Rumble Resources is an Australian minerals exploration company focused on exploring for nickel in Western Australia's Fraser Range. It holds 3,260 square kilometers of exploration licenses near Sirius Resources' Nova nickel deposit, the largest nickel discovery in Australia in over 20 years. Upcoming catalysts include maiden drilling programs at Rumble's Zanthus and Big Red licenses, which have potential to yield major discoveries. However, exploration risks remain high as economic resources have not yet been defined.

1. Rumble Resources Ltd
Initiating CoverageSearching for another Nova
Overview: Rumble Resources Ltd (“Rumble Resources, “the Company”)
is an Australian minerals exploration company focused on Western
Australia. Its primary asset is a portfolio of exploration licenses located in
the Fraser Range, approximately 150km north east of Norseman. The
Fraser Range represents a potentially new nickel district focused around
Sirius Resources’ Nova deposit, which is the largest nickel sulphide
discovery Australia has seen in at least twenty years. Rumble
Resources’ license holdings in the Fraser Range stand at 3,260km2.
Certified mineral resources have yet to be defined within the portfolio.
EXPLORATION RESOURCE RESERVE
Catalysts: Following a $1.6million placement at $0.045/share, Rumble
Resources is scheduled to commence a maiden drilling program at its
Zanthus licenses, 18km East of Nova. Zanthus is adjacent to Windward
Resources (WIN.ASX) Fraser Range North license which is currently the
subject of drilling. The value of Rumble Resources two year tenement
accumulation period has been signalled by the recent emergence of
Vale SA as adjacent license holder to its Big Red tenements, and
subsequent engagements with Nathan Tinkler & EAS Advisors LLC. In
our opinion, these appointments enhance Rumble Resources access to
capital markets, elevating focus on its exploration activities.
Hurdles: Rumble Resources is reliant on external capital and ongoing
availability of finance beyond near term programs is not assured. Whilst
initial drilling of its Big Red licenses confirmed the presence of a
mineralized conductor, economic intercepts were not encountered and
there is no guarantee subsequent exploration can delineate a
commercially recoverable base metal deposit.
Investment View: Rumble Resources provides speculative exposure to
the potential for Western Australia’s Fraser Range to emerge as a new
nickel mining district. We are attracted to the magnitude of its land
package, recent corporate activity, and near term value drivers. Maiden
drilling of multiple EM conductors at Zanthus followed by a second round
at Big Red have potential to yield a major re rating in the event of a
‘Nova like’ discovery. Whilst exploration risks are elevated, given the
potential value impact of these activities, we are initiating coverage on
Rumble Resources.
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Price: $0.095
CORPORATE SUMMARY
TICKER RTR.ASX
INDUSTRY Mining
SHARES ON ISSUE 187.7m
OPTIONS ON ISSUE 44m 8c, Jun 2015
15m 35c – 45c, Oct 2015
1.7m 4.1c, Jun 2016
17.3m 8c, Jun 2016
2.2m 8c, Apr 2017
4.5m 8c Jul 2018
MARKET CAP $17.8m
CASH $2.2m
ISSUED CAPITAL $11.9m
ASSET OVERVIEW
TITLE Fraser Range Projects
LOCATION Western Australia
STATUS Exploration
ORE RESOURCE -
METAL INVENTORY -
BOARD OF DIRECTORS
CEO Shane Sikora
EXEC DIRECTOR Terry Topping
NON EXEC DIRECTOR Andrew McBain
NON EXEC DIRECTOR Matthew Banks
NON EXEC DIRECTOR Michael Smith
SHAREHOLDERS
MANAGEMENT 7%
TOP 20 26%
3 May 2015
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2. ARCHIVES
COMPANY BACKGROUND
Rumble Resources Ltd (“Rumble Resources, “the Company”) is an
Australian minerals exploration company focused on Western
Australia. Its primary asset is a portfolio of exploration licenses
located in the Fraser Range, approximately 150km north east of
Norseman. Rumble Resources’ license holdings in the Fraser
Range stand at 3,260km2. Certified mineral resources have yet to
be defined within the portfolio.
Rumble Resources listed on the Australian Securities Exchange in
July 2011 after raising $2.5million at $0.20/share. Issued capital
currently stands at $11.9million, or $0.063/share.
The Fraser Range Projects consist of six exploration licenses and
five exploration license applications in the Fraser Range region of
Western Australia. Spanning 3,260km2, the licenses were acquired
between 2013 and 2014, and represent a grass roots exploration
asset currently absent of certified mineral resources.
Rumble Resources holds a 100 per cent equity interest in ten of the
licenses, and is earning a 75 per cent interest in the basement
mineral rights of E69/2506 via a Joint Venture with Blackham
Resources Ltd (“Blackham JV”).
The Blackham JV required issuance of 2million shares for an initial
20 per cent interest, which rises to 75 per cent following cumulative
project expenditures of $2.5million over four years and vendor
payments of $0.75million.
Blackham will be free carried to completion of a bankable feasibility
study in relation to the Project, at which point if Blackham decides
not to contribute in proportion to its interest in the Project, its
interest will dilute by an industry standard formula, to a minimum
10% before reverting to a 2% net smelter royalty.
ASSET OVERVIEW – FRASER RANGE PROJECTS
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Fraser Range Licenses
Area License Number Status
Thunderstorm
406km2
EL28/2268 Granted
ELA 28/2472 Application
ELA 28/2471 Application
ELA 28/2382 Application
Big Red
1491km2
E28/2322 Granted
E69/3190 Granted
E29/2499 Application
E29/2500 Application
Zanthus
1363km2
EL 69/2506 Granted- Blackham JV
ELA 28/2464 Application
ELA 28/2466 Application
3 May 2015
Fraser Range
land holding
3,260km2
Table 1: Details of Rumble Resources Fraser Range
licenses. Source: Rumble Resources
Figure 1: Map of Rumble Resources’ license holdings. Source: Rumble Resources

