Bulletin Resources : Spodumene Lithium Identified Over 2.5km Trend Ravensthorpe

24 January 2022ASX RELEASE

onlyHighlights

• Spodumene mineralisation discovered at Big pegmatite
• Spodumene mineralisation now seen at 3 locations on the Eastern Pegmatite Trend over a 2.5km length at:

o Deep Purple

o Creek

ForIn relation to the disclosure of visual mineralisation, the Company cautions that visual indications and estimates of mineralisation abundance should never be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to determine the grade of the visible mineralisation reported in preliminary geological mapping. Estimates of the size and grade of any mineralisation will require drilling and subsequent interpretation and analysis. The Company will update the market with laboratory analytical results when they become available.

Chairman

Paul Poli

Chief Executive Officer

Mark Csar

Non- Executive Directors

Market Capitalisation $40.25 million @ 14.5 cents

For personal use only

Bulletin Resources Limited ("Bulletin", "BNR") is pleased to provide an exploration update from recent mapping and rock-chip assay results on its Ravensthorpe Lithium project. The project is located only 12km southwest and along strike of Allkem Limited's (ASX: AKE) Mt Cattlin Lithium Mine.

On-ground mapping has identified outcropping, subcropping and lag spodumene at Big pegmatite (Figure 1). This is the first indication that the core of Big pegmatite contains spodumene and provides strong evidence for lithium prospectivity of the Big pegmatite and the broader Eastern Pegmatite Trend. The prospectivity of the Eastern Pegmatite Trend is further supported by known spodumene outcrops approximately 2.5km to the north at Deep Purple pegmatite and Creek pegmatite (Figure 2). Further details of the samples are provided in the Appendix.

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Mapping of the flat-lying to gently undulating Big pegmatite has substantially increased the outcrop and subcrop size to approximately 700m x 500m, a tenfold increase from the previously reported size. Another large and flat-lying outcropping pegmatite swarm has also been mapped 700m further south of Big pegmatite (Figure 2 - Figure 5).

The significant size of these pegmatites is very important as it provides potential for economic scale operations should drilling confirm sufficient thickness and lithium grades. This is even more significant when considering the very close location to AKE's Mt Cattlin Lithium Mine.

Recent work at the Ravensthorpe Lithium project has noted the following which provides strong encouragement for lithium enrichment within the pegmatite bodies of the Eastern Pegmatite Trend as indicated by:

• the presence of spodumene outcrop and float at Big pegmatite
• the presence of outcropping spodumene bearing pegmatites 2.5km to the north along trend at Deep Purple and Creek pegmatites
• indications of pegmatite fractionation such as coarse mica and tourmaline in pegmatite wall zones
• low ratios of K:Rb, K:Cs and Ba:Rb in rock-chip sampling of mica and microcline in the wall zone of the

flatter-lying pegmatites indicating fractionation within the pegmatites (refer BNR ASX announcement dated

13 December 2021).

Mapping has also extended the Eastern Pegmatite Trend to at least 4km in length and the potential for additional outcropping LCT pegmatites remains open to the north (Figure 2).

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Figure 4: Surface outcrop of newly mapped pegmatite 700m south of Big pegmatite