GREAT BOULDER RESOURCES LIMITED — Investor Presentation 2017

Feb 1, 2017

ASX Code: GBR

A new growth opportunity in WA’s world-class goldfields

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February 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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Investment Overview

An exciting new growth opportunity in WA gold

• Recently floated WA gold explorer – listed on ASX on 18 Nov 2016 after raising $6.1m

• Three key projects in WA’s premier gold fields:

• Balagundi – 20km from the Super Pit in Kalgoorlie

• Tarmoola – large-scale gold discovery potential, worldclass Leonora gold province

• Jundee South – strong geochemical anomaly similar to nearby world-class Jundee gold mine (Northern Star)

• Strong results from maiden exploration programs since listing

• Aggressive exploration and drilling programmes commencing February 2017 – strong news-flow

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

• Tight capital structure – 68.4m shares on issue

• Strong leverage to exploration success ~$11.5m market cap, ~$6m enterprise value, $5.5m cash

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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	Key Advisors
John Beeson	Chief Structural Geologist
Scott Halley	Chief Geochemist

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Capital Structure	Capital Structure
Share Price(01/02/2017)		$0.17/share
Total Shares on issue		68,394,000
Escrow shares (12 and 24 months)		31,312,775
Tradeable shares		37,081,225
Total Options on issue		38,086,750
Performance Rights on issue		2,000,000
Market capitalisation(01/02/2017)		$11.6m
Cash balance (31/12/16)		$5.5m
Debt		Nil
Enterprise Value		$6.1m
Shareholders	Shares
Exploration Capital Partners	3,571,429		5.2%
Directors	6,664,286		9.7%
Key Advisors	5,350,000		7.8%

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Projects Overview Potential to host large-scale gold deposits

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

• Tarmoola – a large-scale regional geochemical anomaly which incorporates the operating King of the Hills and Gwalia gold deposits, recently confirmed and defined by GBR geochemistry programme

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

• Broadwood – located adjacent to the Binduli gold mine and 10km west of the Kalgoorlie Super Pit

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• Yamarna – Immediately west of the Gold Fields – Gold Road Gruyere JV. Potential for Au and Ni-Cu

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Balagundi Project

Potential for near-term development

• Located just east of the Kalgoorlie Super Pit (KCGM) and south of Northern Star Resources operations

• Local infrastructure advantage

• Significant high-grade historical workings confirmed by recent GBR drilling

• Only partially tested by drilling – significant discovery potential remains

• Mineralised vein systems extend over strike lengths of several hundred metres

• 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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1. Refer to Proximal Mineral Deposits table on pages 17 and 18

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Balagundi Project

Limited gold exploration conducted

• 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[1] :

• 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 in early 2017

• See Prospectus – section 7

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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 operating processing facilities:

Location	Operator	Plant
Kanowna Belle	Northern Star	1.8Mtpa CIL and
		roaster
New	Metals X	1.2Mtpa CIL,
Celebration		currently toll treating
Randalls	Silver Lake	1.2Mtpa facility
Paddington	Norton	3.3Mtpa CIP, CY14
	Goldfields	produced 3.7Mt
Mungari	Evolution	1.5Mtpa CIL
Boorara	McPhersons	Toll treated through
	Reward	Greenfield’s mill

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

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Proximal processing facilities to the Balagundi project

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Tarmoola Project Large-scale gold target

• Located 40km NW of Leonora, just west of Saracen’s 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 granite-greenstone contact

• Large-scale gold target highlighted by a regional geochemical anomaly and confirmed by recent GBR field activities

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

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

• Refer to Proximal Mineral Deposits table on pages 17 and 18

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Darlot
Gold Fields
Agnew-Lawlers 0.3Moz Au (R&R) [2]
Gold Fields
2.7Moz Au (R&R) [2]
Thunderbox
Saracen Mineral Holdings
2Moz Au (R&R) [1]
0.8Moz Au (produced) [1]
Bannockburn
Saracen Mineral Holdings
1.1Moz Au (R&R) [1] Tarmoola
0.3Mz Au (produced) [1] Great Boulder
25km
King of the Hills
Saracen Mineral Holdings
As Contours 0.2Moz Au (R&R) [1]
1.9Mz Au (produced) [1]
5ppm
10ppm
20ppm Gwalia
30ppm St Barbara Ltd
3.9Moz Au (R&R) [1]
5.3Moz Au (produced) [1]
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Tarmoola regional deposits with arsenic soil anomaly

