GREAT BOULDER RESOURCES LIMITED — Interim / Quarterly Report 2020

Apr 28, 2020

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ASX Announcement

29 April 2020

Quarterly Report to 31 March 2020

ASX Code: GBR

Highlights

• EIS co-funded drilling completed at Winchester project

Capital Structure

Ordinary Shares: 133.45m Unlisted Options: 34.9m Current Share Price: 3.5₵

Market Capitalisation: A$4.7m Cash: A$1.30m Debt: Nil

Board of Directors

Greg Hall Non-Executive Chairman Andrew Paterson Managing Director

Murray Black Non-Executive Director

Melanie Leighton Non-Executive Director

Melanie Ross Company Secretary

Projects

Yamarna (Mt Venn - Eastern Mafic)

Winchester Mt Carlon Mt Jewell Whiteheads

• Option & Joint Venture agreement signed for Mt Jewell nickel project north of Kalgoorlie

• Auger testing increases surface gold anomaly at Whiteheads project.

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FIGURE 1: GBR Project Locations.

ASX Code: GBR Contact: Andrew Paterson, Managing Director E: admin@greatboulder.com.au P: +61 8 9321 6037 PO Box 677, West Perth 6872, Western Australia ABN 70 611 695 955

GREATBOULDER.COM.AU

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GBR’s response to the COVID-19 pandemic

As a result of the current economic uncertainty and the range of restrictions in place during the pandemic, the Company has implemented measures to safeguard the business and our community stakeholders.

• There will be no further field work on the Yilka lands in the Yamarna region until regional travel restrictions are lifted, to help protect communities at Laverton and Cosmo Newberry.

• Limited field work will continue at the Whiteheads and Mt Jewell projects on a case-by-case basis.

• The company is working to minimise expenditure until restrictions are lifted.

Exploration Activities

During the quarter the Company completed RC drilling programs at the Whiteheads and Mt Carlon projects, an RC-Diamond drilling program at Winchester and ongoing auger sampling programs at the Whiteheads project. The Company also signed an option and joint venture agreement for the Mt Jewell nickel project adjacent to Whiteheads.

In March the Company announced its withdrawal from the Tarmoola project in order to prioritise exploration on other areas.

Whiteheads Project

Drilling

Two RC holes were drilled at the Drumstick prospect, which is located on the western side of the Whiteheads tenements within the Mithril Resources Lignum Dam earn-in area[1] . The drilling was designed to test beneath nickel anomalism in historic drilling, including 4m @ 1.23% Ni from 44m in hole HMAC021.

The best result from the two holes was 12m @ 0.35% Ni from 64m in hole 20LDRC001A, representing supergene enrichment at the base of weathering. A minor cumulate unit was intersected in hole 20LDRC002 with blebby to matrix pyrrhotite from 88 to 92m.

Auger Geochemistry

In early February the Company announced results from new auger work on the Arsenal Trend, focusing on a gap in historic auger coverage on the eastern side of the project area. The new results have defined a 3.8km-long gold-in-soil anomaly at greater than 10ppb Au, within which two highergrade zones are defined at 25 to 50ppb Au.

1 ASX announcement 9 September 2019: “Lignum Dam acquisition grows Whiteheads gold potential”

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 PO Box 677, West Perth 6872, Western Australia

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The initial auger grid was completed on sample points spaced 50m apart on east-west lines 400m apart. A subsequent round of auger sampling infilled this grid with 200m-spaced lines over the anomalous zone, providing improved definition to the anomaly.

The next stage of exploration for the Arsenal area will be a program of targeted air-core drilling.

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FIGURE 2: REVISED GEOCHEMICAL ANOMALY AT THE ARSENAL TREND

Bottom-of-hole drill chip geochemistry

The Company is currently working on a field program to collect bottom-of-hole chips from as many historic drill holes as possible over the Whiteheads project area, with the intention of building a regional multi-element data set that will test for distal alteration footprints to target gold exploration. This is an extremely cost-effective way of building a large-scale regional database which provides valuable information for litho-geochemistry and alteration, which can be tied into existing geological mapping to help target and evaluate gold prospects.

