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GREAT BOULDER RESOURCES LIMITED Capital/Financing Update 2024

Oct 14, 2024

64967_rns_2024-10-14_5dda21bf-2ec0-4251-bc81-d33d6b57e236.pdf

Capital/Financing Update

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ASX Announcement
15 OCTOBER 2024
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DEEP DRILLING AT MULGA BILL CONFIRMS GOLD TO 500M DEPTH

Mineralised extensions confirmed in both diamond holes, indicating substantial exploration upside below current Resource

HIGHLIGHTS

  • Assays received for two diamond holes testing Mulga Bill to 500m below surface

  • Both holes intersected gold in north-plunging high-grade veins and subvertical shearhosted lodes, as predicted by GBR’s mineralisation model

  • Highlights include:

  • 5.93m @ 3.51g/t Au from 518.07m, including 1m @ 19.30g/t Au from 519m in 24MBRCD013

  • 1m @ 7.74g/t Au from 205m in 24MBRCD017

  • 1m @ 7.02g/t Au from 456m in 24MBRCD013

  • 1m @ 5.29g/t Au from 214m in 24MBRCD013

  • The results demonstrate the growth potential of the Mulga Bill Resource (568koz @ 2.7 g/t Au) at depth which is currently defined to a max depth of 300m

  • Future resource growth and definition drilling at Mulga Bill will focus on:

  • Mulga Bill North – representing a significant +1km northern strike extension to the existing Mulga Bill resource

  • Mulga Bill Deeps – testing extensions, continuity and grade of stacked lodes at depth

  • AC drill testing ongoing on new targets at Side Well South

  • Side Well Gold Project Global Mineral Resource update on track for December 2024

Great Boulder Resources (“ Great Boulder ” or the “ Company ”) (ASX: GBR ) is pleased to provide an update on exploration at the Company’s flagship Side Well Gold Project (“ Side Well ”) near Meekatharra in Western Australia which hosts a Mineral Resource Estimate (“ MRE ”) of 668,000oz @ 2.8 g/t Au.

ASX Code: GBR Contact: Andrew Paterson, Managing Director E: [email protected] 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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Great Boulder’s Managing Director, Andrew Paterson commented:

“We drilled two diamond holes to depths of 594m and 578m to confirm the depth potential at Mulga Bill. I’m pleased to say we intersected the west-dipping high-grade veins as well as the subvertical shear-hosted lodes, as predicted in our mineralisation model.”

“We also saw examples of much higher grades than expected within the subvertical lodes, such as 1m @ 19.3g/t Au from 519m in 24MBRCD013. In those intersections we saw thin veins of pyritehosted gold which appear to be much higher grade than the surrounding rock mass, carrying a lot of the gold in these areas.”

“We plan to follow this up with drilling oriented west to east later in the program, most likely in the first half of 2025. Drilling on this orientation has a higher probability of intersecting high-grade zones within the north-south corridor.”

The two diamond holes were oriented at approximately -65° towards the south, with MBRCD013 drilled to 594.3m and 24MBRCD017 to 578.1m. This orientation was designed to intersect northplunging high-grade veins while keeping each hole within the 50m-wide mineralised corridor at Mulga Bill to maximise the amount of information gained.

Hole 24MBRCD013 was collared north of a cross-cutting fault that offsets sulphide-dominant mineralisation to the east. The west-dipping vein sets persist outside this corridor and the hole successfully intersected this style of mineralisation, with 5.52m @ 0.19g/t Au. Typically, these veins host high-grade gold mineralisation within the corridor, and this will require testing in follow-up drilling. After drilling through the northeast-trending fault the lower portion of the hole drilled down subvertical shear-hosted lodes where thin veins of massive pyrite were observed within intersections grading up to 19.30g/t Au.

The northern hole 24MBRCD017 was collared north of the cross-cutting Proterozoic dyke which marks the northern end of the current resource envelopes. This hole intersected two west-dipping vein sets as well as one subvertical lode before intersecting the dyke. A significant laminated vein was intersected at 485.65m that is interpreted to be similar in style and orientation to the westdipping high-grade Cervelo lodes seen up-dip and south of the dyke. The hole was stopped at 578.1m before breaking through to the south side of the dyke, which is thought to be about 40m thick.

