GREAT BOULDER RESOURCES LIMITED — Interim / Quarterly Report 2018

Jan 23, 2018

ASX Announcement

24 January 2018

Quarterly Report to 31 December 2017

Mt Venn emerges as a major copper-nickel-cobalt discovery

Yamarna: Mt Venn Copper-Nickel-Cobalt Discovery

ASX Code: GBR

Capital Structure

Ordinary Shares: 70.5m Unlisted Options: 36.0m

Unvested Performance Rights: 2m Current Share Price: 28₵

Market Capitalisation: A$19.7m Cash: A$3.4m Debt: Nil

Board of Directors

Greg Hall Non-Executive Chairman

Stefan Murphy Managing Director

Murray Black Non-Executive Director

Melanie Leighton Non-Executive Director

Projects

Yamarna – Mt Venn

Tarmoola

• Phase 1 RC drilling in October discovered significant copper-nickelcobalt sulphide mineralisation at the Mt Venn prospect within the Yamarna Project, WA

• Initial assays of up to 4.3% copper and 0.1% cobalt confirm the potential of the Mt Venn mineralised system

• Wide zones of mineralisation intersected, including:

• 48m at 0.8% Cu, 0.2% Ni, 0.07% Co from 103m downhole

• 18m at 0.8% Cu, 0.1% Ni, 0.02% Co from 187m downhole

• 10m at 0.8% Cu, 0.2% Ni, 0.06% Co from 90m downhole

• 61m at 0.5% Cu, 0.2% Ni, 0.05% Co from 86m downhole

• Phase 2 RC and initial diamond drilling completed in late December

• First diamond holes returned massive, semi-massive and stringer sulphide mineralisation over wide intersections of +70m

• Coarse grained sulphide mineralisation with distinct copper (chalcopyrite) and nickel-cobalt (pyrrhotite) zones

• Assay results due imminently (refer to page 5)

Tarmoola

• Soil sampling completed which identified two strong gold anomalies associated with the Marionette and Ursus shear zones

Jundee South

Balagundi

Broadwood

Corporate

• $3.4m in cash at the end of the quarter

• 2,081,857 options were exercised in the quarter, raising $416,000

• Preliminary EIS co-funded drilling grant of $108,000 and Research and Development refund of $155,000 received during the quarter

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Exploration Activities

Yamarna – Mt Venn

PHASE 1 RC

During October, Great Boulder completed its maiden RC drilling program at Mt Venn with a total of 20 reconnaissance RC holes drilled (2,868m). The drilling targeted conductors identified from a ground-based EM survey, successfully discovering a significant new copper-nickel-cobalt sulphide system at Mt Venn. Drilling intersected wide zones of shallow sulphide mineralisation over an extensive strike length and open in all directions. Significant assay results from the maiden RC drill program include:

17MVRC001

• 18m at 0.8% Cu, 0.1% Ni, 0.02% Co from 187m (downhole)

• including 2m at 1.0% Cu and 1m at 4.3% Cu

17MVRC007

− 61m at 0.5% Cu, 0.15% Ni, 0.05% Co from 86m (downhole)

• including 2m at 1.1% Cu and 12m at 0.8% Cu

17MVRC015

• 48m at 0.8% Cu, 0.2% Ni, 0.07% Co from 103m (downhole)

• including 3m at 1.3% Cu and 5m at 1.0% Cu

• including 6m at 0.7% Cu, 0.3% Ni and 0.10% Co

• 17MVRC017

• 15m at 0.5% Cu, 0.2% Ni, 0.05% Co from 24m (downhole)

• 16m at 0.6% Cu, 0.1% Ni and 0.04% Co from 62m (downhole)

• 10m at 0.8% Cu, 0.2% Ni, 0.06% Co from 90m (downhole)

Mineralisation is typically wide and steeply dipping to the east. There is also very little cover or weathering profile, with fresh sulphide ore extending to surface along the central zone where the bulk of the mineralisation has been intersected to date.

Mineralisation is copper-dominant, with distinct nickel-cobalt rich zones. Copper grades up to 4.3% have been returned within the more chalcopyrite-rich copper zones. Copper mineralisation is intermingled with a more nickel-cobalt rich pyrrhotite phase. The nickel and cobalt grades up to 0.3% Ni and 0.1% Co respectively within the massive sulphide zones and are much higher than anticipated based on previous drilling.

