GREAT BOULDER RESOURCES LIMITED — Capital/Financing Update 2020

Jul 13, 2020

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ASX Announcement
14 July 2020
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Great Boulder acquires option on high-grade gold project at Meekatharra

• Side Well gold project is located in the richly endowed Meekatharra gold field

• High grade gold intersections identified in previous drilling

• Exploration to commence immediately

Great Boulder Resources [ASX: GBR] is pleased to announce the Company has taken an option on a high-grade gold project near Meekatharra in Western Australia.

The Side Well gold project is located next to Meekatharra in Western Australia, adjacent to Westgold Resources’ Murchison Gold Operations and south of the Andy Well gold mine. This richly endowed area has produced nearly four million ounces of gold, with over 2.7 million ounces remaining in current resources[1] .

Previous drilling by Doray Minerals prior to the closure of the nearby Andy Well mine produced a number of high-grade intersections, including:

• 3m @ 35.5g/t Au from 76m in MNAC0463 (Matilda prospect)

• 5m @ 6.69g/t Au from 110m in MNAC0454 (Mulga Bill prospect)

• 14m @ 5.30g/t Au from 86m in SWRC012 (Mulga Bill prospect)

• 10m @ 3.41g/t Au from 185m in SWRC006 (Mulga Bill prospect).

Much of the Mulga Bill prospect, including the most prospective area, has only been drilled on sections 400m apart - leaving ample room for a significant discovery.

Great Boulder Managing Director Andrew Paterson said the transaction is a significant step forward for the company’s gold exploration strategy.

“Side Well is owned by Zebina Minerals Pty Ltd, a private company owned by Kalgoorlie based prospector Scott Wilson, who originally pegged Andy Well in 1988 and joint ventured it with Doray Minerals. The parallels between Andy Well and Side Well are compelling, in terms of their history as well as their geological setting.

1 A regional breakdown of historic production and JORC resources is provided in Error! Reference source not found.

ASX Code: GBR Contact: Andrew Paterson, Managing Director E: admin@greatboulder.com.au GREATBOULDER.COM.AU P: +61 8 9321 6037 PO Box 677, West Perth 6872, Western Australia ABN 70 611 695 955

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“Side Well is a rare combination of high-grade gold intersections on a big tenement a stone’s throw from a multi-million-ounce gold field. We have gold hits of 10m @ 3.41g/t and 14m @ 5.30g/t on drill fences 400m apart, without a single hole in between them.

“20 years ago, when WMC were exploring the area they walked away from Andy Well when it was at a similar stage. Ten years later Doray came in and drilled out over 800,000 ounces.

“The history of the Meekatharra field demonstrates this area keeps on giving. Westgold are mining underground at Paddy’s Flat, right in the historic centre of the field. We’re looking forward to getting a rig on the ground as soon as possible.”

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FIGURE 1: SIDE WELL SITS WITHIN THE MEEKATHARRA GOLD FIELD, AN AREA WITH A GOLD ENDOWMENT OF ALMOST SEVEN MILLION OUNCES.

E: admin@greatboulder.com.au GREATBOULDER.COM.AU ABN 70 611 695 955

ASX Code: GBR Contact: Andrew Paterson, Managing Director P: +61 8 9321 6037 PO Box 677, West Perth 6872, Western Australia

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Transaction Details

Great Boulder has entered into an agreement with the vendor Zebina Minerals Pty Ltd (“Zebina”) whereby the Company will take an option to explore for up to 24 months. During this time GBR may exercise the option to acquire a 75% joint venture interest in Side Well.

• The Side Well project consists of Exploration Licence E51/1905, granted on February 12[th] 2020.

• The Company will make a payment of $100,000 consisting of $50,000 in cash and $50,000 in ordinary fully-paid GBR shares for a 12-month option to explore the project (first option period).

• During the first option period, the Company commits to spending a minimum of $200,000 on in-ground expenditure.

• After the first option period the Company may elect to extend its option by a further 12 months by making a second payment of $100,000 consisting of $50,000 in cash and $50,000 in ordinary fully-paid GBR shares.