Both holes confirm continuity of mineralisation at Mulga Bill to a depth of at least 500m below

surface. They also help to confirm GBR’s north-plunging vein interpretation, intersecting several vein sets with measured orientations dipping towards the west and corresponding to the projected down-hole positions.

Drilling at Mulga Bill has confirmed high-grade mineralisation over more than 2.5km of strike. Mulga Bill’s current 568koz Au mineral resource has been defined within the southern 1.1km extent of this overall 2.5km mineral system. GBR’s view is that Mulga Bill has the potential to be one of the largest gold systems in the Meekatharra goldfield.

E: [email protected] 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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FIGURE 1: HOLE 24MBRCD013 INTERSECTED TWO WEST-DIPPING VEINS, THE FIRST OF WHICH WAS OUTSIDE THE HIGH-GRADE CORRIDOR, BEFORE DRILLING THROUGH A CROSS-CUTTING FAULT AND INTO A ZONE OF SUBVERTICAL “MALVERN LODE” MINERALISATION. NOTE THAT MALVERN LODES STRIKE APPROXIMATELY NORTH-SOUTH, PARALLEL TO THIS IMAGE, AND HENCE INTERSECTION WIDTHS ARE NOT TRUE WIDTH.

E: [email protected] 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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FIGURE 2: THE NORTHERN HOLE 24MBRCD017 – DRILLED NORTH OF THE DYKE – INTERSECTED A COMBINATION OF WEST-DIPPING CERVELO-STYLE VEINS AND SUBVERTICAL MALVERN MINERALISATION.

Next Steps

The AC rig is currently drilling a large, highly prospective Ironbark-style geochemical target at Side Well South.

The rig will shortly switch back to RC and complete a brief resource definition program at Saltbush to allow this discovery to be included in the upcoming resource update.

The rig will then drill more resource definition RC holes at Mulga Bill North before returning to Side Well South to continue the AC program.

This announcement has been approved by the Great Boulder Board.

E: [email protected] 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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FIGURE 3: MULGA BILL LONG SECTION. THE CURRENT 568KOZ AU RESOURCE REPRESENTS LESS THAN HALF THE LENGTH OF THE MINERALISED SYSTEM, AS SHOWN BY THE YELLOW OUTLINE ABOVE.

For further information contact:

Andrew Paterson

Managing Director Great Boulder Resources Limited [email protected] www.greatboulder.com.au

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Media

Lucas Robinson Corporate Storytime +61 408 228 889 [email protected]

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Follow GBR on LinkedIn

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Follow GBR on Twitter

E: [email protected] 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 15 OCTOBER 2024

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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.

The information that relates to Mineral Resources was first reported by the Company in its announcement to the ASX on 16 November 2023. The Company is not aware of any new information or data that materially affects the information included in this announcement and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not material changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

E: [email protected] 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 15 OCTOBER 2024

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FIGURE 4: GBR’S MEEKATHARRA PROJECTS

TABLE 1: SIDE WELL MINERAL RESOURCE SUMMARY, NOVEMBER 2023

Indicated Indicated Indicated Inferred Inferred Inferred Total
Deposit Type Cut-off Tonnes
(kt)
Au
(g/t)
Ounces Tonnes
(kt)
Au
(g/t)
Ounces Tonnes
(kt)
Au
(g/t)
Ounces
Mulga Bill Open Pit
U/ground
0.5
1.0
1,667
733
3.1
3.5
169,000
83,000
2,982
1,130
1.9
3.6
183,000
132,000
4,649
1,863
2.4
3.6
352,000
216,000
Subtotal 2,399 3.3 252,000 4,112 2.4 316,000 6,511 2.7 568,000
Ironbark Open Pit
U/ground
0.5
1.0
753
0
3.7
0.0
88,000
0
186
0
1.9
0.0
11,000
0
938
0
3.3
0.0
100,000
0
Subtotal 753 3.7 88,000 186 1.9 11,000 938 3.3 100,000
Total 3,152 3.4 340,000 4,298 2.4 327,000 7,450 2.8 668,000

Subtotals are rounded for reporting purposes. Rounding errors may occur.

