GREAT BOULDER RESOURCES LIMITED — Interim / Quarterly Report 2021

Apr 28, 2021

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ASX Announcement

29 April 2021

Quarterly Report to 31 March 2021

ASX Code: GBR

Highlights

Capital Structure

Ordinary Shares: 277m

• Exciting results continued to flow from the Mulga Bill prospect at Side Well during the quarter

Unlisted Options: 12.25m

Current Share Price: 5.2₵

Market Capitalisation: A$14.1m Cash: A$3.2m Debt: Nil

• 16m @ 4.98g/t Au from 22m in 21MBAC022, including 4m @ 17.71g/t from 32m

• 12m @ 1.20g/t Au from 68m in 21MBAC043, including 4m @ 2.52g/t from 76m

Board of Directors

Greg Hall Non-Executive Chairman

Andrew Paterson Managing Director

Melanie Leighton Non-Executive Director

Melanie Ross Company Secretary

• 4m @ 1.01g/t Au from 68m in 21MBAC009

• Air-core drilling has now confirmed a number of priority targets for RC drilling in April

• A second round of RC drilling commenced at Blue Poles late in the quarter, with samples currently being assayed

• A high-resolution gravity survey at Whiteheads confirmed the Arsenal Trend as a major geological corridor with over 20km of prospective strike

Projects

Yamarna (Mt Venn - Eastern Mafic)

Winchester

Whiteheads

Side Well

Wellington

• An auger sampling program commenced at Hillsborough in mid-March. Assays will be tested in parallel with the new detectORE™ pXRF system

• The Company commenced a collaborative research project with CSIRO co-funded by the Federal Government’s Innovation Connections program.

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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Exploration Activities

Great Boulder’s systematic exploration programs during 2020 have placed the Company in an excellent position for the coming year. A series of successful reconnaissance programs at Whiteheads culminated in the Blue Poles discovery, with ongoing work now indicating the Arsenal Trend forms part of a project-scale geological feature with potential to host gold mineralisation over 20km of strike.

At Side Well a program of validation RC drilling followed by two rounds of AC drilling provided invaluable geological and geochemical information at Mulga Bill, helping to add detail between the wide-spaced fences of previous drilling. The initial drilling confirmed the width and tenor of mineralisation seen in historic drill holes, and subsequent rounds of AC have identified exciting targets for RC testing during 2021.

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FIGURE 1: GBR'S PROJECTS IN WA.

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

ASX Announcement

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In early January 2021 the Company completed a detailed ground magnetic survey over the eastern area of the Whiteheads project. This program built upon an earlier survey by Pioneer Resources over the western part of Whiteheads, providing high-resolution gravity coverage over the whole project.

The gravity data has confirmed that the Arsenal Trend forms part of a project-scale feature striking north-south over a distance of 20km.

Assay results from the first phase of RC drilling at Blue Poles were received in mid-January. This drilling confirmed broad zones of gold mineralization in the fresh rock at Blue Poles, with a best intersection of 52m @ 1.02g/t Au from 28m to end of hole in 20BPRC006.

In mid-January the Company completed further AC drilling at Mulga Bill in the Side Well gold project. Results from this program included an exceptional intersection of 4m @ 17.71g/t Au from 32m in hole 21MBAC022 within a broader high-grade zone of 16m @ 4.98g/t Au from 28m. Significantly the 17.71g/t Au intersection is within a large quartz vein which will be tested at depth in the next round of RC drilling.

During February and March GBR completed a placement and entitlements issue to raise a combined total of $3.1 million, underpinning plans for ongoing exploration campaigns throughout 2021.

In late March RC drilling resumed at Blue Poles, building on results from the first round of RC. Drilling was ongoing at the end of the quarter.

Project	Program	Holes Drilled	Metres
Side Well	Mulga Bill phase 2 AC	44	3,892
Whiteheads	Blue Poles phase 2 RC	14	1,496
Total	All drilling programs	58	5,388
Geochem	Whiteheads auger programs	83	N/A

TABLE 1: MARCH 2021 QUARTERLY DRILLING & GEOCHEMISTRY SUMMARY

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

ASX Announcement

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Side Well Gold Project

At Side Well Great Boulder has an option to acquire 75% of the project from Zebina Minerals Pty Ltd. Side Well consists of a single tenement, E51/1905, which contains approximately 132km[2] of the highly prospective Meekatharra – Wydgee greenstone belt over 25km of strike.

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Side Well

The Side Well project is centrally located in an area that has produced almost 4 million ounces of gold, with over 2.7 million ounces remaining in resources. Despite this, large areas of the project remain unexplored.

FIGURE 2: SIDE WELL LOCATION.

Drilling

During January the Company completed a 44-hole AC program for 3,892m at Mulga Bill. This is the third round of infill AC drilling, designed to increase data density over the wide-spaced areas of the

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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Mulga Bill prospect as well as providing bottom-of-hole multi-element data with which to fine-tune targets for the next round of RC drilling.

