Rumble Resources Receives Second AU$5 Million Payment From Elemental Royalty

MT Newswires Live

Jun 03

Rumble Resources (ASX:RTR) said it received a second AU$5 million payment from Elemental Royalty as part of a gold royalty sale linked to the Western Queen project in Western Australia, according to a Wednesday filing with the Australian bourse.

The first AU$5 million upfront payment, payable on the execution of definitive agreements, was received in mid-May.

The second million milestone payment was payable upon Rumble entering into a binding deal for the toll treatment or processing of ore from the royalty tenement, and was received on June 2, the company said.

Rumble added that a key condition of the ore tolling and blending agreement with Gylden has been satisfied, as Ramelius Resources (ASX:RMS) is not exercising its pre-emptive rights related to the processing of Western Queen ore.

The company's shares were nearly 2% lower in recent Wednesday trade.

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