GREAT BOULDER RESOURCES LIMITED — Capital/Financing Update 2022

Jan 30, 2022

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ASX Announcement
31 JANUARY 2022
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BONANZA GOLD IN FIRST ASSAYS FROM MULGA BILL PHASE 5 RC DRILLING

HIGHLIGHTS

• ➢ Assays received for the first eight of 41 holes in the Phase 5 RC program at Mulga Bill

• ➢ Highlights include:

• 9m @ 21.21g/t Au from 207m in 21MBRC062, including 4m @ 40.68g/t Au from 210m

• 6m @ 5.99g/t Au from 88m in 21MBRC061, including 1m @ 28.48g/t Au from 92m

• 14m @ 4.25g/t Au from 80m in 21MBRC093, including 1m @ 21.18g/t from 83m

• Strong disseminated pyrite and gold mineralisation identified in three RC holes drilled across the top of a coincident gravity and EM anomaly to the south of previous drilling

• ➢ Awaiting assays for 33 RC holes and 65 AC holes drilled late last year

• ➢ Diamond drilling is scheduled to commence at Mulga Bill in mid-February, and an aircore rig will recommence drilling along the Mulga Bill corridor in the coming week

➢

Great Boulder Resources (“ Great Boulder ” or the “ Company ”) (ASX: GBR ) is pleased to announce assay results from the first eight holes of a 41-hole Phase 5 RC program at Mulga Bill, within the Side Well Gold Project (“ Side Well ”) near Meekatharra in Western Australia.

Highlights from the drilling include:

• 9m @ 21.21g/t Au from 207m in 21MBRC062, including 4m @ 40.68g/t Au from 210m

• 6m @ 5.99g/t Au from 88m in 21MBRC061, including 1m @ 28.48g/t Au from 92m

• 21m @ 2.96g/t Au from 76m in 21MBRC093, including 14m @ 4.25g/t Au from 80m

• 13m @ 1.89g/t Au from 86m in 21MBRC060, including 2m @ 9.14g/t Au from 91m.

Great Boulder’s Managing Director, Andrew Paterson commented:

“This is a fantastic start to the year for Mulga Bill, with more cracking grades in the central area where we have previously intersected zones up to 14m @ 36.12g/t.”

“The subvertical interpretation on the high-grade zone in hole 062 is interesting, and it highlights the fact that we learn more about this deposit with every hole.”

“Further to the south we drilled three holes over the geophysical target. It was great to see thick zones of disseminated pyrite in all three holes, highlighting the width of the system. The assays show

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 Level 1, 51 Colin St West Perth WA 6005

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zones of low to medium-grade gold mineralisation, with a maximum assay value of 5.91g/t from 161m in 21MBRC095. This result gives us confidence to drill a deep diamond tail through the centre of the geophysical target when we have a rig on site next month.”

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FIGURE 1: HIGHLIGHTED DRILLING INTERSECTIONS AT MULGA BILL.
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The intersection in hole 21MBRC062 appears to correlate with a sub-vertical mineralised structure logged in a nearby diamond hole last year, which means this high-grade zone is on a different orientation to other flat-lying high-grade veins nearby (Figure 2). The high-grade nature of this mineralisation is important as it represents one of the best intersections within fresh rock within this area of drilling.

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 Level 1, 51 Colin St West Perth WA 6005

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As shown in Figure 2 a high-grade quartz-hosted intersection of 6m @ 5.99g/t Au in hole 21MBRC061 was also drilled in hole 21MBRC062, however at this point the vein is above the base of depletion, where gold appears to have been stripped out during weathering. As drilling continues, it is becoming clear that the depletion layer has a variable effect in mineralisation, which explains why quartz lodes sitting close to this depth in adjacent holes have displayed variable levels of gold mineralisation.

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FIGURE 2: CROSS SECTION 7060875N SHOWING TWO NEW INTERSECTIONS AND PREVIOUS DIAMOND HOLE 21MBRCD043.