• If GBR exercises the option, it will pay Zebina $175,000 in cash and $175,000 in ordinary fully-paid GBR shares priced at a 10% discount to the 20-day VWAP as well as one-for-one attaching options in Great Boulder valued at a price 25% above the 20-day VWAP as at the date of exercise, and exercisable within 3 years of issue.

• Upon establishment of the joint venture, Zebina’s 25% interest will remain free-carried to a decision to mine. Zebina will also retain ownership of all surface gold rights.

About the Side Well gold project

Side Well tenement E51/1905 is a 48-block Exploration Licence covering an area of 131.8km[2] immediately east and northeast of Meekatharra in the Murchison province (Figure 1). The project overlies the Meekatharra – Wydgee greenstone belt and includes upper greenschist-facies rocks of the Luke Creek and Mt Farmer groups. Within the project area these lithologies are folded into a large regional syncline known as the Pollele syncline. Alluvium and lacustrine clays overlie the area.

Exploration History

Regional exploration has been conducted around Side Well by a number of companies over the past 30 years, including Dominion Mining (1992 to 1995), WMC Resources (1996-97), Accent Resources (2009) and Doray Minerals (2010 to 2016). Dominion were the first company to identify significant gold mineralisation in drilling with intersections such as 2m @ 1.67g/t Au and 4m @ 1.4g/t Au in regional RAB traverses[2] .

Dominion Mining and WMC Resources explored the greenstone belt from Andy Well to Side Well during the 1990’s. Dominion discovered significant gold mineralisation at Side Well in 1993, including 26m @ 2.19g/t in hole HAR3015. Shortly afterwards WMC drilled the discovery holes at Andy Well. WMC eventually concluded that the project area did not meet their exploration criteria of a 6Moz discovery, commenting in their 1998 report that “ potential for a near-surface WMC-sized position (e.g. 6Moz) was significantly downgraded. The potential for smaller, perhaps million

• 2 WAMEX report A90766: Doray Minerals Ltd annual report for the Side Well project, 1/7/2010 to 30/6/2011.

E: admin@greatboulder.com.au GREATBOULDER.COM.AU ABN 70 611 695 955

ASX Code: GBR Contact: Andrew Paterson, Managing Director P: +61 8 9321 6037 PO Box 677, West Perth 6872, Western Australia

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ounce, positions remains significant .[3] ” The decision by WMC to leave the area eventually led to the Andy Well project being picked up by Doray Minerals in joint venture with Scott Wilson.

Doray were successful in identifying high-grade gold in drilling at Matilda (3m @ 35.48g/t Au from 76m in hole MNAC0463) and then Mulga Bill where several significant hits in Air-Core (AC) and Reverse Circulation (RC) drilling included 10m @ 3.41g/t Au from 185m in SWRC006, 14m @ 5.30g/t Au from 86m in SWRC012 and 5m @ 6.69g/t Au from 110m in MNAC0454. In January 2013 Doray flew a heli-TEM survey over the project area which provided additional detail for their structural interpretation on the controls to mineralisation. After 2015 Doray’s exploration focus shifted closer to Andy Well as they experienced success at Gnaweeda, while the corporate focus shifted to the ramp-up of operations at Deflector, south of Yalgoo.

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FIGURE 2: SIDE WELL DRILL COVERAGE OVER GSWA 1:500,000 GEOLOGY

3 WMAEX report A56148: WMC Resources Ltd: Annual report for the period 30/6/1997 to 30/6/1998.

E: admin@greatboulder.com.au ABN 70 611 695 955

ASX Code: GBR Contact: Andrew Paterson, Managing Director P: +61 8 9321 6037 PO Box 677, West Perth 6872, Western Australia

GREATBOULDER.COM.AU

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Geochemistry

Much of the Side Well area is covered by alluvial material, rendering conventional soil sampling techniques unreliable. This also presents opportunities, and GBR intends to trial a range of analytical techniques to identify underlying mineralisation.

