Great Boulder Resources Annual Report 2018

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FY2018 Annual Report · Great Boulder Resources

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ANNUAL REPORT 2018

Great Boulder Resources Limited
ACN 611 695 955

KEY HIGHLIGHTS

Corporate

• Great Boulder successfully raised $2.5m on 22 May 2018

via a share placement at 27¢ per share

• The company has maintained a tight capital structure

with only 80.1m ordinary shares on issue, $3.7m cash
as at 30 June 2018 and nil debt

Contents
1. Chairman’s Letter
2. Review of Operations
3. Corporate Activities
4. Directors’ Report
5. Auditors’ Independence Declaration
6. Auditors Report
7. Directors’ Declaration
8. Statement of Profit or Loss and Other Comprehensive Income
9. Statement of Financial Position
10. Statement of Changes in Equity
11. Statement of Cash Flows
12. Notes to the Financial Statements
13. Information Required by the Australian Securities Exchange Limited
14. Corporate Directory

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Yamarna Copper-
Nickel-Cobalt

Gold
Projects

Mt Venn
• An emerging copper-nickel-cobalt province,

located 130km east of Laverton and 25km west
f the Gruyere gold project in Western Australia

• Extensive copper-nickel-cobalt mineralisation

outlined over several kms

• Multiple lenses of copper dominant near surface
mineralisation - Amenable to open pit mining

• Significant new power, water and road

infrastructure installed at Mt Venn as part
of the Gruyere gold mine development

• Metallurgical testwork is well advanced on

producing copper sulphide concentrate and
cobalt-nickel sulphate for the battery market

Tarmoola
• Located in the heart of the Leonora gold district

• 2km high grade gold trend identified

•

Infill soil sampling and mapping completed
along the Ursus and Marionette shear zones
to further refine drill targets

Jundee
• Located 10km along strike from the

Jundee Gold Mine

• Mapping and auger sampling completed
with targets identified along the Jundee
mine sequence

Eastern Mafic
• A very large mafic intrusion located
7km from Mt Venn and associated
with the same magmatic event

• The Eastern Mafic appears to represent
a circular, pipe-like body or ‘chonolith’
intrusion with feeder structures
associated with the craton-scale
Yamarna shear zone

• The potential discovery of a chonolith
and feeder structures is significant as
many globally-significant magmatic
nickel sulphide orebodies occur within
these intrusions

• Strong late time conductors have been
identified along the intrusion length and
along the eastern feeder structure over
a 6km strike length

•

Initial drilling has confirmed bedrock
sulphide mineralisation as the source
of the EM conductors

Initial assay results indicate the Eastern
Mafic represents a more nickel rich part
of the magmatic system

Great Boulder Resources Limited - Annual Report 20181. Chairman’s Letter

Dear Shareholder

I am pleased to present the Company’s FY18 annual report, its second since
listing on the ASX.

This year the Company again followed its strategic plan as outlined in the
prospectus. Exploration plans have been implemented at Yamarna-Mt Venn,
Tarmoola, and Jundee South. Following a review of the Company’s asset
portfolio it was decided to withdraw from the Balagundi and Broadwood gold
joint ventures to focus on the successful copper, nickel, cobalt exploration
strategy in the Mt Venn-Yamarna region.

The Managing Director’s report goes into further detail on these projects.

A significant development in the second year of operation is drilling a large
sulphide mass that was the source of an airborne EM response detected by
Gold Road and confirmed by ground EM survey. This sulphide mass hosts
copper, nickel and cobalt mineralisation and is referred to as the Mt Venn
project. The sulphide mass occurs in multiple lenses and has now been
defined over a 1km strike length.

Another significant milestone in our second year of operation has been
the identification of the Eastern Mafic complex through a gravity survey.
Subsequent aircore drilling and ground based EM survey of the gravity
defined intrusion established over 40 EM anomalies with likely sulphide
sources and associated with anomalous nickel, and copper geochemistry.

Drill testing of these EM anomalies has commenced and the initial drill
results confirm massive sulphide sources and initial assays show a
magmatic base metal system similar to Mt Venn albeit the nickel content
and tenor appears materially higher. Like the Mt Venn project there is a
requirement for downhole EM surveying to correctly locate the centre of the
sulphide response for further drill testing which is currently underway.

It is now clear there are two sulphide phases at both Mt Venn and the
Eastern Mafic projects; an initial magmatic sulphide phase with higher nickel
tenor and a subsequent host rock sulphide contamination that generates
pyrrhotite and dominates the EM response. We are continuing to develop
our understanding of this system so we might locate a nickel rich primary
magmatic sulphide accumulation at the Eastern Mafic and expand the
copper-rich Mt Venn system.

We completed further exploration at our Tarmoola and Jundee projects where
surface geochemistry, further geological mapping and high-grade surface
samples have defined targets for drill testing. The company continues to
review gold and base-metal opportunities, primarily in Western Australia,
with a view to acquiring and developing complimentary assets, such as the
Mt Carlon project acquired under option from Gold Road Resources.

The Directors are excited with progress being made to date and look forward
to the results of the next year’s exploration work programmes.

I thank our directors, officers, staff, advisers and contractors for their tireless
hard work in FY18 and their support of the Company goals and I look forward
to their same commitment in FY19.

Gregory Hall
Chairman

Great Boulder Resources Limited - Annual Report 20182. Review of Operations

Mt Venn Copper-Nickel

Background

The Mt Venn Project is located 130 km east of Laverton in the Eastern
Goldfields District of Western Australia and consists of six granted
exploration licences and one granted prospecting license. Great
Boulder holds a 75% interest in the Mt Venn Project through a Joint
Venture agreement with Eastern Goldfields Mining Company Pty Ltd
(EGMC). Both Great Boulder and EGMC are contributing to project
expenditure on a pro-rata basis, equal to their equity interest (75:25).

The Mt Venn Project lies immediately west of the
Yamarna greenstone belt and covers the southern
extensions of the Mt Venn igneous complex. The
Eastern Mafic complex, located 7km south-east
from Mt Venn, was identified in early 2018 as
potentially part of the same magmatic event as Mt
Venn, but formed earlier and closer to the source
of the intrusion. Exploration activities during
2018 have confirmed the Eastern Mafic complex
represents a large sulphide bearing mafic intrusion
that is most likely part of the same magmatic event
as Mt Venn.

In March 2017 Great Boulder entered into various
access agreements with the Gruyere Joint
Venture which cover the Mt Venn Project. These
agreements cover the joint use of Gruyere JV
transport, access and water infrastructure. The
installation of this infrastructure commenced
during FY18, with road upgrades and gas pipeline
installation completed on the Mt Venn project.
Water and power installation also commenced
during FY18 and is expected to be completed on
the Mt Venn Project during the first half of FY19.

Figure 1.
Geological interpretation of the Mt Venn
and Eastern Mafic complexes.

Great Boulder Resources Limited - Annual Report 2018
2. Review of Operations

(continued)

Mt Venn Copper-Nickel-Cobalt Project
Extensive copper, nickel and cobalt mineralisation has been
discovered at the Mt Venn and Eastern Mafic complexes. Great
Boulder has defined copper dominant mineralisation along the
western Mt Venn trend and identified a more nickel rich part of
the system at the Eastern Mafic.

During the reporting year, Great Boulder received
Ministerial approvals to commence exploration activities
at the Mt Venn project. In early September 2017 a ground
based moving loop EM (MLEM) survey and concurrent
aircore geochemistry program commenced, the first
exploration activities undertaken by Great Boulder.

The MLEM survey identified a significant number of
EM conductors over the 7.5km-long survey area of the

Mt Venn intrusion which showed a strong, late-time
response indicative of a bedrock source.

Aircore drilling defined a very discrete copper-nickel-cobalt
bedrock trend associated with the peak MLEM conductor
trend. The geochemical anomaly extends a further 1.2km
north of the survey area where some of the strongest
copper results and associated nickel, zinc and silver were
also returned.

Figure 2.
Mt Venn aircore end of hole copper (LHS) and nickel (RHS)
grades shown over Channel 30 MLEM response.

Great Boulder Resources Limited - Annual Report 2018
2. Review of Operations

During October, Great Boulder completed its
maiden RC drilling program at Mt Venn, targeting
conductors identified from the MLEM survey
and successfully discovering a significant new
copper-nickel-cobalt sulphide system.

Drilling intersected wide zones of shallow
sulphide mineralisation over an extensive strike
length and open in all directions. There is also
very little cover or weathering profile at the Mt
Venn deposit, with fresh sulphide extending to
surface along the central zone where the bulk of
mineralisation has been intersected to date.

Mineralisation is typically wide and steeply
dipping to the east and copper-dominant, with
distinct nickel-cobalt rich zones. Two holes
were also drilled north of the EM survey area
to test a zinc, lead and silver aircore anomaly.
17MVRC004 was drilled under the main zinc-lead
aircore anomaly and returned a highly anomalous
2m at 2.1% Zn from 58m.

Follow-up RC and initial diamond drilling was
completed in December. This drilling focused
on strike and dip extensions to the central
mineralised zone as well as testing DHEM
conductor plates and magnetic targets along the
broader Mt Venn trend.

Assays reaffirmed the presence of extensive,
shallow nickel-copper-cobalt mineralisation
within the central zone at Mt Venn. They also
confirmed the presence of multiple, steeply-
dipping lenses, increasing the contained metal
per vertical metre and thus the development
potential of Mt Venn.

Significant assay results from the October and December drilling
programs include:

17MVRC001
– 18m at 0.8% Cu, 0.1% Ni, 0.02% Co from 187m (downhole)

17MVRC007
– 61m at 0.5% Cu, 0.15% Ni, 0.05% Co from 86m (downhole)

17MVRC015
– 48m at 0.8% Cu, 0.2% Ni, 0.07% Co from 103m (downhole)

• including 3m at 1.3% Cu and 5m at 1.0% Cu
• including 6m at 0.7% Cu, 0.3% Ni and 0.10% Co

17MVRC017
– 15m at 0.5% Cu, 0.2% Ni, 0.05% Co from 24m (downhole)
– 16m at 0.6% Cu, 0.1% Ni and 0.04% Co from 62m (downhole)
– 10m at 0.8% Cu, 0.2% Ni, 0.06% Co from 90m (downhole)

17MVDD001
– 33m at 0.5% Cu, 0.1% Ni, 0.05% Co from 76m (downhole)

17MVDD002
– 26.2m at 0.5% Cu, 0.2% Ni, 0.06% Co from 12.3m (downhole)
– 13.9m at 0.5% Cu, 0.2% Ni, 0.05% Co from 47m (downhole)

17MVDD003
– 12.4m at 0.7% Cu, from 97.3m (downhole)
– 4.4m at 1.7% Cu from 142.4m (downhole)

17MVRC021
– 8m at 0.3% Cu, 0.3% Ni, 0.09% Co from 25m (downhole)
– 20m at 0.6% Cu, 0.1% Ni, 0.04% Co from 153m (downhole)

• Including 6m at 1.1% Cu

17MVRC022
– 6m at 0.7% Cu, 0.1% Ni, 0.03% Co from 52m (downhole)
– 18m at 0.7% Cu, 0.2% Ni, 0.05% Co from 92m (downhole)

17MVRC028
– 22m at 0.5% Cu, 0.2% Ni, 0.05% Co from 129m (downhole)

17MVDD001
Massive pyrrhotite
with chalcopyrite at
105m downhole.

17MVRCD008
Semi-massive and
stringer pyrrhotite
with chalcopyrite at
113m downhole.

17MVDD003
Western copper zone with
interstitial chalcopyrite and
pyrrhotite within very coarse-
grained gabbro (108m).

17MVDD002
Stringer chalcopyrite
and pyrrhotite
mineralisation (109m).

