GREAT BOULDER RESOURCES LIMITED — Investor Presentation 2021

Nov 22, 2021

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EXPLORING THE EMERGING Cu-Ni-Co YAMARNA BELT IN WESTERN AUSTRALIA NOVEMBER 2021 PROPOSED ASX CODE: CMO | COSMOMETALS.COM.AU

DISCLAIMERS

Purpose of presentation: this presentation has been prepared by Cosmo Metals limited (ACN 653 132 828) (CMO, Cosmo or the company). It is intended for the sole purpose of providing high-level background information on CMO, its projects and its proposed operations. This presentation is not investment advice and should not be relied upon to make any investment decision. This presentation has been prepared by CMO solely for information purposes and is provided so that you may consider an invitation to participate in the proposed offer (offer) of fully paid ordinary shares in the company (shares), to be contained in a prospectus under chapter 6D of the corporations act 2001 (cth) (prospectus) which will be lodged by the company with the Australian securities and investments commission (ASIC). This presentation is not a prospectus, product disclosure statement or disclosure document for the purposes of the corporations act and has not been lodged with ASIC. This presentation has not been approved by any regulatory or supervisory authority. This presentation comprises the written materials for presentation to sophisticated, professional and institutional investors concerning the company, its proposed listing on the securities exchange operated by ASX limited (ASX) and the offer.

For purposes of this notice, this “presentation” includes this document and any part of it, and any related video or oral presentation, any question and answer session and any written or oral material discussed or distributed during any presentation. By accessing this presentation, you agree to be bound by the following terms and conditions.

No disclosure document required: this presentation is provided to you so that you can consider the invitation to participate in the proposed offer. It is provided to you as a person to whom an offer of securities would not require a disclosure document in Australia, under chapter 6D of the corporations act because of subsection 708(8) or (10) (sophisticated investors) or subsection 708(11) (professional investors) of the corporations act, or otherwise. If you are not such a person, or if you are in the united states, please do not read this presentation. Please return it immediately to the company.

Confidentiality and restrictions on distribution: this presentation is confidential. You must not copy or circulate it, in whole or in part, to any other person unless they are within your organisation and directly involved in your consideration of the proposed offer.

No offer or advertisement: this presentation does not constitute an invitation or offer to apply for securities and does not contain any application form for securities. It does not constitute an advertisement for an offer or proposed offer of securities. It is not intended to induce any person to engage in, or refrain from engaging in, any transaction. No person is authorised to give information or make any representation in connection with the offer which is not contained in this presentation. Any information or representation not so contained may not be relied on as being authorised by any relevant person or any other person in connection with the offer. This presentation does not and will not form part of any contract for the acquisition of securities.

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 CMO or its business activities and nothing in this presentation is, or is intended to be, a recommendation to invest in CMO. CMO 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.

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 CMO 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 CMO’s control. The stated events may differ materially from results ultimately achieved. Accordingly, neither CMO 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, CMO 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 CMO 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. CMO excludes all warranties that can be excluded by law. Except for statutory liability which cannot be excluded, CMO, 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 CMO. CMO 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.

Competent Persons Statement: Exploration information in this Announcement is based upon work undertaken by Mr Jeremy Clark who is a Member of the Australasian Institute of Geoscientists (AIG). Mr Clark 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 Clark is the sole director of Lily Valley International Pty. Ltd.

Exploration Results: The information in this presentation concerning exploration results on Great Boulder Resources (ASX: GBR ) projects is contained in ASX announcements available on GBR’s website, www.greatboulder.com.au. GBR confirms that it is not aware of any new information concerning exploration results that materially affects the information included in its ASX announcements

Prospectus for Offer of Cosmo Shares: Cosmo has lodged a prospectus dated 22 November 2021 (Prospectus) with ASIC for an offer of new fully paid ordinary shares in Cosmo (Shares) made in the Prospectus (Share Offer). The Prospectus is available at www.cosmometals.com.au. Applications for Share can only be made pursuant to an application form accompanying the Prospectus. Any person who wishes to apply for Shares and invest in Cosmo must do so pursuant to an application form accompanying the Prospectus. Persons considering in an investment in Shares should consider the Prospectus in full before deciding to apply for Shares.