3. Australia hosts around one third of the world’s economic nickel
resources, and 90 per cent of the nation’s nickel endowment is
contained in Western Australia.
To date, the state’s nickel mining industry has focused on a 500km
belt stretching from Wiluna to Kambalda known as the Kalgoorlie
Terrane. The region has hosted a nickel metal endowment
exceeding 10million tonnes spread amongst more than 100
individual deposits.
Most of these mines were discovered more than four decades ago
amidst the nickel boom of the late 1960’s – early 1970’s. The most
substantial discovery since this time is the Nova Bollinger deposit
currently being developed by Sirius Resources Ltd (“Sirius”).
Hosting a minable nickel inventory of 285,000tonnes, Nova stands
as Australia’s largest greenfield nickel discovery in at least twenty
years, and its geographical position relative to existing mines and
deposits elevates its status to the most significant of our generation.
Nova’s positioning within a geological setting known as the Albany-
Fraser Orogen is unique to any other nickel deposit in Australia and
could potentially herald the beginning of a new nickel district for the
surrounding area which is known as the Fraser Range.
Recognising the significance which Nova could spell for the
surrounding Fraser Range, Rumble Resources has spent the past
two years accumulating exploration assets in the district. Spanning
3,260km2, its tenement position now represents one of the largest
and most proximal to the Nova deposit amongst exploration
companies focused on the area.
ARCHIVES
Figure 2: Map showing geological setting of the Nova
deposit relative to exiting nickel mines in WA.
Source: Sirius Resources, wise-owl
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BACKGROUND
Nova is the most prolific nickel discovery Australia has
witnessed in decades
Australia’s Major Recent Nickel Sulphide Discoveries
Deposit Discovery
Initial
Inventory
Cumulative
Inventory
Nearest
Nickel Mine
Emily Anne 1993 39,500t ~60,000t 200km
Silver Swan 1995 61,000t 374,000t 100km
Cosmos 1997 29,000t 650,000t 50km
Spotted Quoll 2007 39,000t 116,000t 10km
Nova 2014 285,000t ? 200km
Table 2: Nova represents the largest nickel sulphide discovery in Australia for at
least 20 years. Source: wise-owl
3 May 2015
Existing
Nickel Belt

