Dear Shareholders, On behalf of my fellow Directors I welcome you to the 3rd Annual General Meeting of Bulletin Resources Limited.

Notwithstanding the disappointing performance of the stock market, and gold equities in particular, it has been another outstanding year for your Company culminating in the successful completion of the Lamboo Project feasibility study which, at the current gold price, confirmed the economic viability of the initial 5 year life-of-mine plan. Discussions are progressing with a number of groups regarding financing options and we hope to update you on these developments in the near future. Once all statutory approvals have been received and the required financing is in place, then the Company will be in a position to make an investment decision regarding a production start-up.

Our Managing Director, Martin Phillips, will brief you on these matters in more detail shortly. However, I wish to draw your attention to the fact that just over 18 months has elapsed since we drilled the first hole at the project. During that time Bulletin has delivered on all but one element of its business strategy, being the commencement of production. The Board is now looking towards the Company’s long-term growth strategy and we believe that it is Bulletin’s dominant land position in the Halls Creek region that underpins our future plans.

As you are aware, Bulletin owns the only gold processing facility in the historic Halls Creek goldfield and is well-placed to capitalise on other opportunities, mainly through discovery, in this highly prospective but underexplored gold province. It is noteworthy that Halls Creek was the site of Western Australia’s first gold discovery in the 1880s and is now one of the few remaining frontiers to have escaped the attention of the modern-day explorer.

Having laid the foundation for a profitable mining operation, I am optimistic that the next 12 months will start to reveal further tangible evidence of our growth potential outside of the current defined resources, which now total 1.77 million tonnes averaging 5.2g/t gold for 294,000 ounces. In particular, I draw your attention to the recently announced independent study that estimated the total potential of all

Bulletin Resources

2 | P a g e

exploration targets within the Lamboo project at approximately 4 to 7 million tonnes containing 0.7 to 1.1 million ounces at an average grade of 5.2 to 5.4g/t Au*. This estimate relates to the 5 kilometre long granite contact within the Project tenements where numerous high grade quartz vein targets remain to be drilled. Our regional tenement holding has also grown substantially to approximately 400km2 and covers extensive alluvial gold occurrences where hard rock sources are yet to be discovered.

I thank you for your continued patience and support throughout the past year which disappointingly has seen the value of your Company impacted by negative investor sentiment towards the resources sector, particularly at the junior end of the market. The delivery of our feasibility study, along with the enduring strength of the gold price, has seen some of this value restored recently. Ongoing support from many of our shareholders also provided the opportunity to raise additional working capital to fund further resource expansion drilling, while we progress the project towards an investment decision.

We continue to devote considerable time and effort marketing the Bulletin story to potential new investors. Despite having all the key attributes in place and the precedent of success by several mining companies exploiting high grade resources in Western Australia, it remains challenging to convince the market that we are simply aiming to emulate their model of fast-tracking production. Looking at the share price charts of these companies it is apparent that market recognition occurs progressively over time, sometimes several years, as they deliver on their strategy.

Finally, I would like to use this opportunity to acknowledge the efforts of my fellow Directors and the project team under the stewardship of Martin Phillips for their determination over the past year. On behalf of my colleagues, I would also like to extend our gratitude to Mick Fitzgerald, who recently resigned from the Company, for his passion and dedication in transforming the Company from an idea in early 2010 to an emerging gold producer with over 100,000 ounces in reserves. We wish Mick all the best in his future endeavours.