The best result was a stand-out intersection of 16m @ 4.98g/t Au from 28m in 21MBAC022, including 4m @ 17.71g/t Au from 32m. The 17.71g/t Au intersection corresponds to a large quartz vein, which is encouraging as it suggests the gold is structurally controlled rather than simply supergene enrichment in the regolith. The projected position of the vein will be tested at depth in the next round of RC drilling.

Other significant results from the AC program include:

• 12m @ 1.20g/t Au from 68m, including 4m @ 2.52g/t Au from 76m (21MBAC043)

• 4m @ 1.01g/t Au from 68m to EOH (21MBAC009).

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FIGURE 3: COMBINED DRILLING OVER A REGIONAL MAGNETIC IMAGE AT THE SIDE WELL PROJECT.

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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These results were announced to the market on 25 February 2021, with all reported intersections

from 4m composite samples. Thunderstorms in the Meekatharra area shortly after drilling was completed partially washed away the remaining sample piles, and as a result the Company has been unable to re-sample these intersections in individual metres.

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FIGURE 4: HIGHLIGHTS FROM DRILLING AT MULGA BILL.

Next Steps

A 4,000m RC program is scheduled to be completed at Mulga Bill by late April 2021, with drilling designed to test bedrock targets generated by the previous rounds of AC drilling.

While drilling is underway a soil sampling program will be completed in the Jones Well area at the northern end of the project, with approximately 1,000 samples to be collected on a 400m by 50m grid. This will be the first geochemical data collected over the majority of this area, with a small lag

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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sampling program by Western Mining Corporation in the mid-1990’s being the only previous geochemical sampling over the whole project. Jones Well is an attractive conceptual target due to the presence of a small granitic intrusion at the northern end of Side Well. This has caused structural deformation of the adjacent greenstones, a situation that can create structural traps ideal for the deposition of gold from mineralising fluids.

An AC program to test other regional targets will commence in late May. This will include drilling on the Matilda prospect, where Doray Minerals intersected 3m @ 35.5g/t Au from 76m in an AC program in 2011[1] . At the time Doray were drilling regional fences and no follow-up holes were drilled along strike, so Matilda remains open for 400m to the north and south.

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FIGURE 5: RC DRILLING AT MULGA BILL.

1 GBR ASX Announcement 14 July 2020: “GBR acquires option on high-grade gold project.”

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

ASX Announcement

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Whiteheads Project

Whiteheads is located approximately 45km north of Kalgoorlie and north of the nearby Kanowna Belle gold mine. The project covers an area of 488km[2] between the Silver Swan and Carr Boyd nickel projects straddling the boundary between the Kalgoorlie terrane to the west and the Kurnalpi terrane to the east.

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Whiteheads

At Whiteheads GBR has accumulated a large project footprint over highly prospective geology with a historical focus on gold and nickel exploration.

Whiteheads straddles the geological boundary between the Kalgoorlie and Kurnalpi terranes. With a large number of old mine workings, and large, coherent gold-insoil anomalies Whiteheads has massive potential for significant discoveries.

FIGURE 6: WHITEHEADS LOCATION PLAN.

Drilling

Assays from the first round of RC drilling at Blue Poles were received in mid-January. The program intersected gold mineralisation in fresh rock over a 700m strike length, with a best intersection of 52m @ 1.02g/t Au from 28m to EOH in 20BPRC006[2] .

2 ASX Announcement 18 January 2021: “Thick zones of gold mineralization at Blue Poles”

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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The Company subsequently surveyed a number of RC holes with a down-hole optical televiewer (OTV) tool to measure structural information across the Blue Poles deposit. Structural analysis confirmed that the 52m intersection, as well as other similarly wide intersections of lower-grade mineralisation, were drilled perpendicular to mineralisation, and not down-dip.

A second round of RC drilling commenced at Blue Poles in mid-March. 14 holes were completed by the end of March for a total of 1,496m. This program will infill drill coverage to a 50m spacing over the main zone and add drill coverage to the south.

Auger Geochemistry

In March a small auger program of 82 points was sampled at the Hillsborough prospect, approximately 10km southwest of Blue Poles. These samples will be used as part of the testing and validation process for Portable PPB’s detectORE™ system.

Next Steps

Assays from the recent Blue Poles RC drilling will be collated and assessed as they become available prior to planning further drilling in the June quarter.

Another round of AC drilling will test a number of targets along the Arsenal Trend, including the Gunners anomaly immediately north of Blue Poles. Other fences of AC will test auger anomalies south of Blue Poles, as well as two regional lines of drilling across the southern Arsenal Trend in areas that have never previously been tested. This drilling is expected to commence in May.

Auger sampling and detectORE™ test-work will continue throughout the coming quarter to generate and refine the Whiteheads prospect pipeline.

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

ASX Announcement

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FIGURE 7: WHITEHEADS PROSPECTS.

Yamarna Project

There was no field work conducted at Yamarna during the quarter.

Winchester Project

There was no work conducted on the Winchester project during the quarter. Downhole EM surveys on holes drilled in 2020 were scheduled for March, however these have not yet been completed.

