GREAT BOULDER RESOURCES LIMITED — Interim / Quarterly Report 2017

Apr 27, 2017

ASX Announcement

Quarterly Report to 31 March 2017

28 April 2017

Key Points

Yamarna - Copper-Nickel

ASX Code: GBR

Capital Structure

Ordinary Shares: 68.3m Unlisted Options: 38.0m Unvested Performance Rights: 2m Current Share Price: 19₵ Market Capitalisation: A$13.0m Cash: A$4.7m

Debt: Nil

Board of Directors

Greg Hall Non-Executive Chairman

Stefan Murphy Managing Director

Murray Black Non-Executive Director

Melanie Leighton Non-Executive Director

Substantial Shareholders

Exploration Capital Partners: 5.2% Directors: 9.7% Key Advisors: 7.8% Projects Balagundi Tarmoola Jundee Yamarna Broadwood

• Great Boulder increased its land holding at its prospective Yamarna Project through the acquisition of Exploration Licence E38/2320 from Gold Road Resources

• The Licence increases Great Boulder’s holding to over 9km of the Mt Venn Complex, prospective for copper-nickel-cobalt mineralisation

• Previous drilling on E38/2320 intersected a significant zone of mineralisation with two distinct lenses of higher grade copper mineralisation on the edge of a large EM anomaly with results up to 1.7% Cu, 0.2% Ni and 528ppm Co from a single drill hole

Tarmoola - Gold

• Geochemistry results were reported during the March quarter which confirmed the large-scale potential for gold mineralisation at Tarmoola

• A gravity survey was completed during the quarter which further highlighted coincident structures along the granite-greenstone contact and gold plus pathfinder geochemistry anomalies

• Great Boulder is about to commence a maiden 3,000m aircore programme testing some of the priority targets

Jundee South - Gold

• A maiden drill programme was completed at Jundee South, targeting an area of 500m x 400m with close spaced drilling

• Drilling confirmed the Jundee dolerite mine sequence and intersected significant zones of hydrothermal alteration, sulphide mineralisation and veining but only low tenor gold

• With the new drilling data acquired, Great Boulder will now assess the remaining 3.8km strike extent for favourable structures and lithologies that may host gold mineralisation

Balagundi - Gold

• Final assay results were received from phase 2 drilling with mineralisation now delineated and open along the Mt Bellew North and Mt Bellew East Trends

• A review of previous exploration at Balagundi has identified an additional 3 targets which will be assessed along with Mt Bellew extensions in future drill programmes

ASX Announcement

2

28 April, 2017

==> picture [48 x 57] intentionally omitted <==

==> picture [48 x 57] intentionally omitted <==

Corporate

At the end of the March quarter Great Boulder had $4.7m in cash.

During the quarter the Company, through its Yamarna Joint Venture partner EGMC, entered into various access agreements with the Gruyere Joint Venture (Gold Road and Gold Fields) which cover the Yamarna Project. These agreements cover the joint use of Gruyere JV transport, access and water infrastructure over the Yamarna Project.

The Yamarna JV also secured the acquisition of Exploration Licence E38/2320 from Gold Road. E38/2320 hosts the northern extensions of the Mt Venn complex which Gold Road drilled in late 2015 and identified copper-nickel sulphide mineralisation associated with an airborne XTEM anomaly.

Exploration Licence E38/2320 has now been included in the Yamarna JV Agreement under the same conditions.

Exploration Activities

Yamarna

Great Boulder acquired the Exploration Licence E38/2320 from Gold Road in March 2017 through its Yamarna JV, which Great Boulder is earning an initial 75% interest through the expenditure of $2m over 5 years.

Gold Road had previously drilled and assayed an RC hole which was located on the edge of an EM anomaly, which was identified from an airborne XTEM survey conducted to map the Thatchers Soak paleochannel as a source of ground water for the Gruyere gold mine.