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Why Invest in Cosmo Metals

Dominant land position in a highly prospective belt – 460km[2] landholding in the world class Yamarna mineral province

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– Developing a large scale Nickel-Copper-Cobalt system shallow copper & nickel sulphide mineralisation identified

Drill ready targets – extensional and regional untested targets at Mt Venn & East Mafic – drilling planned for Dec 2021

Track Record of Major Discoveries – Management credited for world class discoveries including Gruyere Gold Mine (+6Moz) – Exposure to global decarbonisation & battery megatrends aiming to produce high value base metal concentrate products

Attractive valuation & leverage to exploration success – $5M EV at listing, limited free float & minimum entry price of $0.20/sh

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IPO OFFER STRUCTURE

		IPO Minimum Subscription	IPO Maximum Subscription
IPO Offer1,2
Issue/ IPO Price	$	$0.20	$0.20
IPO Shares to be issued	m	25.0	35.0
IPO Funds raised	$m	$5.0	$7.0
Post listing Capital Structure
Great Boulder Vend Shares	m	25.0	25.0
IPO Shares	m	25.0	35.0
Total shares on issue	m	50.0	60.0
Market capitalisation (at IPO Price)	$m	10.0	12.0
Cash (before costs)	$m	5.0	7.0
Debt	$m	-	-
Enterprise value	$m	5.0	5.0
Unlisted Options3	m	10.0	10.0

Note:

1. IPO capital structure is indicative only and remains open to change at the Board’s discretion

2. Existing Great Boulder Resources’ (ASX:GBR) shareholders will be eligible for priority participation in the IPO capped at $4.0m

3. Issue of 5.0m options exercisable at $0.25 to Board & Management expiring 3 years from the date of issue & 5.0m broker options exercisable at $0.25 expiring 3 years from the date of issue

Minimum Subscription

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50.0% 50.0%
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Maximum Subscription

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41.7%
58.3%
IPO Shareholders
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IPO Shareholders
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IPO OFFER TIMETABLE

Event

Target Date

Lodgement of Prospectus with ASIC and post on website

Monday, 22 November 2021

Record Date for GBR Shareholder Priority Offer

Friday, 26 November 2021

Monday, 29 November 2021 Expiry of Exposure Period (unless extended) Opening Date of the Public Offer & GBR Shareholder Priority Offer Monday, 29 November 2021 Closing Date of the GBR Shareholder Priority Offer Monday, 13 December 2021 Closing Date of the Public Offer Friday, 24 December 2021

Issue of New Shares under the Share Offer

Issue of New Shares under the Share Offer Wednesday, 12 January 2022 Despatch of Holding Statements Friday, 14 January 2022 Shares commence trading on ASX Thursday, 27 January 2022

Note: Times and dates are indicative only and are subject to change by the ASX, ASIC and Cosmo Metals

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BOARD & MANAGEMENT

Peter Bird		•	Experienced, well known and highly respected mining	Ziggy Lubieniecki		•	+30 years’ experience in mining and exploration
Non-executive Chairman Geologist		•	industry executive Extensive expertise in equity markets including 5 years at Merrill Lynch Equities and working with mining companies such as Western Mining	Non-executive Director Geologist		•	Former Founder/Executive Director at Gold Road (ASX:GOR) credited for discovery of the +6.2Moz Gruyere gold deposit
			Corporation, Newmont and Normandy Mining			•	Previously Chief Mine Geologist at Plutonic Gold
		•	Served on Board and in Executive Roles both as MD				Mine and currently a NED at Hammer Metals
			and Non-Executive Chairman, most recently with				(ASX:HMX)
			Zenith Minerals (ASX:ZNC)
James Merrillees		•	+20 years’ global experience in mining and	Daniel Doran		•	+15 years’ in mining and mineral exploration
Managing Director			exploration	Technical Consultant		•	Previous technical roles with Northern Star
Geologist		•	Senior technical and corporate roles with ASX-listed and private gold and base metals explorers and	Geologist			Resources (ASX:NST) and Barrick Gold have spanned greenfields exploration through to
			developers				underground production
		•	Previously been responsible for the management of			•	Currently the Exploration Manager of advanced WA
			teams involved in greenfields discoveries of gold,				gold explorer Great Boulder Resources (ASX:GBR)
			base metals, uranium and bulk commodities
Andrew Paterson		•	+25 years’ experience in mining and exploration	Melanie Ross		•	+20 years’ experience in corporate advisory and
Non-executive Director Geologist		•	Previous experience in technical and management roles for Harmony Gold, Atlas Iron, Focus Minerals (ASX:FML) and Kingston Resources (ASX:KSN)	Company Secretary/ Chief Financial Officer Corporate / Accountant		• •	accounting with a focus in the resource industry Previous roles at Hall Chadwick and Qantas Group Currently Company Secretary/CFO of Celsius
		•	Currently the Managing Director of advanced WA				Resources (ASX:CLA), Great Boulder Resources
			gold explorer Great Boulder Resources (ASX:GBR)				(ASX:GBR), Redbank Copper (ASX:RCP) and
							Tempus Resources (ASX:TMR)