4. As the Fraser Range Projects are presently absent of certified
resources, Rumble Resources is currently focused on exploration
aimed at the identification of commercially extractable nickel
resources.
The Company’s exploration program is being led by Terry Topping,
whom is credited with delineation of the original orebody supporting
the Paulsen’s Gold Mine currently operated by Northern Star
Resources Ltd (NST.ASX).
Rumble Resources’ exploration strategy utilises intelligence gained
from Nova and work conducted by previous license holder Teck
Australia Pty Ltd on its ‘Big Red’ licenses.
Whilst Nova represents a ‘blind’ deposit with little to no surface
expression, two previous drill holes conducted by Teck Australia Pty
Ltd in 2010 indicated bedrock underlying the Big Red licenses to be
of similar age and characteristics to that hosting the Nova deposit.
Nova’s discovery followed a shallow and broad spaced, 120 hole
aircore drilling program which identified weathered, sub economic
nickel and copper mineralization within 50 metres of surface.
Subsequent ground based electromagnetic (“EM”) surveys provided
impetus for deeper drilling, identifying three conductive targets
representing possible sources of the near surface mineralization.
Sirius targeted the largest EM conductor (1000 metres by 220
metres) for its deep drilling program, in which the third hole marked
the Nova discovery, confirming the EM target to host massive
magmatic nickel and copper sulfide mineralization.
Rumble Resources’ exploration strategy is therefore focused on
identification and drill testing of EM targets that could represent
mineralised sulphide deposits.
To date, ground EM surveys have identified multiple targets across
its Zanthus and Big Red licenses. Whilst the targets are of similar
scale to that which represented the Nova deposit, the primary risk
factor and goal of drilling is to appraise whether they are
mineralised.
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Strategy is to identify and drill EM targets Figure 3: Core from drilling at Big Red indicating similar
bedrock to that hosting the Nova deposit.
Source: Rumble Resources
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Fraser Range EM Targets
Area Target Status
Big Red 2000m EM conductor
4 hole program confirms
disseminated sulfides
Zanthus
Multiple
1000m – 2000m
EM conductors
EM nearing completion
Maiden drilling pending
Thunderstorm N/A
Need to conduct EM
Vale adjacent license holder
Table 3: Rumble Resources has identified multiple EM targets for drilling
Source: wise-owl
DEVELOPMENT STRATEGY

5. To date, further investigation of the EM targets has been limited to
the Big Red conductor. Big Red is adjacent to tenements recently
acquired by Vale SA and represents the most distant of Rumble’s
licenses from Nova – located between 250-300km to the north east.
With a strike length of 2km, Rumble Resources regards it as the
largest conductor identified in the Fraser Ranges thus far. A four
hole Mud Rotary/Diamond drill program designed to test the Big
Red conductor was completed in late 2014 to depths of up to
400metres below surface.
Whilst economic mineralization was not encountered, the presence
of broad disseminated sulphide zones containing anomalous
copper and nickel indicate the Big Red conductor to represent
significant mineralized system.
A downhole EM survey has been completed to determine the strike,
dip and depth of the conductive bodies. Results to date indicate the
conductive zone to be present at depths of 300-420 metres below
surface. Further drilling of the Big Red conductor is scheduled to
follow an imminent maiden drilling program at Zanthus.
Zanthus is the most proximal of Rumble Resources licenses,
located 18km east of Nova, adjacent to licenses held by Windward
Resources Ltd (WIN.ASX). The Zanthus program is scheduled to
consist of five Reverse Circulation drill holes for 1200 metres to
appraise five EM targets identified within the licenses.
As certified resources have yet to be defined at Rumble Resources
Fraser Range Projects, direct appraisal of their economic potential
is limited.
At a district level, the circa 50-120 metre layer of sediment covering
host rocks containing the Nova deposit indicates that future mining
developments in the Fraser Range are likely to also be
underground operations. Elevated grade is therefore an important
economic driver for future discoveries, although development of the
Nova mine significantly reduces barriers to entry.
Nova is currently under construction after procuring development
capital totaling $473million. The deposit’s ore reserve stands at
13.1Million tones (Mt) grading 2.1% Ni, 0.9% Cu, and 0.07% Co. A
1.5Mt pa concentrator and 16 megawatt diesel power plant is being
constructed to support an initial ten year mine life.
We estimate the operation could generate a Net Present Value
(5%, pre tax) in the order of $1billion at current metal prices, rising
to $2billion utilizing three year average metal prices.
Project economics at Nova are greatly assisted by the presence of
significant payable by-products and the deposit’s commencement
within 40metres of surface. However fixed investments associated
with its development means that future discoveries in the district
needn’t possess equivalent characteristics.
ARCHIVES
Vale is Rumbles
new neighbour at
Big Red
Nova reduces
barriers for
other deposits
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ECONOMICS
3 May 2015