It is a widely accepted principle of Yilgarn exploration that all the significant future discoveries will be made under cover, and this is particularly true in historic mining areas such as Meekatharra.

The only surface sampling recorded over the project area was a 182-point lag sampling program conducted by WMC over the Jones Well area on a 100 x 200m grid in 1997-98. Samples were assayed for Au and As, with the results highlighting a coherent Au-As anomaly at 3ppb Au, with a peak of 14ppb Au. Ten air-core holes were subsequently drilled to test this target with no significant results, indicating that the surface sampling may have been ineffective.

Drilling

GBR has collated a digital database of drilling by Dominion Mining, WMC Resources and Doray Minerals consisting of a total of 535 holes within E51/1905. From the details available, these have been classified as AC (261 holes), RC (16 holes), Diamond (2 holes) and Unknown (256 holes). Many of the unknown hole types are likely to be Rotary Air Blast (RAB).

Hole Type	No. Holes	Sum of Depth	Average Depth
AC	261	24,645m	94m
RC	16	3,870m	242m
DD	2	592m	296m
Unknown	256	12,072m	47m
Total	535	41,179m	77m

TABLE 1: SUMMARY OF HISTORIC DRILLING COMPILED BY GBR.

Side Well priority targets

Mulga Bill prospect: Gold was first identified at the northern end of Mulga Bill by Dominion, who initially referred to the prospect as Side Well. RAB hole HAR3015 intersected 26m @ 2.19g/t Au from 66m in 1993. Although detailed logging is unavailable, subsequent drilling in the area would suggest that this horizon was at least partially weathered.

Dominion drilled follow-up air-core holes either side of HAR3015, as well as a scissor hole above it, all of which failed to replicate the 26m interval. In their 1993 report Dominion concluded that the result “ appears to be a classic case of RAB smearing quartz in samples of damp puggy mafic clays[4] .”

4 WAMEX report A41188: Dominion Mining Ltd 1993 Annual Report on “Hindenberg” E51/408 26/10/93 to 31/12/93.

E: admin@greatboulder.com.au GREATBOULDER.COM.AU ABN 70 611 695 955

ASX Code: GBR Contact: Andrew Paterson, Managing Director P: +61 8 9321 6037 PO Box 677, West Perth 6872, Western Australia

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Later air-core drilling by Doray Minerals 500m south of this hole hit began to identify zones of supergene mineralisation within a broad, north-south corridor. As their exploration continued they tested some sections with a series of RC holes and two diamond tails, with highlights including 14m @ 5.30g/t Au in SWRC012 and 10m @ 3.41g/t Au in SWRC006. By this stage mineralisation had been defined over a strike distance of 3km within a corridor 750m wide. The corridor is defined by supergene gold dispersion within the weathered horizon, with an anomalous copper footprint providing a broader dispersion halo in the same horizon to highlight the overall trend.

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FIGURE 3: MULGA BILL HAS SIGNIFICANT MINERALISATION OVER 3KM OF STRIKE, OPEN TO THE SOUTH. THE BETTER SECTIONS ARE DRILLED 400M APART. EARLY REGIONAL DRILLING (4[TH] LINE FROM THE BOTTOM) WAS SHALLOW AND INEFFECTIVE.

Mulga Bill is located in the centre of the Pollele syncline, within felsic to intermediate volcanics and volcaniclastics of the Yaloginda Formation. Previous explorers have hypothesised the position of gold mineralisation at Mulga Bill is influenced by the nearby Gabanintha shear, and Doray interpreted a mineralised felsic to intermediate intrusion which may also be a key influence to mineralisation. Although the drilling is currently sparse, the distribution of significant gold values suggests a possible north-northeast trend to the higher-grade zones, however this hypothesis requires testing with infill drilling.

Analysis of Doray’s 2013 HeliTEM data will enable mapping of a zone of deeper weathering along the mineralised shears.

