Bulletin Resources : 30 June 2022 Quarterly Report

The Board of Bulletin Resources (ASX: BNR, Bulletin) provides the following Activities Report for the quarter ending 30th June 2022.

onlyRavensthorpe Lithium Project

The 130km2 Ravensthorpe Lithium Project hosts spodumene bearing pegmatites and is located only 12km southwest and along strike of Allkem Limited's (ASX:AKE) Mt Cattlin lithium mine.

New Tenement Acquisition at Ravensthorpe Lithium Project

During the quarter Bulletin finalised the acquisition of a 36km2 tenement, E74/680. The new tenement is north and immediately along strike of known spodumene bearing pegmatites. Previous explorers reported pegmatite float rocks in the tenement with the source of the pegmatite float rocks yet to be found.

For usepersonal

Figure 1: E74/680 pegmatite target highlighted within shaded radiometric map (NE shading) limited to

Annabelle Volcanics

Interpretation of radiometric imagery with a focus on pegmatites has been completed over the area by geophysical consultants, NewGenGeo Pty Ltd. Pegmatites are coarse-grained and comprise of large potassium- feldspar and potassium-mica crystals which can persist in soil when the pegmatites are eroded. Radiometric onlyspectrometry can identify areas of higher potassium (K) in soils, indicating potentially eroded pegmatites, particularly when the dataset interpretation can be guided by examples of known nearby pegmatite occurrences

(refer ASX release dated 12 July 2022).

Figure 1 shows the potassium radiometric image within the Annabelle volcanics, the host rock to pegmatites in the Ravensthorpe area. A large 2.5km long potassium anomaly indicative of pegmatite has been identified within the newly acquired tenement. It is immediately along strike of the Eastern Pegmatite Trend which hosts known spodumene bearing pegmatites including Big and Deep Purple Pegmatites. Potassium highs in the radiometric image correlate well with known mapped pegmatites to the south. Importantly, several new targets have been

useidentified and these will be followed up with on-ground mapping (Figure 2).

personalFor Figure 2: Shaded radiometric map (NE shading) clipped to Annabelle Volcanics over E74/655 and mapped pegmatite locations

The new tenement is also prospective for nickel within ultramafics that lie immediately northwest of the Annabelle Volcanics. Historical auger surface sampling has identified several co-incidentNi-Cu anomalies within NNE trending ultramafic units that have yet to be followed up with deeper drilling. Six conductors identified in an aerial VTEM survey were followed up by previous explorers with an on-ground MLTEM survey. MLTEM conductor AD3 was interpreted as a late time bedrock conductor and was recommended for drill testing however it was not followed up. Follow-up interpretation of the VTEM survey identified an additional 3 high priority targets that also remain to be tested (Figure 3).

Tenement E74/680 lies north of the South Coast Highway and the area is dominated by large acre agricultural cropping operations. Landholder access agreements over key target areas in the newly acquired tenement have been entered into, enabling on-ground exploration. Bulletin's focus is on the lithium potential in the area but

onlyplans to validate these nickel targets with infill auger sampling and high resolution ground geophysics will be finalised once crops in the area have been harvested.

The tenement acquisition is the first of two new tenements the Company acquired via a Tenement Sale Agreement ("Agreement") (refer ASX release dated 16 March 2022). The consideration for the acquisition was the issue of 2,500,000 fully paid ordinary shares to the vendors. The acquisition of the second tenement (E74/698) has not yet been finalised and the Company will provide an update in due course. Under the terms of the Agreement consideration for that tenement is the issue of a further 1,000,000 fully paid ordinary shares.

For usepersonal

Figure 3: Historical soil and EM targets for follow up on E74/680

Light Detection and Ranging (LIDAR) and high resolution aerial imagery survey was flown during the quarter and data is currently being processed. Results are expected in the upcoming quarter. The survey will create a high resolution 3D image of the earth's surface which will assist in identifying new pegmatite outcrops over the Project onlyarea. The survey may also identify potential extensions to the Western and Eastern Pegmatite Trends (Figure 4).

Importantly, this technique has been successfully used in the region by other explorers and producers.

To date, in excess of 100 pegmatites have been found along the Eastern Pegmatite Trend within Bulletin's tenure, which remains open to the north. It is considered highly likely additional pegmatites will be found in this new survey given the success of previous mapping campaigns.

usepersonal

DMIRS Drilling approvals

Works towards obtaining drilling permits and expanding the potential of the Ravensthorpe Lithium project continue to be progressed. Drilling of spodumene bearing pegmatites along the Eastern Pegmatite Trend is proposed. Drilling is within the Cocanarup Timber Reserve and consent to explore within the Timber Reserve was provided as part of tenement grant conditions. Tetris Environmental Pty Ltd have completed their initial assessment of the proposed drilling program and a Native Vegetation Clearing Proposal (NVCP) was submitted and accepted for assessment by DMIRS. The proposal will be supported by additional environmental surveys in the upcoming quarter to assist Bulletin in developing robust environment management plans whilst exploring this area.