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 PO Box 677, West Perth 6872, Western Australia

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Winchester

Four holes were drilled at Winchester during the quarter for a total of 708m of RC and 183.1m of diamond core. This drilling was co-funded by the WA Government under the Exploration Incentive Scheme. Six holes were originally planned, but the program was cut short to comply with remote travel restrictions associated with the Coronavirus pandemic. Hole details are tabulated below.

Hole ID	Easting	Northing	RL	Azi	Dip	Total Depth	Hole Type	Collar Comments
20WNRCD001	526290	6931151	453	275	-62	324.7	RCDD	RC pre-collar to 240m
20WNRCD002	526167	6931201	428	277	-76	228.4	RCDD	RC pre-collar to 130m
20WNRC003	525722	6931519	511	235	-61	170	RC
20WNRC004	526210	6931400	444	250	-60	168	RC

TABLE 1: WINCHESTER COLLAR DETAILS. COORDINATES ARE IN GDA94 ZONE 51 PROJECTION.

Assay results have not yet been received for the Winchester drilling. The Company will consider drilling the remainder of the EIS-approved holes as part of ongoing exploration at Winchester once the current restrictions have been lifted.

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FIGURE 3: CONCEPTUAL DOWN-PLUNGE TARGET AT WINCHESTER

E: admin@greatboulder.com.au ABN 70 611 695 955

ASX Code: GBR Contact: Andrew Paterson, Managing Director P: +61 8 9321 6037 PO Box 677, West Perth 6872, Western Australia

GREATBOULDER.COM.AU

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Mt Carlon

Drilling

A single fence of 100m-deep RC holes was drilled across the centre of the Eastern Zone anomaly to test for the presence of disseminated nickel sulphides. The Eastern Zone is a 3.5km-long linear feature identified as a chargeable anomaly in the 2019 AEM survey. Chargeable anomalies are one characteristic of disseminated sulphide bodies, an hypothesis that was supported by elevated nickel values in shallow air-core drilling over an ultramafic unit.

Subsequent analysis of the multi-element geochemistry has revealed the nickel values in the assay results are strongly correlated with those for chromium, indicating the nickel is contained within olivine rather than sulphides. Olivine is a silicate mineral associated with mafic and ultramafic lithologies and commonly contains nickel within the mineral lattice. The nickel values at the Eastern Zone anomaly are not associated with sulphide mineralisation.

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FIGURE 4:ANOMALY LOCATIONS OVER GEOLOGY AND AIRCORE NI GEOCHEMISTRY

ASX Code: GBR Contact: Andrew Paterson, Managing Director E: admin@greatboulder.com.au GREATBOULDER.COM.AU P: +61 8 9321 6037 PO Box 677, West Perth 6872, Western Australia ABN 70 611 695 955

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Mt Jewell

In February the Company announced that an option and joint venture agreement had been signed over the Mt Jewell tenement E27/566, which adjoins the southwestern side of Whiteheads north of Kalgoorlie. Mt Jewell is a Kambalda-style nickel sulphide prospect where previous drilling has intersected sulphide mineralisation as high as 3.38% Ni. There is significant potential to utilise modern, high-powered geophysical techniques such as SQUID EM sensors to discover new sulphide conductors at depth prior to drilling.

Under the terms of the agreement, Great Boulder has 12 months within which to spend a minimum of $20,000 on exploration on Mt Jewell in order to make a decision to proceed to a 75% joint venture for an additional payment of $100,000 to the project vendor. There is also a further milestone payment of $100,000 following the estimation of an inferred nickel resource of 100,000t @ 1.0% Ni or greater.

The Company intends to proceed with the SQUID EM survey during the current quarter.

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FIGURE 5: MAXIMUM DOWN-HOLE NICKEL VALUES OVER REGIONAL GEOLOGY.

ASX Code: GBR Contact: Andrew Paterson, Managing Director E: admin@greatboulder.com.au P: +61 8 9321 6037 PO Box 677, West Perth 6872, Western Australia ABN 70 611 695 955

GREATBOULDER.COM.AU

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29 April 2020

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Corporate

During the quarter, the Company took advantage of the suppressed commercial rental market to move into a smaller office in West Perth.

During the quarter, the Company made payments to related party entities for directors’ fees, superannuation and drilling services at commercial rates (refer to section 6 of the Appendix 5B).

At the end of the quarter Great Boulder had $1.3 million in cash.

