Rumble Resources (ASX:RTR) share price jumps on activities update

The activities report for the quarter seems to have put the share price into the green.

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The Rumble Resources Ltd (ASX: RTR) share price has jumped into the green from market open today.

Today’s gain comes as Rumble released its activities report for the quarter.

Let’s comb over Rumble’s results in a bit finer detail.

Quick refresher on Rumble Resources

Rumble is in the minerals exploration business. It has a niche purpose of acquiring exploration projects for base and precious metals both in Australia and abroad.

The company has more than several projects currently in situ. Its most recent acquisition was the Braeside project located in the Pilbara region of WA.

Rumble Resources has a market capitalisation of $307 million at the time of writing.

Rumble’s quarterly results

Rumble realised cash inflows of $40.99 million for the quarter, underlined by a capital raising that was closed in July.

To illustrate, the company completed a capital raising of $40.2 million, by issuing 80.4 million new shares at 50 cents apiece.

Exiting the quarter Rumble had $39.7 million in cash on its balance sheet, with “a further $266k in listed investments”.

Offsetting the inflows were cash outflows that totalled $2.6 million, primarily “across exploration activity”.

Rumble also detailed several progress points at several of its key sites in its report.

It outlined that drilling commenced at its Earaheedy project, whilst also stating it had “secure 100% ownership” of the Braeside project.

Additionally, drilling and airborne electromagnetics (EM) at its Lamil Au-Cu project is planned for September onwards, as per the report.

Additional takeouts from the report

Rumble also detailed it had appointed “highly accredited global mining executive” Peter Venn to its board as a non-executive director.

It also outlined a “major Zn-Pb-Ag discovery” at Earaheedy, claiming there is “over 45km of prospective strike” at this site.

The company also appointed experienced geologist Luke Timmermans as “senior project manager” at Earaheedy.

Timmermans is a geologist with “over 10 years experience in the mining industry, working on commodities such as gold [and] base metals”.

Rumble Resources share price snapshot

The Rumble Resources share price has delivered outsized returns this year to date, posting a return of 337% since January 1, extending the previous 12 month’s return of 272%.

These returns have beaten the S&P / ASX 200 Index (ASX: XJO)’s return of ~23% over the past year.

Despite the gains, Rumble shares are 7.8% in the red over the past 1 month.

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The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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