BULLETIN RESOURCES LIMITED — AGM Information 2011

Nov 20, 2011

==> picture [720 x 83] intentionally omitted <==

Annual General Meeting Martin Phillips, Managing Director 21 November 2011

Bulletin Resources Limited Unit A8, 435 Roberts Rd, Subiaco WA 6008 | phone (08) 9388 6921 | fax (08) 6316 3337| www.bulletinresources.com

Disclaimer

This document has been prepared by Bulletin Resources Ltd (ACN 144 590 858) (Bulletin or the Company). No party other than Bulletin has authorised or caused the issue of this document, or takes responsibility for, or makes any statements, representations or undertakings in this document.

Presentation of general background: This document contains general background information about Bulletin’s proposed activities current as at the date of this presentation (Information). It is Information in a summary form only and does not contain all the information necessary to fully evaluate any investment. Further information on Bulletin can be obtained from its website; www.bulletinresources.com.

Not investment advice: The Information provided in this presentation is not intended to be relied upon as advice to investors or potential investors and has been prepared without taking into account the recipient’s investment objectives, financial circumstances or particular needs. Any investment decision should be made based solely upon appropriate due diligence and, if applicable, upon receipt and careful review of relevant offering documents. Recipients of this presentation are advised to consult their own professional advisers. An investment in any company, including Bulletin, is subject to significant risks of loss of income and capital.

Financial data: All dollar values are in Australian dollars (A$) unless otherwise stated.

Future performance: This presentation contains certain forward-looking statements. The words 'anticipate', 'believe', 'expect', 'project', 'forecast', 'estimate', 'likely', 'intend', 'should', 'could', 'may', 'target', 'plan' and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forwardlooking statements. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Bulletin, and its officers, employees, agents and associates, that may cause actual results to differ materially from those expressed or implied in such statements. Actual results, performance or outcomes may differ materially from any projections and forward-looking statements and the assumptions on which those assumptions are based. You should not place undue reliance on forward-looking statements and neither Bulletin nor any of its directors, employees, servants, advisers or agents assume any obligation to update such Information.

Risks: An investment in Bulletin’s securities is subject to investment and other known and unknown risks, some of which are beyond the control of Bulletin and Bulletin's directors, employees, advisers or agents. Some of the risks associated with an investment in Bulletin are set out in Section 11 of its Prospectus dated 17 November 2010.

2

Our Business Strategy

1  Fast track Nicolson’s Gold Project to production

• Investigate development options and optimise mine plan

• Expedite approvals for mining and processing

• Recommission the plant for modest capital outlay

2  Profitability and Growth

• Expand resource inventory

• Increase economies of scale and competitiveness

• Leverage off exploration and acquisitions

3

2011 Highlights

• Resource increased 47% since listing to:

• 1.4mt at 5.6g/t Au for 248,500oz

• Mining feasibility study underway

• Low capital requirements with major infrastructure already in place;

• 120,000 tpa CIP facility

• 2 MVA power station

• Water bores, telecommunications

• Growth potential

• Resource remains open

• Numerous untested targets and acquisition opportunities

• Only gold processing facility in Kimberley region

==> picture [337 x 392] intentionally omitted <==

4

2011 Progress

Resource Drilling

• 16,000 metres of RC drilling completed since April

• 12,000 metres resource expansion program recently completed. Results pending

• Feasibility Study

• Open pit and underground mining study being managed by AMC Consultants

• Geotechnical study being managed by AMC Consultants

• Metallurgical testing being managed by Como Engineers

==> picture [376 x 355] intentionally omitted <==

5

2011 Progress (cont’d)

Permitting

• D. E. Cooper and Associates preparing new tails dam design and geotechnical assessment

• Keith Lindbeck and Associates completed site flora and fauna surveys

• Rockwater appointed for hydrology studies

==> picture [389 x 363] intentionally omitted <==

6

2011 Progress (cont’d)

Successful testing of processing facility

• 2.1 MVA power station was reenergised and the crushing, mill, leach circuits restarted

• Ore characterised as free-milling

• Laboratory scale testing of oxide, transitional and primary mineralisation returns high leach recoveries

==> picture [373 x 332] intentionally omitted <==

7

Project Road Map

Final Options Study Feasibility Authorisation

 Mine optimisations  Mine design and schedule  Engineering design Major Activities  Plant condition testing  Metallurgical/geotech testing  Equipment sourcing  Infrastructure testing  Infrastructure strategy  Final capital estimate

 Infrastructure testing  Infrastructure strategy

Deliverables

 Options Study  Feasibility Study

 Project execution plan

Key Decisions

 Underground/open pit  Production rate and mine life  Decision to mine

Timing

Feasibility Study scheduled for completion at end of Q1 2012

8

Exploration Upside

• Resource comprises a series of north-plunging lodes hosted along +2km long structure

• All lodes remain open at depth

• Limited drilling completed along strike of host structure

• Numerous untested mineralised targets within greater lease area

==> picture [340 x 391] intentionally omitted <==

9

Regional Potential

• Project located in historic Halls Creek goldfield, site of WA’s first gold discovery