The results include three holes that were drilled in a fence across the top of a geophysical anomaly identified in work completed by GBR last year, where a conductive feature coincides with the gravity high that appears to map the position of mineralisation further north within Mulga Bill (Figure 3). The holes were analysed by photon assay in order to achieve the fastest possible assay turnaround. All three holes intersected broad zones of disseminated pyrite containing zones of low to medium-grade gold mineralisation. Critically the zone of gold and pyrite mineralisation lie directly above the modelled gravity body. A diamond tail is planned to test through the center of the anomaly during the next diamond drill campaign (Figure 4).

21MBRC093 intersected strong mineralisation to the east of the main mineralised trend at Mulga Bill. Quartz veining was observed within the RC chips for this interval. Although this mineralisation is high in the regolith profile and therefore subject to some supergene enrichment, it is most likely related to a primary structure. Further drilling will be undertaken to ascertain whether this represents an offset of the main Mulga Bill structure or a completely new structure.

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 Level 1, 51 Colin St West Perth WA 6005

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The Company expects assays from the remaining 33 holes in this program, as well as 65 AC holes from Mulga Bill and Ironbark that were drilled concurrently, to be received during February.

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FIGURE 3: LONG SECTION PROJECTION OF DRILL INTERSECTIONS AND GRAVITY CONTOURS

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FIGURE 4: CROSS-SECTION 7059500N (1.4KM SOUTH OF FIGURE 2). HOLE 21MBRC096 WILL BE EXTENDED TO 450M.

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 Level 1, 51 Colin St West Perth WA 6005

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This announcement has been approved by the Great Boulder Board.

For further information contact:

Andrew Paterson Managing Director Great Boulder Resources Limited admin@greatboulder.com.au www.greatboulder.com.au

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Follow GBR on LinkedIn

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Media Lucas Robinson Corporate Storytime +61 408 228 889 lucas@corporatestorytime.com

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Follow GBR on Twitter

About Great Boulder Resources

Great Boulder is a mineral exploration company with a portfolio of highly prospective gold and base metals assets ranging from greenfields through to advanced exploration located in Western Australia. The Company’s core focus is advancing the Whiteheads and Side Well gold projects while progressing initial exploration at the earlier stage Wellington Base Metal Project located in an emerging MVT province. With a portfolio of highly prospective assets plus the backing of a strong technical team, the Company is well positioned for future success.

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FIGURE 5: GREAT BOULDER’S PROJECTS

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 Level 1, 51 Colin St West Perth WA 6005

ASX Announcement 31 JANUARY 2022

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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.

TABLE 1: SIGNIFICANT INTERSECTIONS

Hole ID	From	To (m)	Width	Grade	Comments
	(m)		(m)	(g/t Au)
21MBRC056	159	160	1	0.61
21MBRC058	88	93	5	1.71
	96	97	1	2.69
	111	112	1	0.73
	116	117	1	0.60
	131	137	6	0.51
21MBRC059	20	32	12	0.32	4m composite
	92	96	4	0.96	4m composite
	132	133	1	0.84
	140	141	1	0.58
	148	150	2	0.71
21MBRC060	20	24	4	0.31	4m composite
	72	76	4	5.00	4m composite
	82	83	1	0.70
	86	99	13	1.89
including	91	93	2	9.14
	154	155	1	2.20
21MBRC061	88	94	6	5.99
including	92	93	1	28.48
21MBRC062	96	98	2	5.16
	111	112	1	0.55
	207	216	9	21.21
including	210	214	4	40.68
including	210	211	1	108.15
21MBRC093	31	35	4	0.12	4m composite - Photon Assay
	76	97	21	2.96	4m composite - Photon Assay
including	80	94	14	4.25	4m composite - Photon Assay
	83	84	1	21.18	Photon Assay
21MBRC094	76	80	4	0.30	4m composite - Photon Assay
	108	116	8	0.21	4m composite - Photon Assay
	124	128	4	0.14	4m composite - Photon Assay
21MBRC095	64	68	4	0.14	4m composite - Photon Assay

