GREAT BOULDER RESOURCES LIMITED — Capital/Financing Update 2016

Nov 22, 2016

23 November 2016

Operations Update – Balagundi and Tarmoola

• Drilling Commences at Balagundi

  • An initial 39 hole, 3,500m RC drilling programme has commenced at Balagundi, targeting historical high grade gold intersections

  • Interpretation of previous drilling has identified several near-surface gold trends that are the focus of this initial phase of drilling

  • First results are expected within 3 weeks with final results from this initial programme expected in mid-December

• Auger Geochemistry Programme at Tarmoola nearing completion:

  • A total of 983 auger holes have been planned across the Tarmoola project, with approximately 100 holes remaining to be drilled and sampled

  • The first pass geochemistry programme will be used to map bedrock geology and alteration systems to enable targeted drilling in Q1 2017

Drilling has now commenced at Great Boulder Resources Limited (ASX: GBR) (“Great Boulder”) flagship Balagundi project, 20km east of Kalgoorlie.

The drill programme aims to test previous high grade gold mineralisation and assess strike and dip extensions along the Mt Bellew trend. Significant historical intersections include:

• 24m at 19.1g/t gold from surface

• 4m at 40.4g/t gold from 99m

• 12m at 15.2g/t gold from 36m

A total of 3,500m has been planned with approvals in place to expand the drill programme once assay results are received during December.

At Great Boulder’s Tarmoola project, an extensive auger geochemistry programme will be completed in the coming days. Results are expected in early December ahead of scout RC drilling planned for early 2017.

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Balagundi Project – Regional Map

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Balagundi

A review of previous drilling at Great Boulder’s Balagundi Project has highlighted several discrete zones of continuous mineralisation along the Mt Bellew northwest trend. Drill testing will target the Mt Bellew North and Mt Bellew East zones over a combined 550m strike length.

Two distinct mineralisation horizons have been interpreted along this trend:

• Lower footwall shear zone at the contact of a black shale – gabbro/dolerite unit and associated quartz veining; and

• Upper zone associated with a brecciated mafic unit

To the south of the Mt Bellew East zone are a significant number of historical workings that have received limited drill testing. Deep diamond core underneath these workings has recently been re-logged, with large zones of sericite altered breccia identified. Structural measurements indicate that the breccia unit is sub-vertical, suggesting the historical workings may be the surface expression of the breccia. A total of six holes have been planned to test this zone.

Assay results from this first phase programme are expected on a rolling basis throughout December. The new drilling results will be reviewed in conjunction with previous data to plan extensional drilling in Q1 2017. Additional drilling will also be planned for Q1 2017 to test targets associated with a large scale arsenic anomaly which extends south of the Mt Bellew trend.

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----- Start of picture text ----- Mt Bellew North4m @ 40.4g/t AuMt Bellew4m @ 5.8g/t AuMt Bellew East24m @ 19.1g/t Au12m @ 15.2g/t Au8m @ 3.3g/t Au----- End of picture text -----

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----- Start of picture text ----- Balagundi Project – Arsenic soil anomalyover RTP Magnetic Image----- End of picture text -----

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----- Start of picture text ----- Mt Bellew North and East Trends - Interpretedstructures and previous high grade gold results [1]----- End of picture text -----

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Tarmoola

The Tarmoola project was first identified as prospective due to it being located within a large regional arsenic geochemical soil anomaly which also encompasses the Gwalia, King of the Hills, Bannockburn and Thunderbox gold mines, collectively hosting over 15 Moz of gold.

Previous mapping over the Tarmoola project indicated the project was largely comprised of a large granitoid intrusion with only minor greenstone on the eastern margin. Subsequent field mapping and reviews of open source data has shown the granite-greenstone contact actually lies further west than previously interpreted, with 15km of the prospective granitegreenstone contact running north-south through Great Boulder’s Tarmoola project.

The purpose of the auger geochemistry programme is to allow quantitative mapping of the bedrock geology, alteration signature and hydrothermal systems that drive gold bearing fluids in the region. Auger drilling is a cost-effective method that can cover large areas, quickly and help focus more expensive drilling on prospective geological zones. Great Boulder uses a 48 multi-element assay technique to look through the soil to the underlying bedrock geology and potential gold bearing structures.

The 983 auger holes were planned on an 800m line x 200m hole spacing which is considered sufficient for first pass geochemical analysis. Areas not sampled are due to the presence of excessive transported cover, rendering auger sampling ineffective. Following receipt and interpretation of assay results, a scout RC programme will be planned to test the priority targets at Tarmoola in early 2017.

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----- Start of picture text ----- ThunderboxSaracen Mineral Holdings2Moz Au (R&R)10.8Moz Au (produced)1BannockburnSaracen Mineral Holdings1.1Moz Au (R&R)10.3Mz Au (produced)1King of the HillsSaracen Mineral Holdings0.2Moz Au (R&R)11.9Mz Au (produced)1GwaliaSt Barbara Ltd3.9Moz Au (R&R)15.3Moz Au (produced)1----- End of picture text -----

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----- Start of picture text ----- 5.14g/tRock Chip----- End of picture text -----

Tarmoola Project – Regional Map

Tarmoola Geology and Auger Drill Plan

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RC and Auger Rigs on Location at Tarmoola and Balagundi

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Auger Rig on Location at Great Boulder’s Tarmoola Project

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Auger Sampling at Tarmoola

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RC Drill Rig at Balagundi

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Competent Person’s Statement- Exploration Results

Exploration information in this Announcement is based upon work undertaken by Mrs Melanie Leighton whom is a Member of the Australasian Institute of Geoscientists (AIG). Mrs Melanie Leighton has sufficient experience that is 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 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code). Mrs Melanie Leighton is a non-executive director of Great Boulder and consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

Forward Looking Statements

This Announcement is provided on the basis that neither the Company nor its representatives make any warranty (express or implied) as to the accuracy, reliability, relevance or completeness of the material contained in the Announcement and nothing contained in the Announcement is, or may be relied upon as a promise, representation or warranty, whether as to the past or the future. The Company hereby excludes all warranties that can be excluded by law. The Announcement contains material which is predictive in nature and may be affected by inaccurate assumptions or by known and unknown risks and uncertainties, and may differ materially from results ultimately achieved.

The Announcement contains “forward-looking statements”. All statements other than those of historical facts included in the Announcement are forward-looking statements including estimates of Mineral Resources. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, copper, gold and other metals price volatility, currency fluctuations, increased production costs and variances in ore grade recovery rates from those assumed in mining plans, as well as political and operational risks and governmental regulation and judicial outcomes. The Company does not undertake any obligation to release publicly any revisions to any “forward-looking statement” to reflect events or circumstances after the date of the Announcement, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. All persons should consider seeking appropriate professional advice in reviewing the Announcement and all other information with respect to the Company and evaluating the business, financial performance and operations of the Company. Neither the provision of the Announcement nor any information contained in the Announcement or subsequently communicated to any person in connection with the Announcement is, or should be taken as, constituting the giving of investment advice to any person.

1. Refer to Great Boulder Prospectus – Independent Geologist Report Section 7 and 8 (http://www.asx.com.au/asxpdf/20161116/pdf/43cyl0fqsmgg7y.pdf)

2. Refer to Great Boulder Corporate Presentation (http://www.asx.com.au/asxpdf/20161118/pdf/43d0f0w4rhcfyh.pdf)