Great Boulder Resources Limited - Annual Report 20182. Review of Operations

(continued)

Mt Venn Copper-Nickel-Cobalt Project (continued)
In light of these results, Phase 3 in-fill and extensional drilling at Mt Venn was completed in March and April 2018.
Drilling continues to return significant intervals of copper, nickel and cobalt mineralisation and importantly has
demonstrated extensive strike potential (Figure 3 below).

Figure 3.
Mt Venn RC and Diamond drill program - Drill results and DHEM
conductor plates over RTP 1VD magnetic image. Holes drilled in
the 2018 Phase 3 program are prefixed with “18”.

Great Boulder Resources Limited - Annual Report 2018
Eastern Mafic Complex
Early in 2018, Great Boulder commenced exploration activities
over the Eastern Mafic complex, located 7km south-east from
the Mt Venn copper-nickel-cobalt discovery.

Initially, a gravity survey was completed that identified
an extremely large intrusive body measuring 4km long
(north-south) by 3km wide (east-west), and extending
several kilometres further along interpreted structures.

Results from the gravity survey, when combined with
previous surface sampling and knowledge of the ore-
forming system at Mt Venn, indicated the Eastern Mafic
formed during the same magmatic event as Mt Venn but
may represent the more nickel rich part of the system.

Figure 4.
Bouguer Gravity image showing Mt Venn and Eastern Mafic intrusive
complexes with bounding structures. Inset shows gravity survey area
(red) and Yamarna tenement boundary (white).

Great Boulder Resources Limited - Annual Report 2018
2. Review of Operations

(continued)

Eastern Mafic Complex (continued)
An airborne EM survey was flown in April 2018, covering
55km2 targeting massive sulphide mineralisation associated
with the Eastern Mafic complex. Over 400 line-kilometres
were flown by helicopter on 150m spaced east-west lines at
an approximate flying height of 30m.

The airborne EM survey was highly successful in identifying
late-time conductors, indicative of a bedrock source.

The airborne EM conductors were much more extensive
than initially anticipated, with the core of the intrusion
hosting a 4km long x 1.5km wide trend of conductors.
A separate trend of conductors was identified along a major
south-east trending structure interpreted as a potential
feeder or conduit into the intrusive complex.

Figure 5.
Airborne EM late-time
(Channel 30) response.
Core of the intrusion
has the greatest
concentration of
strong conductors over
4km strike with more
conductors located
along the eastern shear.

Great Boulder Resources Limited - Annual Report 2018
Great Boulder completed a 226-hole aircore drilling program over the Eastern Mafic complex to map bedrock geochemistry
and determine areas of elevated copper, nickel and cobalt. Where aircore drilling crossed or is in close proximity to a
conductor identified in the airborne EM survey, elevated copper and nickel values were returned.

Figure 6.
Aircore maximum downhole copper (left) and nickel
(right) over late-time (channel 30) airborne EM image.

Following the successful airborne EM and
aircore geochemistry programs, a ground
based moving loop EM (MLEM) survey was
undertaken in the June quarter, identifying
more than 40 strong conductors.

The maiden RC and diamond drilling program
to test the extensive MLEM conductors at the
Eastern Mafic commenced post FY18 year
end. Drilling has established sulphides are the
source of the conductors and no sedimentary
or other rock types that may give spurious EM
results have been intersected.

Great Boulder Resources Limited - Annual Report 2018
2. Review of Operations

(continued)

Eastern Mafic Complex (continued)
Assay results from two holes at the Zermatt prospect show
a distinct improvement in the nickel grade and tenor (total
nickel in 100% sulphide) compared with the adjacent Mt
Venn discovery. These results are important as it validates
Great Boulder’s view that the Eastern Mafic represents an
earlier part of the magmatic system and is more prospective
for nickel mineralisation.

The results from the first pass drilling show the modelled
MLEM conductor plates are generally in the right location
but lack the level of detail needed to accurately target drill
holes. A DHEM survey will be completed in the September
quarter of FY19 to better define conductor plates for follow-
up drilling. Several off-hole conductors have been modelled
which the first pass drilling either missed or intersected only
on the edge of a sulphide body.

Figure 7.
MLEM late time (Ch. 35) showing modelled MLEM conductor plates and drill hole collar location.

Great Boulder Resources Limited - Annual Report 2018
Preliminary Metallurgy Testwork
Initial metallurgical trials have been completed on a composite
sample from diamond drill hole 17MVDD002 representing a
massive nickel-cobalt (pyrrhotite) zone at the Mt Venn deposit.
These initial trials aimed to investigate possible metallurgical
flowsheet options and demonstrate the ability to leach the
massive pyrrhotite and produce separate nickel, cobalt and
copper products.

A summarised flowsheet is outlined below.

ORE

Crush /
Grind

Copper
Rougher
Flotation

Copper
Cleaner
Flotation

Nickel/Cobalt
+/- Cu
Flotation

Nickel/Cobalt
+/- Cu
Leaching

Tailings

Residue

Copper
Concentrate

Copper
Recovery

Nickel & Cobalt
Products

Nickel/Cobalt
Recovery

Effluent

Figure 8.
Simplified Flowsheet for Mt Venn
Metallurgical Testwork (17MVDD002).

Preliminary results indicate:

• Moderate to low hardness and grindability (Bond Work index

of 12.8 kWh/t)

• Copper is contained mainly in chalcopyrite (+/- covellite) while
nickel and cobalt are included in the pyrrhotite matrix in solid
solution (minor pentlandite).

• Chalcopyrite can be floated selectively from pyrrhotite

to separate copper from other base metals into a bulk Cu
concentrate that can be further cleaned to produce saleable
copper concentrate.

• Nickel and cobalt (and approximately 10% of the copper) are
recovered into a pyrrhotite concentrate which is sent to a
hydrometallurgical circuit for leaching metals into solution.

• Reject tail from copper cleaning stage is combined with the
pyrrhotite concentrate to capture all base metals that were
floated and then rejected in cleaner flotation.

• Two leaching options have been tested – atmospheric oxidative
leaching (at 90 deg C) and pressure oxidation (at 105 and 150
deg C). Preliminary results indicate high extractions of about
90% can be obtained for nickel, cobalt and copper under both
test conditions.

• Copper will be recovered into a sulphide product that will

be mixed with copper flotation concentrate to maximise the
overall copper recovery and concentrate grade.

• Nickel and cobalt will be separated by solvent extraction (SX)
to generate individual chemical grade sulphate products for
both metals.

The testwork is not considered representative of the entire
mineralised system as the primary purpose was to test
hydrometallurgical processes for leaching pyrrhotite. As
the project develops further tests will be undertaken on the
various copper, nickel and cobalt mineralised domains at Mt
Venn and the Eastern Mafic.

Great Boulder Resources Limited - Annual Report 2018
2. Review of Operations

(continued)

Expansion Projects - Mt Carlon
Post year end Great Boulder entered into an Option Agreement with
Gold Road Resources to acquire the Mt Carlon project (Exploration
Licence E38/2902), located 60km south of the Company’s Mt Venn
copper-nickel-cobalt project in Western Australia.

Mt Carlon was identified as part of a regional review to
identify potential mafic intrusions that may host magmatic
nickel-copper-cobalt sulphide mineralisation.

The Mt Carlon greenstone belt represents an approximately
17km long, roughly north-south trending isolated block inlier
to the immediate west of the Yamarna Shear Zone. Importantly
the Mt Carlon belt lies within a correlative stratigraphic
position to Mt Venn and the Eastern Mafic Complex.

Mt Carlon consists of several packages of rocks juxtaposed by
thrusting/faulting. The western side of the belt is comprised of
a sequence of intercalated mafic rocks (predominantly basalt
and dolerite) and narrow, highly magnetic BIF units.

The eastern side of the belt is dominated by a massive basalt
unit with minor internal dolerite and gabbroic units.

Geophysical interpretation has identified two particular areas
of interest. On the eastern flank of the belt a coincident
magnetic-gravity high indicates the potential for a buried
mafic intrusive unit that remains untested by drilling. Further,
within the centre of the belt, a distinct ultramafic unit is
interpreted to have intruded the sequence. Significantly
aircore drilling has identified a zone of Ni enrichment within
this unit that has yet to be followed up.

Both these units provide targets for nickel-copper-cobalt
sulphide mineralisation

Figure 9.
Location map of Mt Venn and Mt Carlon projects over regional magnetic image (LHS).
Geology map of Mt Carlon project showing Mafic intrusion and Ultramafic nickel targets (RHS).

Gold Road has granted Great Boulder an Option to acquire
100% of E38/2902 at any time up until 10 August 2019. In
granting the Option, Great Boulder has agreed to meet all
statutory expenditure commitments for the 2019 Financial Year.

any minerals extracted from E38/2902. Gold Road will also be
granted the right to acquire any gold discovery defined on the
E38/2902 for three times the attributable expenditure, subject
to a minimum JORC compliant resource 50,000 ounces.

Should Great Boulder elect to exercise its Option to acquire
E38/2902, Gold Road will receive a 2% Net Smelter Royalty on

Great Boulder Resources Limited - Annual Report 2018
Tarmoola
The Tarmoola project is located approximately 40 km northwest of
Leonora and in close proximity to King of the Hills (15km east) and
Thunderbox (40km north) gold mines. The Tarmoola project consists
of two exploration and 19 prospecting licences. Great Boulder has
executed a JV agreement with EGMC to earn a 75% interest in the
Tarmoola project by funding a $1,400,000 exploration program
over five years.

Tarmoola is located within the Sons of Gwalia Domain of the
Leonora greenstone belt and is composed predominantly
of basalt, with lesser dolerite, komatiite, and interflow
sedimentary units. A kilometre-scale internal granitoid
intrudes the central portion of the project area. Several
historical gold deposits are located around the margin of the
Tarmoola project, associated with differentiated granitoid
intrusions along northwest trending regional structures (e.g.
Diorite King, Victory and Mount Stirling).

Great Boulder completed surface sampling and geological
field mapping at Tarmoola during the reporting period that
identified the regionally significant Ursus Fault, which is
considered a key gold bearing structure at the +2Moz King of
the Hills gold mine. The Ursus fault was mapped extending
over 3km within the Tarmoola project, and the high-grade
gold results were coincident with the Marionette shear zone,
interpreted as a splay off the Ursus Fault.

Over 80 surface samples were collected along the eastern
outcropping margin of the Tarmoola project. Surface samples
were collected from outcrop as well as historical workings.

A significant zone of high grade mineralisation has been
delineated over a 2km strike length, predominantly in
quartz veins within the historical Marionette workings.
The mineralisation sits along a northwest splay of the
Ursus Fault (Marionette shear zone).

Significant rock chip results include:

• 23.9g/t Au: Quartz vein in historical workings

• 17.3g/t Au: Quartz vein in historical workings

• 12.7g/t Au: Mafic schist and quartz veining in a small working

• 9.1g/t Au: Hematitic shaft spoil and quartz veining

Gold mineralisation appears restricted to within 500m of
the Ursus Fault and along the northwest trending Marionette
shear zone. Historical gold workings are limited to the
Marionette group where a number of small scale diggings
are aligned along the NW-SE striking Marionette shear zone.
The shear zone strikes for 700m and potentially links with a
similarly oriented reef and shear zone over 1km along strike
to the southeast. Surprisingly no historical drilling has been
completed in the hanging wall of the Marionette shear.

Great Boulder Resources Limited - Annual Report 20182. Review of Operations

(continued)

Tarmoola (continued)
A shallow group of workings returned 9.06g/t Au and on the
north side of the Ursus Fault is another significant rock chip
sample of a quartz reef next to a NE-striking dolerite which
returned 2.43g/t Au. These results are all within 500m of
the Ursus Fault and are most likely sited on shear zones
splaying off the Ursus Fault.