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FIRST MOVER IN AN EMERGING Cu-Ni-Co BELT

Strategic Position in the Yamarna Province

• 460km[2] of highly prospective tenure in a proven base metal and gold belt

• Located 130km east of Laverton and 25km west of Gold Road’s (ASX:GOR) and Gold Fields’ +6.7Moz Gruyere Gold Mine

Drill Ready Base Metal Targets

• Limited systematic exploration and drilling

• Drilling planned for December 2021

Mt Venn – Large Base Metal Endowment

• Historical drilling intersected broad lenses of shallow Cu-Ni-Co sulphide mineralisation

• Every EM target drilled at Mt Venn to date has intersected sulphides

Regional Multi Commodity Potential

• Underexplored regional gold targets with high potential for ‘Gruyere’ style gold deposits

• Significant PGE, uranium, chromite and vanadium potential yet to be explored

YAMARNA REGION

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Yamarna Cu-Ni-Co Project – Mt Venn & Eastern Mafic

• 100% interest in the Yamarna Project

• Located 25km west of the Gruyere Gold Mine and 130km east of Laverton in WA

• Mt Venn Cu-Ni-Co discovery 2017: massive sulphides drilled in the first target

• Extensive Cu-Ni-Co mineralisation outlined over several kms at the Mt Venn complex

• Excellent preliminary metallurgical test work on producing copper concentrate and cobalt-nickel sulphate for the battery market

Winchester Cu-Ni-Co Project

• 75% interest in the Winchester Project, Ausgold free-carried to decision to mine

• Winchester prospect has intercepted significant sulphide mineralisation[1]

• 7m at 1.1% Cu, 0.2% Ni, 0.01% Co, 0.19g/t Au, 0.13g/t PGE from 120m

  • (18WNRC001) incl. 2m at 1.8% Cu, 0.2% Ni, 0.02% Co, 0.25g/t Au, 0.22g/t PGE

• 13m at 0.9% Cu, 0.3% Ni, 0.02% Co from 138m (18WNRC002)

  • incl. 5m at 1.1% Cu, 0.7% Ni, 0.04% Co, 0.10g/t PGE

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1. Refer GBR ASX Announcement dated 9 November 2018

HISTORY OF YAMARNA PROJECT

Corporate History – $6M Spent on Yamarna to Date

Mt Venn Discovery

March 2017 48m @ 0.8% Cu, 0.2% Ni, 0.07% Co from 103m (17MVRC015)

Positive Metallurgy

Board Changes

October 2018 June 2019 Proof of concept of Appointment of sulphide leached to Andrew Paterson to produce high value products Managing Director