Class of Securities	Issued Capital
Ordinary fully paid shares	133,453,994
Unlisted Options(exercisable at $0.20 and expire 18 Nov. 2020)	34,879,893
Unlisted Option(exercisable at $0.10 and expire 30 Jun 2022)	6,000,000

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 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 the ASX and referenced in the body of this report. 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.

E: admin@greatboulder.com.au ABN 70 611 695 955

ASX Code: GBR Contact: Andrew Paterson, Managing Director P: +61 8 9321 6037 PO Box 677, West Perth 6872, Western Australia

GREATBOULDER.COM.AU

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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 2020.

Project Tenement Number Status % Held % Earning GBRStatus

Project Tenement Number Status % Held % Earning GBRStatus

Yamarna Yamarna Yamarna Yamarna Yamarna Yamarna Yamarna Mt Carlon Winchester South Tarmoola Tarmoola Tarmoola Tarmoola Tarmoola Tarmoola Tarmoola Tarmoola Tarmoola Tarmoola Tarmoola Tarmoola Tarmoola Tarmoola Tarmoola Tarmoola Tarmoola Tarmoola Tarmoola Tarmoola Tarmoola Tarmoola Winchester Winchester Whiteheads Whiteheads Whiteheads Whiteheads Whiteheads Whiteheads Whiteheads Mt Jewell

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% E38/2902 Granted 100% E38/3340 Granted 100% P37/8935 Granted 100% E37/1241 Granted 0% 75% Option to acquire 75% E37/1242 Granted 0% 75% Option to acquire 75% P37/8667 Granted 0% 75% Option to acquire 75% P37/8668 Granted 0% 75% Option to acquire 75% P37/8669 Granted 0% 75% Option to acquire 75% P37/8670 Granted 0% 75% Option to acquire 75% P37/8671 Granted 0% 75% Option to acquire 75% P37/8672 Granted 0% 75% Option to acquire 75% P37/8673 Granted 0% 75% Option to acquire 75% P37/8674 Granted 0% 75% Option to acquire 75% P37/8675 Granted 0% 75% Option to acquire 75% P37/8676 Granted 0% 75% Option to acquire 75% P37/8677 Granted 0% 75% Option to acquire 75% P37/8678 Granted 0% 75% Option to acquire 75% P37/8679 Granted 0% 75% Option to acquire 75% P37/8680 Granted 0% 75% Option to acquire 75% P37/8681 Granted 0% 75% Option to acquire 75% P37/8682 Granted 0% 75% Option to acquire 75% P37/8683 Granted 0% 75% Option to acquire 75% P37/8684 Granted 0% 75% Option to acquire 75% P37/8685 Granted 0% 75% Option to acquire 75% E38/2129 Granted 51% 75% Option to acquire 75% E38/3311 Application 0% 75% Option to acquire 75% E27/538 Granted 0% 80% Option to acquire 80% E27/582 Granted 0% 80% Option to acquire 80% E27/584 Granted 0% 80% Option to acquire 80% E27/544 Granted 0% 75% Option to acquire 75% E27/588 Granted 0% 75% Option to acquire 75% E27/622 Granted 0% 75% Option to acquire 75% P27/2430 Application 0% 75% Option to acquire 75% E27/566 Granted 0% 75% Optionto acquire75%

E: admin@greatboulder.com.au ABN 70 611 695 955

ASX Code: GBR Contact: Andrew Paterson, Managing Director P: +61 8 9321 6037 PO Box 677, West Perth 6872, Western Australia

GREATBOULDER.COM.AU

Rule 5.5

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Name of entity

Name of entity	Name of entity
Great Boulder Resources Ltd
ABN 70 611 695 955	Quarter ended (“current quarter”)
70 611 695 955	31 March 2020

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 (if expensed) (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 1.7 Government grants and tax incentives 1.8 Joint Venture receipts 1.8 Other (provide details if material) GST 1.9 Net cash from / (used in) operating activities	- - - - (53) (120) - - - - - 21 45	- - - - (157) (368) - 1 - - 465 23 106
	(107)	70
2. Cash flows from investing activities 2.1 Payments to acquire: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (if capitalised) (e) investments (f) other non-current assets	- (10) - (413) - -	- (60) - (1,254) - -