Two holes were also drilled north of the EM survey area to test a zinc, lead and silver aircore anomaly. 17MVRC004 was drilled under the main zinc-lead aircore anomaly and returned a highly encouraging 2m at 2.1% Zn from 58m.

A downhole EM (DHEM) survey was completed on the available Phase 1 RC drill holes, with the objective of identifying off-hole conductors along the main mineralised trend and to better constrain the EM plate modelling. The results from the RC drilling and DHEM survey confirm the steep dipping, wide nature of sulphide mineralisation at Mt Venn. These results were used to design the Phase 2 RC and initial diamond drilling program.

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DIAMOND DRILLING & PHASE 2 RC

The Phase 2 RC and initial diamond drilling programs commenced in December. The drilling focused on strike and dip extensions to the central mineralised zone as well as testing downhole EM (DHEM) and magnetic targets along the broader Mt Venn trend.

Visual logs of the RC and diamond drilling confirm the mineralised system at Mt Venn is extremely large. Drilling, EM and magnetic modelling have also confirmed the western magnetic trend represents a strike extensive pyrrhotite-rich sulphide horizon which hosts copper-nickel-cobalt mineralisation. Continuous sulphide mineralisation in the central zone has now been delineated over 500m with multiple parallel zones of mineralisation.

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Mt Venn mineralised trend based on recent diamond and RC drilling. Central zone is becoming more defined but drilling along the north and south extensions remains sparse and open

Central Zone – Previously reported drill results (red) and significant new sulphide intercepts (orange) over RTP 1VD magnetics

Diamond drilling has provided valuable information on the size, orientation and formation of mineralisation at Mt Venn. The separate copper and nickel-cobalt zonation seen in the RC assay results is clearly visible in the drill core as chalcopyrite (copper) and pyrrhotite (nickel-cobalt) mineralisation.

Diamond holes 17MVRCD008 and 018 were drilled as diamond tails off existing RC holes, targeting DHEM conductor plates. Both diamond tails intersected sulphide mineralisation associated with the western magnetic trend, confirming Mt Venn hosts a mineralised system over several kilometres.

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Diamond holes 17MVDD001 and 003 were drilled into the central zone, confirming strike continuity and DHEM plate modelling. 17MVDD002 was designed as a wide diameter HQ metallurgical hole, drilled from surface and planned to intersect the same wide copper and nickel-cobalt zones previously intersected in RC drilling. Diamond holes 17MVDD001, 002 and 003 all intersected wide zones of massive pyrrhotite, associated with nickel-cobalt mineralisation. Chalcopyrite typically occurs as stringer, blebby and disseminated sulphide within the pyrrhotite but more concentrated around the margins of the pyrrhotite or within structures.

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17MVDD001 – Massive pyrrhotite with chalcopyrite at 105m downhole

17MVRCD008 – Semi-massive and stringer pyrrhotite with chalcopyrite at 113m downhole

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17MVDD003 – Western copper zone with interstitial chalcopyrite and pyrrhotite within very coarse-grained gabbro (108m)

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17MVDD002 – Stringer chalcopyrite and pyrrhotite mineralisation (109m)

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RC drilling intersected several offset and parallel mineralised zones striking northeast, with more copper-bearing chalcopyrite-rich zones occurring along these structures and at the margins of the massive pyrrhotite mineralisation. Having parallel zones of mineralisation is considered important because it improves the overall metal endowment per vertical metre. Drilling has also shown good continuity of mineralisation, which remains open in all directions.

ASSAYS AND METALLURGY

The slow assay turnaround has been caused by delays in the preparation and digest stage at the laboratory, due primarily to the presence of large amounts of massive pyrrhotite in the samples. Pyrrhotite from Mt Venn is very reactive, oxidising readily during preparation and exposure to air. The conventional four-acid digest used for this assay method was altered to slow down the reaction. The amended four-acid digest (replacing hydrochloric acid with hydrobromic acid) had to undergo QAQC tests for certification, which in turn delayed the results. While a delay in assay turnaround time is unfortunate, it is important that proper QAQC protocol is maintained during the process. All samples are currently being processed in Perth with final assay results now expected in the first week of February.