Bulletin Resources

3 | P a g e

I would now like to pass you over to Martin Phillips who will further detail our achievements over the past twelve months. *The potential tonnes and grades of the exploration target expressed in this announcement are conceptual in nature and should not be considered as an estimate of a Mineral Resource. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource

Bulletin Resources Limited Unit A8, 435 Roberts Rd, Subiaco WA 6008 | phone (08) 9388 6921 | fax (08) 6316 3337| www.bulletinresources.com

Annual General Meeting 23 November 2012

4

FY 2012/13 Priorities Resource Expansion Regional Exploration Lamboo Project Finance

FY 2011/12 Summary KPI Summary Lamboo Project Progress Exploration Success

Tenement Holding 5 x original area

Mineral Resource 54%

Ore Reserve 110,000 oz Au

Project Life 5 Years

Delivered on business plan

Gold Price 8%

USD 4%

ASX Gold Index 28%

BNR Share Price 39%

5

FY 2011/12 KPI’s

6

12 Month Share Price Performance

Source: www.asx.com.au

BNR’s share price closely aligned to S&P/ASX Gold Index (XGD)

7

Tenement Holding

Dominant landholding of circa 470km2 in very prospective, underexplored goldfield

8

Mineral Resource

Lamboo Project Mineral Resource has grown by over 100 000 oz gold

19

00

0m

N

19

40

0m

N

19

60

0m

N

19

80

0m

N 300mRL

200mRL

100mRL

0mRL

-100mRL

19 400mN 19 600mN 19 800mN 19 000mN

22,000m of resource expansion drilling completed

Current resource: 1.45 million tonnes at 5.61g/t Au for 261,000 ounces of gold

All resources remain open at depth

Exploration target independently estimated at 4 to 7 million tonnes containing 0.7 to 1.1 million ounces at an average grade of 5.2 to 5.4g/t Au*

*The potential tonnes and grades of the exploration target expressed in this presentation are conceptual in nature and should not be considered as an estimate of a Mineral Resource. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource

19

00

0m

N

19

20

0m

N

19

40

0m

N

19

60

0m

N

19

80

0m

N 300mRL

200mRL

100mRL

0mRL

-100mRL

Resource outline

19 200mN 19 400mN 19 600mN 19 800mN 19 000mN

19 200mN

9

Ore Reserve

Maiden open pit and underground Ore Reserve of 110,000 oz Au

72% of Lamboo Mineral Resource in Indicated category

Ore Reserve Category Tonnes Gold

Grade (g/t Au)

Contained Gold (oz)

Nicolson’s South Pit Probable 268,000 4.4 38,000

Nicolson’s Find Pit Probable 92,000 5.9 17,000

Wagtail North Pit Probable 105,000 3.0 10,000

Wagtail South Pit Probable 77,000 3.6 9,000

Rowdies Pit Probable 19,000 2.0 1,000

Open Pit Total 560,000 4.2 75,000

Nicolson’s Find UG Probable 177,000 6.0 34,000

Project Total 737,000 4.6 110,000

Note: Figures may not add due to rounding

10

Life-of-Mine Plan

Open pit transitioning to underground mine provides initial 5 years mine plan

19

00

0m

N

19

20

0m

N

19

40

0m

N

19

60

0m

N

19

80

0m

N

300mRL

200mRL

100mRL

0mRL

-100mRL 0 50 100m

Scale

Open Pit Development

Planned Underground Development

Stoping – Indicated Resource

Stoping – Inferred Resource1

Current Limit of Resource

Open Pit Production: 92,000t at 7.71 g/t Au

Legend

19 200mN 19 400mN 19 600mN 19 800mN 19 000mN

Note: 1 There is a low level of geological confidence associated with Inferred Resources and there is no certainty that further exploration work will result in the determination of an Indicated Resource or that the production target itself will be realised.

11

Cash Flow Projections Cash flow highly leveraged to gold price, mine life extensions & increased production rate

(30)

(20)

(10)

0

10

20

30

40

Year 0 Year 1 Year 2 Year 3 Year 4 Year 5

$m Operating Cash Flow Capital Expenditure Cumulative Cash Flow

0

20

40

60

1550 1650 1750 1850

A$/oz Gold Price

Undiscounted Free Cash (pre-tax) $m

0

15

30

45

1550 1650 1750 1850

A$/oz Gold Price

Net Present Value (pre-tax) Pre-tax $m

Note: 1 Assumes Gold price A$1,700/oz

1

Exploration Success

12

Further high grade vein discoveries along 5km strike length of granite contact

FY 2011/12 Summary KPI Summary Lamboo Project Progress Exploration Success

13

FY 2012/13 Priorities Resource Expansion Regional Exploration Lamboo Project Finance