E: [email protected] 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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TABLE 2: SIGNIFICANT INTERSECTIONS

Prospect Hole ID From To Width Grade Comments
Mulga Bill 24MBRCD013 72 80 8 2.02 4m composites
RC pre-collar Including
72
76 4 3.86 4m composite
to 200m 88 92 4 0.26 4m composite
214 215 1 5.29
240 240.7 0.7 0.56
276 277 1 1.20
307.9 308.78 0.88 1.15
340 340.5 0.5 5.20 Cervelo vein
386 387.17 1.17 0.97
391.9 392.43 0.53 0.83
422.5 424.4 1.9 4.08 Malvern lode
442 443 1 0.72
456 457 1 7.02 Malvern lode
461.5 462 0.5 1.71
518.07 524 5.93 3.51 Malvern lode
Including
518.07
520 1.93 10.46 Malvern lode
And
519
520 1 19.30 Malvern lode
530.46 531.15 0.69 1.49
534 534.7 0.7 0.85
564.28 565 0.72 0.78
583 584 1 2.08
RC pre-collar 24MBRDC017 20 28 8 0.29 4m composites
to 200m 96 100 4 0.12 4m composite
154 155 1 0.70
192 196 4 0.24 4m composite
205 206 1 7.74 Cervelo(?) vein
210 211.56 1.56 2.98 Cervelo(?) vein
Including
211
211.56 0.56 7.73 Cervelo(?) vein
296 296.64 0.64 1.78
338.35 339.33 0.98 1.42 Malvern(?) lode
485.65 486.84 1.19 3.76 Cervelo(?) vein

Note: RC pre-collar intersections were previously reported on 3 September 2024. Intersection comments with a question mark are yet to be confirmed by further drilling.

E: [email protected] 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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ABOUT GREAT BOULDER RESOURCES

Great Boulder is a mineral exploration company with a portfolio of highly prospective gold and base metals assets in Western Australia ranging from greenfields through to advanced exploration. The Company’s core focus is the Side Well Gold Project at Meekatharra in the Murchison gold field, where exploration has defined a Mineral Resource of 7.45Mt @ 2.8g/t Au for 668,000oz Au. The Company is also progressing early-stage exploration at 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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CAPITAL STRUCTURE

606M ~$2.9M

~$2.9M $1.0M CASH LISTED INVESTMENT As at 30/06/24 Cosmo Metals (ASX:CMO) Nil 64.5M

SHARES ON ISSUE ASX:GBR

$30M

MARKET CAP DEBT At $0.05/sh As at 31/3/2024

UNLISTED OPTIONS

$50k DAILY LIQUIDITY Average 30-day value traded

~34% TOP 20 OWNERSHIP

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Exploring WA Gold & Base Metal assets, located in proximity to operating mines & infrastructure

Developing a significant high grade, large scale gold system at Side Well

Technically focused exploration team with a strong track record of discovery

Undertaking smart, innovative & systematic exploration

Ongoing drilling at multiple projects providing consistent, material newsflow

E: [email protected] 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 (GBR Drilling, Side Well Project)