Following the identification of mineralised structures at
Tarmoola, a soil sampling program targeting the trend of
high grade gold rock chips associated with the Ursus Fault
and Marionette shear was completed. A total of 1,022
soil samples were collected over a 200m x 25m grid that
highlighted two zones of anomalous gold.

The first target is at the intersection of the Ursus and
Marionette shear and extending into the hangingwall where
elevated gold in soil (peak 76ppb Au) and rock chips (peak
23.9g/t Au) were returned. Elevated arsenic occurs along
the Ursus Fault, indicating the presence of a hydrothermal
fluid pathway.

The second target area has a very coherent gold in soil
anomaly for approximately 1km along the Marionette
shear zone, with a peak grade of 158ppb Au and strong
geochemical pathfinder association.

Figure 10.
Tarmoola mapping and gold surface samples
showing target areas (red) around the Ursus.

Great Boulder Resources Limited - Annual Report 2018To better define the targets
prior to drilling, in-fill geological
mapping was undertaken over the
greenstone sequence at Target
1 and 2 where soil sampling and
rock chip sampling has identified
anomalous gold.

In the Target 1 area, a review of
structures associated with surface
quartz veining and associated
historical workings shows a
change in strike orientation as the
Marionette shear zone approaches
the Ursus Fault. The intersection
of the Marionette shear zone and
Ursus Fault is hidden under recent
sedimentary cover with mapping
and soil sampling not effective.

In the Target 2 area, dolerite
intrusions and quartz veining were
identified within the host basalt
that are coincident with anomalous
gold in soil samples. These
anomalous trends were infilled
with further soil sampling during
the quarter to better define targets
for drill testing.

Great Boulder is now assessing
an RC drill program to test the
mineralised sections of the
Marionette shear zone and
intersection with the Ursus Fault.

Figure 11.
Tarmoola soil sampling showing gold results over geology map.

Figure 12.
Tarmoola surface geology map showing soil sample gold results.

Great Boulder Resources Limited - Annual Report 20182. Review of Operations

(continued)

Jundee South
Jundee South is located 10km along strike south of the
Jundee gold mine (+6 million ounces of gold produced since
1995) in the Eastern Goldfields District of Western Australia.

Great Boulder owns a 100% interest in the Jundee South
project (E53/1101). A third-party vendor retains a 0.5%
Net Smelter Return Royalty on any gold produced from
Jundee South. In June 2018, Great Boulder applied for an
extension of term for the Jundee South Exploration Lease
with the decision pending.

internal granodiorite that has intruded the greenstone
sequence in the west of the project. Dolerite sills that are
key host rocks for gold mineralisation in the Jundee mine
sequence extend south from the mine area into Great
Boulder’s Jundee South project

The prospectivity of the Jundee South project is further
enhanced by Northern Star’s ongoing exploration
success within its nearby Jundee operations, where new
discoveries are being made within the Jundee Dolerite

Jundee South lies within the northern portion of the Yandal
greenstone belt and within the structural hangingwall of
the Nimary Fault. This Archaean sequence is dominated by
mafic-ultramafic volcanic rocks interbedded with meta-
sediments, mafic intrusives along with a kilometre-scale

During the reporting period Great Boulder completed a field
mapping and surface sampling program at Jundee South.
Following a review of the data, Great Boulder undertook a
close-spaced auger geochemistry program to test for gold
anomalism associated with the Jundee Dolerite.

Figure 13.
Northern Star and Great Boulder tenement map for Jundee, showing mine locations and recently
announced significant intersections by Northern Star (background 1VD RTP magnetic image).

Great Boulder Resources Limited - Annual Report 20182. Review of Operations

The auger geochemistry program generated three primary
target areas with anomalous gold (+/- arsenic). Target 1 is
located immediately west of an area previously drilled by
Great Boulder in April 2017 and in close proximity to gold
nuggets discovered and reported in November 2016.

The area covered by Target 1 has existing Aboriginal
Heritage clearance in place, therefore a small aircore
drilling program was undertaken to test for supergene gold
that may point towards a primary gold source associate
with the interpreted north-south structures intersecting
the Jundee Dolerite sequence. No significant gold assay
results were returned from this drilling.

Once an extension of term for the Jundee South tenement
is granted, Great Boulder intends to test other gold targets
identified from the auger geochemistry program.

Figure 14.
Jundee South Auger (left) and aircore drilling (right) over geology map.

Great Boulder Resources Limited - Annual Report 20183. Corporate Activities

Great Boulder successfully raised $2.5m (before costs) via a
share placement at 27₵ per share. The funds are to be applied
to a maiden drill program at the Eastern Mafic and extensional
drilling at the Mt Venn discovery, as well as continued
metallurgical testwork.

At the end of FY18 Great Boulder was fully funded for its
exploration and development activities with $3.7m in cash.

The following changes occurred to the issued capital of Great
Boulder during the FY18:

• Exercise of 2,206,857 options and allotment of shares

Post FY18 year end, on 16 July 2018 an additional 250,000
options were exercised and shares allotted. The issued share
capital of the Company at the date of this report is:

Class of Securities

Issued Capital

Ordinary fully paid shares

• Quoted on the ASX

• Escrowed (18 Nov. 2018)

Unlisted Options (exercisable at $0.20
and expire 18 Nov. 2020)

Unlisted Performance Rights

80,110,117

59,825,474

20,284,643

35,629,893

2,000,000

Competent Person’s Statement

Exploration information in this Annual Report is based upon work undertaken by Stefan Murphy whom is a Member of the Australasian Institute of
Geoscientists (AIG). Mr Stefan Murphy 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 Stefan Murphy is Managing Director of Great Boulder and consents to the inclusion in the
report of the matters based on their information in the form and context in which it appears.

Forward Looking Statements

This Annual Report is provided on the basis that neither the Company nor its representatives make any warranty (express or implied) as to the accuracy,
reliability, relevance or completeness of the material contained in the Annual Report and nothing contained in the Annual Report is, or may be relied upon
as a promise, representation or warranty, whether as to the past or the future. The Company hereby excludes all warranties that can be excluded by law.
The Annual Report contains material which is predictive in nature and may be affected by inaccurate assumptions or by known and unknown risks and
uncertainties, and may differ materially from results ultimately achieved.

The Annual Report contains “forward-looking statements”. All statements other than those of historical facts included in the Annual Report are forward-
looking statements including estimates of Mineral Resources. However, forward-looking statements are subject to risks, uncertainties and other factors,
which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks
include, but are not limited to, copper, gold and other metals price volatility, currency fluctuations, increased production costs and variances in ore grade
recovery rates from those assumed in mining plans, as well as political and operational risks and governmental regulation and judicial outcomes. The
Company does not undertake any obligation to release publicly any revisions to any “forward-looking statement” to reflect events or circumstances
after the date of the Annual Report, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. All
persons should consider seeking appropriate professional advice in reviewing the Annual Report and all other information with respect to the Company and
evaluating the business, financial performance and operations of the Company. Neither the provision of the Annual Report nor any information contained in
the Annual Report or subsequently communicated to any person in connection with the Annual Report is, or should be taken as, constituting the giving of
investment advice to any person.

Great Boulder Resources Limited - Annual Report 2018Appendix 2 – Tenement Schedule

Project

Yamarna

Tenement Number

E38/2320

E38/2685

E38/2952

E38/2953

E38/2957

E38/2958

P38/4178

E38/3340

Status

Granted

% Held

% Earning

GBR Status

75%

Application

100%

Mt Carlon

E38/2902

Granted

Option to acquire 100%

Jundee South

E53/1101

Granted

100%

Tarmoola

P37/8935

E37/1241

E37/1242

P37/8667

P37/8668

P37/8669

P37/8670

P37/8671

P37/8672

P37/8673

P37/8674

P37/8675

P37/8676

P37/8677

P37/8678

P37/8679

P37/8680

P37/8681

P37/8682

P37/8683

P37/8684

P37/8685

Granted

100%

75%

Great Boulder Resources Limited - Annual Report 201820

Great Boulder Resources Limited - Annual Report 20184. Directors’ Report

Your directors have pleasure in presenting their report, together with the financial statements, for the year ending 30 June 2018
and the auditor’s report thereon.

Directors
The names of the directors of Great Boulder Resources Limited during the financial period and to the date of this report are:

Gregory C Hall

(Non-Executive Chairman)

Stefan K Murphy

(Managing Director)

Murray E Black

(Non-Executive Director)

Melanie J Leighton

(Non-Executive Director)

Directors have been in office since the start of the financial period to the date of this report unless otherwise stated.

Directors’ Information

Gregory C Hall, Non-Executive Chairman

Greg Hall is a director of Golden Phoenix International Pty Ltd a geological consulting company. Greg was Chief Geologist for the
Placer Dome Group from 2000 to 2006. He managed Placer Dome’s exploration activity in China from 1993 to 2001. Before joining
Placer Dome in 1988, he managed exploration in Western Australia for CSR Limited. He made significant contributions to the
discovery of Rio Tinto’s Yandi iron ore mine in the Pilbara region of Western Australia and to Gold Fields’ Granny Smith gold mine
in WA including Keringal, Wallaby and Sunrise satellite gold mines. He was educated at the University of New South Wales and
graduated with Bachelor of Applied Science (First Class Honors) in 1973.

Stefan K Murphy, Managing Director

Stefan Murphy has 18 years’ experience as a geologist and planning engineer in the mining industry and more recently in financial
advisory and equity capital markets. His technical background covers 10 years ‘experience, initially working within BHP Billiton’s
iron ore and bauxite mining divisions before moving into gold mining with Goldfields Limited in Western Australia. In 2006, Mr
Murphy gained exploration experience with Corvette Resources, focused on gold and mineral sands exploration in the Albany Fraser
region and throughout Australia. In 2009, he joined PwC, focused on foreign inbound investment into Australian mining projects.
Mr Murphy joined RFC Ambrian in 2012, providing both technical and financial advice on corporate transactions and financing for
corporates and investors, based in London and Perth. In September 2016 Mr Murphy joined Great Boulder as Managing Director.

Stefan holds a Bachelor of Science (Geology and Environmental Geoscience) from the University of Western Australia and a Master
of Business Administration from Curtin University.

Murray Edward Black, Non-Executive Director

Mr Black has over 40 years’ experience in the mineral exploration and mining industry and has served as an Executive Director and
Chairman for several listed Australian exploration and mining companies. He owns and manages a substantial private Australian
drilling business, has interests in several commercial developments and has significant experience in capital financing. Mr Black
has acquired and managed the exploration projects described in this document over a 20 year period. Mr Black was a founding
director and is currently the Non-executive chairman of ASX listed company Hot Chili Limited.

Melanie J Leighton, Non-Executive Director

Melanie Leighton holds a degree in Geology from the University of Western Australia is a Member of the AIG and has greater than
18 years’ experience within the mineral exploration industry. She currently holds the position of General Manager- Technical
Services with Hot Chili Limited. Since 2011 Mrs Leighton has managed and coordinated resource estimation, land management,
systems development, data integration, and stakeholder relations for Hot Chili. Prior to her time with Hot Chili, Melanie held senior
geological roles with Northwest Resources, Hill 50 Gold and Terra Gold gaining practical and management experience within the
areas of exploration, mining and resource development. Mrs. Leighton has extensive experience in mineral exploration, resource
development and project feasibility studies.

Great Boulder Resources Limited - Annual Report 2018
4. Directors’ Report

(continued)

Corporate Information
Great Boulder Resources Limited is a company limited by shares and is domiciled in Australia.

Principal Activities
During the year, the company was principally involved in mineral exploration in Western Australia.

Results of Operations
The results of the company for the year ended 30 June 2018 was a loss of $1,372,170 (2017: loss $697,578).

Dividends
No dividends were paid or declared since the end of the previous year. The directors do not recommend the payment of a dividend.

