14 July 2022

ASX RELEASE

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Metallurgical Testing Program Underway

Ravensthorpe Lithium Project

Highlights

Bulletin is undertaking preliminary diagnostic metallurgical

testwork of spodumene bearing pegmatites from its

Ravensthorpe Lithium Project

use

Composite samples from three separate pegmatites are being

analysed for response to gravity and/or flotation process

pathways to establish indicative recoveries and marketable

product potential including:

o determining whether it is processable via conventional

means

o

potential recovery rates

personalFor

o indications of upgrade potential

o

deleterious elements, if any

o geo-metallurgical properties

o determining the potential for generating a saleable product

o whether the ore has capacity to be treated in nearby processing facilities

The composite samples were selectively collected and may not represent true grade of the pegmatite. Drilling will be required to provide samples to characterise the pegmatites, which will provide for more definitive metallurgical and product specifications including grade

Chairman

Paul Poli

Chief Executive Officer

Mark Csar

Non- Executive Directors

Robert Martin

Daniel Prior

Neville Bassett

Company Secretary

Andrew Chapman

Shares on Issue

  1. million shares
    Listed Options
  1. million
    Unlisted Options
  1. million
    Top Shareholders

Goldfire Enterprises

23.6%

Top 20 Shareholders

46.1%

Market Capitalisation $32.18 million @ 11 cents

Bulletin Resources LimitedASX : BNR Suite 11, 139 Newcastle Street, Perth, WA 6000 I PO Box 376 Northbridge WA 6865 I phone (08) 9230 3585 www.bulletinresources.com

For personal use only

Bulletin Resources Limited ("Bulletin", "BNR") is pleased to provide an update 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.

Indicative Metallurgical Testwork Program

BHM Process Consultants Pty Ltd (BHM) have been engaged to undertake indicative diagnostic metallurgical testwork to investigate the potential for generating saleable lithium concentrate from spodumene bearing pegmatites at Bulletin's Ravensthorpe Lithium Project. The testwork program is expected to take up to 10 weeks to complete. Bulletin will publish these preliminary results as they come to hand.

BHM will investigate the material's response to gravity and/or flotation process pathways to identify indicative recoveries and marketable product potential, including:

  1. determining whether it is processable via conventional means o potential recovery rates
    o indications of upgrade potential o deleterious elements, if any
    o geo-metallurgical properties
    o determining the potential of generating a saleable product
    o whether the ore has capacity to be treated in nearby processing facilities

The preliminary diagnostic metallurgical testwork includes assessment of three hand selected composite samples taken from spodumene bearing outcrop and lag pegmatite taken along the Eastern Pegmatite Trend. A composite sample of outcropping pegmatite wall rock (waste rock) was also collected. The samples were selectively collected and may not represent true grade of the pegmatites and the samples will be blended for metallurgical testwork. Drilling will be required to characterise the pegmatites for grade and size as well as to provide samples for more definitive metallurgical process options and product specifications including grade. Sample locations are shown in Figure 1.

Other Exploration Works Underway at Ravensthorpe

Works towards drilling and expanding the potential of the Ravensthorpe Lithium project continue to be progressed. In addition to this metallurgical testwork, Bulletin's environmental consultants, Tetris Environmental Pty Ltd have completed their initial assessment of the proposed drilling program and are working towards obtaining regulatory approvals with DMIRS.

The LIDAR and high-resolution imagery survey flights were completed last month, and Bulletin is expecting results of this work shortly with results to be released to market as the interpretations come to hand.

For personal use only

Figure 1: Metallurgical testwork sample locations, spodumene locations, pegmatite locations and rock

chip assays above 2.0% Li2O. (refer ASX announcements dated 24 January 2022, 17 & 21 February 2022 and 21 March 2022)

Pegmatite

Sample ID

MGA94E

MGA94N

Sample Type

Big

RB001

769944

6272222

Lag/subcrop

SW of Big

RB002

769294

6272081

Outcrop

Deep Purple

RB003

770529

6274662

Outcrop

Deep Purple

Wall Rock

770529

6274662

Outcrop

Table 2: Location of metallurgical samples

For personal use only

Figure 2: Bulletin's Ravensthorpe Lithium Project location

This ASX report is authorised for release by the Board of Bulletin Resources Limited.

For further information, please contact:

Paul Poli, Chairman

Phone: +61 8 9230 3585

Competent Persons Statement

The information in this report that relates to Exploration Targets and Exploration Results is based on information compiled by Mark Csar, who is a Fellow of The AusIMM. The exploration information in this report is an accurate representation of the available data and studies. Mark Csar is a full-time employee of Bulletin Resources Limited and has sufficient experience which 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'. Mark Csar consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

r personal use only

JORC 2012 Table 1.

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria

JORC Code explanation

Commentary

Sampling

Nature and quality of sampling (eg cut channels,

Approximately 20kg of mineralised and wall rock bearing pegmatite were taken

techniques

random chips, or specific specialised industry

by chipping and/or hand collecting material from each sample site. A further

standard measurement tools appropriate to the

approximate 50kg sample of dominantly pegmatite wall rock was taken from

minerals under investigation, such as down hole

Deep Purple using the same method.

gamma sondes, or handheld XRF instruments,

The composite samples are not considered representative of the larger

etc.). These examples should not be taken as

limiting the broad meaning of sampling.

pegmatite packages due to the subjective nature of rock chip sampling. The

Measures taken to ensure sample representivity

samples will be weight-grade composited by metallurgical consultants to derive

and the appropriate calibration of any

a head grade comparable to mill feed of some nearby mining operations prior to

measurement tools or systems used.

metallurgical evaluation.

Aspects of the determination of mineralisation

that are Material to the Public Report. In cases

where 'industry standard' work has been done this

would be relatively simple (eg 'reverse circulation

drilling was used to obtain 1 m samples from

which 3 kg was pulverised to produce a 30 g

charge for fire assay'). In other cases more

explanation may be required, such as where there

is coarse gold that has inherent sampling

problems. Unusual commodities or mineralisation

types (eg submarine nodules) may warrant

disclosure of detailed information.

Drilling

Drill type (eg core, reverse circulation, open-hole

N/A, no drilling.

techniques

hammer, rotary air blast, auger, Bangka, sonic,

etc.) and details (eg core diameter, triple or

standard tube, depth of diamond tails, face-

sampling bit or other type, whether core is

oriented and if so, by what method, etc.).

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Disclaimer

Bulletin Resources Limited published this content on 13 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 July 2022 23:33:02 UTC.