South. In September 2024, following the analytical testing of pulps from seven selected reverse circulation (RC) holes drilled by Rumble in 2021, the Company confirmed a potentially significant tungsten discovery that parallels the Western Queen gold mineralisation, and could represent a significant future value add on to the near-term development options for the Project. In October 2024, the Company announced a significant increase to the Western Queen gold Mineral Resource Estimate (MRE), upgraded to 4.42Mt at 2.01g/t for 286,600oz representing a 76% increase compared to the previous MRE completed in August 2021. Importantly, Indicated Resources increased 142% to 2.39Mt at 2.11g/t Au for 163,800oz, representing 56% of the global MRE. In November 2024, the Company completed a $7.1M placement and commenced a major drilling program at Western Queen. The drill program was planned for up to 15,000m RC and 5,000m DD and targeted discovery of new high-grade plunging shoots beneath Western Queen South, Princess, Western Queen Central and Duke Deposits. During December 2024, the Company announced further high-grade tungsten assay intersections from pulp reanalysis of RC and DD drilling completed by Rumble during 2019-2020. These assays, combined with those received to date and the observations in the ongoing exploration provided further confidence of the tungsten resource potential at Western Queen. In February 2025, the Company announced high-grade gold and tungsten assays from the drill program that commenced in November 2024 at Western Queen. Drilling paused over the Christmas break and recommenced in February 2025 with the focus on extending high-grade mineralisation down-plunge at Western Queen South and at the Duke prospect. The Company also announced that it had secured the extensive historical diamond core library for Western Queen from a storage facility and commenced sampling for visible scheelite (tungsten). In April 2025, the Company announced the high-grade tungsten assays had been received from early historical Western Queen diamond core sampling. Results included 11m @ 0.93% WO3 and 4.19g/t Au from 169m in hole WQSDD002, with visible scheelite observed under ultraviolet in all historical diamond holes observed to date. –5– Rumble Resources Ltd & Controlled Entities REVIEW OF OPERATIONS In June 2025, the Company announced high-grade gold and tungsten results intersected in diamond drilling at Western Queen. Hole WQDD025A returned the best gold result of 6.93m @ 4.10g/t Au from 362m, while hole WQDD019 returned a standout tungsten intersection of 24.6m @ 0.62% WO3 from 292.5m, which included 0.4m @ 10.53% WO3 from 292.5m, 0.9m @ 7.15% WO3 from 297.9m and 1.7m @ 0.98% WO3 from 315.4m. Subsequent to the end of the financial year, in July 2025 the Company announced a significant increase to the Western Queen gold MRE, to 3.72Mt @ 3.1g/t Au for 370,000 oz, representing a 29% increase in global ounces and a 53% increase in global resource head grade. The largest resource growth occurred at Western Queen South where a revised MRE of 2.32Mt @ 2.66g/t Au for 198,900 oz was reported, represents a 59% increase in the overall ounce position of the deposit. Additionally, in early August 2025, the Company announced the maiden Western Queen tungsten MRE of 4.31Mt @ 0.31% WO3 for 13.2kt WO3 at a 0.1% WO3 cut-off, with an open and continuous high-grade core of total 1.44Mt @ 0.51% WO3 for 7.4kt WO3 at a 0.3% WO3 cut off. Western Queen Mine Development Activities In November 2024, the Company announced it had entered into an indicative non-binding term sheet (Term Sheet) with Bain Global Resources (Bain) and their subsidiary MEGA Resources (MEGA) to develop open pit resources at Western Queen. Key terms in the Term Sheet are that MEGA provide open pit mining contact services and Bain would pay all costs up to $25M in development and working capital (with an additional cost overrun facility of $10M available). Rumble and Bain would then share free cashflow once the development capital has been recovered. In May 2025, the Company announced an update on the ongoing Western Queen Mine development activities. An updated mine plan which incorporated changes to the mine sequence and a higher strip ratio were provided from MEGA and upfront working capital has increased compared to previous assessments prompting an optimisation process. At the same time the Company commenced proof-ofconcept studies on mining Western Queen South and Central from underground. The results of the proof-of-concept underground study were favourable prompting the Company to commence a scoping study to allow the