Once assay results are received for the metallurgical drill hole, several composite samples will be made to test the extraction of separate copper and nickel-cobalt concentrates. Copper appears to be predominantly hosted within chalcopyrite, while the nickel and cobalt is predominantly hosted in pyrrhotite with minor pentlandite and pyrite. The pyrrhotite mineralisation at Mt Venn has proven to be quite unique, containing relatively high amounts of nickel and cobalt and readily oxidises under atmospheric conditions. This is highly favourable for the project because it shows the pyrrhotite may be amenable to low-cost atmospheric leach. Tests will also be conducted to determine the ability to process the nickel-cobalt concentrate into nickel and cobalt sulphate products, which are in strong demand from the battery sector. Further information on the metallurgy test program will be provided once the flow sheet is finalised.

NEXT STEPS

Drilling activities in the March quarter of 2018 will focus on the western Mt Venn trend north of the east-west bounding fault that appears to mark the southern extent of mineralisation. Drilling on the central zone will focus on dip and strike extensions of known mineralisation.

Drilling will also be undertaken along the 4.5km western magnetic trend as we understand more about the mineralised system, particularly the remobilization of copper-bearing chalcopyrite along structures and the margins of the massive pyrrhotite zone.

A gravity survey over the Mt Venn intrusion, including the Eastern mafic complex, will be completed early in the New Year. A surface geochemistry program and geological mapping will be undertaken in conjunction with the gravity survey to identify intrusions considered more prospective for nickel sulphide mineralisation to complement the western copper-rich zone.

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Mt Venn Igneous
Complex
Eastern Mafic
Complex
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Great Boulder’s Yamarna project showing Mt Venn and Eastern Mafic Complexes

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Tarmoola

During the quarter, Great Boulder completed a soil sampling program at the Tarmoola project, located 40km north-west of Leonora in WA.

The program targeted an area of outcropping greenstone where previous mapping and surface sampling identified a 2km trend of high grade gold rock chips associated with the Ursus Fault and Marionette shear, interpreted as a splay off the Ursus Fault. The Ursus fault is a regionally significant structure which is considered a key gold bearing structure at the +2Moz King of the Hills gold mine.

A total of 1,022 soil samples were collected over a 200m x 25m grid, covering the prospective Ursus-Marionette structures. The 25m spaced samples were composited into 100m lengths and then assayed for gold and a suite of pathfinder elements consistent with hydrothermal gold mineralisation. Zones of anomalous gold were then split back to their original 25m samples to better define the soil anomaly for RC drill hole design. These infill soil results have highlighted two zones of anomalous gold that will be RC drill tested.

The first target is at the intersection of the Ursus and Marionette shear and extending into the hangingwall where elevated gold in soil (peak 76ppb Au) and rock chips (peak 23.9g/t Au) have been returned. Elevated arsenic occurs along the Ursus Fault, indicating the presence of a hydrothermal fluid pathway.

Target 2 has a very coherent gold in soil anomaly for approximately 1km along the Marionette shear zone, with a peak grade of 158ppb Au return on the southernmost line making the target open to the south. Target 2 also has a strong geochemical pathfinder association, making it a priority target. A maiden RC drill program is anticipated to commence in late Q1.

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Tarmoola soil sampling showing gold results over geology map
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Jundee South

During the September quarter, Great Boulder completed a field mapping and surface sampling program at Jundee South. Following a review of the data, Great Boulder is in the process of designing a close-spaced auger geochemistry program for more detailed target generation ahead of a drilling program. It is anticipated the auger program will be completed in Q1 with the drill program in Q2 following receipt of auger results and Heritage clearance.

Other Projects

No field activities were undertaken at Balagundi or Broadwood during the quarter.

Corporate

At the end of the December quarter Great Boulder had $3.4m in cash.

The following changes occurred to the issued capital of Great Boulder during the December 2017 quarter:

• Exercise of 2,081,857 options and allotment of shares

The issued share capital of the Company at 31 December 2017 is:

Class of Securities	Issued Capital
Ordinary fully paid shares	70,475,857
• Quoted on the ASX	50,191,214
• Escrowed (18 Nov. 2018)	20,284,643
Unlisted Options(exercisable at $0.20 and expire 18 Nov. 2020)	36,004,893
Unlisted Performance Rights	2,000,000

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Competent Person’s Statement

Exploration information in this Announcement is based upon work undertaken by Stefan Murphy whom is a Member of the Australasian Institute of Geoscientists (AIG). Mr Stefan Murphy 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 Stefan Murphy is Managing 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.