• Only other recent gold mine development was at Palm Springs during the 1990s

• Numerous acquisition opportunities

==> picture [340 x 391] intentionally omitted <==

10

Outlook

• Nicolson’s mining feasibility on track for Q1 2012

• Statutory approvals for mining to be initiated

• Investment decision subject to approvals and finance

• Results from resource expansion drilling

• Initiate exploration over satellite targets

• Acquire additional projects

11

==> picture [720 x 83] intentionally omitted <==

APPENDIX

12

2011 Resource

Prospect	Category	Tonnes	Grade (g/t Au)	Ounces
Nicolson’s	Open pit Indicated	520,800	5.70	95,400
	Open pit Inferred	37,300	2.74	3,300
	Total open pit	558,100	5.50	98,700
	Underground Indicated	131,900	5.56	23,600
	Underground Inferred	474,700	6.04	92,200
	Total underground	606,600	5.94	115,800
	Nicolson’s total	1,164,700	5.73	214,500
Rowdies	Open pit Indicated	59,000	3.81	7,200
	Open pit Inferred	29,200	2.48	2,300
	Total open pit	88,200	3.37	9,600
	Underground Indicated	9,400	4.68	1,400
	Underground Inferred	2,900	4.12	400
	Total underground	12,300	4.55	1,800
	Rowdies total	100,500	3.51	11,300

 Mineral Resource reported at > 0.5 g/t Au for open pit (constrained by conceptual pit shell) and > 3 g/t Au for underground

 Independently estimated in accordance with JORC Code (2004) by Optiro in Sept 2011

13

2011 Resource (cont’d)

Prospect	Category	Tonnes	Grade (g/t Au)	Ounces
Wagtail area	Open pit Indicated	16,700	7.56	4,000
	Open pit Inferred	73,600	5.36	12,700
	Total open pit	90,300	5.76	16,700
	Underground Indicated	-	-	-
	Underground Inferred	29,300	6.27	5,900
	Total underground	29,300	6.27	5,900
	Wagtail area total	119,500	5.89	22,600
Total	Total open pit	736,600	5.28	125,000
	Total underground	648,200	5.92	123,500
	Project total	1,384,800	5.58	248,500

 Mineral Resource reported at > 0.5 g/t Au for open pit (constrained by conceptual pit shell) and > 3 g/t Au for underground  Independently estimated in accordance with JORC Code (2004) by Optiro in Sept 2011

14

Nicolson’s Long Section

==> picture [691 x 420] intentionally omitted <==

----- Start of picture text -----

19 200mN 19 400mN 19 600mN 19 800mN
300mRL
Open Pit Production:
92,000t at 7.71 g/t Au
200mRL
Main Lode
Southern Lode
100mRL
Foot Wall Lode
Planned Drilling
0mRL
Legend
0.5 – 10.0 Au gram-metres
10.0 – 20.0 Au gram-metres
> 20.0 Au gram-metres 0 Metres 100
----- End of picture text -----

15

Rowdies Long Section

==> picture [662 x 371] intentionally omitted <==

----- Start of picture text -----

18 400mN 18 450mN 18 500mN 18 550mN 18600mN
Open Pit Production: 12,000t at 2.2 g/t Au
6m @ 1.8 g/t Au
Planned Drilling
Planned Drilling
12m @ 2.8 g/t Au
6m @ 5.8 g/t Au
7m @ 3.8 g/t Au
250mRL
4m @ 12.4 g/t Au
4m @ 27.5 g/t Au
5m @ 2.0 g/t Au
4m @ 7.4 g/t Au
b
3m @ 6.6 g/t Au
4m @ 4.9 g/t Au
5m @ 14.0 g/t Au
200mRL
3m @ 7.5 g/t Au Planned Drilling
Legend
0.5 – 10.0 Au gram-metres
> 10.0 Au gram-metres
25m
18500mN
18450mN
----- End of picture text -----

16

Wagtail Long Section

==> picture [661 x 371] intentionally omitted <==

----- Start of picture text -----

300mRL
18100mN 18200mN 3m @ 18.9 g/t Au 18300mN 18400mN
3m @ 27.9 g/t Au 3m @ 22.9 g/t Au
1m @ 24.3 g/t Au
2m @ 20.9 g/t Au
Planned Drilling 2m @ 25.6 g/t Au
5m @ 10.5 g/t Au
17m @ 21.8 g/t Au Planned Drilling
2m @ 10.3 g/t Au
6m @ 21.0 g/t Au
2m @ 9.0 g/t Au
200mRL
7m @ 7.1 g/t Au
Legend
0.5 – 10.0 Au gram-metres
Planned Drilling
> 10.0 Au gram-metres
Granite
50m
Hole drilled along dip of mineralisation
100mRL
`
----- End of picture text -----

17

Exploration Potential

==> picture [646 x 367] intentionally omitted <==

----- Start of picture text -----

18 000mN 18 500mN 19 000mN 19 500mN 20 000mN
2.5 km
Limit of current drilling
Untested
Potentia l
Mill
800 m
Wagtail Rowdies Nicolson’s
Depth
200m
400m
600m
----- End of picture text -----

18

Exploration Potential

==> picture [452 x 426] intentionally omitted <==

==> picture [140 x 213] intentionally omitted <==

19

Competent Persons Statement

The information in this table that relates to Mineral Resources is based on information compiled by Mr Ian Glacken, who is a Fellow of the AusIMM. Mr Glacken is a full time employee of Optiro Pty Ltd where he holds the title of Principal Consultant. Mr Glacken has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code 2004). Mr Glacken consents to the inclusion in this table of the matters based on his information in the form and context in which it appears.

Information relating to Exploration Results is based on information compiled by Mr Mark Csar, who is a Fellow of the AusIMM and is a full time employee of Bulletin Resources Limited. Mr Csar has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code 2004). Mr Csar consents to the inclusion of the information in the form and context in which it appears.

20

==> picture [720 x 83] intentionally omitted <==

==> picture [244 x 184] intentionally omitted <==

==> picture [241 x 183] intentionally omitted <==

==> picture [241 x 183] intentionally omitted <==

Investment and Media inquiries:

Martin Phillips

Managing Director Email: mphillips@bulletinresources.com

Bulletin Resources Limited Unit A8, 435 Roberts Rd, Subiaco WA 6008 | phone (08) 9388 6921 | fax (08) 6316 3337| www.bulletinresources.com

21