two mining options to be compared. Other Activities Earaheedy Zn-Pb-Ag In November 2024, the Company announced excellent metallurgical results from the Chinook deposit at the Earaheedy Zn-Pb-Ag Project. Zinc recoveries of 79% were achieved, resulting in a 61% Zn+Pb bulk concentrate based on a coarse primary grind of P80 >200µm. The positive results from the metallurgical test work program were used in the internal scoping study on the Earaheedy which commenced in early 2025 and was completed in the September 2025 quarter. Fraser Range - Au In April 2025, the Company announced that it had entered into an agreement to acquire the outstanding 70% in three exploration tenements in the Fraser Range Province from joint venture partner IGO Limited (IGO) thus securing 100% of the highly prospective Thunderstorm Gold Project. Wide spaced aircore drilling on 1,500m spaced traverses completed by IGO in 2020 returned high-grade palaeochannel/supergene gold intercepts including 16m @ 6.69 g/t Au from 42m in 20AFAC11321 and 6m @ 9.15 g/t Au from 48m in 18AFAC30771. The style of mineralsation is considered having excellent potential for hosting large scale paleochannel and/or primary basement gold deposits. The Company plans to undertake an aircore drill program during FY26. –6– Rumble Resources Ltd & Controlled Entities REVIEW OF OPERATIONS Western Queen Au-W Project, Mt Magnet, Western Australia The Western Queen Gold Project lies 110km NW of Mt Magnet within the Yalgoo mineral field of Western Australia and is comprised of two mining leases M59/45 and M59/208 and two exploration licences E20/967 and ELA59/2816 which are 100% owned by Rumble. The Western Queen Project has four gold processing plants in close proximity (refer Figure 1). The closest plant is Dalgaranga (48km) which is currently on care and maintenance and has a capacity of 2.5 Mtpa. The nearest operating plants are Checkers (Mt Magnet) which has a capacity of 1.9 Mtpa and Tuckabianna which has a capacity of 1.2 Mtpa. Kirkalocka is the next closest plant (currently on care and maintenance) with a capacity of around 2Mtpa. These facilities provide the possibility for near term toll treating production for Western Queen ore. Figure 1 - Western Queen tenure and location, with neighbouring gold processing facilities Western Queen Gold Resources Upgrade During the year, the Company completed two Mineral Resource Estimate (MRE) upgrades for gold at the Western Queen Project. The most recent MRE upgrade (July 2025) of 3.72Mt @ 3.1g/t Au for a total of 370,000 oz (refer Figure 2) represents a 53% increase in average grade and 29% increase in overall gold ounces at the Project. The MRE includes Indicated and Inferred Resource classifications in accordance with the Australasian Code of Reporting of Identified Mineral Resources and Ore Reserves (JORC Code 2012), with all the resources located within granted Mining Leases, M59/208 and M59/45. Refer to Table 1 and Figure 2 for breakdown of Indicated and Inferred Resources by deposit area at Western Queen. –7– Rumble Resources Ltd & Controlled Entities REVIEW OF OPERATIONS Table 1 - Mineral Resource Estimate Tabulation for the Western Queen Project Prospect Cranes Duke WQC Princess WQS Total Indicated Tonnage Au kt g/t 30 250 100 830 1,210 7.2 7.2 1.9 3.0 3.8 Au Oz 6,900 56,600 5,900 78,600 148,000 Inferred Tonnage Au kt g/t 70 1.4 4 6.4 560 3.8 380 2.5 1,490 2.5 2,510 2.8 Au Oz 3,300 800 67,300 30,300 120,200 222,000 Tonnage kt 70 34 800 480 2,320 3,720 Total Au g/t 1.4 7.1 4.8 2.3 2.7 3.1 Au Oz 3,300 7,700 124,000 36,200 198,900 370,000 Notes: Totals may differ due to rounding, Mineral Resources reported on a dry in-situ basis. Figure 2 - Western Queen Gold Project – longitudinal projection displaying resources, previous mining and near deposit exploration potential The updated MRE was prepared by Ashmore Advisory Pty Limited (Ashmore). Ashmore undertook the MRE using Ordinary Kriging estimation methodology constrained by interpreted domain wireframes and was depleted for all resources contained inside of existing open pit and underground mining voids prior to reporting. The Western Queen Resource is reported at a 0.5g/t Au cut-off for open cut resources above the 245mRL level and 1.5g/t Au cut-off below the 245mRL level for underground resources. The 245mRL level was chosen as it is the base of the Western Queen Central Open Pit, which has historical reconciled production of 660kt at 8.9g/t Au for 190,000 oz. The deposits remain open along strike and at depth and the Company believes that additional drilling will further grow gold resources at Western Queen. The Company is