Rumble Resources Limited (ASX: RTR), an Australian-based exploration company focused on adding value to its mineral exploration assets and identifying new acquisition opportunities in Western Australia, announced on 15 May 2026 the sale of its 50% interest in the Lamil Project. Rumble, along with its joint venture partner AIC Mines Limited (ASX: A1M), has entered into a Tenement Sale Agreement with Aventine Resources Limited for the divestment of a 100% interest in Exploration Licence E45/5271. As a result of this transaction, Rumble will receive A$250,000 in cash, Aventine shares valued at A$300,000 (calculated using Aventine’s IPO share price), and a 0.5% net smelter return royalty.
The aggregate consideration for the Lamil Project, encompassing both Rumble’s and AIC Mines’ interests, includes A$500,000 in cash, Aventine shares totalling A$600,000, and an overall 1% net smelter return royalty. Completion of this sale is contingent upon the satisfaction of specific conditions precedent. These conditions include necessary heritage assignment steps, as well as confirmations related to Aventine’s proposed listing on the ASX and its initial public offering process. The transaction is anticipated to finalise five business days after these conditions are met, or as otherwise mutually agreed.
Rumble Resources Managing Director and CEO, Peter Harold, explained that the divestment of the Lamil joint venture is part of a strategy to offload non-core exploration projects. This allows the company to concentrate its efforts on priority assets, including accelerating production at the Western Queen gold and tungsten project, optimising the Earaheedy flowsheet, and advancing the Munarra Gully and Thunderstorm gold and copper projects. For Aventine Resources Limited, a private gold-copper exploration company targeting Western Australia’s Paterson Province, the acquisition is a strategic fit. Aventine plans to undertake an initial public offering and seek admission to the ASX in June 2026, positioning itself to further explore and develop its expanding Paterson Province portfolio, which the Lamil Project complements.
