GREAT BOULDER RESOURCES LIMITED — Investor Presentation 2017

Oct 23, 2017

ASX Code: GBR

Highly leveraged to exploration success in world-class WA goldfields

• Copper-nickel-cobalt discovery at Mt Venn

• 9km EM conductor and geochem trend defined

• Maiden RC drilling program underway

• High grade gold identified at Tarmoola Project

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October 2017

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Important Information

Purpose of presentation : This presentation has been prepared by Great Boulder Resources Limited (ACN 611 695 955) (GBR). It is intended for the sole purpose of providing high-level background information on GBR, its projects and its proposed operations. This presentation is not investment advice and should not be relied upon to make any investment decision.

Nature of presentation : This presentation is not a prospectus, product disclosure statement or other investment disclosure document, and the level of disclosure in this presentation is less that such disclosure documents. It does not purport to contain all of the information that a prospective investor may require to make an evaluation of GBR or its business activities and nothing in this presentation is, or is intended to be, a recommendation to invest in GBR. GBR does not purport to give financial or investment advice. No account has been taken of the objectives, financial situation or needs of any recipient of this presentation.

No offer : This presentation does not make or contain any offer of securities or any other offer to invest in GBR to any person. Potential investors should consider GBR’s Prospectus dated 12 September 2016 (Prospectus), available on its website, www.greatboulder.com.au and GBR’s announcements to ASX.

Professional advice : Recipients of this presentation should consider seeking appropriate professional financial, taxation and legal advice in reviewing the presentation and all other information with respect to GBR and evaluating its business, financial performance and operations.

Forward-looking statements : This presentation contains forward-looking statements which may be predictive in nature and incorporate an element of uncertainty or risk, such as ‘intends’, ‘may’, ‘could’, ‘believes’, ‘estimates’, ‘targets’ or ‘expects’. These statements are based on an evaluation of current economic and operating conditions, as well as assumptions regarding future events. These events are, as at the date of this presentation, expected to take place, but there cannot be any guarantee that such will occur as anticipated, or at all, given that many of the events are outside GBR’s control. The stated events may differ materially from results ultimately achieved. Accordingly, neither GBR nor any of its directors, employees, contractors or advisors make any warranty or assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this presentation will actually occur. Further, other than as required by law, GBR may not update or revise any forward-looking statement if events subsequently occur or information subsequently becomes available that affects the original forward-looking statement.

Disclaimer : Neither GBR nor its officers, employees, contractors or advisers make any warranty (express or implied) as to the accuracy, reliability, relevance or completeness of the material contained in this presentation. Nothing contained in this presentation is, or may be relied upon as a promise, representation or warranty, whether as to the past or the future. GBR excludes all warranties that can be excluded by law. Except for statutory liability which cannot be excluded, GBR, its officers, employees, contractors and advisers expressly disclaim any responsibility for the accuracy or completeness of the material contained in this presentation and exclude all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission therefrom.

Proprietary information and copyright : This presentation and the information it contains is proprietary to GBR. GBR holds the copyright in this paper. Except as permitted under the Copyright Act 1968 (Cth), this paper or any part thereof may not be reproduced without its written permission.

Exploration Results : The information in this presentation concerning exploration results on GBR’s projects is contained in the Prospectus dated 12 September 2016 (released as announcement on the ASX on 16 November 2016), GBR’s announcement to ASX dated 18 November 2016 entitled “Impressive Surface Gold and Geochemistry from Jundee South Project”, announcement dated 9 December 2016 entitled “Significant Gold intersections at Balagundi”, announcement dated 12 January 2017 entitled “Drilling Extends Mineralisation at Balagundi”, and announcement dated 24 January 2017entitld “Tarmoola Geochemistry Confirms LargeScale Potential”. GBR confirms that it is not aware of any new information concerning exploration results that materially affects the information included in the Prospectus subsequent announcements.

Hannan Street in 1930. The Exchange Hotel is in the centre, with the Palace Hotel on the right.