Gold Road logged the drill hole and identified extensive sulphide mineralisation. The hole was assayed for gold, base metals and a multi-element suit. Copper-nickel sulphide mineralisation was confirmed in the assays with hand-held XRF grades of +1% Cu and +0.3% Ni.

Great Boulder has subsequently assayed the hole and confirmed that the EM anomaly relates to primary bedrock sulphide mineralisation, with peak assay results of 1.7% Cu, 0.2% Ni, 528ppm Co, 0.3g/t Au and 6.5g/t Ag (over 1m intervals).

Significantly, the peak of the XTEM-1 conductor is located 450m south of the RC drill hole on Great Boulder’s Yamarna Project. Another strong EM conductor (XTEM-2) is located a further 2km south along the same magnetic trend and also within Great Boulder’s Yamarna Project.

The magnetic signature of the prospective Mt Venn Complex extends for 9km into the Yamarna Project. Re-processed magnetic images show further co-incident XTEM anomalies west and south east of the Thatcher’s Soak paleochannel which will be assessed in detail as part of a technical review currently underway.

The Thatcher’s Soak paleochannel may also mask possible bedrock conductors south through the Yamarna Project and further blind targets may exist, although this will need to be assessed by ground and down-hole EM.

ASX Announcement

3

28 April, 2017

==> picture [48 x 57] intentionally omitted <==

==> picture [48 x 57] intentionally omitted <==

==> picture [269 x 385] intentionally omitted <==

----- Start of picture text -----

XTEM-1
XTEM-2
----- End of picture text -----

==> picture [269 x 385] intentionally omitted <==

----- Start of picture text -----

Mag Trend
Fault
0 1 2
Paleochannel
kilometre
XTEM-1 Drill Hole
XTEM-2
Blind Target
West Anomalies
South Anomaly
----- End of picture text -----

Re-processed aeromagnetic image with magnetic trends (LHS). Late-time XTEM (RHS) with magnetic trends and paleochannel. The location of XTEM-1 and XTEM-2 conductors are plotted on both showing the coincident EM and RTP 1VD magnetic response

Great Boulder has now engaged internationally respected nickel sulphide specialist Tony Donaghy to assist in developing the geological model and exploration strategy for Mt Venn. This review will initially focus on the entire Mt Venn igneous complex in a bid to better understand the formation and architecture of the layered mafic intrusion, source and introduction of sulphur into the system, and generate targets of likely nickel-copper sulphide accumulation.

The review will provide recommendations on the next phase of exploration, including the most appropriate ground and downhole EM techniques to employ, and combining these results with other geochemistry and geophysical data sets.

Tarmoola

During the quarter, Great Boulder completed a ground based gravity survey over its Tarmoola project, located 40km northwest of Leonora in WA. Results from the gravity survey, in conjunction with the multi-element geochemistry completed in late 2016, have identified some exceptional targets, displaying a similar structural setting to the King of the Hills mine just 20km away and other intrusion-related gold systems.

As the Tarmoola project covers a large area (26km in strike, 149km2), Great Boulder has undertaken a staged approach to identifying the structural setting and intrusion architecture by employing geochemical and geophysical methods ahead of drilling.

ASX Announcement

4

28 April, 2017

==> picture [48 x 57] intentionally omitted <==

==> picture [48 x 57] intentionally omitted <==

An initial 3,000m air core programme will commence shortly to test targets with gold and pathfinder anomalism detected along the interpreted granite-greenstone contact identified in the gravity survey.

Six targets have been identified and are summarised in the table below and located in the accompanying maps. These targets represent just a small portion of the prospects identified at the Tarmoola project to date.