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Tarmoola Project

Geochemistry confirms scale potential

• Historically overlooked – early geological interpretation assumed the project to be predominated by granite

• Recent field work shows the project to contain a large area of granite-greenstone contact (15km) – target for gold mineralisation

• Significant gold and pathfinder results returned in reconnaissance rock chip sampling (up to 5.14g/t Au)[1]

• An initial 983 hole auger programme completed covering an area of 149km[2]

• Auger geochemistry programme defined multiple kilometre scale gold and pathfinder anomalies associated with interpreted structures

• Geochemical anomalies are consistent with known intrusion-related gold deposits

• Gravity survey to be completed to define the granite-greenstone contact ahead of drilling

• Refer to Prospectus – section 7

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5km
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Arsenic auger anomaly (contours) with anomalous gold (points) over updated geological map

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Tarmoola Project

Pathfinder geochemistry for intrusion-related gold deposits

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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

• Jundee gold mine stratigraphy extends through the Jundee South project with 3km of strike potential

• Recent discovery of a large accumulation of gold nuggets (16.6oz) along a 200m trend

• Recently completed geochemistry programme highlights a strong arsenic and pathfinder trend, with the surface gold located near the highest arsenic values

• Heritage survey completed in mid-January - awaiting final report before drilling commences

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Jundee
Northern Star Resources
1.4Moz Au (R&R) [1]
6.2Moz Au (produced) [1]
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Elliots
Area 7
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• GBR owns a 100% interest in the Jundee South project

• Refer to Proximal Mineral Deposits table on pages 17 and 18

Jundee South project in relation to Jundee gold mines

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Jundee South Project

Scale Comparison – sufficient to host a large scale gold discovery

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500m
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Geological map of the Jundee Gold Mine showing individual pits, major mineralized structures and Jundee mine sequence[1]

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Jundee mine
Sequence
Priority targets
500m
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Geological map of the Jundee South project showing interpreted structures and Jundee mine sequence (same scale as opposite figure)

1. Archaean lode-gold mineralization at Jundee–Nimary, north Yandal greenstone belt, Yilgarn Craton, Western Australia (Kohler et al. 2001)

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Yamarna Project

Emerging province

• Located 25km southwest of the Gold Road – Gold Fields Gruyere JV (+6Moz Au)

• Very limited previous exploration completed, mostly ineffective

• Prospectivity of the region highlighted by Gold Fields’ recent acquisition of 50% of the Gruyere gold project[2] for +A$350m

• Gruyere is now fully funded, with infrastructure upgrades expected as mine constriction commences

• Yamarna project is prospective for gold and Ni-Cu mineralisation

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

• Refer to Proximal Mineral Deposits table on pages 17 and 18

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Gruyere
Gold Fields - Gold Road
6.2 Moz Au [1]
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1. Gold Road Resources Ltd ASX announcement - 7 November 2016 (http://www.goldroad.com.au/media/58201040da162358861136.pdf)

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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)[1]

• 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 awaiting 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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1. Refer to Proximal Mineral Deposits table on pages 17 and 18

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Key Investment Takeaways

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Quality projects, clear strategy for success

A New WA Gold Story

• Recently listed (ASX: GBR): well-funded explorer

• Strong board & management: track record of success

Diversified Portfolio, Premier Locations

• Three core projects (Balagundi, Tarmoola, Jundee South) which have already yielded promising results

• Clearly defined exploration strategy

• Additional upside at Broadwood and Yamarna

Planned Work Programmes

• Feb 2017: Jundee South RC (~3000m)

• Feb 2017: Tarmoola Gravity Survey

• March 2017: Tarmoola RC

• Q2 2017: Balagundi RC – testing Mt Bellew extensions and priority targets

• Data compilation and desktop analysis continues on Yamarna, Broadwood and new opportunities