• Copper-Nickel-Cobalt Discovery at Mt Venn (13 November 2017) https://www.asx.com.au/asxpdf/20171113/pdf/43p557mpvc9jwy.pdf

• Further Copper-Nickel-Cobalt Intersected at Mt Venn (27 November 2017) https://www.asx.com.au/asxpdf/20171127/pdf/43pln1nlwp92z8.pdf

• Diamond Drilling Extends Mineralisation at Mt Venn (5 December 2017) https://www.asx.com.au/asxpdf/20171205/pdf/43pwrp02kbmg6s.pdf

• More Wide Zones of Mineralisation Intersected at Mt Venn (14 December 2017) https://www.asx.com.au/asxpdf/20171214/pdf/43q50q8r5gm03t.pdf

• RC Drilling Extends Central Mineralised Zone at Mt Venn (21 December 2017) https://www.asx.com.au/asxpdf/20171221/pdf/43qc1w5fm7k07n.pdf

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Appendix- JORC Code, 2012 Edition Table 1

The following table relates to activities undertaken at Great Boulder’s Tarmoola projects.

Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation	JORC Code explanation	Commentary
Sampling	•	Nature and quality of sampling (eg cut	The reported results are of a focused soil programme.
techniques		channels, random chips, or specific
		specialised industry standard measurement	The soil samples were collected at a spacing of 25m on
		tools appropriate to the minerals under	lines spaced 200m apart. Composite samples were
		investigation, such as down hole gamma	created along-line in lots of 4; with a quarter of each
		sondes, or handheld XRF instruments, etc).	original sample put into a composite bag. This provided
		These examples should not be taken as	an initial 100m x 200m soil spacing. Upon receipt of
		limiting the broad meaning of sampling.	preliminary results an area of prospectivity was defined.
			Within this area the initial 25m spaced samples were
	•	Include reference to measures taken to	submitted for analysis. This provided a 25m x 200m grid
		ensure sample representivity and the	within the area of prospectivity. These samples typically
		appropriate calibration of any	weighed 0.1-0.3kg, averaging 0.2kg.
		measurement tools or systems used.
			The samples were pulverised at the laboratory, with a 25g
	•	Aspects of the determination of	sample digested via Aqua Regia followed by mass
		mineralisation that are Material to the	spectroscopy.
		Public Report.
	•	In cases where ‘industry standard’ work has been done this would be relatively simple	The sampling techniques used are deemed appropriate for the style of exploration.
		(eg ‘reverse circulation drilling was used to
		obtain 1 m samples from which 3 kg was
		pulverised to produce a 30 g charge for fire
		assay’). In other cases more explanation
		may be required, such as where there is
		coarse gold that has inherent sampling
		problems. Unusual commodities or
		mineralisation types (eg submarine
		nodules) may warrant disclosure of detailed
		information.
Drilling	•	Drill type (eg core, reverse circulation, open-	Not applicable as no drilling was undertaken.
techniques		hole hammer, rotary air blast, auger,
		Bangka, sonic, etc) and details (eg core
		diameter, triple or standard tube, depth of
		diamond tails, face-sampling bit or other
		type, whether core is oriented and if so, by
		what method, etc).
Drill sample	•	Method of recording and assessing core and	No drilling was undertaken during the field mapping
recovery		chip sample recoveries and results assessed.	campaign.
	•	Measures taken to maximise sample	No quantitative analysis of samples weights or condition
		recovery and ensure representative nature	has been undertaken.
		of the samples.
	•	Whether a relationship exists between
		sample recovery and grade and whether
		sample bias may have occurred due to