Secures 100% of Yamarna

June 2021 GBR secures 100% ownership of Yarmana

GBR Focus on Gold

GBR Gold Discoveries

Enter Winchester JV

Spin-off

IPO

Eastern Mafic Discovery

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November 2016 August 2018 March 2019 October 2019 May 2021 Jan 2022
Great Boulder (GBR) 4m @ 1.3% Cu, 0.2% Ni, GBR earning up to 75% of Acquisition of the Significant gold Cosmo Metals to list
listed 75% of 0.02% Co from 134m Winchester by spending Whiteheads Gold Project discoveries at 100% of Yamarna at
Yamarna at $7.5M EV (18EMRC021) $500k over 4 years Side Well & Whiteheads $5.0M EV
10.0 90
9.0 80
8.0 Peak Market Cap: $48M 70
7.0
60
6.0
50
5.0
40
4.0
30
3.0
2.0 20
1.0 10
0.0 0
Nov-16 May-17 Nov-17 May-18 Nov-18 May-19 Nov-19 May-20 Nov-20 May-21 Nov-21
Commodity Price (US$/lb)
Market Capitalisation (A$M)
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November 2016 August 2018 Great Boulder (GBR) 4m @ 1.3% Cu, 0.2% Ni, listed 75% of 0.02% Co from 134m Yamarna at $7.5M EV (18EMRC021)

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GBR Nickel Focus GBR Gold Focus
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Copper Price (US$/lb)
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Nickel Price (US$/lb)
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GBR Market Capitalisation (A$M)
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Note: Commodity prices and GBR market cap sourced from FactSet

YAMARNA PROJECT OVERVIEW

Advanced Mt Venn Cu-Ni-Co Discovery

• Central deposit has mineralisation defined +1.5km of strike and remains open along strike and at depth

• Copper dominant zone of the mineralised system

• Wide, shallow, sulphide lenses amenable to large scale open-pit mining

• Over 13,700m of drilling completed since discovery in October 2017

• Drilling has only tested to a maximum depth of 260m below surface

Eastern Mafic Discovery

• Located 7km from Mt Venn

• Large intrusive body prospective for Cu-Ni-Co sulphide mineralisation

• Identified in gravity survey and defined as the nickel rich part of the system

• Historical drilling has defined the feeder and ‘neck’ of the intrusion as most prospective

• Airborne EM has identified multiple, strong conductors over a 6km strike length

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MT VENN DISCOVERY

Discovery Made in First Drill Program – October 2017

• Multiple, broad lenses of shallow Cu-Ni-Co sulphide mineralisation intersected

• Copper dominant system with consistent grade

• Sulphide mineralisation extends to surface with very limited weathering or oxide cap

• Significant results include[1] :

‒ 48m @ 0.8% Cu, 0.2% Ni, 0.07% Co from 103m (17MVRC015)

• Incl. 3m at 1.3% Cu from 105m

• incl. 6m at 0.7% Cu, 0.3% Ni and 0.10% Co from 144m

• 61m @ 0.5% Cu, 0.1% Ni, 0.05% Co from 86m (17MVRC007)

• 26m @ 0.5% Cu, 0.2% Ni, 0.06% Co from 12m (17MVDD002)

• 18m @ 0.8% Cu, 0.1% Ni, 0.02% Co from 187m (17MVRC001)

• Incl. 2m at 3.0% Cu from 190m

• 4.4m @ 1.7% Cu from 142.4m (17MVDD003)

• 4.0m @ 1.3% Cu, 0.7% Ni, 0.06% Co from 33m (MVRC010 )

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17MVDD003 – Basal contact with interstitial chalcopyrite and pyrrhotite within very coarse-grained gabbro (108m)

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17MVRCD008 – Semi-massive and stringer pyrrhotite with chalcopyrite (113m)

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1. Refer GBR ASX Announcements dated 13 November 2017, 5 December 2017, 14 December 2017, 5 May 2018

MT VENN MINERALISATION

Mineralisation Defined over +1.5km, and remains Open Down Dip and Along Strike

• Highly effective down-hole EM survey used to locate sulphide lenses

• Every EM target drilled at Mt Venn has intersected sulphides

• Drilling to focus on identifying high grade zones and extensional targets to significantly extend sulphide mineralisation along strike and at depth

• Infill drill program designed to generate a maiden JORC Resource

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MT VENN CROSS SECTIONS

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• Mineralisation is well defined by drilling in the central zone

• Extensions to the north and south show mineralisation is continuous from surface and remains open

• Drilling has only tested mineralisation amenable to open-pit mining (maximum depth of 260m below surface)