Review of Operations
Refer to Operations Report on pages 3 to 17.

Significant Changes in the State of Affairs
There were no significant changes to the state of affairs, during or subsequent to the end of the reporting period, other than what
has been reported in other parts of this report.

Matters Subsequent to the End of the Financial Year
On 16 July 2018 the company issued 250,000 fully paid ordinary shares as a result of unlisted options being exercised.

On 26 September 2018 the company confirmed that it had earned a 75% Joint Venture (JV) interest in its Yamarna JV and it will
participate in the Yamarna JV with a 75% interest and its JV partner Eastern Goldfileds Mining Company Pty Ltd holding a 25% interest.
It also confirmed it had withdrawn from the Balagundi and Broadwood JVs with Eastern Goldfields Mining Company Pty Ltd.

The company also announced on 26 September 2018 that it has entered into a term sheet with Gold Road (South Yamarna) Pty
Ltd where the company has acquired an option to acquire 100% of Exploraiton Licence 38/2902. The option fee is meeting the
minimum expenditure requirement on the tenement being $108,000 to 30 June 2019.

There were no significant changes to the state of affairs, during or subsequent to the end of the reporting period, other than what
has been reported in other parts of this report.

Likely Developments and Expected Results of Operations
Further information on the likely developments in the operations of the company and the expected results of operations have been
included in the review of operations.

Corporate Governance Statement
The Board is responsible for the overall corporate governance of the company, and it recognises the need for the highest standards
of ethical behaviour and accountability. It is committed to administering its corporate governance structures to promote integrity
and responsible decision making.

The company’s corporate governance structures, policies and procedures are described in its Corporate Governance Statement
which is available on the company’s website at http://www.greatboulder.com.au/corporate-governance/

Great Boulder Resources Limited - Annual Report 2018Security Holding Interests of Directors

Directors

Gregory C Hall

Stefan K Murphy

Murray E Black

Melanie Leighton

Ordinary
Shares

1,400,000

314,286

3,000,000

1,450,000

Options Over
Ordinary
Shares

Class A
Performance
Rights

Class B
Performance
Rights

2,000,000

1,057,143

3,500,000

2,000,000

1,250,000

750,000

Shares under Option
There were 35,879,893 ordinary shares under option at 30 June 2018 (2017: 38,086,750).

Shares Issued on the Exercise of Options
There were 2,206,857 ordinary shares of Great Boulder Resources Limited issued during the year ended 30 June 2018 from the
exercise of options (2017: nil).

Options Lapsed/ Cancelled During the Year
No options lapsed or were cancelled during the year (2017: nil).

Directors Benefits
Since 30 June 2018, no director of the company has received or become entitled to receive a benefit (other than a benefit included
in the aggregate amount of emoluments received or due and receivable by directors shown in the financial statements) by reason
of a contract made by the company with the director or with a firm of which he is a member, or with a company in which he has a
substantial financial interest.

Company Secretary
Melanie Ross

Ms Ross is an accounting and corporate governance professional with over 18 years’ experience in financial accounting and
analysis, audit, business and corporate advisory services in public practice, commerce and state government. She has a Bachelor
of Commerce and is a member of the Institute of Chartered Accountants in Australia and New Zealand and an associate member of
the Governance Institute of Australia.

Ms Ross is currently a director of a corporate advisory company based in Perth that provides corporate and other advisory services
to public listed companies.

Indemnification and Insurance of Directors and Officers
During the financial year, the company maintained an insurance policy which indemnifies the Directors and Officers of Great
Boulder Resources Limited in respect of any liability incurred in connection with the performance of their duties as Directors or
Officers of the company. The company’s insurers have prohibited disclosure of the amount of the premium payable and the level of
indemnification under the insurance contract.

Indemnification and Insurance of Auditor
The company has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the company
or any related entity against a liability incurred by the auditor.

During the financial year, the company has not paid a premium in respect of a contract to insure the auditor of the company or
related entity.

Great Boulder Resources Limited - Annual Report 20184. Directors’ Report

(continued)

Directors’ Meetings
The number of directors’ meetings attended by each of the directors of the company during the year were:

Director

Gregory C Hall

Melanie J Leighton

Stefan K Murphy

Murray E Black

Eligible Meetings while in office

Eligible Meetings attended

Environmental Issues
The directors advise that during the year ended 30 June 2018 no claim has been made by any competent authority that any
environmental issues, condition of license or notice of intent has been breached.

The directors have considered compliance with the National Greenhouse and Energy Reporting Act 2007 which requires entities to
report annual greenhouse gas emissions and energy use. For the measurement period, 1 July 2017 to 30 June 2018, the directors
have assessed that there are no current reporting requirements but may be required to do so in the future.

Occupational Health and Safety
Health and Safety actions are framed within the “Quality, Environment, Safety and Occupational Health Integrated Policy” that states
people´s health and safety is safeguarded within the different fields of our activity. Great Boulder Resources Limited strictly follows.
The plan covers specific areas such as the Compliance of Legal and Other Standards, Risk Assessment and Control, Occupational
Health, Emergency Response, Training, Incidents - Corrective and Preventive Action, Management of Contractors and Suppliers,
Audit and Management Review.

Proceedings on Behalf of Company
No person has applied for leave of Court to bring proceedings on behalf of the company or intervene in any proceedings to which
the company is a party for the purpose of taking responsibility on behalf of the company for all or any part of those proceedings.

The company was not a party to any such proceedings during the year.

Non-Audit Services
The Board of Directors is satisfied that the provision of non-audit services during the year is compatible with the general standard
of independence for auditors imposed by the Corporations Act 2001. The directors are satisfied that the services disclosed below
did not compromise the external auditor’s independence for the following reasons:

• all non-audit services are reviewed and approved by the directors prior to commencement to ensure they do not adversely affect the

integrity and objectivity of the auditor; and

•

the nature of the services provided does not compromise the general principles relating to auditor independence in accordance with APES
110: Code of Ethics for Professional Accountants set by the Accounting Professional and Ethical Standards Board.

Non-audit services that have been provided by the entity’s auditor, RSM Australia Partners, have been disclosed in Note 15.

Auditors Independence Declaration
The lead auditor’s independence declaration for the year ended 30 June 2018 has been received and is included within this annual report.

Great Boulder Resources Limited - Annual Report 2018REMUNERATION REPORT (AUDITED)
The information provided in this remuneration report has been audited.

Principles used to determine amount and nature of remuneration
The objective of the company’s executive reward framework is to ensure reward for performance is competitive and appropriate
for the results delivered. The Board ensures that executive reward satisfies the following key criteria for good reward governance
practises:

• competitiveness and reasonableness

• acceptability to shareholders

•

transparency

The current base remuneration pool of $300,000 for non-executive directors was set and reported in the Prospectus dated
12 September 2016. All director fees are will be periodically recommended for approval by shareholders.

The company’s policy regarding executive’s remuneration is that the executives are paid a commercial salary and benefits based
on the market rate and experience.

Details of Remuneration of the Key Management Personnel of the company
Details of the nature and amount of each element of remuneration of the Key Management Personnel of the company for the
financial year are as follows:

Short Term

Post-
Employment

Share-based
Payments

Performance
Linked

Salary
$

Fees
$

Other
Benefits
$

Superannuation
$

Performance
Rights
$

54,750

40,000

225,000

40,000

45,000

19,500

270,000

154,250

Total
$

54,750

43,800

3,800

21,375

47,948**

294,323

16.3%

3,800

4,275

43,800

49,275

19,500

33,250

47,948

505,448

9.4%

2018

Name

Gregory C Hall
(Non-Executive Chairman)

Melanie J Leighton
(Non-Executive Director)

Stefan K Murphy
(Managing Director)

Murray E Black
(Non-Executive Director)

John Sendziuk*
(Company Secretary)

Melanie Ross*
(Company Secretary)

* Resigned/Appointed 28 March 2018.

** In accordance with the requirement of AASB2 Share-based payments , the value disclosed is the portion of the fair value of the
performance rights recognised as an expense in the reporting period discounted for the probabilities of not meeting the specific
performance conditions. The amount included as remuneration is not related to nor indicative of the benefit (if any) that may ultimately
be realised should the performance rights vest.

Great Boulder Resources Limited - Annual Report 20184. Directors’ Report

(continued)

Details of Remuneration of the Key Management Personnel of the company (continued)

2017

Name

Gregory C Hall
(Non-Executive Chairman)

Melanie J Leighton
(Non-Executive Director)

Stefan K Murphy
(Managing Director)

Murray E Black
(Non-Executive Director)

John Sendziuk
(Company Secretary)

Short Term

Post-
Employment

Share-based
Payments

Performance
Linked

Salary
$

Fees
$

Other
Benefits
$

Superannuation
$

Performance
Rights
$

50,187

36,667

187,500

36,667

55,000

242,500

123,521

Total
$

50,187

40,150

3,483

17,813

35,820

241,133

14.8%

3,483

5,225

30,004

40,150

60,225

35,820

431,845

8.3%

Key Management Personnel Interests in the Shares and Options of the Company
The number of shares and options in the company held during the financial year, and up 30 June 2018, by each Key Management
Personnel of Great Boulder Resources Limited, including their personally related parties, is set out below. There were no shares
granted as compensation during the year.

2018

Gregory C Hall

Stefan K Murphy

Murray E Black

Melanie Leighton

John Sendziuk*

* John Sendziuk resigned on 28 March 2018.

2017

Gregory C Hall

Stefan K Murphy*

Murray E Black

Melanie Leighton

John Sendziuk

Balance at the
start of the year

Granted as
compensation

Other changes
during the year

Balance at the
end of the year

1,400,000

314,286

3,000,000

1,450,000

1,150,000

7,314,286

(1,150,000)

1,400,000

314,286

3,000,000

1,450,000

(1,150,000)

6,164,286

Balance at the
start of the year

Granted as
compensation

Other changes
during the year

Balance at the
end of the year

1,300,000

2,500,000

1,300,000

1,000,000

6,100,000

100,000

314,286

500,000

150,000

1,400,000

314,286

3,000,000

1,450,000

1,150,000

1,214,286

7,314,286

* Stefan Murphy was appointed on 1 September 2016.

Great Boulder Resources Limited - Annual Report 2018Options

2018

Gregory C Hall

Stefan K Murphy

Murray E Black

Melanie Leighton

John Sendziuk

2017

Gregory C Hall

Stefan K Murphy*

Murray E Black

Melanie Leighton

John Sendziuk

Balance at the
start of the year

Granted as
compensation

Other changes
during the year

Balance at the
end of the year

2,000,000

1,057,143

3,500,000

2,000,000

1,000,000

9,557,143

2,000,000

1,057,143

3,500,000

2,000,000

1,000,000

9,557,143

Balance at the
start of the year

Granted as
compensation

Other changes
during the year

Balance at the
end of the year

2,000,000

1,000,000

3,500,000

2,000,000

1,000,000

57,143

2,000,000

1,057,143

3,500,000

2,000,000

1,000,000

8,500,000

1,000,000

57,143

9,557,143

* Stefan Murphy was appointed on 1 September 2016.

Share-based compensation
Shares

No shares were issued to key management personnel as compensation during the year ended 30 June 2018.

Great Boulder Resources Limited - Annual Report 20184. Directors’ Report

(continued)

Share-based compensation (continued)
Performance Rights

During the year ended 30 June 2018 2,000,000 performance rights were granted (2017: nil). During the year ended 30 June 2018,
no performance rights were vested (2017: nil). Performance rights have been granted and remained unvested.

The fair value of the performance rights granted during the financial year was $209,600. The fair value has been discounted by
90% (Class A) and 25% (Class B) to reflect the probability of not meeting the performance condition. Expense is recognised on an
straight-line basis over the vesting period.

