BULLETIN RESOURCES LIMITED — Capital/Financing Update 2016

Jul 13, 2016

==> picture [116 x 42] intentionally omitted <==

14 July 2016

ASX RELEASE

Settlement of Sale of Nicolsons Gold Project and Capital Reduction and Distribution

The Board of Bulletin Resources (ASX: BNR, Bulletin) is pleased to advise that it has today finalised the sale of its 20% interest in the Nicolsons Gold Project to Pantoro Limited (ASX: PNR, Pantoro).

As a result of this transaction being settled Pantoro will today issue 130 million fully paid ordinary shares to Bulletin as consideration for the sale. In addition the gold loan prepayment with the Commonwealth Bank (CBA) has been finalised and the Company no longer has any loan facility with the CBA.

Bulletin’s non-executive Chairman, Mr Paul Poli, said, “the completion of this transaction leaves Bulletin in a strong financial position, giving a significant return to its shareholder via the inspecie distribution of Pantoro shares and looking for the next opportunity to add value to the Company.”

Chairman

Paul Poli

Non- Executive Directors

Frank Sibbel

Robert Martin

Company Secretary

Andrew Chapman

Shares on Issue

179.29 million shares

In-Specie Distribution

As a result of the settlement of this transaction the Company will now proceed with the capital reduction and in-specie distribution of Pantoro shares to Bulletin shareholders on the basis of 1 Pantoro share for every 2 Bulletin shares held at the Record Date.

Top Shareholders

Matsa Resources Ltd 27.4% Goldfire Enterprises 22.6%

Market Capitalisation

$13.6 million @ 7.6 cents

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

1 | P a g e

==> picture [115 x 42] intentionally omitted <==

The timetable for the capital reduction and in-specie distribution is as follows:

Event	Date
Last day for trading of Bulletin Shares on a “cum” Capital Reduction entitlement basis (Bulletin Shares acquired after this date will not be entitled to participate in the Distribution)	14 July 2016
Start of trading of Bulletin Shares on an “ex” Capital Reduction entitlement basis	15 July 2016
Time and date to determine entitlements under the Distribution (Distribution Record Date)	3.00pm (WST) 19 July 2016
In specie distribution to Shareholders of Pantoro Shares	25 July 2016

For further information, please contact: Paul Poli, Chairman Phone : +61 8 9230 3585

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

2 | P a g e