ASX Code: GBR Contact: Andrew Paterson, Managing Director E: admin@greatboulder.com.au GREATBOULDER.COM.AU P: +61 8 9321 6037 PO Box 677, West Perth 6872, Western Australia ABN 70 611 695 955

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The better intersections drilled by Doray are within the southern half of the Mulga Bill area. This section was drilled on sections 400m apart, meaning the entire southern 1,600m of Mulga Bill has only been tested by five fences of drilling. Infilling this area and extending the high-grade mineralisation zones will be a priority for GBR.

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FIGURE 4: MULGA BILL SECTION 7060200N (ADAPTED FROM DORAY MINERALS 2015 REPORT).

Matilda prospect: Doray’s air-core intersection of 3m @ 35.48g/t Au in hole MNAC0463 at Matilda sits on the west side of the project, on the eastern side of the Paddy’s Flat belt above a discontinuous linear magnetic feature caused by banded iron formation (BIF) and cherts of the Yaloginda Formation. Petrographic analysis of RC chips from hole SWRC003 at Matilda identified a carbonate-chlorite-sericite-altered porphyry, possibly andesite, however SWRC003 failed to intersect significant grade at depth beneath MNAC0463.

The high-grade intersection in MNAC0463 was logged as moderately weathered, fine-grained quartz-feldspar-mica schist. Holes either side were simply logged as upper to lower saprolite, suggesting positive identification of the host lithology would be unreliable, and there may be a supergene component to the gold interval. Aside from the two holes drilled underneath the discovery hole looking for continuity at depth, the adjacent drill fences are lines of relatively shallow holes 400m to the north and south.

Further drilling is required at Matilda to confirm its stratigraphic position relative to the Paddy’s Flat belt. There is more than 5km of strike along this trend to the hinge of the syncline, most of it untested by drilling. To the east of the fold hinge the stratigraphy swings back to the south, down the east side of the Side Well project towards Gabanintha.

E: admin@greatboulder.com.au GREATBOULDER.COM.AU ABN 70 611 695 955

ASX Code: GBR Contact: Andrew Paterson, Managing Director P: +61 8 9321 6037 PO Box 677, West Perth 6872, Western Australia

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FIGURE 5: SIDE WELL DRILLING OVER MAGNETICS. THE MATILDA TREND (5KM) AND GABANINTHA TREND (18KM, BOTH OUTLINED IN RED) ARE HIGHLY PROSPECTIVE STRATIGRAPHIC HORIZONS ANALOGOUS TO LOCAL GOLD MINES TO THE SOUTH AND SOUTH-WEST.

Gabanintha trend: On the eastern side of the project, the lithologies corresponding to the Paddy’s Flat belt strike southwards towards Gabanintha, abutting granites and monzogranites of the Walganna and Big Bell suites. South of Side Well there is a series of workings and old mines in this stratigraphic horizon, including Bourke’s Find, Fishers, Tal Val, New Australia and the Gabanintha group of mines.

Within the project this prospective horizon has only been tested by a single line of air-core holes ranging in depth from 16m to 95m. The target horizon is approximately 18km in strike length.

There is no record of any surface sampling on this trend.

ASX Code: GBR Contact: Andrew Paterson, Managing Director E: admin@greatboulder.com.au GREATBOULDER.COM.AU P: +61 8 9321 6037 PO Box 677, West Perth 6872, Western Australia ABN 70 611 695 955

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Jones Well: Jones Well occurs at the northern end of the Side Well project. The area is structurally complex, with folded BIF abutting a small (6km) ovoid granite. Thin magnetic units wrapping around the granite could be BIF or a contact halo, but in either case the position of a brittle intrusive plug within a large regional structural corridor may create classic dilational positions for gold mineralisation. Smaller areas of low magnetic response adjacent to the BIF suggest there may be other smaller intrusives adding further complexity to the structural setting.