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		preferential loss/gain of fine/coarse
		material.
Logging	•	Whether core and chip samples have been	Qualitative moister, grainsize, hardness, colour and
		geologically and geotechnically logged to a	sample comment was recorded for each soil sample.
		level of detail to support appropriate
		Mineral Resource estimation, mining
		studies and metallurgical studies.
	•	Whether logging is qualitative or
		quantitative in nature. Core (or costean,
		channel, etc) photography.
	•	The total length and percentage of the
		relevant intersections logged.
Sub-sampling	•	If core, whether cut or sawn and whether	No drilling was undertaken during the field mapping
techniques		quarter, half or all core taken.	campaign.
and sample
preparation	•	If non-core, whether riffled, tube sampled,	All soil samples were dry. No field duplicates were taken.
		rotary split, etc and whether sampled wet or
		dry.	Samples taken were typically between 0.1-0.3kg (soil)
			with the entire sample pulverised.
	•	For all sample types, the nature, quality and
		appropriateness of the sample preparation	All samples were submitted to ALS Minerals (Kalgoorlie)
		technique.	for analyses. The sample preparation included:
	•	Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.	 Samples were weighed and pulverised such that a minimum of 85% passed 75um (as per ALS standards).  Analysis was undertaken for gold using a 25g
	•	Measures taken to ensure that the sampling	sample for digest via Aqua Regia and ICP-MS
		is representative of the in situ material	(ALS method: Au-TL43), with multi element
		collected, including for instance results for	analysis from the Aqua Regia digest and ICP-MS
		field duplicate/second-half sampling.	(ALS method; ME-MS43).
	•	Whether sample sizes are appropriate to	Sample collection, size and analytical methods are
		the grain size of the material being sampled.	deemed appropriate for the style of exploration.
Quality of	•	The nature, quality and appropriateness of	All samples were assayed by industry standard methods
assay data		the assaying and laboratory procedures	through commercial laboratories in Australia (ALS
and		used and whether the technique is	Minerals, Kalgoorlie).
laboratory		considered partial or total.
tests			Typical analysis methods used;
	•	For geophysical tools, spectrometers,	 Analysis was undertaken for gold using a 25g
		handheld XRF instruments, etc, the	sample for digest via Aqua Regia and ICP-MS
		parameters used in determining the	(ALS method: Au-TL43), with multi element
		analysis including instrument make and	anlysis from the aqua regia digest and ICP-MS
		model, reading times, calibrations factors	(ALS method; ME-MS43).
		applied and their derivation, etc.
			The analytical laboratories provided their own routine
	•	Nature of quality control procedures	quality controls within their own practices. No
		adopted (eg standards, blanks, duplicates,	significant issues were noted.
		external laboratory checks) and whether
		acceptable levels of accuracy (ie lack of bias)	Great Boulder did not submit any additional standards,
		and precision have been established.	blanks or duplicates due to the preliminary nature of the
			exploration method.

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Verification of	•	The verification of significant intersections	No verification of sampling and assaying has been
sampling and		by either independent or alternative	undertaken in this field sampling programme.
assaying		company personnel.
			Great Boulder has strict procedures for data capture,
	•	The use of twinned holes.	flow and data storage, and validation.
	•	Documentation of primary data, data entry	Limited adjustments were made to returned assay data;
		procedures, data verification, data storage	values returned lower than detection level were set to
		(physical and electronic) protocols.	the methodology’s detection level, and this was flagged
			by code in the database.
	•	Discuss any adjustment to assay data.
Location of	•	Accuracy and quality of surveys used to	Sample locations were collected using a hand held GPS
data points		locate drill holes (collar and down-hole	as was deemed acceptable for the nature of this
		surveys), trenches, mine workings and other	programme.
		locations used in Mineral Resource
		estimation.	The MGA94 UTM zone 51 coordinate system was used
			for all undertakings.
	•	Specification of the grid system used.
	•	Quality and adequacy of topographic
		control.
Data spacing	•	Data spacing for reporting of Exploration	As detailed in Table 1 of this report, reported results are
and		Results.	from a focused soil programme and is considered
distribution			reconnaissance in nature.
	•	Whether the data spacing and distribution
		is sufficient to establish the degree of	The spacing and location of data is currently only being
		geological and grade continuity appropriate	considered for exploration purposes.
		for the Mineral Resource and Ore Reserve
		estimation procedure(s) and classifications	Sample compositing was applied to the soil programme
		applied.	in areas outside a defined area of prospectivity. These
			samples were composited along-line in lots of 4, and
	•	Whether sample compositing has been	provided a nominal 100m x 200m spacing.
		applied.
Orientation of	•	Whether the orientation of sampling	The orientation and relationship of sampling to
data in		achieves unbiased sampling of possible	underlying structures or mineralisation is unknown and
relation to		structures and the extent to which this is	is considered reconnaissance in nature.
geological		known, considering the deposit type.
structure			No drilling was undertaken during the field mapping
	•	If the relationship between the drilling	campaign.
		orientation and the orientation of key
		mineralised structures is considered to have
		introduced a sampling bias, this should be
		assessed and reported if material.
Sample	•	The measures taken to ensure sample	Field samples were collected by Great Boulder in labelled
security		security.	and secure ploy weave bags with the ID number clearly
			visible. The sample bag is secured such that no sample
			material can spill out.
Audits or	•	The results of any audits or reviews of	None completed.
reviews		sampling techniques and data.