6. As Rumble Resources mineral assets are of exploration status, the
Company does not presently generate revenue and is reliant on
external capital to advance their development. To date Rumble
Resources has financed operations primarily through equity
issuances, complimented by Government drilling grants.
Its latest equity issuance was completed this month, raising
$1.68million via a private placement of 37.5million shares at
$0.045/share. Participants in the offer were granted listed options
on a one for two basis, exercisable at $0.08/share prior to 30 June
2016.
The raising expanded shares on issue by 25 per cent and also
coincided with several significant advisory appointments. Nathan
Tinkler has been engaged as Strategic Corporate Advisor, whilst
EAS Advisors LLC has been engaged as North American Corporate
Advisor.
Mr Tinkler has a record of identifying under developed mineral
resource assets in Australia, playing important roles in the
acquisition, financing, and development of the Middlemount Coal
Mine in Queensland and the Maules Creek Coal Mine in New South
Wales.
EAS Advisors LLC has a record of capital procurement for natural
resource ventures involving ASX listed entities. The engagement
with Rumble Resources enhances our confidence in the Company’s
capacity to attract ongoing funding.
Following the April private placement, we estimate issued capital to
be $11.9million, or $0.063/share. Exercise of the Company’s
$0.08/share option tranches would provide additional funding of ~
$6million.
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FINANCIAL PERFORMANCE
April placement
provides
exploration funds
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Rumble Resources Financial Summary
Cash $2.2m
Issued Capital $11.5m
Table 4: Rumble Resources April placement provides funding for near term
exploration at its Fraser Range projects. Source: Rumble Resources
3 May 2015

7. ARCHIVES
DRILLING
RESULTS ARE
THE MAJOR
CATALYST
Rumble Resources provides speculative exposure to the potential
for the Fraser Ranges in Western Australia to emerge as a new
nickel mining district. We are attracted to the magnitude of the land
package which Rumble Resources has assembled during the past
two years, recent corporate activity, and the presence of near term
catalysts with the potential to drive value growth.
Rumble Resources tenement portfolio represents one of the largest
dedicated exploration packages in the Fraser Range. Whilst at an
early stage of development, strategic value of these assets is
highlighted by the emergence of Vale SA as adjacent license holder
at Big Red, and recent advisory engagements. In our opinion, the
support of Nathan Tinkler and EAS Advisors enhances Rumble
Resources capacity to access capital markets, elevating the focus
of its exploration activities.
On that front, maiden drilling of multiple EM conductors at the
Zanthus licenses 18km east of Nova, followed by a second round of
drill testing at the Big Red conductor have potential to yield a major
re rating in the event of a ‘Nova like’ discovery. Whilst risks
associated with exploration of this nature are high, recognising their
potential value impact, we are initiating coverage on Rumble
Resources.
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3 May 2015
Figure 5: Vale has emerged as a neighbouring tenement holder to Rumble
Resources Big Red licenses. Source: Rumble Resources
INVESTMENT VIEW

8. ARCHIVES
Technical Risk
Rumble Resources Fraser Range Projects largely represent
greenfield exploration assets requiring significant further technical
appraisal and capital investment. There is no guarantee Rumble
Resources planned exploration activities will successfully delineate
commercially recoverable mineral resources, nor that they exist
within its licenses.
Market Risk
Changes in the price of metals targeted by Rumble Resources at
the Fraser Range can have a major bearing on the market value of
its exploration assets, any future discoveries, and the Company’s
ability to attract financing. The London Metals Exchange Nickel and
Copper prices are presently trading near six year lows and there is
no guarantee against further declines.
Funding Risk
Rumble Resources is reliant on external capital to advance its
Fraser Range assets. Whilst its April equity issue provides sufficient
funding to facilitate near term exploration programs, there is no
guarantee subsequent funding will be available to the Company nor
on favourable terms for existing shareholders.
Scheduling Risk
The more exploration and time required to determine whether
commercially recoverable minerals exist at its Fraser Range assets
may have a negative effect on shareholder value due to the
associated influence on funding requirements and dilution.
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RISKS

9. ARCHIVES
THE BULLS SAY
• Sirius Resources’ Nova deposit has opened up the Fraser
Range as a potentially new nickel mining district
• Rumble Resources 3,260km2 tenement position represents one
of the largest in the Fraser Range
• Exploration to date has confirmed that bedrock underlying
Rumble Resources licenses to be similar to that hosting the
Nova deposit
• April placement provides funding for near term drilling of the
Zanthus licenses which could confirm whether identified EM
conductors contain economic mineralisation
THE BEARS SAY
• To date, Nova remains the only commercial mineral deposit to
be identified within the Fraser Range
• Rumble Resources Fraser Range licenses are presently absent
of defined mineral resources and there is no guarantee
commercially recoverable resources are hosted within the
licenses
• Initial four hole drilling program at Big Red did not encounter
economic intercepts despite the presence of suitable bed rock
and an EM target
• Rumble Resources will require additional capital following the
next round of exploration and there is no guarantee additional
financing will be available
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THE BULLS AND THE BEARS