The value disclosed in the remuneration of key management personnel is the portion of the fair value of the performance rights
recognised as expense in each reporting period in accordance with the requirement of AASB 2.

The terms and conditions of performance rights affecting remuneration granted to key management personnel in this and future
reporting years are as follows:

Employee

No.
Performance
Rights granted

Grant
date

Vesting
conditions

Expiry
date

Exercise
price

Fair value
per option at
grant date

Value
$

Stefan Murphy – Class A

1,250,000

24/10/2017

Note 1

15/11/2018

Stefan Murphy – Class B

750,000

24/10/2017

Note 2

23/10/2019

Nil

$0.02368

29,600

$0.24

180,000

Note 1. Within the first 24 months of the company’s admission to the official list of ASX (being from 16 November 2016) the volume
weighted average price (VWAP) of Shares traded on ASX over any consecutive 3 month period is $0.50 or more.

Note 2. Within the first 36 months of the company’s admission to the official list of ASX (being from 16 November 2016), the company
delineates and announces to ASX a ‘mineral resource’ (compliant with JORC Code 2012 of greater than 500,000 ounces of contained
gold equivalent, reported at or above 0.5g/t gold equivalent.

Gold equivalent will be calculated based on the following formula:

Aueq_oz = Gm + ((Cm x Cp)/Gp)) + ((Nm x Np)/Gp)

Where:

Aueq_oz = Gold equivalent ounces
Gm = Contained gold (ounces)
Cm = Contained copper (tonnes)
Nm = Contained nickel (tonnes)
Gp = US$1,250 per ounce of gold
Cp = US$6,000 per tonne of copper
Np = US$10,000 per tonne of nickel

Any mineral resource reported to ASX by the company may either be defined from within the company’s mineral exploration projects
or acquired.

Service Contracts
Stefan Murphy - Managing Director

The company has entered into an Executive Services Agreement with its Managing Director, Mr Stefan Murphy, in relation to his
employment by the company.

The material terms of this agreement are as follows:

(a) Mr Murphy is employed as the Managing Director.

(b) Mr Murphy will be paid an annual salary of $225,000 plus statutory superannuation.

(i) 1,000,000 unlisted options exercisable at $0.20 on or before 16 November 2020; and

(ii) 1,2500,000 Class A Performance Rights and 750,000 Class B Performance Rights. Each class of Performance Rights is

subject to achieving performance hurdles.

(d) Mr Murphy’s employment may be terminated by the company giving 2 months’ notice in the first 12 months of his
employment, and 6 months’ notice thereafter. The company may otherwise terminate his employment immediately
for cause (e.g. serious misconduct).

Great Boulder Resources Limited - Annual Report 2018Non-Executive Directors
The company has entered into a letter of engagement with each Non-Executive Director confirming their appointment and terms of
the engagement.

Each Non-Executive Director is entitled to be paid an annual director’s fee as follows:

Mr Hall
Mr Black
Ms Leighton

$50,000
$40,000
$40,000

The director’s fees are exclusive of statutory superannuation.

The company has entered into a letter of engagement with Melanie Ross as Company Secretary, through Consilium Corporate Pty Ltd.
Consilium Corporate is to be paid $72,000 plus GST per annum.

Related Party Transactions
A company associated with Mr Hall, a director, Golden Phoenix International Limited was paid $54,750 (2017: $50,187) in directors
and consulting fees. No amounts were owing as at 30 June 2018 (2017: nil).

A company in which Mr Black is a director, Blue Spec Drilling Pty Ltd, was paid $1,105,629 (2017: $479,688) for drilling services. No
amounts were owing as at 30 June 2018 (2017: nil)

A company associated with Ms Ross, the company secretary, Consilium Corporate Pty Ltd was paid $19,500 (2017: nil) for corporate
secretarial and accounting fees. An amount of $6,600 was owing as at 30 June 2018 (2017: nil).

All payments were made at recognised commercial rates.

Additional information
The earnings of the company for the two years since incorporation to 30 June 2018 are summarised below:

Revenue

Expenses

EBITDA

EBIT

Loss after income tax

The factors that are considered to affect total shareholders return (‘TSR’) are summarised below

Share price at financial year end ($)

Basic earnings per share (cents per share)

[End of Remuneration Report]

2018

70,676

(1,442,846)

(1,354,619)

(1,372,170)

2017

56,871

(754,449)

(694,015)

(697,578)

0.45

(1.94)

0.15

(1.24)

This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations Act 2001.

On behalf of the directors:

Stefan K Murphy
Managing Director
Perth

26th September 2018

Great Boulder Resources Limited - Annual Report 20185. Auditors’ Independence Declaration

THE POWER OF BEING UNDERSTOODAUDIT | TAX | CONSULTINGRSM Australia Partnersis a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction. RSM Australia Partners ABN 36 965 185 036Liability limited by a scheme approved under Professional Standards LegislationRSM Australia PartnersLevel 32 Exchange Tower 2 The Esplanade Perth WA 6000 GPO Box R1253 Perth WA 6844 T +61 (0) 8 9261 9100 F +61 (0) 8 9261 9111 www.rsm.com.auINDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF GREAT BOULDER RESOURCES LIMITED OpinionWe have audited the financial report of Great Boulder Resources Limited (the Company), which comprises the statement of financial position as at 30 June 2018, the statement of profit or loss and other comprehensive income, the statement of changes in equity and the statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies, and the directors' declaration. In our opinion, the accompanying financial report of the Company is in accordance with the Corporations Act 2001, including: (i) giving a true and fair view of the Company's financial position as at 30 June 2018 and of its financial performance for the year then ended; and (ii)complying with Australian Accounting Standards and the Corporations Regulations 2001. Basis for OpinionWe conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor's report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Great Boulder Resources Limited - Annual Report 20187. Auditors Report

(continued)

Key Audit MattersKey audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial report of the current period. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Key Audit Matter How our audit addressed this matter Carrying value of exploration and evaluation expenditure Refer to Note 9 in the financial statementsThe Company has capitalised a significant amount of exploration and evaluation expenditure, with a carrying value of $3,876,500 as at 30 June 2018. We considered this to be a key audit matter due to the significant management judgments involved in assessing the carrying value of the assetsincluding:  Determination of whether the exploration and evaluation expenditure can be associated with finding specific mineral resources, and the basis on which that expenditure is allocated to an area of interest;  Assessing whether any indicators of impairment are present; and  Assessing whether exploration activities have reached a stage at which the existence of an economically recoverable reserves may be concluded. Our audit procedures in relation to the carrying value of the exploration and evaluation asset included:  Obtaining evidence that the Company has valid rights to explore in the specific area;  Enquiring with and assessing management’s basis on which they have determined that the exploration and evaluation of mineral resources has not yet reached the stage where it can be concluded that no commercially viable quantities of mineral resources exists;  Enquiring with and assessing management’s basis on which they have determined that the exploration and evaluation of mineral resources at Balagundi and Broadwood are impaired;  Enquiring with management and reviewing budgets and plans to test that the Company will incur substantive expenditure on further exploration for and evaluation of mineral resources in the specific area; and  Reviewing minutes of director meetings and ASX announcements to ensure that the Company had not resolved to discontinue activities in the specific area. Other Information The directors are responsible for the other information. The other information comprises the information included in the Company's annual report for the year ended 30 June 2018, but does not include the financial report and the auditor's report thereon. Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Great Boulder Resources Limited - Annual Report 201833

Responsibilities of the Directors for the Financial ReportThe directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error. In preparing the financial report, the directors are responsible for assessing the ability of the Company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Auditor's Responsibilities for the Audit of the Financial ReportOur objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board website at: www.auasb.gov.au/auditors_responsibilities/ar2.pdf. This description forms part of our auditor's report. Report on the Remuneration Report Opinion on the Remuneration Report We have audited the Remuneration Report included within the directors' report for the year ended 30 June 2018. In our opinion, the Remuneration Report of Great Boulder Resources Limited, for the year ended 30 June 2018, complies with section 300A of the Corporations Act 2001. Responsibilities The directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards. RSM AUSTRALIA PARTNERS Perth, WA ALASDAIR WHYTE Dated: 26 September 2018 Partner Great Boulder Resources Limited - Annual Report 20187. Directors’ Declaration

In the directors’ opinion:

•

the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards, the Corporations
Regulations 2001 and other mandatory professional reporting requirements;

the attached financial statements and notes comply with International Financial Reporting Standards as issued by the
International Accounting Standards Board as described in note 1 to the financial statements;

the attached financial statements and notes give a true and fair view of the company’s financial position as at 30 June 2018
and of its performance for the financial year ended on that date; and

•

there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

The directors have been given the declarations required by section 295A of the Corporations Act 2001.

Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act 2001.

On behalf of the directors

Stefan K Murphy
Managing Director
Perth

26th September 2018

Great Boulder Resources Limited - Annual Report 2018
8. Statement of Profit or Loss and
Other Comprehensive Income

For the year ended 30 June 2018

Interest income

Rent

Depreciation

Impairment of exploration and evaluation expenditure

Rehabilitation

Corporate fees

Employee benefits expense

Marketing

Legal costs

Travel costs

Share based payment

Plant and equipment written off

Administration expenses

Tenement management

IT consulting

Project acquisition costs

Loss before income tax

Income tax expense

Loss after income tax

Note

2018

70,676

(82,931)

(17,551)

(679,269)

(110,116)

(280,436)

(116,799)

(11,709)

(2,967)

(47,948)

(62,327)

(24,645)

(6,148)

2017

56,871

(88,399)

(3,563)

(3,325)

(22,737)

(304,162)

(83,964)

(52,711)

(23,457)

(35,820)

(12,662)

(67,631)

(25,029)

(30,989)

(1,372,170)

(697,578)

(1,372,170)

(697,578)

Other comprehensive income

Total comprehensive income attributable to members of
Great Boulder Resources Limited

(1,372,170)

(697,578)

Basic and diluted loss per share (cents)

(1.94)

(1.24)

The above Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes.

Great Boulder Resources Limited - Annual Report 20189. Statement of Financial Position

As at 30 June 2018

Current Assets

Cash and cash equivalents

Other current assets

Total current assets

Non-Current Assets

Plant and equipment

Exploration and evaluation expenditure

Total non-current assets

Total Assets

Current Liabilities

Trade and other payables

Provisions

Total current liabilities

Total liabilities

Net Assets

Equity

Contributed equity

Reserves

Accumulated losses

Total Equity

Note

2018

2017

3,693,878

4,256,267

132,714

55,264

3,826,592

4,311,531

89,213

3,876,500

3,965,713

39,317

1,719,701

1,759,018

7,792,305

6,070,549

313,833

10,192

324,025

72,644

7,468,280

5,997,905

9,268,048

6,473,451

290,768

(2,090,536)

242,820

(718,366)

7,468,280

5,997,905

The above Statement of Financial Position should be read in conjunction with the accompanying notes.

Great Boulder Resources Limited - Annual Report 201810. Statement of Changes in Equity

For the year ended 30 June 2018

Company

Balance at 1 July 2017

Loss for the year

Total Comprehensive Income for the Year

Shares issued (net of costs)

Share based payments

Contributed
Equity

Option
Reserve

6,473,451

242,820

2,794,597

Balance at 30 June 2018

9,268,048

242,820

Share Based
Payments
Reserve

47,948

Accumulated
Losses

Total Equity

(718,366)

5,997,905

(1,372,170)

2,794,597

47,948

(2,090,536)

7,468,280

Balance at 1 July 2016

1,010,856

Loss for the year

Total Comprehensive Income for the Year

Shares issued (net of costs)

Share based payments

Balance at 30 June 2017

5,462,595

6,473,451

242,820

(20,788)

990,068

(697,578)

5,462,595

242,820

(718,366)

5,997,905

The above Statement of Changes in Equity should be read in conjunction with the accompanying notes.