planning further drilling programs to extend high-grade mineralisation at depth and to convert a significant portion of the new Inferred Resources to the higher confidence Indicated Resource category. Additionally, significant exploration potential remains along strike to the north and to the south along the recently reinterpreted position of the Western Queen Shear Zone (WQSZ). Refer Figure 3. –8– Rumble Resources Ltd & Controlled Entities REVIEW OF OPERATIONS Figure 3 - Western Queen Shear Zone Prospectivity over TMI Airborne Magnetics Western Queen Drill Programs During the year, the Company completed an extensive RC and DD drilling program at Western Queen. A total of 8,205m of RC and 4,736m of DD was completed on M59/208 and M59/45 over two separate phases in Q4 2024 and Q1 2025. Western Queen South Gold Deposit During FY25 seven diamond holes were completed at Western Queen South (WQS) for a total of 2608m. These holes targeted the extension of the main south plunging high grade lode, and a potential sub-parallel lode (refer Figure 4). Better assay intersections returned include: 25m @ 1.21g/t Au from 334m, including 4m @ 3.34g/t Au from 348m (WQDD018) 20m @ 1.72g/t Au from 240m (WQDD020) 6.93m @ 4.10g/t Au from 362m (WQDD025A) 0.3m @ 32.38g/t Au from 300.3m (WQDD026) 1m @ 6.20g/t Au from 313m (WQDD026) –9– Rumble Resources Ltd & Controlled Entities REVIEW OF OPERATIONS Figure 4 - Western Queen South Longitudinal Section – gram x metre contours with selected drill hole intersections. The WQS mineralised position is characterised by a zone of silicification and pyrrhotite-pyrite alteration. Holes targeting the WQS southerly plunge were drilled as 60m step outs from known mineralisation whilst WQDD031 was completed as a 180m step out to provide essential lithostructural information for future targeting of the high-grade mineralisation at WQS. High-grade gold mineralisation remains open at depth to the north of WQDD031. Princess Gold Deposit During FY25, the Company completed sixteen RC and five diamond holes at Princess for a total of 4204m. Drilling targeted new parallel mineralisation in the hanging wall of the south plunging Western Queen Central (WQC) high-grade lode. Significant assays intercepted include (refer Figure 5): • 5m @ 3.76g/t Au from 162m (WQRC208) • 33m @ 1.03g/t Au from 214m, including 3m @ 4.87g/t Au from 225m (WQRC204D) • 17m @ 1.67g/t Au from 277m (WQDD023) • 10.5m @ 1.41g/t Au from 220.7m (WQDD027) • 13m @ 1.50g/t Au from 189m (WQDD029) o including 3m @ 2.90g/t Au from 189m Mineralisation is open down-plunge to the south. – 10 – Rumble Resources Ltd & Controlled Entities REVIEW OF OPERATIONS Figure 5 - Princess gram x metre contours with selected drill hole intersections – Longitudinal Section Duke - Gold During the March Quarter, the Company announced the results for 20 RC holes at Duke for a total of 1,880m. A roughly 40m by 40m drill program was undertaken with the best assay intercepts being: 4m @ 6.27g/t Au from 77m (WQRC234) o including 1m @ 23.03g/t Au from 77m 3m @ 6.82g/t Au from 75m (WQRC224) o including 1m @ 18.61g/t Au from 76m 1m @ 4.53g/t Au from 42m (WQRC239) The Duke mineralised position was intersected in all RC holes and is characterised by a zone of silicification, quartz veining and pyrrhotite-tremolite alteration. Late-stage quartz-mica pegmatites crosscut throughout the Duke area, and frequently intrude sub-parallel to, and within the mineralised lode position. Mineralisation remains open at depth and down plunge. Notably, an intercept in WQRC234 of 4m @ 6.27g/t Au from 77m represents a possible fourth highgrade lode within the Duke Prospect (refer Figure 6). – 11 – Rumble Resources Ltd & Controlled Entities REVIEW OF OPERATIONS Figure 6 - Duke long section highlighting interpreted lodes Western Queen Tungsten During the year, the Company made a significant tungsten discovery at Western Queen, identifying high-grade tungsten mineralisation in hole WQDD013, which returned: • 4.05m @ 4.58% WO3, 0.72 g/t Au from 174.85m, including o 2.05m @ 8.71% WO3, 1.38 g/t Au from 176.85m, including ▪ 0.65m @ 18.35% WO3, 2.97 g/t Au from 176.85m Upon the discovery of economic grade tungsten at Western Queen, the Company undertook extensive sampling programs from pulps of previous Rumble drilling (completed in 2019-2020), the historic core completed by previous owners of Western Queen as well as the RC and DD completed by the Company during FY25. Western Queen – Maiden Tungsten MRE Subsequent to the end of the financial year, the Company announced a maiden tungsten MRE at Western Queen on 11 August 2025. The maiden MRE is 4.31Mt @ 0.31% WO3 