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Section 2 Reporting of Exploration Results

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

Criteria	JORC	Code explanation				Commentary
Mineral	•	Type, reference name/number, location				Great Boulder Resource Ltd (GBR) is comprised of
tenement and		and ownership including agreements or				several projects with associated tenements;
land tenure		material issues with	third parties such as
status		joint ventures, partnerships, overriding				Tarmoola Project tenements and details;
		royalties, native title interests, historical
		sites, wilderness or national park and				Exploration licences E37/1241, E37/1242, and
		environmental settings.				prospecting licences P37/8667, P37/8668, P37/8669,
						P37/8670, P37/8671, P37/8672, P37/7673,
	•	The security of the tenure held at			the	P37/8674, P37/8675, P37/8676, P37/8677,
		time of reporting along with any known				P37/8678, P37/8679, P37/8680, P37/8681,
		impediments to obtaining a license to				P37/8682, P37/8683, P37/8684, P37/8685 where,
		operate in the area.
						GBR has executed a JV agreement to earn 75%
						interest through exploration expenditure of
						$1,400,000 AUD over five years. Following
						satisfaction of the minimum expenditure
						commitment by GBR, EGMC (current tenement
						owner) will have the right to contribute to
						expenditure in the project at its 25% interest level or
						choose to convert to a 2% Net Smelter Royalty (NSR).
						Should EGMC choose to convert its remaining interest
						into a 2% NSR, then GBR will have a 100% interest in
						the project.
Exploration	•	Acknowledgment	and	appraisal	of	Previous explorers included:
done by other		exploration by other	parties.			 1990’s - 2000’s. Saracen Metals Pty Ltd
parties						compiled results from previous explorers
						drilling on the northern ELs near Randle’s
						Find.
						 2000’s. Jubilee Mines NL conducted soil
						sampling on the western side of the
						Robbie’s Well Pluton. Agnew Gold Mining
						Company Pty Ltd (Goldfield) undertook
						limited drilling on the northern portions of
						project, as well as soil sampling.
						 2010-2011 T.E Johnston & Associated Pty
						Ltd conducted limited soil along the
						eastern margin of Robbie’s Well Pluton.
						 2011. St Barbara Ltd conducted a small,
						focused aircore drilling along the eastern
						margin of the Robbie’s Well Pluton.
						 Regional soil sampling has been
						undertaken by the Geological Survey of
						WA.
Geology	•	Deposit type, geological setting and style				Greenstone sequences with a km-scale internal
		of mineralisation.				granitoid and a number of discrete dioritic to tonalitic
						stocks known to be associates with regional gold
						mineralisation (e.g. Tarmoola/King of the Hills)
						The project contains the northern extension to the
						regional granite-greenstone terrain contact with a

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			similar geological setting as Tarmoola/King of the Hills	similar geological setting as Tarmoola/King of the Hills	similar geological setting as Tarmoola/King of the Hills	similar geological setting as Tarmoola/King of the Hills
			and Gwalia.
Drill hole	•	A summary of all information material to	The location and context of the soil			sampling is
Information		the understanding of the exploration	provided in grid images in the main report body.
		results including a tabulation of the
		following information for all Material drill	No drilling results are reported.
		holes:
	o	easting and northing of the drill hole
		collar
	o	elevation or RL (Reduced Level – elevation
		above sea level in metres) of the drill hole
		collar
	o	dip and azimuth of the hole
	o	down hole length and interception depth
	o	hole length.
	•	If the exclusion of this information is
		justified on the basis that the information
		is not Material and this exclusion does not
		detract from the understanding of the
		report, the Competent Person should
		clearly explain why this is the case.
Data	•	In reporting Exploration Results,	No	weight	averaging techniques,	aggregation
aggregation		weighting averaging techniques,	methods or grade truncations were applied to these
methods		maximum and/or minimum grade	exploration results.
		truncations (eg cutting of high grades)
		and cut-off grades are usually Material	No metal equivalents are used.
		and should be stated.
	•	Where aggregate intercepts incorporate
		short lengths of high grade results and
		longer lengths of low grade results, the
		procedure used for such aggregation
		should be stated and some typical
		examples of such aggregations should be
		shown in detail.
	•	The assumptions used for any reporting
		of metal equivalent values should be
		clearly stated.
Relationship	•	These relationships are particularly	No mineralisation widths are reported.
between		important in the reporting of Exploration
mineralisation		Results.
widths and
intercept	•	If the geometry of the mineralisation with
lengths		respect to the drill hole angle is known, its
		nature should be reported.
	•	If it is not known and only the down hole
		lengths are reported, there should be a