Great Boulder Resources Limited - Annual Report 2018

11. Statement of Cash Flows

For the Year Ended 30 June 2018

Cash Flows from Operating Activities

Payments to suppliers and employees

Interest received

Company

Note

2018
$

2017
$

(684,023)

(772,402)

98,361

27,857

Net cash used in operating activities

17(b)

(585,662)

(744,545)

Cash Flows from Investing Activities

Payments for plant and equipment

Payments for exploration and evaluation

(70,034)

(55,542)

(2,701,290)

(1,605,896)

Net cash used in investing activities

(2,771,324)

(1,661,438)

Cash Flows from Financing Activities

Proceeds from issue of shares (net of costs)

Share capital refunded

Proceeds / (repayment) of borrowings

2,794,597

5,669,596

(313,044)

(28,000)

Net cash provided by financing activities

2,794,597

5,328,552

Net increase in cash held

(562,389)

2,922,569

Cash and cash equivalents at the beginning of the financial year

Cash and cash equivalents at the end of the financial year

17(a)

4,256,267

3,693,878

1,333,698

4,256,267

The above Statement of Cash Flows should be read on conjunction with the accompanying notes.

Great Boulder Resources Limited - Annual Report 2018

12. Notes to the Financial Statements

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies have been
consistently applied to all the years presented, unless otherwise stated.

New, revised or amending Accounting Standards and Interpretations adopted
The company has adopted all of the new, revised or amending Accounting Standards and Interpretations issued by the Australian
Accounting Standards Board (‘AASB’) that are mandatory for the current reporting period.

Any new, revised or amending Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

Any significant impact on the accounting policies of the company from the adoption of these Accounting Standards and Interpretations
are disclosed below. The adoption of these Accounting Standards and Interpretations did not have any significant impact on the
financial performance or position of the company.

The following Accounting Standards and Interpretations are most relevant to the company:

AASB 9 Financial Instruments

This standard is applicable to annual reporting periods beginning on or after 1 January 2018. The standard replaces all previous
versions of AASB 9 and completes the project to replace IAS 39 ‘Financial Instruments: Recognition and Measurement’. AASB
9 introduces new classification and measurement models for financial assets. A financial asset shall be measured at amortised
cost, if it is held within a business model whose objective is to hold assets in order to collect contractual cash flows, which arise
on specified dates and solely principal and interest. All other financial instrument assets are to be classified and measured at fair
value through profit or loss unless the entity makes an irrevocable election on initial recognition to present gains and losses on
equity instruments (that are not held -for-trading) in other comprehensive income (‘OCI’). For financial liabilities, the standard
requires the portion of the change in fair value that relates to the entity’s own credit risk to be presented in OCI (unless it would
create an accounting mismatch). New simpler hedge accounting requirements are intended to more closely align the accounting
treatment with the risk management activities of the entity. New impairment requirements will use an ‘expected credit loss’ (‘ECL’)
model to recognise an allowance. Impairment will be measured under a 12-month ECL method unless the credit risk on a financial
instrument has increased significantly since initial recognition in which case the lifetime ECL method is adopted. The standard
introduces additional new disclosures. The company will adopt this standard from 1 July 2018 but the impact of its adoption is not
material for the company.

AASB 16 Leases

This standard is applicable to annual reporting periods beginning on or after 1 January 2019. The standard replaces AASB 117
‘Leases’ and for lessees will eliminate the classifications of operating leases and finance leases. Subject to exceptions, a ‘right-
of-use’ asset will be capitalised in the statement of financial position, measured as the present value of the unavoidable future
lease payments to be made over the lease term. The exceptions relate to short -term leases of 12 months or less and leases of
low-value assets (such as personal computers and small office furniture) where an accounting policy choice exists whereby either
a ‘right-of-use’ asset is recognised or lease payments are expensed to profit or loss as incurred. A liability corresponding to the
capitalised lease will also be recognised, adjusted for lease prepayments, lease incentives received, initial direct costs incurred
and an estimate of any future restoration, removal or dismantling costs. Straight-line operating lease expense recognition will be
replaced with a depreciation charge for the leased asset (included in operating costs) and an interest expense on the recognised
lease liability (included in finance costs). In the earlier periods of the lease, the expenses associated with the lease under AASB 16
will be higher when compared to lease expenses under AASB 117. However, EBITDA (Earnings before Interest, Tax, Depreciation
and Amortisation) results will be improved as the operating expense is replaced by interest expense and depreciation in profit or
loss under AASB 16. For classification within the statement of cash flows, the lease payments will be separated into both a principal
(financing activities) and interest (either operating or financing activities) component. For lessor accounting, the standard does not
substantially change how a lessor accounts for leases. The company will adopt this standard from 1 July 2019. The impact of the
new leases standard is that leased asset will be capitalised in the statement of financial position, measured as the present value
of the unavoidable future lease payments to be made over the lease term and a liability corresponding to the capitalised lease will
also be recognised, adjusted for lease prepayments, lease incentives received, initial direct costs incurred and an estimate of any
future restoration, removal or dismantling costs.

Great Boulder Resources Limited - Annual Report 201812. Notes to the Financial Statements

(continued)

(a) Basis of preparation

These general purpose financial statements have been prepared in accordance with Australian equivalents to International Financial
Reporting Standards (AIFRS), other authoritative pronouncements of the Australian Accounting Standards Board, Australian
Accounting Interpretations and the Corporations Act 2001.

These financial statements also comply with International Financial Reporting Standards as issued by the International Accounting
Standards Board.

The financial report was authorised for issue on 26th September 2018 by the Board of Directors.

The functional and presentation currency of Great Boulder Resources Limited is Australian Dollars.

The directors have prepared the financial statements on a going concern basis, which contemplates continuity of normal business
activities and the realisation of assets and extinguishment of liabilities in the normal course of business.

Historical cost convention

These financial statements have been prepared under the historical cost convention, as modified by the revaluation of available-
for-sale financial assets.

(b)

Income tax

The company adopts the liability method of tax-effect accounting whereby the income tax expense is based on the profit adjusted
for any non-assessable or disallowed items.

Deferred tax is accounted for using the statement of balance sheet liability method in respect of temporary differences arising
between the tax bases of assets and liabilities and their carrying amounts in the financial statements. No deferred income tax
will be recognised from the initial recognition of an asset or liability, excluding a business combination, where there is no effect on
accounting or taxable profit or loss.

Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or liability is settled.
Deferred tax is credited in the statement of comprehensive income except where it relates to items that may be credited directly to
equity, in which case the deferred tax is adjusted directly against equity.

The amount of benefits brought to account or which may be realised in the future is based on the assumption that no adverse
change will occur in income taxation legislation and the anticipation that the company will derive sufficient future assessable
income to enable the benefit to be realised and comply with the conditions of deductibility imposed by the law.

Revenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net of
returns, trade allowances and amounts collected on behalf of third parties. Revenue is recognised for major business activities
as follows:

Interest Income

Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the financial assets.

Other Services

Other debtors are recognised at the amount receivable and are due for settlement within 30 days from the end of the month in
which services were provided.

(d) Current and non-current classification

Assets and liabilities are presented in the statement of financial position based on current and non-current classification.

An asset is current when: it is expected to be realised or intended to be sold or consumed in normal operating cycle; it is held
primarily for the purpose of trading; it is expected to be realised within twelve months after the reporting period; or the asset is cash
or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting
period. All other assets are classified as non-current.

A liability is current when: it is expected to be settled in normal operating cycle; it is held primarily for the purpose of trading; it is
due to be settled within twelve months after the reporting period; or there is no unconditional right to defer the settlement of the
liability for at least twelve months after the reporting period. All other liabilities are classified as non-current.

Deferred tax assets and liabilities are always classified as non-current.

Great Boulder Resources Limited - Annual Report 2018(e) Exploration and evaluation expenditure

Exploration and evaluation expenditure in relation to separate areas of interest for which rights of tenure are current is carried
forward as an asset in the statement of financial position where it is expected that the expenditure will be recovered through the
successful development and exploitation of an area of interest, or by its sale; or exploration activities are continuing in an area and
activities have not reached a stage which permits a reasonable estimate of the existence or otherwise of economically recoverable
reserves. Where a project or an area of interest has been abandoned, the expenditure incurred thereon is written off in the year in
which the decision is made.

(f) Plant and equipment

Plant and equipment

Plant and equipment are measured on the cost basis less depreciation and impairment losses.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable
that future economic benefits associated with the item will flow to the company and the cost of the item can be measured reliably.
All other repairs and maintenance are charged to the statement of comprehensive income during the financial period in which they
are incurred.

Each class of plant and equipment is carried at cost or fair value less, where applicable, any accumulated depreciation and
impairment losses.

The carrying amount of plant and equipment is reviewed annually by directors to ensure it is not in excess of the recoverable amount
from these assets. The recoverable amount is assessed on the basis of the expected net cash flows that will be received from the
assets’ employment and subsequent disposal. The expected net cash flows have been discounted to their present values in determining
recoverable amounts.

Depreciation

The depreciable amount of all plant and equipment is depreciated on a diminishing value over their useful lives to the company commencing
from the time the asset is held ready for use.

The depreciation rates used for each class of depreciable assets are:

Class of Fixed Asset

Depreciation Rate

Plant and Equipment

10-33%

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date.

An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated
recoverable amount.

Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses are included in
the statement of comprehensive income.

(g) Trade and other payables

These amounts represent liabilities for goods and services provided to the company prior to the end of the financial year and which
are unpaid, together with assets ordered before the end of the financial year. The amounts are unsecured and are usually paid
within 30 days of recognition.

(h) Equity-based payments

Equity-based compensation benefits can be provided to suppliers and employees.

The fair value of options granted is recognised as an employee benefit expense with a corresponding increase in contributed equity.
The fair value is measured at grant date and recognised over the period during which the recipient becomes unconditionally entitled
to the options.

The fair value at grant date is independently determined using an option pricing model that takes into account the exercise price,
the term of the option, the vesting and performance criteria, the impact of dilution, the non-tradeable nature of the option, the share
price at grant date and expected price volatility of the underlying share, the expected divided yield and the risk-free interest rate
for the term of the option.

Great Boulder Resources Limited - Annual Report 201812. Notes to the Financial Statements

(continued)

(i)

Earnings per share

Basic earnings per share

i.
Basic earnings per share is determined by dividing the profit attributable to equity holders of the company, excluding any costs of
servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the financial
year, adjusted for bonus elements in ordinary shares issued during the year.

ii. Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after
income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average
number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares.

(j) Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker.
The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating
segments, has been identified as the board of directors.

Impairment of assets

(k)
Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are
subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying
amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds
its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the
purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows
(cash generating units).

(l) Cash and cash equivalents
Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid
investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are
subject to an insignificant risk of changes in value, and bank overdrafts.

(m) Provisions
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events, it is more
likely than not that an outflow of resources will be required to settle the obligation and the amount has been reliably estimated.

(n) GST
Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable
from the taxation. In this case it is recognised as part of the cost of acquisition of the asset or as part of the expense.

Receivables and payables are stated as inclusive of the amount of GST receivable or payable. The net amount of GST recoverable
from, or payable to, the taxation authority is included with other receivables or payables in the statement of financial position.

Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which
are recoverable from, or payable to the taxation authority, are presented as operating cash flow.

(o) Borrowings
Loans and borrowings are initially recognised at the fair value of the consideration received, net of transaction costs. They are
subsequently measured at amortised cost using the effective interest method.

Where there is an unconditional right to defer settlement of the liability for at least 12 months after the reporting date, the loans or
borrowings are classified as non-current.

The component of the convertible notes that exhibits characteristics of a liability is recognised as a liability in the statement of
financial position, net of transaction costs.