ASX Code: GBR Contact: Andrew Paterson, Managing Director E: admin@greatboulder.com.au GREATBOULDER.COM.AU P: +61 8 9321 6037 Level 1, 51 Colin St West Perth WA 6005 ABN 70 611 695 955

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Hole ID	From	To (m)	Width	Grade	Comments
	(m)		(m)	(g/t Au)
	110	111	1	1.73	Photon Assay
	115	118	3	1.45	Photon Assay
	160	162	2	3.27	Photon Assay
	169	180	11	0.53	4m composite - Photon Assay
21MBRC096	160	164	4	0.17	4m composite - Photon Assay
	240	244	4	0.13	4m composite - Photon Assay

TABLE 2: COLLAR DETAILS. COORDINATES ARE IN GDA94, ZONE 50.

TABLE2: COLLAR DETAILS. COORDINATES ARE INGDA94, ZONE50.
Hole ID Easting Northing RL Depth Dip Azimuth
21MBRC056 658708 7060202 510 186 270 -60
21MBRC057 658318 7060920 508 198 90 -73
21MBRC058 658309 7060968 510 174 90 -70
21MBRC059 658344 7061033 511 186 90 -70
21MBRC060 658297 7061029 510 192 90 -70
21MBRC061 658303 7060876 512 168 90 -70
21MBRC062 658351 7060873 511 222 90 -70
21MBRC063 658322 7060848 510 174 90 -60
21MBRC064 658249 7060853 510 258 90 -60
21MBRC065 658311 7060802 511 240 90 -60
21MBRC066 658307 7060895 510 162 90 -70
21MBRC067 658749 7061356 510 155 270 -60
21MBRC068 658801 7061353 514 144 270 -60
21MBRC069 658747 7061452 511 150 270 -60
21MBRC070 658798 7061451 511 150 270 -60
21MBRC071 658332 7060398 510 192 90 -60
21MBRC072 658328 7060438 513 192 90 -60
21MBRC073 658463 7060597 512 216 270 -60
21MBRC074 658444 7060548 513 192 270 -60
21MBRC075 658419 7060398 512 168 270 -60
21MBRC076 658473 7060350 512 150 270 -60
21MBRC077 658423 7060353 512 144 270 -60
21MBRC078 658420 7060303 512 162 270 -60
21MBRC079 658475 7060301 512 240 270 -60
21MBRC080 658459 7060200 512 210 270 -60
21MBRC081 658481 7060149 512 232 270 -67
21MBRC082 658692 7060275 512 167 270 -60
21MBRC083 658694 7060326 512 168 270 -60
21MBRC084 658668 7060448 512 180 270 -60
21MBRC085 658426 7060700 511 162 270 -60
21MBRC086 658504 7060700 511 180 270 -60
21MBRC087 658781 7060978 511 168 270 -60
21MBRC088 658780 7061026 511 150 270 -60
21MBRC089 658928 7061000 512 168 270 -60

ASX Code: GBR Contact: Andrew Paterson, Managing Director E: admin@greatboulder.com.au GREATBOULDER.COM.AU P: +61 8 9321 6037 Level 1, 51 Colin St West Perth WA 6005 ABN 70 611 695 955

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Hole ID	Easting	Northing	RL		Depth	Dip	Azimuth
21MBRC090	658986	7061000		512	168	270	-60
21MBRC091	658621	7060200		512	300	270	-60
21MBRC092	658561	7060300		512	200	270	-60
21MBRC093	658550	7060552		513	204	270	-60
21MBRC094	658492	7059501		514	250	270	-60
21MBRC095	658600	7059498		508	250	270	-60
21MBRC096	658701	7059499		515	250	270	-60

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 Level 1, 51 Colin St West Perth WA 6005