ASX Announcement Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 months) $A’000
2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) 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	- - (21) - - - - -	- - (24) - - - - -
	(444)	(1,338)
3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 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) 3.10 Net cash from / (used in) financing activities	- - - - - - - - -	2,035 - - (125) - - - - -
	-	1,910
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)	1,848 (107) (444) -	655 70 (1,338) 1,910

ASX Listing Rules Appendix 5B (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

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ASX Announcement Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	-	-
	1,297	1,297
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)	1,256 41 - -	1,822 26 - -
	1,297	1,848
6. Payments to related parties of the entity and their associates 6.1 Aggregate amount of payments to related parties and their associates included in item 1 6.2 Aggregate amount of payments to related parties and their associates included in item 2 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must and an explanation for, such payments
		Current quarter $A'000
		47
		54
		include a description of,

ASX Listing Rules Appendix 5B (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

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ASX Announcement Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report

7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
	-	-
	-	-
	-	-
	-	-

8.	Estimated cash available for future operating activities	$A’000
8.1 8.2 8.3 8.4 8.5 8.6 8.7	Net cash from / (used in) operating activities (Item 1.9) Capitalised exploration & evaluation (Item 2.1(d)) Total relevant outgoings (Item 8.1 + Item 8.2) Cash and cash equivalents at quarter end (Item 4.6) Unused finance facilities available at quarter end (Item 7.5) Total available funding (Item 8.4 + Item 8.5) Estimated quarters of funding available (Item 8.6 divided by Item 8.3)	107 423 530 1,297 - 1,297
		2.4
8.8	If Item 8.7 is less than 2 quarters, please provide answers to the following questions: 1. Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?
	Answer: N/A
	2. Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Answer: N/A
	3. Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?
	Answer: N/A

ASX Listing Rules Appendix 5B (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

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ASX Announcement Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report

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.

Date: 29 April 2020

Authorised by: ...By the Board...........................................................

(Name of body or officer authorising release – see note 4)

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow 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 cash flow 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.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 5B (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

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ASX Announcement

Appendix 2 - JORC Code, 2012 Edition Table 1

Section 1 Sampling Techniques and Data

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

Criteria		Commentary
Sampling techniques		Samples were taken manually from the pedogenic carbonate horizon in each auger hole. The
		presence of carbonate was confirmed visually and with an acid test, with the acid reaction recorded
		for each location.
Drilling techniques		Open-hole auger drilling only.
Drill sample recovery		Only visual observations of sample recovery were made.
Logging		Samples were logged for colour, regolith type and acid reaction.
Sub-sampling techniques		Samples were prepared and analysed at Intertek’s Genalysis Assay Laboratories in Kalgoorlie.
and sample preparation		Samples were pulverized so that each samples had a nominal 85% passing 75 microns. The samples
		were then analysed using the 25g AR25 33-element package including 1ppb Au. This is an aqua regia
		digest with an MS finish.
		Sample collection, size and analytical methods are deemed appropriate for the style of exploration.
Quality of assay data	and	All samples were assayed by industry standard methods through commercial laboratories in Australia
laboratory tests		(Intertek, Kalgoorlie).
		Typical analysis methods are detailed in the previous section and are consider ‘near total’ values.
		Routine ‘standard’ (mineralised pulp) Certified Reference Material (CRM) was inserted by Great
		Boulder at a nominal rate of 1 in 50 samples. Routine ‘blank’ material (unmineralised sand) was
		inserted at a nominal rate of 1 in 100 samples. No significant issues were noted.
		No duplicate or umpire checks were undertaken.
		The analytical laboratories provided their own routine quality controls within their own practices.
		No significant issues were noted..
Verification of sampling		No verification of sampling and assaying has been undertaken in this exploration programme. No
and assaying		twinned drilling has been undertaken.
		Great Boulder has strict procedures for data capture, flow and data storage, and validation.
		Limited adjustments were made to returned assay data; values returned lower than detection level
		were set to the methodology’s detection level, and this was flagged by code in the database.
Location of data points		Drill positions were recorded using a handheld GPS. All holes were vertical.
		The MGA94 UTM zone 51 coordinate system was used for all undertakings.
Data spacing	and	Auger samples were collected on a regular grid of lines spaced 200m apart north-south, and samples
distribution		50m apart.
Orientation of data in		NA – auger drilling only.
relation to geological
structure
Sample security		Great Boulder has strict chain of custody procedures that are adhered to for drill samples.
Audits or reviews		None completed.