==> picture [493 x 363] intentionally omitted <==

----- Start of picture text -----

Target 3
Target 4
Target 2
Target 1
Figure 1. Re-processed aeromagnetic image with magnetic trends (LHS). Late-time XTEM (RHS) with magnetic trends Target 5
and paleochannel. The location of XTEM-1 and XTEM-2 conductors are plotted on both showing the
coincident EM and RTP 1VD magnetic response
Target 6
----- End of picture text -----

Gravity image with tellurium, bismuth and arsenic geochem malies, proximal mines and prospects and planned drilling

Bedrock geology with pathfinder and gold auger geochem (target locations labeled)

Target	**Description **
1	• Granite-greenstone contact defined by gravity with gold geochem anomalies (up to 264ppb Au) along the contact • High tenor tellurium and bismuth geochem anomaly on the granite-greenstone contact and intersection of NE trending structures
2	• Magnetic granitoid intrusion into the overlying basalt with coincident gold and arsenic geochem anomaly
3	• Interpreted as the NE edge of the granitoid intrusion with overlying WNW mafic-ultramafic extensions to the Victory gold mine • Extensive +2.5km gold geochem anomaly with moderate bismuth and tellurium pathfinder anomaly
4	• Multiple, coincident geochem anomalies along NE trending structures • Gravity inversion modelling suggests there may be remnant mafic above the granite intrusion
5	• Outcropping mafic-ultramafic sequence with anomalous gold geochem and within interpreted NW trending structure
6	• Blind target (under transported cover, no geochem) but gravity modelling indicates a significant granitoid intrusion into the overlying mafic-ultramafic sequence and significant bismuth pathfinder anomaly immediately north

ASX Announcement

5

28 April, 2017

==> picture [48 x 57] intentionally omitted <==

==> picture [48 x 57] intentionally omitted <==

Jundee South

A maiden RC drilling program was completed at Jundee South during the quarter. A total of 24 RC holes for 3,712m were drilled testing a 500m x 400m area from which more than 16 ounces of gold nuggets have been recovered from surface. Structural trends have been mapped coincident with discrete arsenic-gold anomalies with bismuth, silver and tellurium pathfinders.

The programme was extended beyond the planned 3,200m as structural complexity became evident during the drilling programme.

Drilling was successful in identifying significant structures containing sulphide mineralisation, quartz veining and hydrothermal alteration within the host Jundee dolerite sequence. While highly anomalous pathfinder geochemistry was identified only low-tenor gold was detected.

Great Boulder is now compiling multi-element geochemical data collected from the drilling programme, in conjunction with geological logging, to construct a detailed geological model of Jundee South ahead of planning the next phase of drilling.

==> picture [191 x 113] intentionally omitted <==

----- Start of picture text -----

Jundee Mine
Elliots
----- End of picture text -----

==> picture [39 x 18] intentionally omitted <==

----- Start of picture text -----

Area 7
----- End of picture text -----

==> picture [275 x 18] intentionally omitted <==

----- Start of picture text -----

Regional map showing the Jundee gold mine, satellite deposits and
geology in relation to GBR’s Jundee South Project
----- End of picture text -----

==> picture [189 x 16] intentionally omitted <==

----- Start of picture text -----

Updated geological and structural interpretation
with drill hole location and traces
----- End of picture text -----

ASX Announcement

6

28 April, 2017

==> picture [48 x 57] intentionally omitted <==

==> picture [48 x 57] intentionally omitted <==

Other Projects

Great Boulder undertook no field activities at Balagundi or Broadwood during the quarter.

At Balagundi the Company is in the process of designing a follow-up drill programme to test extensions to the Mt Bellew trends and new targets identified.

At Broadwood, an application was made for a programme of work for an auger geochemical programme. As the project is located in close proximity to Kalgoorlie with various land use requirements, the approvals process has taken longer than anticipated. Great Boulder is currently in discussions with relevant stakeholders to progress the programme of work.

Competent Person’s Statement

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.