Jones Well is immediately adjacent to Westgold’s Maid Marion deposit, which contains a JORC resource of 700,000t @ 1.52g/t for 34,000 ounces Au[5] . Maid Marion is located approximately 1.2km from the tenement boundary in a similar BIF setting. Since that resource statement was announced, Westgold have released highlights from more recent drilling, including these intersections in the December 2019 quarterly report:

• 4m @ 5.29g/t Au from 8m in 19MMRC018

• 4m @ 6.52g/t Au from 8m in 19MMRC023

• 4m @ 5.23g/t Au from 44m in 19MMWB001.

Jones Well was explored by Dominion and then WMC during the 1990’s, with lag sampling by WMC defining an Au-As anomaly which was subsequently tested with a fence of ten air-core holes. WMC’s exploration report states that the area is covered by a layer of thin pisolitic gravel, with mineralization related to a clay zone and talc-chlorite ultramafic beneath the cover. No significant mineralisation was seen, which may indicate that the lag sampling was ineffective.

High-resolution magnetics will be a useful tool to resolve the structural interpretation in this area, followed by drilling to confirm the lithologies.

Next Steps

• Approvals for drilling at Mulga Bill have already been submitted, and these should be granted in the coming month.

• RC drilling will target extensions to the known zones of high-grade mineralisation.

• Fences of air-core drilling will be used to infill the 400m gaps in coverage, using the supergene dispersion blanket (Au+Cu) to window in on the mineralised corridor.

• Soil sampling orientation surveys will investigate whether particular soil grainsize fractions and assay techniques provide better results for future soils work.

• The HeliTEM data will be purchased and re-processed to assist with the regional structural interpretation.

• A high-resolution magnetic survey will be considered for the Jones Well area.

• Further drilling pending results of the initial drilling and/or geochemical sampling programs.

Project	Historic Production(‘000 oz)	Resources(‘000 oz)
Yaloginda6	1,200	824
Paddy’s Flat6	2,300	1,335
Meeka North6	100	41
Andy Well7	300	505
Total	3,900	2,705

5 Westgold ASX announcement 4/9/2017: “2017 Annual Update of Mineral Resources & Ore Reserves.” 6 Westgold Resources Ltd, 11/2/2020: “ASX Investors Conference – Company Presentation” 7 Silver Lake Resources Ltd website www.silverlakeresources.com.au

E: admin@greatboulder.com.au GREATBOULDER.COM.AU ABN 70 611 695 955

ASX Code: GBR Contact: Andrew Paterson, Managing Director P: +61 8 9321 6037 PO Box 677, West Perth 6872, Western Australia

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TABLE 2: HISTORIC PRODUCTION AND CURRENT JORC RESOURCES IN THE MEEKATHARRA AREA.

Hole_ID	East	Northing	Azi	Dip	Hole Depth	From (m)	To (m)	Interval (m)	Au (g/t)
HAR3015	658541	7062756	90	60	92	66	92	26	2.19
including						72	84	12	3.32
MNAC0339	656960	7064998	90	60	96	80	84	4	2.06
MNAC0391	658683	7062395	270	60	104	62	63	1	13
MNAC0421	658443	7061800	270	60	150	109	113	4	2.08
and						129	134	5	2.41
MNAC0446	658680	7061400	270	60	69	57	61	4	2.17
MNAC0454	658440	7061009	270	60	116	110	115	5	6.69
MNAC0460	658918	7061004	270	60	86	79	81	2	1.75
MNAC0463	656920	7064975	90	60	131	76	39	3	35.5
including						76	77	1	104
MNAC0471	658684	7060604	270	60	120	88	91	3	6.94
MNAC0480	658528	7060196	270	60	108	91	105	14	1.14
SWRC004	658400	7060198	270	60	250	83	84	1	10.9
SWRC005	658480	7060197	270	60	250	122	124	2	7.43
SWRC006	658560	7060196	270	60	250	164	169	5	1.77
and						185	195	10	3.41
SWRC007	658660	7060202	270	60	250	147	153	6	1.24
SWRC012	658700	7060600	270	60	249	86	100	14	5.3
including						98	100	2	22
and						107	112	5	2.06
SWRC014	658478	7061000	270	60	250	196	197	1	15.2
MBDD001	658565	7060198	270	60	300.6	129	131	2	6.47
and						148	149	1	91.9
and						180	188	8	1.91
MBDD002	658525	7060588	90	60	291.4	132	137	5	1.6

TABLE 3: SIGNIFICANT INTERCEPTS REPORTED FROM HISTORICAL DRILLING. ALL COORDINATES ARE QUOTED IN GDA94 ZONE 50.

