GREAT BOULDER RESOURCES LIMITED — Capital/Financing Update 2022

Jan 27, 2022

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COSMO METALS TO DEBUT ON ASX

• Cosmo Metals (ASX:CMO) has now received unconditional approval to list on the ASX commencing 9:30am (AWST) Monday 31 January 2022

• Great Boulder and its shareholders retain upside exposure via a 49.5% ownership in CMO

Great Boulder Resources (“ Great Boulder ” or the “ Company ”) (ASX: GBR ) is pleased to announce that Cosmo Metals (“ Cosmo ”) has received unconditional approval from the Australian Securities Exchange (“ ASX ”) to be admitted to the official list after successfully raising $5.1m at IPO. Cosmo’s ordinary shares will commence trading on the exchange 9:30am (AWST) Monday, 31 January 2022.

The listing follows the November 2021 approval from GBR shareholders to demerge the Yamarna assets (“ Yamarna ”) into a dedicated ASX-listed base metals vehicle, focused on progressing its principal asset comprising the Company’s rights and interests in the Yamarna tenements.

Yamarna is a multi-commodity project with significant potential for magmatic Copper-Nickel-PGE mineralisation. The Project is located 130km northeast of Laverton in the Eastern Goldfields District of Western Australia.

Cosmo Metals Highlights:

• Dominant land position in a highly prospective belt – 460km[2] landholding in the world class Yamarna mineral province with proven potential to host globally significant discoveries

• Developing a large scale Nickel-Copper-Cobalt system – Historical drilling has intersected shallow copper-nickel-cobalt sulphide mineralisation at multiple prospects

• Drill ready targets – An extensive pipeline of untested extensional and regional targets at the Mt Venn and Eastern Mafic prospects

• Well credentialled Board and management team – Successful track-record of discovering and financing significant mineral deposits. The team, led by well-credentialed Managing Director James Merrillees includes Ziggy Lubieniecki who is credited with the discovery of the +6Moz Gruyere gold deposit neighbouring the Yamarna Project

• Exposure to global decarbonisation and battery megatrends – Aiming to produce high value base metal concentrate products

• Multi-commodity potential – Under-explored regional gold targets with high potential for ‘Gruyere’ style gold, and significant PGE, chromite and vanadium potential yet to be explored

• Exploration works and drilling commenced in December 2021 to provide strong newsflow upon listing

• Attractive valuation & leverage to exploration success – $5.0M EV at listing, limited free float and minimum entry price of $0.20/sh (no pre-IPO capital raising undertaken)

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

ASX Announcement

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28 JANUARY 2022

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Great Boulder’s Managing Director, Andrew Paterson commented:

“This is an exciting achievement for everyone involved in transitioning Yamarna into a standalone battery metals focused exploration company, Cosmo Metals. I look forward to continuing to contribute alongside a very talented board of experienced professionals and would like to personally wish James all the best as he endeavours to extract the full potential out of these high-quality assets.”

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FIGURE 1: YAMARNA PROJECT LOCATION

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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For further information, please contact: Lucas Robinson Corporate Storytime +61 408 228 889 lucas@corporatestorytime.com

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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.

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