The exploration results contained in this report were previously reported by the Company in its announcements released to ASX and listed below. The Company confirms that it is not aware of any new information or data that materially affects the information included in the Company’s previous announcement

• Drilling Extends Mineralisation at Balagundi (12 January 2017 ) http://www.asx.com.au/asxpdf/20170112/pdf/43f8dkpwz023w7.pdf

• Tarmoola Geochemistry Confirms Large-Scale Potential (24 January 2017) http://www.asx.com.au/asxpdf/20170124/pdf/43fh77fvrmk89y.pdf

• December 2016 Quarterly Activities and Cashflow Report (31 January 2017) http://www.asx.com.au/asxpdf/20170131/pdf/43fmhxw0v3hp65.pdf

• Copper-Nickel-Cobalt Intersected at Yamarna (29 March 2017) http://www.asx.com.au/asxpdf/20170329/pdf/43h3td4shxd1p5.pdf

• Drilling to Commence at Tarmoola and Jundee South Results (21 April 2017) http://www.asx.com.au/asxpdf/20170421/pdf/43hn2lxh24bx01.pdf

ASX Announcement

7

28 April, 2017

==> picture [48 x 57] intentionally omitted <==

==> picture [48 x 57] intentionally omitted <==

Appendix 1 – Tenement Schedule

In line with obligations under ASX Listing Rule 5.3.3, Great Boulder provides the following information relating to its mining tenement holdings as at 31 March 2017.

Project	Tenement Number Status % Held % Earning Changes during the Quarter
Balagundi Broadwood Broadwood Broadwood Broadwood Broadwood Broadwood Broadwood Jundee South Tarmoola Tarmoola Tarmoola Tarmoola Tarmoola Tarmoola Tarmoola Tarmoola Tarmoola Tarmoola Tarmoola Tarmoola Tarmoola Tarmoola Tarmoola Tarmoola Tarmoola Tarmoola Tarmoola Tarmoola Tarmoola	M25/194 Granted - 75% P26/4009 Granted - 75% P26/4010 Application - 75% P26/4030 Granted - 75% P26/4037 Granted - 75% P26/4038 Granted - 75% P26/4039 Granted - 75% P26/4049 Granted - 75% E53/1101 Granted 100% - E37/1241 Granted - 75% E37/1242 Granted - 75% P37/8667 Granted - 75% P37/8668 Granted - 75% P37/8669 Granted - 75% P37/8670 Granted - 75% P37/8671 Granted - 75% P37/8672 Granted - 75% P37/8673 Granted - 75% P37/8674 Granted - 75% P37/8675 Granted - 75% P37/8676 Granted - 75% P37/8677 Granted - 75% P37/8678 Granted - 75% P37/8679 Granted - 75% P37/8680 Granted - 75% P37/8681 Granted - 75% P37/8682 Granted - 75% P37/8683 Granted - 75% P37/8684 Granted - 75% P37/8685 Granted - 75%
Tarmoola	P37/8935 Application 100% Application made during the quarter
Yamarna	E38/2320 Granted - 75% Acquired during the quarter
Yamarna Yamarna Yamarna Yamarna Yamarna Yamarna	E38/2685 Granted - 75% E38/2952 Granted - 75% E38/2953 Granted - 75% E38/2957 Granted - 75% E38/2958 Granted - 75% P38/4178 Granted - 75%

ASX Announcement

8

28 April, 2017

==> picture [48 x 57] intentionally omitted <==

==> picture [48 x 57] intentionally omitted <==

+Rule 5.5

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16

Name of entity

Great Boulder Resources Ltd

ABN Quarter ended (“current quarter”) 70611695955 31 March 2017

Consolidated statement of cash flows	Current quarter $A’000	Year to date (...9...months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid (Municipal Tax) 1.7 Research and development refunds 1.8 Other (provide details if material)GST 1.9 Net cash from / (used in) operating activities	(696) (67) (60) 3 59	(1344) (215) (270) 11 (41)
	(761)	(1,859)
2. Cash flows from investing activities 2.1 Payments to acquire: (a) property, plant and equipment (b) tenements (see item 10) (Lease payment)	(40)	(58)