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Proximal Mineral Deposits*

	Reported Resources Reported Reserves Resource & Reserves Historical Total Endowment
Bannockburn Source: Source: Note:	Tonnage (Mt) Grade (g/t Au) Gold (Moz) Tonnage (Mt) Grade (g/t Au) Gold (Moz) Gold (Moz) Production (Moz) Gold (Moz)
	18.9 1.7 1.06 4.4 1.5 0.21 1.06 0.35 1.1 http://www.saracen.com.au/files/8214/4486/6594/151015_ASX_-Resources__Reserves_2015_Final.pdf http://www.saracen.com.au/files/4114/0738/8398/140121_ASX-_Acquisition_of_Thunderbox_Operations_Final.pdf Resourcesinclude OreReserves of 4.4Mt at1.5g/tAu and206kozgold
Binduli Source: Note:	Tonnage (Mt) Grade (g/t Au) Gold (Moz) Tonnage (Mt) Grade (g/t Au) Gold (Moz) Gold (Moz) Production (Moz) Gold (Moz)
	74.9 0.9 2.17 2.17 2.2 http://www.nortongoldfields.com.au/PDF/15-04-08%20Scheme%20Booklet.pdf
Gruyere Source: Note:	Tonnage (Mt) Grade (g/t Au) Gold (Moz) Tonnage (Mt) Grade (g/t Au) Gold (Moz) Gold (Moz) Production (Moz) Gold (Moz)
	147.7 1.3 6.16 6.2 http://www.goldroad.com.au/reports/GruyereMineralResourceUpdate-April2016-FINAL.pdf No Ore Reserves
Gwalia Source: Source: Source: Source: Note: Note:	Tonnage (Mt) Grade (g/t Au) Gold (Moz) Tonnage (Mt) Grade (g/t Au) Gold (Moz) Gold (Moz) Production (Moz) Gold (Moz)
	17.3 7 3.90 6.8 8.3 1.81 3.9 5.31 9.2 http://www.stbarbara.com.au/fileadmin/userupload/documents/ReservesandResources/2016/2016.08.23ASX30June2016OreReservesandMineralResourcesStat
	___ ements.pdf http://www.stbarbara.com.au/fileadmin/user_upload/documents/Reserves_and_Resources/30_June_2013/SBM_Short_Form_Ore_Reserve_ReportGwalia_Mine_.pdf http://www.stbarbara.com.au/fileadmin/user_upload/documents/annual-reports/St_Barbara_Limited_Annual_Report_2015.pdf http://www.stbarbara.com.au/uploads/tx_rlsortthis/2016.08.23_ASX_FY16_Financial_Report__Appendix_4E__briefing_and_webcast_final.pdf St Barbara reported 4.58Moz of historical production up to 30 June 2013. From 1 July 2013 to 30 June 2016 St Barbara has reported production of 729,627oz from Gwalia Resources include Ore Reserves of 6.8Mt at 8.3g/t Au and 1,808koz gold
Jundee Source: Source: Note:	Tonnage (Mt) Grade (g/t Au) Gold (Moz) Tonnage (Mt) Grade (g/t Au) Gold (Moz) Gold (Moz) Production (Moz) Gold (Moz)
	12.0 3.5 1.35 3.5 5.2 0.60 1.35 6.2 7.60 http://www.nsrltd.com/our-assets/resources-and-reserves http://www.nsrltd.com/wp-content/uploads/2015/06/NSR-Jundee-Operations-Fact-Sheet-July-2014-Final.pdf Resources include Ore Reserves of 3.5Mt at 5.2g/t Au and 595koz gold
Kanowna Belle Source: Source: Source: Note: Note: Note:	Tonnage (Mt) Grade (g/t Au) Gold (Moz) Tonnage (Mt) Grade (g/t Au) Gold (Moz) Production (Moz) Gold (Moz)
	9.4 4 1.21 1.8 3 0.17 1.21 5.41 6.6 http://www.nsrltd.com/our-assets/resources-and-reserves http://www.nsrltd.com/wp-content/uploads/2016/08/NSR-Kalgoorlie-Operations-Fact-Sheet-July-2016.pdf http://www.nsrltd.com/wp-content/uploads/2016/07/June-Quarterly-Report-20-7-2016-final.pdf Historical production of 5.3Moz gold up to 31 December 2015, but this includes ore processed from Kundana and Kundana East. Northern Star has reported gold production fom 1 January to 30 June 2016 of 47,744 oz from Kanowna Belle and 58,936 oz from Kundana East. For consistenecy, Kundana East production is included in Kanowna Belle figures Resources include Ore Reserves of 1.76Mt at 3.0g/t Au and 168koz gold