for 13.2Kt WO3 at a 0.1% WO3 cut-off and contains a higher-grade portion of 1.44Mt @ 0.51% WO3 for 7.4Kt WO3 at 0.3% WO3 cut off (refer Figure 7). – 12 – Rumble Resources Ltd & Controlled Entities REVIEW OF OPERATIONS Table 2 – Western Queen August 2025 Tungsten Mineral Resource Estimate (0.1% WO3 Cut-off) Prospect WQC Princess WQS Total Tonnage kt 790 810 2,710 4,310 Inferred Mineral Resource WO3 % 0.27 0.22 0.34 0.31 WO3 t 2,200 1,800 9,200 13,200 Totals may differ due to rounding, Mineral Resources reported on a dry in-situ basis. The MRE is classified as Inferred Resources and is reported in accordance with the Australasian Code of Reporting of Identified Mineral Resources and Ore Reserves (JORC Code 2012), and all the resources are located within granted Mining Leases M59/208 and M59/45. Refer to Table 2 for breakdown of Inferred Resources by deposit area at Western Queen. The maiden MRE was prepared by Ashmore Advisory Pty Limited (Ashmore). Ashmore undertook the MRE using Ordinary Kriging estimation methodology constrained by interpreted domain wireframes produced by Company Geologists and was depleted for all resources contained inside of existing open pit and underground mining voids prior to reporting. The Western Queen tungsten Resource is reported at a 0.1% WO3 cut-off. Figure 7 - Maiden Western Queen Tungsten MRE showing extents of WO3 lodes and diagrammatic contoured block grades displaying emerging high-grade trends and select significant WO3 intercepts – 13 – Rumble Resources Ltd & Controlled Entities REVIEW OF OPERATIONS Western Queen – Tungsten Geology Geological investigations and petrographic studies have confirmed tungsten mineralisation at Western Queen represents an early prograde endoskarn mineralisation event which predates orogenic gold mineralisation. Up to 18 individual tungsten skarn lodes have been identified over a 1,500m strike between the Western Queen South and Central open pits, and are spatially adjacent, and sub-parallel to, the high-grade gold lodes which comprise the updated gold MRE of 3.72Mt @ 3.1g/t Au for a total of 370,000 oz Au (July 2025). Importantly, the extent of tungsten mineralisation observed to date at Western Queen has been sourced entirely from previously completed exploration drilling targeting gold mineralisation and no dedicated drilling has been undertaken at Western Queen targeting tungsten. Petrographic studies have also confirmed that the observed tungsten mineralisation observed to date represents a very distal skarn mineralisation environment. On this basis, Company geologists have undertaken a comprehensive technical review and targeting exercise to understand the broader tungsten mineralisation potential at Western Queen. This review, combined with an improved understanding of the tungsten proximal geochemical signature through interpretation of detailed geochemical data, identified multiple high priority targets that extend over a 5km by 2.5km area at the Western Queen Project prospective for tungsten skarn type mineralisation (refer Figure 8). These targets are defined by tungsten and coincident pathfinder (Ba and Sn) anomalism in geochemical and rockchip sampling completed by the Company in 2024. Rumble has undertaken a field program to assess the potential of each of these targets, the results of which will assist with future exploration activities targeting tungsten at Western Queen. Preliminary metallurgical testwork has indicated a meaningful revenue stream could potentially be generated from the tungsten bearing material. This needs to be verified by detailed metallurgical testing. A bulk sample of the tungsten bearing (scheelite) material has been prepared for further metallurgical testing. The aim of this program is to develop a grade versus recovery curve for the scheelite material to be used to determine the quantum of the tungsten revenue stream that could be generated. – 14 – Rumble Resources Ltd & Controlled Entities REVIEW OF OPERATIONS Figure 8 - High-priority tungsten and coincident pathfinder element targets and extent of tungsten mineralised lodes interpreted from existing gold drilling at the Western Queen Project. Western Queen Potential Mine Development Mining Studies • Western Queen Open Pit Development On the 28 November 2024 the Company entered into an Indicative Non-Binding Term Sheet (Term Sheet) with the Australian entities of the large Indian mining contractor, BGR Mining & Infra Limited (BGR) to potentially mine the open pit resources at Western Queen. BGR are a large scale, Indian mine developer and operator). The Term Sheet is between Rumble and BGR’s Australian entities, Bain