(p) Finance costs
Finance costs attributable to qualifying assets are capitalised as part of the asset. All other finance costs are expensed in the period
in which they are incurred, including interest on short-term and long-term borrowings.

Issued Capital

(q)
Ordinary shares are classified as equity.

Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from
the proceeds.

Great Boulder Resources Limited - Annual Report 20182. CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the
reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets,
liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical
experience and on other various factors, including expectations of future events; management believes to be reasonable under the
circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements,
estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and
liabilities (refer to the respective notes) within the next financial year are discussed below.

Exploration and evaluation costs

Exploration and evaluation costs have been capitalised on the basis that the company will commence commercial production in
the future, from which time the costs will be amortised in proportion to the depletion of the mineral resources. Key judgements
are applied in considering costs to be capitalised which includes determining expenditures directly related to these activities and
allocating overheads between those that are expensed and capitalised. In addition, costs are only capitalised that are expected to
be recovered either through successful development or sale of the relevant mining interest. Factors that could impact the future
commercial production at the mine include the level of reserves and resources, future technology changes, which could impact the
cost of mining, future legal changes and changes in commodity prices. To the extent that capitalised costs are determined not to be
recoverable in the future, they will be written off in the period in which this determination is made.

Share-based payment transactions

The company measures the cost of equity-settled transactions with suppliers and employees by reference to the fair value of
the equity instruments at the date at which they are granted. The fair value is determined by using either the Binomial or Black-
Scholes model taking into account the terms and conditions upon which the instruments were granted. The accounting estimates
and assumptions relating to equity-settled share-based payments would have no impact on the carrying amounts of assets and
liabilities within the next annual reporting period but may impact profit or loss and equity.

3. SEGMENT INFORMATION
The company has identified its operating segments based on the internal reports that are reviewed and used by the board of
directors (chief operating decision makers) in assessing performance and determining the allocation of resources.

The company operates as a single segment which is mineral exploration and in a single geographical location which is Australia.

INTEREST INCOME

Interest income

2018

70,676

2017

56,871

Great Boulder Resources Limited - Annual Report 2018

12. Notes to the Financial Statements

(continued)

INCOME TAX EXPENSE

(a) Reconciliation of income tax expense to prima facie tax payable

Loss before income tax

Prima facie income tax at 30% (2017: 28.5%)

Tax loss not recognised

Income tax expense

(b) Tax losses:

2018

(1,372,170)

(411,651)

411,651

2017

(697,578)

(198,810)

198,810

Unused tax losses for which no deferred tax asset has been recognised

3,498,347

718,366

Potential tax benefit @ 30% (2017: 28.5%)

1,049,504

204,734

(c) The directors estimate that the potential deferred tax asset at 30 June 2018 in respect of tax losses not brought to account is

$1,049,504 (2017: $204,734).

The benefit for tax losses will only be obtained if:

The company derives income, sufficient to absorb tax losses

ii. There is no change to legislation to adversely affect the company and its subsidiaries in realising the benefit from the deduction

of the losses.

6. CASH AND CASH EQUIVALENTS

Cash at Bank

7. OTHER CURRENT ASSETS

GST refund

Trade and other receivables

8. PLANT AND EQUIPMENT

Plant and equipment at cost

Less provision for depreciation

Reconciliations:

Plant and equipment

Carrying amount at the beginning of the year

Additions

Plant and equipment written off

Depreciation

Carrying amount at the end of the year

3,693,878

4,256,267

120,575

12,139

132,714

115,409

(26,196)

89,213

39,317

67,447

(17,551)

89,213

15,440

39,824

55,264

42,880

(3,563)

39,317

55,542

(12,662)

(3,563)

39,317

Great Boulder Resources Limited - Annual Report 2018

9. EXPLORATION AND EVALUATION EXPENDITURE

Exploration and evaluation – at cost

Carrying amount at the beginning of the year

Mining tenements purchased at cost

Capitalised mineral exploration and evaluation expenditure

Impairment of exploration and evaluation costs (i)

Carrying amount at the end of the year

2018

3,876,500

1,719,701

2017

1,719,701

109,260

2,836,068

1,610,441

(679,269)

3,876,500

1,719,701

(i) As the company has withdrawn from the Balagundi and Broadwood Joint Ventures, the capitalised mineral exploration and evaluation

expenditure in relation to these areas of interest has been impaired.

The future realisation of these non-current assets is dependant on further exploration and funding necessary to the resources or
realisation through sale.

10. TRADE AND OTHER PAYABLES
Trade payables and accruals

11. PROVISIONS
Employee entitlements

12. CONTRIBUTED EQUITY

313,833

10,192

2018

72,644

2017

No. Shares

2018

2017

(a) Ordinary Shares - fully paid

At the beginning of the financial year

68,394,000

34,102,071

Shares issued during the year

11,466,117

34,291,929

6,473,451

2,941,372

1,010,856

6,394,100

Less cost of issue

(146,775)

(931,505)

At the end of the financial year

79,860,117

68,394,000

9,268,048

6,473,451

(b) Terms and Conditions of Contributed Equity

Ordinary Shares

Ordinary shares have the right to receive dividends as declared and, in the event of winding up the company, to participate in the
proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on shares held.

Ordinary shares entitle their holder to one vote, either in person or by proxy, at a meeting of the company.

Restricted Shares

As at 30 June 2018 20,284,643 ordinary shares were in escrow.

The company’s objectives when managing capital are to safeguard their ability to continue as a going concern, so that they can
continue to provide returns to shareholders and benefits for other stakeholders and to maintain an optimal capital structure to
reduce the cost of capital.

In order to maintain or adjust the capital structure, the company may issue new shares, pay dividends or return capital to shareholders.

Capital is calculated as ‘equity’ as shown in the statement of financial position, and is monitored on the basis of funding exploration
activities.

Great Boulder Resources Limited - Annual Report 201812. Notes to the Financial Statements

(continued)

13. RESERVES AND ACCUMULATED LOSSES

(a) Accumulated losses

Accumulated losses at the beginning of the year

Net loss for the year

Accumulated losses at the end of the year

(b) Reserves

Options reserve

The options reserve is used to recognise the fair value of options issued.

As at 30 June 2018, no options to which the reserve relates have been exercised.

Balance at the beginning of the year

Share based payment expense

Share based payment - capital raising costs

Balance at the end of the year

Share based payments reserve

The share based payments reserve is used to recognise the fair value of performance
rights issued.

As at 30 June 2018, no performance rights to which the reserve relates have been exercised.

Balance at the beginning of the year

Share based payment expense

Balance at the end of the year

Movement in Unlisted Options

Balance at beginning of financial year

Issue of options attached to seed shares

Options issued during the year

Options exercised during the year

Balance at end of financial year

Listed Options

There are no listed options over ordinary shares in the company at 30 June 2018 (2017: Nil).

2018

(718,366)

(1,372,170)

(2,090,536)

2017

(20,788)

(697,578)

(718,366)

242,820

35,820

207,000

242,820

47,948

2018

Options

2017

Options

38,086,750

33,801,036

(2,206,857)

1,785,714

2,500,000

35,879,893

38,086,750

Great Boulder Resources Limited - Annual Report 2018

14. LOSS PER SHARE

2018

2017

Loss after tax attributable to the owners of Great Boulder Resources Limited

(1,372,170)

(697,578)

Basic and diluted loss per share (cents)

Unexercised options are not dilutive.

(1.94)

(1.24)

The weighted average number of ordinary shares on issue used in the calculation
of basic loss per share

The weighted average number of ordinary shares and potential ordinary shares
used as the denominator in calculating diluted loss per share

70,581,915

56,137,247

70,581,915

56,137,247

22,000

22,605

2,650

47,255

22,600

4,231

8,000

34,831

15. REMUNERATION OF AUDITORS

Remuneration of the auditor for:

– Auditing and reviewing of financial reports

– Tax services

– Independent assurance report

– Other

16. KEY MANAGEMENT PERSONNEL DISCLOSURES

(a) Directors

The following persons were directors of Great Boulder Resources Limited during the
financial year and up to the date of this report:

Gregory C Hall
Stefan K Murphy
Melanie J Leighton
Murray E Black

(Chairman)
(Managing Director)
(Non-Executive Director)
(Non-Executive Director)

(b) Company Secretary

John Sendziuk – resigned 28 March 2018
Melanie Ross – appointed 28 March 2018

ended 30 June 2018:

Short-term benefits

Post-employment benefits

Share based payments

424,250

33,250

47,948

505,448

366,021

30,004

35,820

431,845

Great Boulder Resources Limited - Annual Report 201812. Notes to the Financial Statements

(continued)

17. NOTES TO STATEMENT OF CASH FLOWS

(a) Reconciliation of Cash

For the purposes of the statement of cash flows, cash includes cash on hand and in banks and investments in money market
instruments, net of outstanding bank overdrafts. Cash at the end of the financial year as shown in the statement of cash flows is
reconciled to the related items in the statement of financial position as follows:

Cash and short term deposits

(b) Reconciliation of Net Cash used in Operating Activities to Operating

Loss for the year

Depreciation

Share based payments

Plant & equipment written off

Impairment of exploration and evaluation costs

Net cash flows from operating activities before change in assets and liabilities

Change in assets and liabilities during the financial year:

Other current assets

Payables

Provisions

2018

3,693,878

2017

4,256,267

(1,372,170)

(697,578)

17,551

47,948

679,269

(627,402)

27,685

19,403

(5,348)

3,563

35,820

12,662

(645,533)

(44,454)

(54,558)

Net cash outflow from operating activities

(585,662)

(744,545)

There were no non cash investing and financing activities during the year.

Great Boulder Resources Limited - Annual Report 2018

18. COMMITMENTS FOR EXPENDITURE
Exploration Commitments

On 13 June 2016, the company signed Joint Venture Agreements with Eastern Goldfields Mining Company Pty Ltd, which grants
the company the rights to earn a 75% interest in the tenements by sole funding certain Joint Venture expenditure upon the terms
and conditions set out in the agreements.

Over a five year period from the commencement date, the company must fund all outgoings payments required to keep the
tenements in good standing and all other Joint Venture expenditure, or pay amount to Eastern Goldfields Mining Company Pty Ltd,
or a combination of the two to the amounts disclosed below. These obligations are not provided for in the financial statements.

Within one year

Later than one year but not later than five years

2018

450,840

718,306

1,169,146

2017

554,160

3,212,537

3,766,697

Operating Leases

During the prior year the company entered into a Licence Deed with Hot Chili Limited whereby the company is granted a licence to
co-occupy the office located at 768 Canning Highway Applecross. The material terms of the Deed are:

• The company will pay 50% of the rent and variable outgoings otherwise payable by Hot Chili under the Head Lease;

• The Deed will operate until terminated by either party giving three months’ notice of termination of the Head Lease;

• The Head Lease was renewed during the year for three years expiring on 29 February 2020.

The minimum lease obligations are not provided for in the financial statements:

Within one year

Later than one year but not later than five years

55,750

37,167

92,917

55,750

92,917

148,667

19. EVENTS OCCURRING AFTER REPORTING DATE
On 16 July 2018 the company issued 250,000 fully paid ordinary shares as a result of unlisted options being exercised.

The company also announced on 26 September 2018 that it has entered into a term sheet with Gold Road (South Yamarna) Pty Ltd
where the company has acquired an option to acquire 100% of Exploraiton Licence 38/2902. The option fee is meeting the minimum
expenditure requirement on the tenement being $108,000 to 30 June 2019.

There were no significant changes to the state of affairs, during or subsequent to the end of the reporting period, other than what has
been reported in other parts of this report.

20. RELATED PARTIES
A company associated with Mr Hall, a director, Golden Phoenix International Limited was paid $54,750 (2017: $50,187) in directors
and consulting fees. No amounts were owing as at 30 June 2018 (2017: nil).