Competent Person’s Statement

Exploration information in this Announcement is based upon work undertaken by Mr Andrew Paterson who is a Member of the Australasian Institute of Geoscientists (AIG). Mr Paterson 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). Mr Paterson is an employee of Great Boulder Resources and consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

ASX Code: GBR Contact: Andrew Paterson, Managing Director E: admin@greatboulder.com.au GREATBOULDER.COM.AU P: +61 8 9321 6037 PO Box 677, West Perth 6872, Western Australia ABN 70 611 695 955

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About Great Boulder Resources

Great Boulder is a mineral exploration company with projects in the Eastern Goldfields region of Western Australia. With a focus on base metals and gold, the Company has a range of projects from greenfields through to advanced exploration. With advanced copper-nickel-cobalt projects including Mt Venn and Winchester and the Whiteheads gold project plus the backing of a strong technical team, the Company is well positioned for future success.

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FIGURE 6: GREAT BOULDER RESOURCES PROJECTS

E: admin@greatboulder.com.au ABN 70 611 695 955

ASX Code: GBR Contact: Andrew Paterson, Managing Director P: +61 8 9321 6037 PO Box 677, West Perth 6872, Western Australia

GREATBOULDER.COM.AU

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Appendix 2 - JORC Code, 2012 Edition Table 1

Section 1 Sampling Techniques and Data

Historical drilling data has been digitally compiled from a series of Annual Technical Reports published by Doray Minerals Limited documenting exploration activities over the Side Well project between 2009-2015. Project history has also been compiled from reports by Dominion Mining Ltd and WMC Resources Ltd between 993 and 1997. Specific reports related to drill results are DMIRS WAMEX report numbers A41188, A43735, A56148, A87660, A90766, A94701 and A99137. A98385 contains details on the airborne geophysical survey undertaken during 2013.

(Criteria in this section apply to all succeeding sections.)

Criteria Commentary
Sampling techniques AC sampling techniques are not documented in publicly available reports but it is anticipated that Doray utilised industry standard techniques. Diamond drilling was sampled by cutting the core in half with 1m samples sent for analysis. Sampling techniques are unknown for drillhole HAR3015.
Drilling techniques Drill intersections reported are a combination of aircore (AC), reverse circulation (RC) and diamond drilling.
Drill sample recovery Not recorded.
Logging All holes were logged for lithology, weathering, alteration, mineralisation and veining. Structural orientation data was collected from diamond core.
Sub-sampling techniques and sample preparation Diamond holes were cut and sampled at a nominal 1m interval length with half core being sent for analysis. RC and AC holes were initially sampled as 4m composites with any samples reporting greater than 0.1g/t gold or 0.5% Cu resampled at 1m intervals. Sample collection, size and analytical methods are deemed appropriate for the style of exploration.
Quality of assay data and laboratory tests All samples collected in the field (for Doray AC, RC and DD drilling) were sent to SGS Minerals Services, in Perth for preparation and analysis. Composite samples were analysed for gold (ppm) by Aqua Regia (25 gram extraction, AAS (SGS code: ARE133)) and for multi element analysis by inductively coupled plasma atomic emission spectroscopy (SGS code: ICP12S). One metre re-splits were analysed by Fire assay (30 gram AAS analysis (SGS code FAA303)) and had the same multielement analysis as the composite. To test the confidence in the fire assay re-split results (gold), standards were used by Doray from ORE Research and Exploration Pty Ltd and included as every 50th sample sent to the laboratory. Assay metadata for HAR3015 is unavailable
Verification of sampling and assaying MBDD001 was designed as twin hole for SWRC006.
Location of data points Original collar locations for WMC drilling were field checked using handheld GPS by Doray personnel. It is unclear what technique was utilised to locate Doray’s AC, RC and DD drilling but its expected at a minimum handheld GPS. All collar coordinates reported are in GDA94, Zone 50.
Data spacing and distribution Data spacing is variable with wide-spaced lines having AC, RC and DD drilling. At the Mulga Bill prospect a minimum line spacing of 400m was used with AC holes generally spaced between 60- 100m. RC holes have a regular 80m spacing on 400m lines.
Orientation of data in relation to geological structure Mineralisation is comprised of a supergene enriched zone at the base of weathering over a near vertical, north-south trending intrusive body. Mineralisation within fresh rock is contained within shear zones at the margin of the intrusion, and within discrete veins. East-West drill orientation is considered optimal for the currently defined mineralisation.
Sample security Sample delivery protocols are not recorded.
Audits or reviews None completed.