Great Boulder Resources

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Corporate Overview

Board of Directors

Greg Hall	Non Exec Chairman
Stefan Murphy	Managing Director
Murray Black	Non Exec Director
Melanie Leighton	Non Exec Director
Key Advisors
John Beeson	Chief Structural Geologist
Scott Halley	Chief Geochemist

• WA focused explorer – Tight capital structure with 68.4m shares on issue

• Strong leverage to exploration success:

• $13.0m market cap (19₵ per share), $8.7m enterprise value, fully funded with $4.3m cash

• Experienced board and management with strong discovery track record in Eastern Goldfields

Capital Structure	Capital Structure	$0.19/share 68.4m 20.0m 48.4m 38.1m 2.0m $13.0m $4.3m Nil $8.7m	$0.19/share 68.4m 20.0m 48.4m 38.1m 2.0m $13.0m $4.3m Nil $8.7m
Share Price(23/10/2017)
Total Shares on issue
Escrow shares(18 November 2018)
Tradeable shares
Total Options on issue
Performance Rights on issue
Market capitalisation(23/10/2017)
Cash balance(30/06/17)
Debt
	Shares
	3,571,429		5.2%
	6,664,286		9.7%
	5,350,000		7.8%

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Projects Overview

Yamarna – Mt Venn

• Copper-Nickel-Cobalt project located 25km west of the Gruyere gold project and 130km east of Laverton in WA

• First hole drilled at the Mt Venn prospect returned assays up to 1.7% copper plus nickel and cobalt

• Multiple EM conductors identified from ground based EM survey, with co-incident copper-nickel aircore geochem – 9km prospective trend identified

• No carbonaceous shales or graphitic units encountered

• Maiden RC drill program underway – confirmed massive to semi-massive sulphides as source of EM conductors

Tarmoola

• A large-scale regional geochemical anomaly which incorporates the King of the Hills and Gwalia gold mines

• Recent mapping and sampling identified a 2km high grade gold trend

Jundee South

• 10km along strike from the Jundee Gold Mine (+7Moz) and containing the Jundee mine host rocks and surface gold nuggets

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Balagundi

• Located 20km east of the Kalgoorlie Super Pit, includes significant historical workings and high grade drill intersections close to processing facilities

Broadwood

• Located adjacent to the Binduli gold mine and 10km west of the Kalgoorlie Super Pit

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Yamarna – Mt Venn Project Emerging Cu-Ni-Co province

• Very limited previous exploration

• Host to the Mt Venn igneous complex, highly prospective copper-nickel-cobalt magmatic sulphide mineralisation

• Previous drilling by Gold Road (15GYWB0004) intersected sulphide mineralisation co-incident with large EM anomaly

• Prospectivity of the region highlighted by Gold Fields’ recent acquisition of 50% of the Gruyere gold project – located 25km east from the Yamarna Project

• Gruyere is now fully funded, with infrastructure upgrades underway, including gas pipeline and water bore field, improving regional infrastructure

• GBR has executed a JV agreement to earn a 75% interest through exploration expenditure of $2,000,000 over five years

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Mt Venn Igneous
Complex
15GYWB0004
Eastern Mafic
Complex
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Yamarna – Mt Venn Project Mt Venn Cu-Ni-Co prospect

• First assays from Mt Venn show bedrock sulphide copper-nickel-cobalt mineralisation is the source of a large EM anomaly intersected in 15GYWB0004

• Assays return grades up to 1.7% Cu, 0.2% Ni and 528ppm Co from a single drill hole

• Drilling to-date (RC and aircore) shows no presence of carbonaceous or graphitic shales that may produce spurious EM anomalies

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15GYWB0004
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Yamarna – Mt Venn Project Multiple EM conductors identified with associated Cu-Ni-Co

• Ground based moving loop EM survey and aircore geochemistry completed in September 2017

• EM survey identified multiple conductors along the entire survey length that exhibit strong latetime responses indicative of a bedrock source

• EM plate modelling shows a series of shallow, stacked conductors along a 3.6km strike length in the north with co-incident Cu-Ni mineralisation

• The geochemical anomaly extends further north of the survey area, where strong Cu-Ni and associated Ag-Zn-Pb results are returned

• Transported cover increases in the south, however ground-based EM has identified late-time bedrock conductors beneath the cover with moderate Cu-Ni anomalism

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Yamarna – Mt Venn Project RC drilling commenced

• An RC drill program in currently underway at Mt Venn to test 18 of the 32 EM conductor plates