Global Resources Pty Ltd (Bain) and MEGA Resources Pty Ltd (MEGA) and contemplates the formation of a joint venture between Rumble and Bain for the development of the Western Queen Gold Project. – 15 – Rumble Resources Ltd & Controlled Entities REVIEW OF OPERATIONS The Term Sheet covers the concept of mine development by cutting back and deepening the existing Western Queen South open pit and mining some of the smaller open pits (ie. Duke, Princess, Cranes). The joint venture and development proposal is subject to executing the required binding definitive agreements, preparation of a detailed mining plan and financial model, securing an ore tolling/ore sale agreement with a local gold process plant, obtaining all the necessary approvals for mining and making the Final Investment Decision. The Term Sheet is non-binding, save for provisions addressing good faith negotiations, confidentiality, exclusivity, representations and warranties and the provision of due diligence materials. Key terms of the Term Sheet are: • Rumble and Bain propose to enter into a joint venture (JV) for the development and operation of the Western Queen Gold Project (limited to the existing Mineral Resource Estimate that can be mined by open pit methods). The key terms of the joint venture are proposed to include: o Mining Services – MEGA (via a standalone Mining Services Agreement) will provide the open pit mining contract services to the JV (at prevailing market rates) and Bain will pay all costs up to a maximum of $25 million for development and working capital (repayable from any future revenue generated from the Project). Rumble will not be required to contribute funds below this $25 million threshold. Bain will also provide a Cost Overrun Facility for an additional $10 million on commercial terms, if required. o Sharing of free cashflow – once the initial development costs, working capital and ongoing mining costs outlaid by Bain has been recouped in full, all remaining free cashflow from the Project will be shared between Bain and Rumble. o Definitive Agreements – a binding, full-form Joint Venture Agreement and Mining Services Agreement will now be negotiated, with the target of signing these agreements by no later than 28 February 2025. Subsequently extended to 30 September 2025. MEGA prepared a preliminary open pit mine plan which was subsequently modified following the receipt of the geotechnical report on the Western Queen South deposit. The changes to the mine plan include adjustments to the pit wall angles which resulted in an increase in the strip ratio together with changes to the sequencing of the smaller Duke, Cranes and Princess open pits by moving them to the tail end of the Western Queen open pit development. These changes resulted in an increase in the working capital investment required by Bain Global Resources (Bain) to finance the development of the mine over and above the $35 million ($25 million working capital facility and up to $10 million cost overrun facility) referred to in the 28 November 2024 Term Sheet. MEGA subsequently undertook a re-optimisation of the mining plan to maximise the free cashflow and determine the final upfront working capital for the project. • Western Queen South Underground Option In light of the higher working capital requirement for the open pit project, Rumble initiated a “proof-ofconcept” underground mining study. The outcome of this proof-of-concept study option has been favourable and a scoping study on mining both Western Queen South and Western Queen Central from underground commenced in the June 2025 Quarter. Once the underground scoping study has been completed a decision can be made on which mining method (open pit or underground) is the most suitable for the project and the future development will then progress on the basis of the optimal method after considering risks, investment required, forecast economic returns, etc. and ultimately what in in the best interests of shareholders. – 16 – Rumble Resources Ltd & Controlled Entities REVIEW OF OPERATIONS Third Party Processing Discussions were commenced with the owners of the operating gold processing plants in the vicinity of Western Queen. There are also number of gold processing plants in the vicinity of Western Queen that are currently on care and maintenance and could be refurbished and restarted during 2026. Discussions also commenced with the owners of these plants. A draft toll milling agreement has been provided by one group and discussions are continuing. Permitting MEGA, on behalf of Rumble, submitted the Mining Proposal, Mine Closure Plan, Works Approval and ancill