14

Nicolson’s Underground

Priority is to expand Nicolson’s underground resource

19

00

0m

N

19

20

0m

N

19

40

0m

N

19

60

0m

N

19

80

0m

N

7m @ 4.0 g/t Au

2m @ 12.5 g/t Au 4m @ 10.9 g/t Au

Target Area

300mRL

200mRL

100mRL

0mRL

-100mRL 0 50 100m

Scale

Open Pit Development

Planned Underground Development

Stoping – Indicated Resource

Stoping – Inferred Resource

Current Limit of Resource

Open Pit Production: 92,000t at 7.71 g/t Au

Legend

Target Area

2m @ 6.8g/t Au

1m @ 17.9g/t Au

19 200mN 19 400mN 19 600mN 19 800mN 19 000mN

Gold resource oz /vertical m 0oz 750oz 1,500oz

Zone of high drilling density

Zone of low drilling density

200m below surface

Lateral extensions to underground mine plan will not require significant additional development capital

15

Wagtail Underground Potential

Host structure linking Wagtail deposits remains untested at depth

Legend

0.5 – 10.0 Au gram-metres

> 10.0 Au gram-metres

Drilling Intersection 0 Metres 100

100mRL

200mRL

300mRL

17 800mN 18 000mN 18 200mN

Creek Wagtail North Wagtail South

Target Area

Target Area

Target Area

6m @ 13.7g/t Au

4m @ 8.4g/t Au

1m @ 25.9g/t Au

6m @ 21.0g/t Au

4m @ 5.1g/t Au

7m @ 7.1g/t Au

4m @ 12.9g/t Au

3m @ 7.6g/t Au

2m @ 10.8g/t Au

7m @ 3.7g/t Au

6m @ 8.9g/t Au

4m @ 10.4g/t Au

4m @ 19.1g/t Au

Target Area

16

Nicolson’s South Extension

Untested southern strike extension of Nicolson’s South deposit

Access restrictions has left 300m strike length of host structure completely untested by drilling

First pass RAB drilling planned

Target Area

Lamboo Exploration Targets

17

North Lamboo

South Lamboo

Aeromagnetic survey and first pass RAB drilling planned

18

Regional Exploration

Applying modern-day exploration techniques to the historic goldfield

19

Golden Crown Project

Current open pit Inferred Resource of 323,000 tonnes at 3.2g/t Au for 34,000 ounces of gold

Further RC drilling and new resource estimate planned

Potential high grade, open pit development

1m at 25.8g/t Au

5m at 23.0g/t Au

2m at 15.8g/t Au

2m at 14.8g/t Au

0.8m at 521.1g/t Au

3m at 85.3g/t Au

6m at 13.6g/t Au

2m at 93.1g/t Au

Golden Crown

Faugh-a-Ballagh

2m at 14.2g/t Au

4m at 6.7g/t Au

5m at 6.6g/t Au

7m at 4.4g/t Au

3m at 15.2g/t Au

3m at 31.2g/t Au

3m at 7.0g/t Au

4m at 12.8g/t Au

2m at 11.8g/t Au

2m at 14.3g/t Au

1m at 23.0g/t Au

1m at 54.0g/t Au

Priorities for FY12/13

20

Continue resource expansion initiative and make further discoveries

Expedite works approval and mining approval for Lamboo project

Tender and source major capital works items

• Earthworks, civil works and open pit mining

• Mine village and building works

• Heavy engineering works

Rationalise financing arrangements

• e.g lease vs buy, second hand vs new

Secure project finance

Bulletin Resources Limited Unit A8, 435 Roberts Rd, Subiaco WA 6008 | phone (08) 9388 6921 | fax (08) 6316 3337| www.bulletinresources.com 21

Investment and Media inquiries: Martin Phillips Managing Director Email: mphillips@bulletinresources.com