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APPENDIX 1 - JORC CODE, 2012 EDITION TABLE 1

Section 1 Sampling Techniques and Data

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

Criteria	Commentary
Sampling techniques	RC samples were collected into calico bags over 1m intervals using a cyclone splitter. The residual bulk samples are placed in lines of piles on the ground. 2 cone splits are taken off the rig splitter for RC drilling. Visually prospective zones were sampled over 1m intervals and sent for analysis while the rest of the hole was composited over 4m intervals by taking a spear sample from each 1m bag.
Drilling techniques	RC Drilling was undertaken by Challenge Drilling. Industry standard drilling methods and equipment were utilised.
Drill sample recovery	Sample recovery data is noted in geological comments as part of the logging process. Sample condition has been logged for every geological interval as part of the logging process. Significant ground water was encountered in drilling which resulted in numerous wet samples. No quantitative twinned drilling analysis has been undertaken.
Logging	Geological logging of drilling followed established company procedures. Qualitative logging of samples includes lithology, mineralogy, alteration, veining and weathering. Abundant geological comments supplement logged intervals.
Sub-sampling techniques and sample preparation	1m cyclone splits and 4m speared composite samples were taken in the field. Samples were prepared and analysed at Genalysis Assay Laboratories Perth. Samples were pulverized so that each samples had a nominal 85% passing 75 microns. Au analysis was undertaken using FA50/OE involving 50g lead collection fire assay and Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES) finish.
Quality of assay data and laboratory tests	All samples were assayed by industry standard techniques.
Verification of sampling and assaying	The standard GBR protocol was followed for insertion of standards and blanks with a blank and standard inserted per 40 samples. No QAQC problems were identified in the results. No twinned drilling has been undertaken. The gravity data was checked and verified independently by a consulting geophysicist.
Data spacing and distribution	The spacing and location of the majority of drilling in the projects is, by the nature of early exploration, variable. The spacing and location of data is currently only being considered for exploration purposes.
Orientation of data in relation to geological structure	Drilling is dominantly perpendicular to regional geological trends where interpreted and practical. True width and orientation of intersected mineralisation is currently unknown or not clear. The spacing and location of the data is currently only being considered for exploration purposes.
Sample security	GBR personnel were responsible for delivery of samples from the drill site to the courier companies dispatch center in Meekatharra. Samples were transported by Toll Intermodal from Meekatharra to the laboratory in Perth.
Audits or reviews	Data review and interpretation by an independent consulting geophysicist.

ASX Code: GBR Contact: Andrew Paterson, Managing Director E: admin@greatboulder.com.au P: +61 8 9321 6037 Level 1, 51 Colin St West Perth WA 6005 ABN 70 611 695 955

GREATBOULDER.COM.AU

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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 license covering an area of 131.8km2
land tenure status	immediately east and northeast of Meekatharra in the Murchison province. The tenement is a 75:25
	joint venture between Great Boulder and Zebina Minerals PtyLtd.
Exploration done by	Tenement E51/1905 has a protracted exploration history but is relatively unexplored compared to
other parties	other regions surrounding Meekathara.
Geology	The Side Well tenement group covers a portion of the Meekatharra-Wydgee Greenstone Belt north
	of Meekatharra, WA. The north-northeasterly 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	Results were reported using cut-off levels relevant to the sample type. For composited samples
methods	significant intercepts were reported for grades greater than 0.1g/t Au with a maximum dilution of
	4m. For single metre splits, significant intercepts were reported for grades greater than 0.8g/t Au
	with a maximum dilution of 2m.
	A weighted average calculation was used to allow for bottom of hole composites that were less than
	the standard 4m and when intervals contain composited samples plus 1m split samples.
	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.

ASX Code: GBR Contact: Andrew Paterson, Managing Director E: admin@greatboulder.com.au GREATBOULDER.COM.AU P: +61 8 9321 6037 Level 1, 51 Colin St West Perth WA 6005 ABN 70 611 695 955