• A total of 9 RC drill holes have been completed to-date

• The initial focus has been the northern EM conductor trend where 7 holes have been drilled

• Drill holes targeting the modelled EM plates have intersected semi-massive to massive sulphide mineralisation over varying widths up to 40m

• No carbonaceous sediments or graphitic units have been encountered in the drilling

• Sulphide mineralisation is pervasive throughout, showing a highly sulphur saturated system within metamorphosed dolerite and gabbro

• The visually logged sulphide mineralogy is pyrrhotite dominant with chalcopyrite (coppersulphide mineral)

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Yamarna – Mt Venn Project RC drilling commenced

• The zones of sulphide mineralisation correlate relatively well with the location of the EM plates

• Drill hole 17MVRC001 tested the deeper conductor, which confirmed a wide zone of intense sulphide mineralisation as its source

• Drill hole 17MVRC002 (right) tested the shallower conductor, 60m east of 17MVRC001, also confirming massive to semi-massive sulphide mineralisation as the source of the EM conductor

• Extensive sulphide mineralisation has also been logged north and south along strike from 17MVRC001 and 002

• All samples are being dispatched to Perth for chemical analysis (first 7 holes sent to-date)

• All holes are cased for downhole EM which will be used with the assay data to improve the EM plate modelling

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17MVRC002 – Sulphide mineralised interval (Red > 20% sulphide, Orange > 10% sulphide; Green > 5% sulphide)

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Great Boulder Resources

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Tarmoola Project

Large-scale gold potential

• Located 40km NW of Leonora, just west of the King of the Hills gold mine

• Lies along the same geochemical trend as King of the Hills and Gwalia, containing the northern extension to a regional granitegreenstone contact

• Significant land position assembled – structurally known to be associated with neighbouring gold mineralisation

• Great Boulder has identified high grade gold mineralisation on the Tarmoola project in close proximity to large regional structures

• GBR has executed a JV agreement to earn a 75% interest through exploration expenditure of $1,400,000 over five years

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Darlot
Red 5
Agnew-Lawlers 0.3Moz Au (R&R)
Gold Fields
2.7Moz Au (R&R)
Thunderbox
Saracen Mineral Holdings
2Moz Au (R&R)
0.8Moz Au (produced)
Bannockburn
Saracen
1.1Moz Au (R&R) Tarmoola
0.3Mz Au (produced) Great Boulder
25km
King of the Hills
Red 5
As Contours 0.2Moz Au (R&R)
1.9Mz Au (produced)
5ppm
10ppm
20ppm Gwalia
30ppm St Barbara
3.9Moz Au (R&R)
5.3Moz Au (produced)
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Tarmoola regional deposits with arsenic soil anomaly

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Tarmoola Project

Extensive granite-greenstone terrane

• Large area of granite-greenstone contact, intersected by large regional gold bearing structures

• Gravity survey undertaken to define the granitegreenstone contact and identify granite intrusions associated with large structures

• Gravity data was combined with third party data, incorporating nearby gold deposits, to generate a regional map with deposit scale detail

• Aircore geochem drilling was completed in May 2017 to test granite intrusions identified in gravity survey and to map the regolith profile for gravity inversion modelling

• Gravity inversion modelling (contours on gravity image) shows multiple granites intruding the greenstone sequence (magenta colour)

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Gravity image and interpreted granitoid intrusion response

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Tarmoola Project

Mapping identifies high-grade gold zone

• Recent mapping and surface sampling has identified high grade gold mineralisation associated with the Ursus Fault and Marionette shear zone within the Tarmoola Project

• A significant zone of high grade mineralisation has been delineated over a 2km strike length along the Marionette shear,

• Significant rock chip results from historical workings include:

• 23.9g/t Au

• 17.3g/t Au

• 12.7g/t Au

• 9.1g/t Au

• Soil sampling program designed and will commence imminently

• A maiden RC program will be designed once results from the soil sampling program are received in November

Tarmoola mapping and gold surface samples showing target Marionette shear and Ursus Fault

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Jundee South Project

Compelling target of significant scale

• Located 10km along strike from the 7Moz Jundee gold mine and within 2km of the Elliott and Area 7 open pits

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Jundee
Northern Star Resources
1.4Moz Au (R&R)
6.2Moz Au (produced)
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• Jundee gold mine stratigraphy extends through the Jundee South project with 3km of strike potential