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

ASX Announcement

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Corporate

During the quarter, the Company placed 47,014,943 shares to professional and sophisticated investors at $0.035 per share to raise approximately $1.65 million before costs. The Company also undertook an entitlement offer to issue 41,791,060 new shares, raising approximately $1.46 million at the same price.

During the quarter, the Company made payments of approximately $90,000 to related party entities for directors’ fees and superannuation (refer to section 6 of the Appendix 5B), of which approximately $63,000 was allocated to time spent on project management.

During the quarter, the Company paid $740,000 for exploration expenditure which included drilling and associated costs with drilling activities, assay work and various exploration consulting fees. The Company also paid $225,000 for acquisition costs in relation to its Whiteheads Gold Project, to exercise the option for its 75% interest in the project.

At the end of the quarter Great Boulder had $3.2 million in cash.

Class of Securities	Issued Capital
Ordinary fully paid shares	276,865,773
Unlisted Options(exercisable at $0.20 & expiring 18/3/2022)	250,000
Unlisted Options(exercisable at $0.10 and expiring 30/6/2022)	4,000,000
Unlisted Options(exercisable at $0.04 and expiring 30/6/2022)	2,000,000
Unlisted Options(exercisable at $0.075 and expiring 28/8/2023)	1,000,000
Unlisted Options(exercisable at $0.10 and expiring 30/09/2023)	1,000,000
Unlisted Options(exercisable at $0.074 and expiring 30/06/2023)	4,000,000

This announcement has been approved by the Board

For further information contact:

Andrew Paterson

Managing Director

Great Boulder Resources Limited admin@greatboulder.com.au

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

ASX Announcement

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Competent Person’s Statement

Exploration information in this Announcement is based upon work undertaken by Mr Andrew Paterson who is a Member of the Australasian Institute of Geoscientists (AIG). Mr Paterson has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a ‘Competent Person’ as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code). Mr Paterson is an employee of Great Boulder 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

ASX Announcement

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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 2021.

Project	Tenement	Status	Interest	Comments
	Number
Mirra Well	E51/1974	Application	0%	In application
Side Well	E51/1905	Granted	0%	Option to acquire 75%
Whiteheads	E27/538	Granted	0%	Option to acquire 80%
Whiteheads	E27/544	Granted	0%	Option to acquire 75%
Whiteheads	E27/582	Granted	0%	Option to acquire 80%
Whiteheads	E27/584	Granted	0%	Option to acquire 80%
Whiteheads	E27/588	Granted	0%	Option to acquire 75%
Whiteheads	E27/622	Granted	0%	Option to acquire 75%
Whiteheads	E27/636	Application	0%	In application
Whiteheads	E27/644	Application	0%	In application
Whiteheads	E27/645	Application	0%	In application
Winchester	E38/3340	Granted	100%
Winchester	E38/2129	Granted	75%
Yamarna	E38/2320	Granted	75%
Yamarna	E38/2685	Granted	75%
Yamarna	E38/2952	Granted	75%
Yamarna	E38/2953	Granted	75%
Yamarna	E38/2957	Granted	75%
Yamarna	E38/2958	Granted	75%
Yamarna	P38/4178	Granted	75%

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 2021

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 1.7 Government grants and tax incentives 1.8 Other (GST refund) 1.9 Net cash from / (used in) operating activities	- - - - (39) (105) - - - - 11 65	- - - - (141) (427) - - - - 102 178
	(68)	(288)
2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (e) investments (f) other non-current assets	- (225) (3) (740) - -	- (350) (16) (2,043) - -

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
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	- - - - - - - -	- - - - - - - -
	(968)	(2,409)
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	3,114 - - (134) - - - - -	5,462 - - (304) - - - - -
	2,980	5,158
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)	1,234 (68) (968) 2,980	717 (288) (2,409) 5,158

ASX Listing Rules Appendix 5B (17/07/20) + 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	-	-
	3,178	3,178
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)	3,137 41 - -	1,193 41 - -
	3,178	1,234
6. Payments to related parties of the entity and their associates		Current quarter $A'000
6.1 Aggregate amount of payments to related parties and their associates included in item 1 27 6.2 Aggregate amount of payments to related parties and their associates included in item 2 63 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.		27
		63

ASX Listing Rules Appendix 5B (17/07/20) + 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. 7.1 7.2 7.3 7.4 7.5 7.6	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 Loan facilities - - Credit standby arrangements - - Other (please specify) - - Total financing facilities - - Unused financing facilities available at quarter end - 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
		-	-
		-	-
		-	-
		-	-
	N/A

8.	Estimated cash available for future operating activities	$A’000
8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8	Net cash from / (used in) operating activities (item 1.9) (68) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (740) Total relevant outgoings (item 8.1 + item 8.2) (808) Cash and cash equivalents at quarter end (item 4.6) 3,178 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 3,178 Estimated quarters of funding available (item 8.6 divided by item 8.3) 3.93 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 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?	(68) (740) (808) 3,178 -
		3,178
	Answer: N/A
	8.8.2 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

ASX Listing Rules Appendix 5B (17/07/20) + 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

• 8.8.3 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

Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

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 2021

Authorised by: By the Board of Great Boulder Resources Limited

(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 (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 18

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.