ASX Announcement

9

28 April, 2017

==> picture [48 x 57] intentionally omitted <==

==> picture [48 x 57] intentionally omitted <==

	Consolidated statement of cash flows	Current quarter $A’000	Year to date (...9...months) $A’000
	(c) investments (d) other non-current assets 2.2 Proceeds from the disposal of: (a) property, plant and equipment (b) tenements (see item 10) (c) investments (d) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities
		(40)	(58)
	3. Cash flows from financing activities 3.1 Proceeds from issues of shares 3.2 Proceeds from issue of convertible notes 3.3 Proceeds from exercise of share options 3.4 Transaction costs related to issues of shares, convertible notes or options 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) Seed capital refunds 3.10 Net cash from / (used in) financing activities	- - -	6,394 (747) (28) (313)
		-	5,306

ASX Announcement

10

28 April, 2017

==> picture [48 x 57] intentionally omitted <==

==> picture [48 x 57] intentionally omitted <==

Consolidated statement of cash flows	Current quarter $A’000	Year to date (...9...months) $A’000
4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	5,534 (761) (40) -	1,344 (1,859) (58) 5,306
	4,733	4,733
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)	1,708 3,025	2,509 3,025
	4,733	5,534

ASX Announcement

11

28 April, 2017

==> picture [48 x 57] intentionally omitted <==

==> picture [48 x 57] intentionally omitted <==

6.	Payments to directors of the entity and their associates	Current quarter
		$A'000
6.1	Aggregate amount of payments to these parties included in	97
	item 1.2
6.2	Aggregate amount of cash flow from loans to these parties
	included in item 2.3
6.3	Include below any explanation necessary to understand the transactions included in
	items 6.1 and 6.2

Directors salaries and superannuation

7. Payments to related entities of the entity and their associates 7.1 Aggregate amount of payments to these parties included in item 1.2 7.2 Aggregate amount of cash flow from loans to these parties included in item 2.3	Current quarter $A'000
	214

• 7.3 Include below any explanation necessary to understand the transactions included in items 7.1 and 7.2

Payment for Drilling

8. Financing facilities available Add notes as necessary for an understanding of the position

• 8.1 Loan facilities 8.2 Credit standby arrangements 8.3 Other (please specify)

Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000

• 8.4 Include below a description of each facility above, including the lender, interest rate and whether it is secured or unsecured. If any additional facilities have been entered into or are proposed to be entered into after quarter end, include details of those facilities as well.

ASX Announcement

12

28 April, 2017

==> picture [48 x 57] intentionally omitted <==

==> picture [48 x 57] intentionally omitted <==

==> picture [456 x 463] intentionally omitted <==

----- Start of picture text -----

9. Estimated cash outflows for next quarter $A’000
9.1 Exploration and evaluation 369
9.2 Development
9.3 Production
9.4 Staff costs 66
9.5 Administration and corporate costs 74
9.6 Other (provide details if material)
9.7 Total estimated cash outflows 509
10. Changes in Tenement Nature of interest Interest at Interest
tenements reference beginning at end of
(items 2.1(b) and and of quarter quarter
2.2(b) above) location
10.1 Interests in mining
tenements and
petroleum
tenements lapsed,
relinquished or
reduced
10.2 Interests in mining P37/8935 Application (yet to be 0% 0% (100%
tenements and granted) on
petroleum granting)
tenements acquired
or increased E38/2320 Acquisition (acquired 0%
through Yamarna JV
which GBR is earning 0%
an initial 75% (earning
interest) 75%)
----- End of picture text -----

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

==> picture [104 x 32] intentionally omitted <==

Sign here: .......................................................... Date: 28 April 2017 (Company secretary)

Print name: John Sendziuk

ASX Announcement

13

28 April, 2017

==> picture [48 x 57] intentionally omitted <==

==> picture [48 x 57] intentionally omitted <==

Notes

1. The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.

2. If this quarterly report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.