ASX Announcement

Section 2 Reporting of Exploration Results

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

Criteria				Commentary
Mineral tenement			and	The project is located between 45 and 70km north-northwest of Kalgoorlie on the Yarri Road. The
land tenure status				tenement package is comprised of one active Exploration License and two EL applications. The
				granted tenement E27/544 covers an area of approximately 185km2including up to 15km of strike
				on a number of potential mineralized trends. Tenement applications E24/588 and E27/622 cover an
				additional 22 and 10 graticular blocks respectively. Once granted, these tenements will add
				approximately 49km2to the project area.
				Exploration tenement E27/544 extents currently surround two prospecting leases held by Scott
				Wilson, P27/2013 and P27/2213, that are currently under application to be amalgamated into the
				larger exploration tenement and therefore included in the option agreement.
Exploration other parties		done	by	The Whiteheads project area has been the focus of exploration efforts dating back to the 1960’s. The bulk of the earlier exploration efforts were focussed on the nickel potential of the region following discoveries at the Black Swan, Silver Swan and Carr Boyd deposits. Various exploration campaigns by
				multiple companies utilising differing methods have been undertaken for nickel, VMS and gold
				targets. The differing exploration and analysis techniques has resulted in a patchwork of exploration
				datasets that are not easily comparable.
				Small-scale historical gold workings are present within the tenure that have a protracted history of
				mining. Publicly available data for these deposits indicate selective mining of high-grade gold veins.
Geology				The Whiteheads Project lies proximal to the interpreted boundary between the Archean Kalgoorlie
				and Kurnalpi Terranes of the Eastern Goldfields Superterrane. This boundary also marks the
				separation of the Boorora (Kalgoorlie Terrane) and Gindalbie (Kurnalpi Terrane) Domains based on
				volcanic facies relationships. This boundary is marked by a zone of faulting and shearing historically
				called by various names including the Mt Monger (Swager and Griffin 1994) and Ockerburry Fault
				(Blewitt and Hitchman 2006). The Boorora Domain is dominated by mafic and ultramafic lithofacies
				with minor sediments and felsic volcanics. The Gindalbie Domain contains a significant package of
				bimodal volcanics, sedimentary units and lesser ultramafic lithologies. 3 separate greenstone
				succession have been recognized within the Gindalbie Domain, with the uppermost bi-modal
				formation the only one present within the project area. The above successions have experienced at
				least 4 phases of deformation and display mid-greenschist facies metamorphism.
				The project area contains a significant amount of transported cover consisting of colluvium, sand
				plains and laterite. Tertiary aged paleochannels transect the project area. Tertiary duricrust
				comprises insitu lateritic duricrust to colluvium products derived from insitu material.
				Several historic workings are located within the project area including the historic Whitehead Find,
				Patches, Seven Leaders, Lady Betty and Jewellery Box gold workings along with widespread shallow
				workings. Gold mineralisation is related to extensive shearing and quartz veining along lithological
				contacts. The Whiteheads Project is located directly along strike to the north of KalNorth Gold Mines
				Limited’s Lindsay Gold project. No definitive nickel mineralisation has been identified to date within
				the project area however the Black Swan, Silver Swan and Carr-Boyd Nickel deposits are all located
				within the region and the project remains prospective for further nickel discoveries.
Drill hole Information				A list of the drill hole coordinates, orientations and metrics are provided as an appended table.
Data	aggregation			No grade truncations were applied to these exploration results.
methods				No weighted average techniques are applied to reported intervals
				No metal equivalents are used.
Relationship		between		NA – point data only.
mineralisation		widths
and intercept lengths

ASX Announcement

Diagrams		Refer to figures in announcement.
Balanced reporting		It is not practical to report all historical exploration results from the Whiteheads project. Selected
		historical intercepts have been re-reported by GBR to highlight the prospectivity of the region. Full
		drillhole details can be found in publicly available historical annual reports.
Other	substantive	Exploration undertaken on the Whiteheads Project between 2015-2019 was by private company
exploration data		Zebina Minerals Pty Ltd and Kalgoorlie-based prospectors.
Further work		Further work is discussed in the document in relation to the exploration results.

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.