A company in which Mr Black is a director, Blue Spec Drilling Pty Ltd, was paid $1,105,629 (2017: $479,688) for drilling services.
No amounts were owing as at 30 June 2018 (2017: nil)

All payments were made at recognised commercial rates.

Great Boulder Resources Limited - Annual Report 201812. Notes to the Financial Statements

(continued)

21. CONTINGENT LIABILITIES
The company has no contingent liabilities.

22. FINANCIAL RISK MANAGEMENT
The company’s principal financial instruments comprise receivables, payables, cash and short-term deposits. The company manages
its exposure to key financial risks in accordance with the company’s financial risk management policy. The objective of the policy is to
support the delivery of the company’s financial targets while protecting future financial security.

The main risks arising from the company’s financial instruments are interest rate risk, credit risk and liquidity risk. The company uses
different methods to measure and manage different types of risks to which it is exposed. These include monitoring levels of exposure to
interest rates and assessments of market forecasts for interest rates. Ageing analysis of and monitoring of receivables are undertaken
to manage credit risk, liquidity risk is monitored through the development of future rolling cash flow forecasts.

The Board reviews and agrees policies for managing each of these risks as summarized below.

Primary responsibility for identification and control of financial risks rests with the Board. The Board reviews and agrees policies for
managing each of the risks identified below, including for interest rate risk, credit allowances and cash flow forecast projections.

Risk Exposures and Responses

(a)

Interest rate risk exposure

The company’s is not exposed to interest rate risk.

(b)

Credit risk exposure

Credit risk arises from the financial assets of the company, which comprise deposits with banks and trade and other receivables.
The company’s exposure to credit risk arises from potential default of the counter party, with the maximum exposure equal to
the carrying amount of these instruments. The carrying amount of financial assets included in the statement of financial position
represents the company’s maximum exposure to credit risk in relation to those assets.

The company does not hold any credit derivatives to offset its credit exposure.

The company trades only with recognised, credit worthy third parties and as such collateral is not requested nor is it the company’s
policy to securities it trades and other receivables.

Receivable balances are monitored on an ongoing basis with the result that the company does not have a significant exposure to
bad debts.

There are no significant concentrations of credit risk within the company.

Great Boulder Resources Limited - Annual Report 201822. FINANCIAL RISK MANAGEMENT (continued)

Liquidity risk arises from the financial liabilities of the company and the company’s subsequent ability to meet their obligations to repay
their financial liabilities as and when they fall due.

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and, the availability of funding
through the ability to raise further equity or through related party entities. Due to the dynamic nature of the underlying businesses,
the Board aims at maintaining flexibility in funding through management of its cash resources. The company has no financial
liabilities at the year-end other than normal trade and other payables incurred in the general course of business.

Remaining contractual maturities

The following tables detail the company’s remaining contractual maturity for its financial instrument liabilities. The tables have been
drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the financial liabilities
are required to be paid. The tables include both interest and principal cash flows disclosed as remaining contractual maturities and
therefore these totals may differ from their carrying amount in the statement of financial position.

2018

Non-derivatives

Non-interest bearing

Trade payables

Total non-derivatives

2017

Non-derivatives

Non-interest bearing

Trade payables

Total non-derivatives

Weighted average
interest rate

1 year or less

313,833

1 year or less

72,644

Remaining contractual
maturities

313,833

Remaining contractual
maturities

72,644

Great Boulder Resources Limited - Annual Report 201812. Notes to the Financial Statements

(continued)

23. SHARE BASED PAYMENTS
Below are details of share based payments made during the current year and prior financial years.

(a) Performance Rights issued

Set out below is a summary of performance rights on issue as at 30 June 2018.

Class

Issue
date

Expiry
date

Exercise
Price

Balance
at start
of year

Number
issued
during year

Number
expired
during year

Exercised
during
the year

Balance
at end
of year

20/02/2018 15/11/2018

20/02/2018

23/10/2019

nil

1,250,000

750,000

2,000,000

1,250,000

750,000

2,000,000

The fair value of the Class A Performance Rights at issue date was determined by the valuer using a using a hybrid up and in
single barrier pricing model. The model takes into consideration that the Rights will vest at any time during the performance
period, given that the 3-month VWAP exceeds the barrier price. The model incorporates a trinomial option valuation.

The fair value of the Class B Performance Rights at issue date was determined by using a Black Scholes option pricing model.

The model inputs for each class of performance rights granted during the year ended 30 June 2018 included:

Consideration for performance rights

Underlying security price

Exercise price

Valuation date

Commencement of measurement period

Measurement date/expiry date

Remaining life of rights/measurement period (years)

Risk free rate

Volatility

Class A

Nil

$0.24

Nil

24/10/2017

16/11/2016

15/11/2018

1.06

1.93%

15%

Class B

Nil

$0.24

Nil

24/10/2017

23/10/2019

2.0

1.93%

60%

The fair value of the performance rights granted during the financial year was $209,600. The fair value has been discounted by 90%
(Class A) and 25% (Class B) to reflect the probability of not meeting the performance condition. Expense is recognised on an straight-
line basis over the vesting period.

The value disclosed in share based payment expense is the portion of the fair value of the performance rights recognised as expense
in each reporting period in accordance with the requirement of AASB 2.

Great Boulder Resources Limited - Annual Report 201823. SHARE BASED PAYMENTS (continue

(b) Options issued

Set out below is a summary of performance rights on issue as at 30 June 2018.

Issue
date

Expiry
date

Exercise
Price

Balance
at start
of year

Number
issued
during year

Number
expired
during year

Exercised
during
the year

Balance
at end
of year

Number
exercisable
at end
of year

13/05/2016

17/11/2020

$0.20 26,500,000

30/06/2016

17/11/2020

$0.20

7,301,036

07/07/2016

17/11/2020

$0.20

1,785,714*

25/08/2016

17/11/2020

$0.20

1,000,000

18/11/2016

17/11/2020

$0.20

1,500,000

38,086,750

*Options were granted as free attaching options as part of the share placement.

- 26,500,000

2,206,857

5,094,179

3,858,464

1,785,714

1,000,000

1,500,000

632,143

2,206,857

35,879,893

6,276,321

The fair value at issue date was determined using a Black-Scholes option pricing model that takes into account the exercise price, the
share price at issue date and expected price volatility of the underlying share, and the risk free interest rate for the term of the loan.

The model inputs for options granted during the year ended 30 June 2017 included:

Options are granted for no consideration.

Exercise price - $0.20

Expected price volatility of the Company’s shares: 100%

Risk-free interest rate: (1.56% to1.86%)

Spot price at date of valuation: ($0.07 to $0.20)

The options granted as free attaching options are not included in the above inputs as they did not incur any share based
payment expense.

The weighted average exercise price for options issued during the year was $0.20 (2017: $0.20).

The weighted average remaining contractual life of options outstanding at the end of the financial year is 2.4 years (2017: 3.4 years).

(d) Expenses arising from share-based payment transactions:

Total transactions arising from share-based payment transactions recognised during the year were as follows:

SBP – transaction costs within contributed equity

SBP - expenses

2018

47,948

2017

207,000

35,820

242,820

Great Boulder Resources Limited - Annual Report 201813. Information Required by the Australian

Securities Exchange Limited

Shareholder Information as at 11 September 2018

(a) Spread of Holdings

1,001

5,001

10,001

1,000

5,000

10,000

100,000

100,001 & Over

Shareholders

172

133

381

131

849

Units

12,331

512,555

1,158,215

14,461,053

63,965,963

80,110,117

(b) Less than marketable parcels

Minimum $500.00 parcel at $0.255 per unit – 65 holders, holding 56,813 shares (total of 0.07% of issued capital).

capital are listed below:

Number of Ordinary Shares

BLACK INTNL PL

EXPL CAP PTNRS 2014 LTD P

MILLING GEORGE S + S M

R & L LEIGHTON PL

OSTERTAG HLDGS PL

WILLROTH PL

ROTHWELL DAVID

UNAVAL NOM PL UNAVAL MGNT A/C

LEIGHTON CROSSING PL

OMAROO PL

BROOMHEAD JAMES

HALLEY SCOTT W + S M

DOUBLE DJ ENTPS PL

BEESON JOHN

CAIRNGLEN INV PL

O'DONNELL PATRICK W

ROMULUS PL

FRANCIS RAYMOND

BT PORTFOLIO SVCS LTD

PANOLA PL

3,000,000

2,803,337

2,750,000

2,500,000

2,363,814

1,693,600

1,550,000

1,450,000

1,400,000

1,380,000

1,300,000

1,120,989

1,000,000

900,000

850,435

3.74

3.50

3.43

3.12

2.95

2.11

1.93

1.81

1.75

1.72

1.62

1.40

1.25

1.12

1.06

33,162,175

41.37

Great Boulder Resources Limited - Annual Report 2018(d) The names of the twenty largest optionholders as at 11 September 2018 who between them held 91.31% of the

issued capital are listed below:

Number of Ordinary Shares

R & L LEIGHTON PL < ROSS LEIGHTON FAM>

OSTERTAG HLDGS PL < EASTERDAY FAM A/C>

MILLING GEORGE S + S M < MILLING S/F A/C >

BLACK INTNL PL < BLACK INTNL A/C >

HALLEY SCOTT W + S M

DOUBLE DJ ENTPS PL

BEESON JOHN

OMAROO PL

LEIGHTON CROSSING PL

EXPL CAP PTNRS 2014 LTD P

MURPHY STEFAN

O'DONNELL PATRICK W

ROMULUS PL

QOC FOUNDERS NOM PL

BROOMHEAD JAMES

PISTACHIO PL

FRANCIS RAYMOND

STEPHENS B O + E J

WOOLFORD GRAHAM

GRIFFINC PL

3,500,000

2,000,000

1,785,714

1,057,143

1,000,000

867,857

642,500

571,429

500,000

357,143

262,500

9.82

5.61

5.01

2.97

2.81

2.44

1.80

1.60

1.40

1.00

0.74

32,544,286

91.31

(e) Unquoted equity securities on issue as at 11 September 2018 was as follows:

– 49 Optionholders holding 35,629,893 options

(f) The number of restricted equity securities on issue as at 11 September 2018 was:

– 18 shareholders holding 20,284,643 shares escrowed to 18 November 2018;
– 18 optionholders holding 29,603,572 options escrowed to 18 November 2018

(g) Second Annual Report after admission

The Company confirms that the cash raised has been used consistently with its business objectives.

Great Boulder Resources Limited - Annual Report 201814. Corporate Directory

Directors
Gregory C Hall (Non-Executive Chairman)

Stefan K Murphy (Managing Director)

Murray E Black (Non-Executive Director)

Melanie J Leighton (Non-Executive Director)

Company Secretary
Melanie Ross

Principal Place of Business
First Floor, 768 Canning Highway
APPLECROSS, WA 6153

Telephone: +61 8 6323 7800

Facsimile:

+61 8 9315 5004

Registered Office
First Floor 768 Canning Highway
APPLECROSS, WA 6153

Telephone: +61 8 6323 7800

Facsimile:

+61 8 9315 5004

Solicitors
Jackson McDonald
Level 17, 225 St George’s Terrace
PERTH, WA 6000

Auditors
RSM Australia Partners
8 St George’s Terrace
PERTH, WA 6000

Share Registry
Security Transfer Registrars Pty Ltd
770 Canning Highway
APPLECROSS, WA 6153

Telephone:

+61 8 9315 0933

Bankers
Westpac Banking Corporation
Hannan Street
KALGOORLIE, WA 6430

Stock Exchange
Securities are listed on the Australian
Securities Exchange (ASX Code: GBR)

Great Boulder Resources Limited - Annual Report 2018www.greatboulder.com.au