ASX Code: GBR Contact: Andrew Paterson, Managing Director E: admin@greatboulder.com.au GREATBOULDER.COM.AU P: +61 8 9321 6037 PO Box 677, West Perth 6872, Western Australia ABN 70 611 695 955

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Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	Commentary
Mineral tenement and	Side Well tenement E51/1905 is a 48-block exploration licence covering an area of 131.8km2
land tenure status	immediately east and northeast of Meekatharra in the Murchison province. Zebina Minerals Pty Ltd
	currently owns 100% of the tenement with GBR acquiring a 24thMonth option to form a joint-
	venture.
Exploration done by	Tenement E51/1905 has a protracted exploration history but is relatively unexplored compared to
other parties	other regions surrounding Meekathara. The Explroation history by previous explorers has been
	described in the technical section of the announcement.
Geology	The Side Well tenement group covers a portion of the Meekatharra-Wydgee Greenstone Belt north
	of Meekatharra, WA. The north-north-easterly trending Archaean Meekatharra-Wydgee
	Greenstone Belt, comprises a succession of metamorphosed mafic to ultramafic and felsic and
	sedimentary rocks belonging to the Luke Creek and Mount Farmer Groups.
	Over the northern extensions of the belt, sediments belonging to the Proterozoic Yerrida Basin
	unconformably overlie Archaean granite-greenstone terrain. Structurally, the belt takes the form of
	a syncline known as the Polelle syncline. Younger Archaean granitoids have intrusive contacts with
	the greenstone succession and have intersected several zones particularly in the Side Well area.
	Within the Side Well tenement group, a largely concealed portion of the north-north-easterly
	trending Greenstone Belt is defined, on the basis of drilling and airborne magnetic data, to underlie
	the area. The greenstone succession is interpreted to be tightly folded into a south plunging
	syncline and is cut by easterly trending Proterozoic dolerite dykes.
	There is little to no rock exposure at the Side Well prospect. This area is covered by alluvium and
	lacustrine clays, commonly up to 60 metres thick.
Drill hole Information	A list of the drill hole coordinates, orientations and intersections reported in this announcement
	are provided as an appended table.
Data aggregation	No grade truncations were applied to these exploration results.
methods	No weighted average techniques are applied to reported intervals
	No metal equivalents are used.
Relationship between	The orientation of structures and mineralisation is not known with certainty, but majority of the
mineralisation widths	drilling drilling was conducted using appropriate perpendicular orientations for interpreted
and intercept lengths	mineralisation. Diamond drilling has confirmed a mineralised intrusive body at Side Well has a near
	vertical dip and trends broadly north-south. Due to the wide spacing of drill lines exact orientation
	is not clear.
Diagrams	Refer to figures in announcement.
Balanced reporting	It is not practical to report all historical exploration results from the Side Well project. Selected
	historical intercepts have been re-reported by GBR to highlight the prospectivity of the region. Full
	drillhole details can be found in publicly available historical annual reports.
Other substantive	Subsequent to Doray Minerals Limited exiting the project in 2015, private companies have held the
exploration data	ground with no significant work being undertaken.
Further work	Further work is discussed in the document.

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