10. ARCHIVES
Mr Shane Sikora CEO
Mr Sikora is a founding member of Rumble, having been General
Manager from 2011 to mid 2013. During that time Mr Sikora has
been instrumental in project acquisitions, operations management
and securing financial partners.
Previous to Rumble Mr Sikora acquired over 10 years corporate
experience in business development, strategic planning and project
management. Mr Sikora has been involved across many aspects of
the exploration industry including capital raisings, IPO’s, project
acquisitions, joint ventures, tenement management and corporate
governance.
Mr Terry Topping EXECUTIVE DIRECTOR
Mr Topping has over 18 years of experience in the management of
listed public companies on ASX and TSE. Mr Topping has
experience in corporate finance, mergers and acquisitions and also
as an exploration geologist in Australia and overseas.
Mr Topping was a founder of Taipan Resources NL, which listed as
a gold exploration company in 1993 and which Mr Topping
remained a director until 2002. During this time he was integral in
the discovery of the high grade Paulsens gold deposit now mined
by Northern Star Resources Ltd. Since 1985, Mr Topping has
gathered experience as an exploration geologist searching for gold,
diamonds, base metals and recently in the uranium sector as the
founder of Scimitar Resources Ltd now Cauldron Energy Ltd.
Mr Andrew McBain NON EXECUTIVE DIRECTOR
Mr McBain has significant corporate and business management
experience having successfully developed a number of start-up
businesses over the past 10 years. Mr McBain successfully founded
and developed the largest grain production business in Australia,
AACL Holdings Ltd (ASX code: AAY), in addition to founding and
being a key developer of the most successful carbon sequestration
business in Australia, Carbon Conscious Ltd (ASX code: CCF). The
capital raised for these ventures has been in excess of $250 million
since 2005.
Previously Mr McBain was a director and founding shareholder of
Scimitar Resources Ltd (now Cauldron Energy Ltd – ASX code:
CXU) and is currently a director of ASX listed Carbon Conscious
Ltd. Mr McBain has experience in capital raising, business
management and business development.
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MANAGEMENT

11. ARCHIVES
MANAGEMENT
Mr Michael J Smith NON EXECUTIVE DIRECTOR
Mr Smith is a director of Smith Feutrill and is a Chartered
Accountant with over 25 years experience in the accounting,
business and taxation advice sectors. He is a Fellow of the Taxation
Institute of Australia, a member of the ICAA’s Forensic Accounting
Special Interest Group and was Chief Executive of a division of a
publicly listed national financial services consolidator for five years
overseeing significant growth in that time.
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Mr Matthew Banks NON EXECUTIVE DIRECTOR
Mr Banks has over 10 years experience specialising in marketing
and public relations and more recently in finance. During that time
Mr Banks has developed strong relationships with a number of
leading public and private companies as well as with high net worth
individuals from across a number of industries. Since 2005 Mr
Banks has been involved in raising capital for a number of listed
exploration companies and is currently working with a leading
finance business based in Melbourne.
3 May 2015
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MANAGEMENT

12. GLOSSARY
ABOUT US
Wise owl is a global supplier of intelligence, strategic solutions, and expansion
capital for emerging companies and investors. Established in 2001, wise owl
drives efficient capital allocation towards developing assets.
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ANALYST
TIM MORRIS
timm@wise-owl.com
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www.wise-owl.com
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Buy Increasing value of established business operations is likely to yield
share price appreciation
Spec Buy Increasing value of a new or developing business operation is likely to
yield share price appreciation.
Hold There exists an even balance of risks.
Sell There is elevated risk of share price depreciation.
Stop
JORC
Our recommended, pre determined sell price, to be executed if the
share price fails to appreciate
Joint Ore Reserves Committee. A body sponsored by the Australian
mining industry and its professional organisations, which sets
minimum standards for the measurement and reporting and mineral
reserves and resources.
Exploration A category of companies that have yet to define resources beyond
the 'inferred' category according to JORC standards
Resource A category of companies that have defined resources classified as
'measured' and/or 'indicated' according to JORC standards.
Reserve A category of companies that have defined mineral reserves
according to JORC standards.
3 May 2015
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ARCHIVES
RUMBLE RESOURCES LTD (RTR.ASX)
MAY-15 Initiating Coverage
SharePrice$
0
0.04
0.08
0.12
0.16
0.2
2014 2015