Bulletin Resources : More High Grade Spodumene Confirmed at Ravensthorpe

31 March 2022

ASX RELEASEMore High Grade Spodumene Confirmed

Ravensthorpe Lithium Project

Highlights

• • The two previously announced new areas of spodumene mineralisation now confirmed as high lithium grade by laboratory analysis with rock chip grades of

  7.04% Li2O 6.80% Li2O 2.17% Li2O 1.49% Li2O

• • High lithium grade lepidolite bearing pegmatite is also recognised approximately 500m east of Phillips South pegmatite with rock chip grades of

  4.01% Li2O 3.62% Li2O 3.05% Li2O

• • These new finds complement the known spodumene occurrences at Big, Deep Purple and Creek pegmatites and further support and significantly increase the lithium prospectivity of the Eastern Pegmatite Trend

• • Bulletin remains well funded with $12.06M in cash, receivables and liquid investments

Chairman Paul Poli

Chief Executive Officer Mark Csar

Non- Executive Directors Robert Martin

Daniel Prior Neville Bassett Company Secretary Andrew Chapman Shares on Issue 290.06 million shares Listed Options 71.59 million Unlisted Options 1.5 million

Top Shareholders

Goldfire Enterprises 23.7%

Top 20 Shareholders 48.5%

Market Capitalisation $58.0 million @ 20.0 cents

Bulletin Resources Limited

ASX : BNR

Suite 11, 139 Newcastle Street, Perth, WA 6000 I PO Box 376 Northbridge WA 6865 I phone [phone]www.bulletinresources.com

Bulletin Resources Limited ("Bulletin", "BNR") is pleased to provide laboratory assay results from the recent mapping and rock-chip program on its 130km2 Ravensthorpe Lithium Project. The project is located only 12km southwest and along strike of Allkem Limited's (ASX: AKE) Mt Cattlin Lithium Mine.

Eastern Pegmatite Trend

The high lithium grade nature of the two newly identified outcropping and lag spodumene occurrences along the Eastern Pegmatite Trend is confirmed by laboratory analysis (Figures 1 - 3) (refer ASX release dated 21 March 2022). Two rock chip samples of spodumene in pegmatite lag 800m to the north of the Big pegmatite spodumene discovery returned high lithium grades of:

• o 7.04% Li2O

• o 1.49% Li2O

Spodumene bearing pegmatite outcrop located 700m southwest of the previously reported spodumene in lag found at Big pegmatite was also sampled. The two rock chip samples returned high lithium grades of:

• o 6.80% Li2O

• o 2.17% Li2O

These two new finds of spodumene lithium mineralisation some distance from Big pegmatite complement the known spodumene occurrences at Big, Deep Purple and Creek pegmatites. These additional finds of spodumene bearing pegmatite outcrops support and significantly increase the lithium prospectivity of the broader Eastern Pegmatite Trend.

Figure 1: Spodumene locations, LCT pegmatite locations and rock chip assays above 2.0% Li2O with new results highlighted in yellow (refer ASX announcements dated 24 January 2022, 17 & 21 February 2022 and 21 March 2022)

Mapping of the 4km Eastern Pegmatite Trend, which is open to the north, has found approximately 100 pegmatite outcrops to date. The 700m x 500m area of Big pegmatite comprises approximately 40 pegmatite outcrops in a close-spaced stacked dyke swarm arrangement. Individual pegmatites within the stacked swarm arrangement at Big generally dip gently to the west and southwest and are estimated to have a true thickness of up to 10m.

Mapping also discovered a lepidolite bearing pegmatite approximately 500m east of Phillips South pegmatite and 200m east of the spodumene pegmatite lag rock chip samples discussed above (Figures 1 and 4). The lepidolite grades are comparable to the higher lithium lepidolite grades in rock chips previously seen at Horseshoe pegmatite in the Western Pegmatite Trend 3kms to the west with results of (refer ASX release dated 21

February 2022):

• o 4.01% Li2O

• o 3.62% Li2O

• o 3.05% Li2O

Further details of the samples are provided in the Appendix.

Further Work

The recent mapping campaign continues to raise the prospectivity of this underexplored area. Bulletin will continue the mapping and sampling program while environmental studies, including seasonal flora and fauna surveys required for clearing permits progress.

Figure 2: Spodumene bearing pegmatite lag 800m north of spodumene at Big pegmatite, MGA50: 770050mE, 6273050mN (above) and samples taken from the area (below)

Figure 3: Spodumene bearing pegmatite outcrop located 700m southwest of spodumene at Big pegmatite, MGA50: 769295mE, 627080mN (above) and samples taken from the area (below)