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EASTERN MAFIC DISCOVERY

Unlocking High Grade Nickel Sulphide Mineralisation

• Maiden reconnaissance drilling intersected extensive mineralisation remaining open down dip and along strike

• 4m @ 1.3% Cu, 0.2% Ni, 0.02% Co from 134m (18EMRC021)

• 10m @ 0.5% Cu, 0.4% Ni, 0.04% Co from 141m (18EMRC021)

• 2.5m @ 1.0% Cu, 0.1% Ni, 0.04% Co from 173m (18EMRC015)

• 7.1m @ 0.7% Cu, 0.2% Ni, 0.04% Co from 270m (18EMRCD013)

• 33m @ 0.2% Cu, 0.3% Ni, 0.04% Co from 101m (18ZERC002)

• Exploration to focus on extending existing mineralisation identified to date and targeting higher grade base metal sulphides

• Multiple conductors along prospective zone remain untested and further target generation planned through infill airbourne EM and down-hole EM

• Significant PGE intersections at ML13 (0.64g/t) and Ben Lomond (0.15g/t) prospects

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1. Refer GBR ASX Announcement dated 28 May 2018

WINCHESTER PROJECT

Comprises Two Tenements

▪ E38/3340 : 100% owned by Cosmo Metals ▪ E38/2129 : 75% owned by Cosmo Metals under a JV with Ausgold (ASX:AUC) who retain a 25% free-carried interest to a decision to mine

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WINCHESTER PROJECT

Advanced Cu-Ni-Co Asset

• Advanced project that hosts known copper-nickel mineralisation open along strike and at depth

• Significant intercepts include[1] :

• 7m @ 1.1% Cu, 0.2% Ni, 0.01% Co, 0.19g/t Au, 0.13g/t PGE from 120m (18WNRC001)

• Incl. 2m at 1.8% Cu, 0.2% Ni, 0.02% Co, 0.25g/t Au, 0.22g/t PGE

• 13m @ 0.9% Cu, 0.3% Ni, 0.02% Co from 138m (18WNRC002)

• Incl. 5m at 1.1% Cu, 0.7% Ni, 0.04% Co, 0.10g/t PGE

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1. Refer GBR ASX Announcements dated 9 November 2018 and 21 May 2019

EXCELLENT INFRASTRUCTURE & POWER SUPPLY

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PROPOSED USE OF FUNDS

Proposed Use of Funds (Two Years Combined)	Minimum Subscription ($M)	Maximum Subscription ($M)
Nickel/Copper Sulphide EM Target Drilling and Mt Venn Resource Extensional and Infill Drilling	2.3	3.6
Nickel/Copper Sulphide Target Generation (Geophysics, Geochem etc)	0.5	0.7
ESG, Heritage and Tenure Costs	0.3	0.4
Offer & Listing Costs	0.6	0.7
Working Capital & Corporate Costs	1.3	1.6
Total	5.0	7.0

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INDICATIVE TIMETABLE

Corporate Lodgement of Prospectus with ASIC Offer Period Admission & Commencement of trading on the ASX Exploration/Operational Geochemistry, geophysics (inc. DHEM) & field work Target Generation/Definition Mt Venn Resource definition and extensional drilling Ni/Cu Sulphide EM Target Drilling 2 1		Q4-CY2021	Q4-CY2021	Q4-CY2021	Q1-CY2022	Q1-CY2022	Q1-CY2022	Q2-CY2022	Q2-CY2022	Q2-CY2022
		Oct	Nov	Dec	Jan	Feb	Mar	Apr	May	Jun

Note: Times and dates are indicative only and are subject to change by the ASX, ASIC and Cosmo Metals

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INVESTMENT SUMMARY

First mover advantage – secured 460km[2] landholding in a world class mineral province

Developing a large Ni-Cu-Co system – shallow Cu-Ni sulphide mineralisation identified

Drill ready targets – extensional and regional untested targets at Mt Venn and East Mafic

Exposure to the global EV megatrend – aiming to produce high value base metal concentrate products

Highly Leveraged to exploration success – $5M EV on listing, limited free float & minimum entry price of $0.20/sh

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CONTACT

James Merrillees