BULLETIN RESOURCES LIMITED — Capital/Financing Update 2015

Jan 15, 2015

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16 January 2015

ASX RELEASE

Bulletin Executes Funding Proposal with CBA for Nicolsons Gold Project

The Board of Bulletin Resources (ASX: BNR, Bulletin) is pleased to advise that it has executed a Mandate Letter with the Commonwealth Bank of Australia (CBA) which sets out the terms and conditions for CBA to arrange finance for Bulletin’s share of the Nicolsons Gold Project, located near Halls Creek in Western Australia.

The funding proposal mandates CBA to complete a Senior Secured Gold Prepaid Forward and Mandatory Hedge Facility (Facility) to allow Bulletin to contribute to its interest in the refurbishment and development of the Nicolsons Gold Project. The value of the Facility is up to A$2.3 million based on Bulletin owning a 20% interest in the Project.

Currently Bulletin holds a 35% interest in the Project with Pacific Niugini Limited (PNR) via its wholly owned subsidiary, Halls Creek Mining Pty Ltd (as Operator), currently holding a 65% interest and moving towards an 80% interest.

As outlined in its announcement of 8 December 2014 Bulletin has signed a Heads of Agreement with PNR whereby PNR would assist Bulletin with its financing arrangements and to extend the same financing terms PNR receives to Bulletin. Both parties are moving forward with the finalisation of a more detailed agreement.

As part of the Proposal Bulletin will be required to fund its share of equity in the Project which will equate to approximately $700,000. Bulletin is considering its options with respect to meeting its share of equity under the Proposal.

Bulletin’s Chairman, Paul Poli said: “Bulletin is very pleased to be able to secure a funding proposal from the CBA on attractive terms. The timing of this financing deal is particularly pleasing given the recent increase in the AUD gold price. The CBA has executed a similar funding proposal with PNR and we are grateful for PNR’s assistance in this matter. Both parties are moving to finalise an agreement on the terms previously announced and are acting in good faith. This financing facility certainly enables Bulletin to enter the production phase fully maintaining its 20% equity in the project. We look forward to finalising Bulletin’s financing in due course.”

The key elements of the Proposal include:

• A Gold Prepaid Facility, with fixed repayments in physical gold.

• The number of ounces repayable is dependent on the AUD gold price at the date of financial close. The number of ounces to be repaid will be varied up or down dependent on the spot gold price at the time of execution.

Bulletin Resources Limited Suite 11, 139 Newcastle Street, Perth, WA 6000 I PO Box 376 Northbridge WA 6865 I phone (08) 9230 3585 I fax (08) 9227 0370 I www.bulletinresources.com

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• The proposed repayment structure delivers 1,855 ounces based on a spot price of A$1,370 per ounce. The number of ounces to decrease with a higher gold price.

• The Gold Prepaid Facility is for a period of 23 months with facility to be repaid monthly commencing nine months from the date of financial close.

• A mandatory Hedging Facility to provide cashflow certainty over the life of the Prepay Facility.

• The Hedging Facility is for scheduled deliveries over the same period as the Gold Prepay Facility. Hedged ounces are to be finalized at the time of execution, and are expected to be approximately 27% of forecast production at current gold prices.

• The Hedging Facility requires quarterly gold deliveries commencing nine months after the execution of loan documents.

There are a number of conditions precedent to Financial Close and are usual for a facility of this nature. These conditions include, but are not limited to, completion of all technical and legal due diligence, finalisation of approvals processes, facility documentation and the required equity component to be contributed by Bulletin. The Due Diligence has been substantially completed to date.

For further information, please contact:

Paul Poli, Chairman Phone : +61 8 9230 3585