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		clear statement to this effect (eg ‘down
		hole length, true width not known’).
Diagrams	•	Appropriate maps and sections (with	Refer to figures in announcement.
		scales) and tabulations of intercepts
		should be included for any significant
		discovery being reported These should
		include, but not be limited to a plan view
		of drill hole collar locations and
		appropriate sectional views.
Balanced	•	Where comprehensive reporting of all	Any contours in diagrams are provided to define areas
reporting		Exploration Results is not practicable,	of relative “moderate” and “high” anomalous
		representative reporting of both low and	element areas.
		high grades and/or widths should be
		practiced to avoid misleading reporting of
		Exploration Results.
Other	•	Other exploration data, if meaningful and	Great Boulder recently undertook surface mapping of
substantive		material, should be reported including	select portions of the project. This was also
exploration		(but not limited to): geological	supported by recent re-processing of open source
data		observations; geophysical survey results;	magnetic data, and also recently acquired (surface)
		geochemical survey results; bulk samples	gravity data. These were used to assist the
		– size and method of treatment;	reinterpretation of the underlying project geology.
		metallurgical test results; bulk density,
		groundwater, geotechnical and rock	Refer to document for images and context.
		characteristics; potential deleterious or
		contaminating substances.
Further work	•	The nature and scale of planned further	Potential work across the project may include
		work (eg tests for lateral extensions or	detailed additional geological mapping and surface
		depth extensions or large-scale step-out	sampling ahead of potential confirmatory or
		drilling).	exploratory drilling.
	•	Diagrams clearly highlighting the areas of
		possible extensions, including the main
		geological interpretations and future
		drilling areas, provided this information is
		not commercially sensitive.

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Appendix 2 – 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 30 September 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 Tarmoola Yamarna Yamarna Yamarna Yamarna Yamarna Yamarna Yamarna

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% P37/8935 Granted 100% - E38/2320 Granted - 75% E38/2685 Granted - 75% E38/2952 Granted - 75% E38/2953 Granted - 75% E38/2957 Granted - 75% E38/2958 Granted - 75% P38/4178 Granted - 75%

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+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 December 2017

Consolidated statement of cash flows	Current quarter $A’000	Year to date (...6..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 EIS Co Funding 1.7 Research and development refunds 1.8 Other (provide details if material) GST 1.9 Net cash from / (used in) operating activities	(827) (73) (96) 6 108 155 (88)	(1,060) (146) (187) 54 108 155 (93)
	(815)	(1169)

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Consolidated statement of cash flows	Current quarter $A’000	Year to date (...6..months) $A’000
2. Cash flows from investing activities 2.1 ~~P~~ayments to acquire: (a) property, plant and equipment (b) tenements (see item 10) (Lease payment) (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	(58)	(58)
	(58)	(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	416	416
	416	416

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Consolidated statement of cash flows	Current quarter $A’000	Year to date (...6..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	3,902 (815) (58) 416	4,256 (1,169) (58) 416
	3,445	3,445
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)	372 3,073	727 3,529
	3,445	4,256

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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	371
	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, superannuation and payment for drilling services at commercial rates

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

7.2	Aggregate amount of cash flow from loans to these parties included in item 2.3
7.3	Include below any explanation necessary to understand the transactions included in
	items 7.1 and 7.2

8. Financing facilities available Add notes as necessary for an understanding of the position Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 8.1 Loan facilities 8.2 Credit standby arrangements 8.3 Other (please specify) 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.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000

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

9. Estimated cash outflows for next quarter $A’000
9.1 Exploration and evaluation 1,195
9.2 Development -
9.3 Production -
9.4 Staff costs 84
9.5 Administration and corporate costs 76
9.6 Other (provide details if material) -
9.7 Total estimated cash outflows 1,355
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
tenements and
petroleum
tenements acquired
or increased
----- 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.

Sign here: Date: 23 January 2018 (Company Secretary) Print name: John Sendziuk

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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.