• Discovery of a large accumulation of gold nuggets (16.6oz) along a 200m trend within the Jundee South project

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Elliots
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• Geochemistry programme highlights a strong arsenic and pathfinder trend, with the surface gold located near the highest arsenic values

• Heritage survey and initial RC programme completed in January

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Area 7
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• GBR owns a 100% interest in the Jundee South project

Jundee South project in relation to Jundee gold mines

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Jundee South Project

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• Drilling identified significant structures with sulphide mineralisation, quartz veining and alteration within the host Jundee dolerite sequence

• Highly anomalous pathfinder geochemistry present, albeit only low grade gold results returned

• Field mapping and sampling was undertaken in August 2017

• Infill aircore drill program now being planned

Jundee South project over re-processed magnetic image drill hole locations

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Balagundi Project

• Several historic gold mines located on and around the project, including high-grade Mount Bellew underground mine

• Historical gold production sourced from multiple high-grade quartz lodes (average grade of +1oz Au)

• Significant previous drilling intersections include:

• 24m grading 19.1g/t gold from surface

• 4m grading 40.4g/t gold from 99m downhole

• 12m grading 15.2g/t gold from 36m downhole

• 5,610m RC programme completed in November & December 2016 (Mt Bellew):

• 2m at 16.0g/t gold from 88m downhole

• 4m grading 3.5g/t gold from 26m downhole

• 27m grading 1.4g/t gold from 21m downhole

• 4m grading 5.6g/t gold from 135m downhole

• Additional targets generated for drill testing

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Balagundi Project Local infrastructure advantage

• Balagundi is located in the heart of the Kalgoorlie mining district, only 20km from the Super Pit and many processing facilities:

Location	Operator	Plant
Kanowna Belle	Northern Star	1.8Mtpa CIL and
		roaster
Jubilee Mill	Westgold	1.2Mtpa CIL, currently toll treating
Randalls	Silver Lake	1.2Mtpa facility
Paddington	Zijin Mining	3.7Mtpa CIP
Mungari	Evolution	1.5Mtpa CIL
Greenfields Mill	FMR	Toll treatment mill

• Balagundi is well serviced by road, power and water infrastructure, potentially reducing start up capital and accelerating development

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Paddington
Kanowna Belle
KCGM
Mungari
Lakewood
Greenfields
Jubilee
Randalls
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Proximal processing facilities to the Balagundi project

• GBR has executed a JV agreement to earn a 75% interest through exploration expenditure of $1,000,000 over 5 years

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Broadwood Project

Untested by modern exploration

• Located between the historical Binduli mining centre (+2.2Moz) and the Golden Mile/Kalgoorlie Super Pit (+60Moz)

• Several major NE trending fault sets cut across the project which are locally important ore controlling structures at the Golden Mile/Super Pit and Binduli

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Super Pit
KCGM
9.2MOz Au (R&R)
58MOz (produced)
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• The area has undergone surprisingly little effective modern exploration

• GBR is seeking approval to undertake first pass auger geochemistry

• GBR has executed a JV agreement to earn a 75% interest through exploration expenditure of $500,000 over 5 years

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Binduli
Norton Gold Fields Ltd
2.2Moz Au (R&R)
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Key Investment Takeaways

Quality projects, clear strategy for success

• Highly-leveraged to exploration success in WA (market cap: $130.m at 19₵ per share)

• Fully-funded for aggressive exploration campaign ($4.3m at June 30, 2017)

• Copper-nickel discovery at Mt Venn - EM and aircore geochem programs completed, identifying extensive EM conductors and coincident Cu-Ni mineralisation

• High grade gold identified at Tarmoola

• Maiden RC drill programme now underway at Mt Venn, scheduled for completion in early November

• Near-term news flow:

• −November 2017: Maiden RC drill results from Mt Venn

• −November 2017: Soil geochem from Tarmoola

• −December 2017: Phase 2 drilling at Mt Venn

• −December 2017: Maiden RC drilling at Tarmoola

• Data compilation and desktop analysis continues on new opportunities

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Great Boulder Resources

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greatboulder.com.au +61 8 6323 7800

Level 1, 768 Canning Highway Applecross, 6153 Western Australia

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