22

APPENDICES

23

Ore Reserve Inventory

Note: Figures may not add due to rounding

Prospect Category Tonnes Gold Grade

(g/t Au) Contained Gold

(oz)

Nicolson’s Find Pit Open pit Probable 92,000 5.9 17,000

Nicolson’s South Pit Open pit Probable 268,000 4.4 38,000

Rowdies Pit Open pit Probable 19,000 2.0 1,000

Wagtail North Pit Open pit Probable 105,000 3.0 10,000

Wagtail South Pit Open pit Probable 77,000 3.6 9,000

Total Open Pit 560,000 4.2 75,000

Nicolson’s Find Underground Underground Probable 177,000 6.0 34,000

Project Total 737,000 4.6 110,000

24

Mineral Resource Inventory

Prospect Category Tonnes Grade

(g/t Au) Ounces

Nicolson’s Find & South Open pit Indicated 333,000 5.5 59,000

Open pit Inferred 16,000 2.7 1,000

Total open pit 349,000 5.4 60,000

Underground Indicated 406,000 6.5 85,000

Underground Inferred 372,000 5.7 69,000

Total underground 778,000 6.2 154,000

Nicolson’s total 1,127,000 5.9 214,000

Rowdies Open pit Indicated 17,000 2.4 1,000

Open pit Inferred 6,000 2.7 1,000

Total open pit 22,000 2.5 2,000

Underground Indicated 35,000 5.4 6,000

Underground Inferred 7,000 6.4 1,000

Total underground 43,000 5.6 8,000

Rowdies total 65,000 4.5 9,000

25

Mineral Resource Inventory (cont.)

Note: Lamboo Project Mineral Resource reported at 0.60g/t Au cut-off for open pit and 3g/t Au cut-off for underground . Golden Crown Project Mineral Resource reported at 1.0g/t Au cut-off. Figures may not add due to rounding

Prospect Category Tonnes Grade

(g/t Au) Ounces

Wagtail area Open pit Indicated 137,000 4.5 20,000

Open pit Inferred 9,000 1.7 -

Total open pit 146,000 4.3 20,000

Underground Indicated 98,000 4.8 15,000

Underground Inferred 9,000 4.9 1,000

Total underground 107,000 4.8 16,000

Wagtail area total 253,000 4.5 37,000

Total Total open pit 517,000 5.0 82,000

Total underground 928,000 6.0 178,000

Project total 1,445,000 5.6 261,000

Golden Crown Project

Golden Crown Open pit Inferred 136,000 3.8 17,000

Faugh-a-Ballagh Open pit Inferred 187,000 2.8 17,000

Project Total 323,000 3.2 34,000

Combined Total 1,768,000 5.2 294,000

26

Competent Persons Statement

The information in the tables that relate to the Lamboo Project Mineral Resources and the information in this presentation that relates to Exploration Targets is based on information compiled by Mr Ian Glacken, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Glacken is a full time employee of Optiro Pty Ltd where he holds the title of Principal Consultant. Mr Glacken has sufficient experience 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 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Glacken consents to the inclusion in this table and presentation of the matters based on his information in the form and context in which it appears.

The information in the tables that relate to Golden Crown and Faugh-a-Ballagh Mineral Resources is based on information compiled by Mr Aaron Green, who is a Member of the Australian Institute of Geoscientists (AIG). Mr Green is a full time employee of Runge Limited where he holds the title of Operations Manager WA. Mr Green has sufficient experience 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 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Green consents to the inclusion in this table of the matters based on his information in the form and context in which it appears.

The information in the tables that relate to Ore Reserves is based on information compiled by Mr Glen Carthew who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Carthew is a full time employee of AMC Consultants Pty Ltd. Mr Carthew 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 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Carthew consents to the inclusion in this table of the matters based on his information in the form and context in which it appears.

The information in this presentation that relate to Exploration Results is based on information compiled by Mark Csar, who is a Fellow of Australasian Institute of Mining and Metallurgy. Mark Csar is a full time employee of the company 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 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Csar consents to the inclusion in the presentation of the matters based on his information in the form and context in which it appears.