Section 1 Sampling Techniques and Data

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

Criteria Commentary
Sampling techniques At the Side Well Project GBR has collected data from auger sampling and from AC, RC and Diamond
drilling techniques. This section encompasses all four methods.
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 scoop sample from each 1m bag.
Core samples are selected visually based on observations of alteration and mineralisation and
sampled to contacts or metre intervals as appropriate. Once samples are marked the core is cut in
half longitudinally with one half taken for assay and the other half returned to the core tray.
AC samples were placed in piles on the ground with 4m composite samples taken using a scoop.
Auger samples are recovered from the auger at blade refusal depth. Auger drilling is an open-hole
technique.
Drilling techniques Industry standard drilling methods and equipment were utilised.
Auger drilling was completed using a petrol-powered hand-held auger.
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. Water was
encountered during drilling resulting in minor wet and moist samples with the majority being dry.
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 ALS Laboratories Perth for the RC drilling and Intertek Laboratories for
the AC drilling. Samples were pulverized so that each samples had a nominal 85% passing 75
microns. Au analysis was undertaken using Au-AA26 involving a 50g lead collection fire assay and
Atomic Adsorption Spectrometry (AAS) finish. For AC drilling, Au analysis was undertaken using a
50g lead collection fire assay with ICP-OES finish.
Multi-element analysis was completed at both ALS and Intertek Laboratories. Digestion was
completed using both 4 Acid and Aqua-regia and analysed by ICP-AES and ICP-MS (Intertek code
4A/MS48, ALS codes ME-MS61, ME-ICP41-ABC).
Quality of assay data
and laboratory tests
All samples were assayed by industry standard techniques. Fire assay for gold; four-acid digest and
aqua regia for multi-element analysis.
Verification of sampling
and assaying
The standard GBR protocol was followed for insertion of standards and blanks with a blank and
standard inserted per 25 for RC drilling and 40 samples for AC drilling. Analysis of ME was typically
done on master pulps after standard gold analysis with a company multi-element standard inserted
every 50 samples. No QAQC problems were identified in the results. No twinned drilling has been
undertaken.
Location of data points Sample locations and mapping observations were located and recorded electronically using a
handheld GPS. Coordinates were recorded in GDA94 grid in Zone 50, which is the GDA94 zone for
the Meekatharra area.
Drill holes were positioned using the same technique. Hole collars were initially picked up after
drilling using a handheld GPS. RC and Diamond hole collars were subsequently surveyed with a DGPS
for greater accuracy.
This accuracy is sufficient for the intended purpose of the data.

E: [email protected] 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

GREATBOULDER.COM.AU

ASX Announcement

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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.
Wherever possible, cross sections are shown to give a visual indication of the relationship between
intersection width and lode thickness.
The spacing and location of the data is currently only being considered for exploration purposes.
Sample security GBR personnel are responsible for delivery of samples from the drill site to the Toll Ipec dispatch
center in Meekatharra. Samples are transported by Toll Ipec from Meekatharra to the laboratories
in Perth.
Audits or reviews Data review and interpretation by independent consultants on a regular basis. Group technical
meetings are usually held monthly with input from independent expert consultants in the fields of
geochemistry, petrology, structural geology and geophysics.

Section 2 Reporting of Exploration Results

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

Criteria Commentary
Mineral tenement and
land tenure status
Side Well tenement E51/1905 is a 48-block exploration license covering an area of 131.8km2
immediately east and northeast of Meekatharra in the Murchison province. The tenement is a 75:25
joint venture between Great Boulder and Zebina Minerals Pty Ltd.
Exploration done by
other parties
Tenement E51/1905 has a protracted exploration history but is relatively unexplored compared to
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 in the relevant announcements for each drilling program.
Data aggregation
methods
Results were reported using cut-off levels relevant to the sample type. For composited samples
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 0.5g/t Au
with a maximum dilution of 3m.
A weighted average calculation may be 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
mineralisation widths
and intercept lengths
The majority of drilling was conducted using appropriate perpendicular orientations for interpreted
mineralisation. Stratigraphy appears to be steeply dipping to the west however mineralisation may
have a different orientation. Cross sections are shown wherever possible to illustrate relationships
between drilling and interpreted mineralisation.

E: [email protected] 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

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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 previously been re-reported by GBR to highlight the prospectivity of the
region, however the vast majority of work on the project has been completed by GBR and reported
in ASX announcements since 14 July 2020.
Other substantive
exploration data
Subsequent to Doray Minerals Limited exiting the project in 2015, private companies have held the
ground with no significant work being undertaken.
Further work Further work is discussed in the document.

E: [email protected] 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

GREATBOULDER.COM.AU