• None of the mineral deposits and mines referred to in this table are located on tenements in which GBR has an interest

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Proximal Mineral Deposits*

	Reported Resources Reported Reserves Resource & Reserves Historical Total Endowment
King of the Hills Source: Note:	Tonnage (Mt) Grade (g/t Au) Gold (Moz) Tonnage (Mt) Grade (g/t Au) Gold (Moz) Gold (Moz) Production (Moz) Gold (Moz)
	0.9 6.1 0.17 1.0 3 0.10 0.17 0.17 http://www.saracen.com.au/files/8214/4486/6594/151015_ASX_-_Resources__Reserves_2015_Final.pdf Resourcesinclude OreReserves of 1.0Mt at 3.0/tAu and 95kozgold
Kundana Source: Kundana East Source: Source: Source: Note: Note:	Tonnage (Mt) Grade (g/t Au) Gold (Moz) Tonnage (Mt) Grade (g/t Au) Gold (Moz) Production (Moz) Gold (Moz)
	3.4 6 0.66 0.66 0.7 http://www.nsrltd.com/our-assets/resources-and-reserves
	Tonnage (Mt) Grade (g/t Au) Gold (Moz) Tonnage (Mt) Grade (g/t Au) Gold (Moz) Production (Moz) Gold (Moz)
	5.1 11.3 1.86 1.7 8.3 0.44 1.86 1.9 http://www.nsrltd.com/our-assets/resources-and-reserves http://www.nsrltd.com/wp-content/uploads/2016/08/NSR-Kalgoorlie-Operations-Fact-Sheet-July-2016.pdf http://www.nsrltd.com/wp-content/uploads/2016/07/June-Quarterly-Report-20-7-2016-final.pdf No historical production recorded for Kundana or Kundana East as ore from both projects was processed through the Kanowna Belle plant Resources include Ore Reserves of1.66Mt at 8.3g/t Au and 444kozgold
Mungari Operations Source: Note:	Tonnage (Mt) Grade (g/t Au) Gold (Moz) Tonnage (Mt) Grade (g/t Au) Gold (Moz) Production (Moz) Gold (Moz)
	79.33 1.78 4.53 7.9 2.62 0.67 4.53 4.5 http://evolutionmining.com.au/reservesresources Resources include Ore Reserves of 7.92Mt at 2.62g/t Au and 666koz gold
Paddington Operations Source: Note:	Tonnage (Mt) Grade (g/t Au) Gold (Moz) Tonnage (Mt) Grade (g/t Au) Gold (Moz) Gold (Moz) Production (Moz) Gold (Moz)
	151.5 1.47 7.14 18.5 1.86 1.11 7.14 7.1 http://www.nortongoldfields.com.au/Projects_Pad_Reserve_Resource.htm Resources include Ore Reserves of 18.5Mt at 1.86g/t Au and 1.11Moz gold)
Super Pit Source: Source: Note:	Tonnage (Mt) Grade (g/t Au) Gold (Moz) Tonnage (Mt) Grade (g/t Au) Gold (Moz) Production (Moz) Gold (Moz)
	30.9 0.88 0.88 201.7 1.28 8.31 9.19 58 67.2 http://www.barrick.com/files/annual-report/Barrick-Annual-Report-2015.pdf http://superpit.com.au/about/history/ KCGM operates the Kalgoorlie Super Pit and stated historical production of 58Moz up to 2014
Thunderbox Source: Source: Note:	Tonnage (Mt) Grade (g/t Au) Gold (Moz) Tonnage (Mt) Grade (g/t Au) Gold (Moz) Gold (Moz) Production (Moz) Gold (Moz)
	37.2 1.7 2.02 10.9 1.7 0.60 2.02 0.81 2.83 http://www.saracen.com.au/files/8214/4486/6594/151015_ASX_-Resources__Reserves_2015_Final.pdf http://www.saracen.com.au/files/4114/0738/8398/140121_ASX-_Acquisition_of_Thunderbox_Operations_Final.pdf Resources include Ore Reserves of 10.9Mt at 5.2g/t Au and 595koz gold

• None of the mineral deposits and mines referred to in this table are located on tenements in which GBR has an interest

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greatboulder.com.au +61 8 6323 7800

Level 1, 768 Canning Highway Applecross, 6153 Western Australia

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