Board Change • May 20
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Keith Muller was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Duyuru • Dec 17
Ramelius Resources Limited (ASX:RMS) entered into a Tenement Sale and Purchase Agreement to acquire three tenements of Lake Rebecca Gold Project from Bulletin Resources Limited (ASX:BNR) for AUD 0.5 million. Ramelius Resources Limited (ASX:RMS) entered into a Tenement Sale and Purchase Agreement to acquire three tenements of Lake Rebecca Gold Project from Bulletin Resources Limited (ASX:BNR) for AUD 0.5 million on December 16, 2025. A cash consideration of AUD 0.5 million will be paid by Ramelius Resources Limited. As part of consideration, AUD 0.5 million is paid towards assets of three tenements of Lake Rebecca Gold Project. Duyuru • Sep 26
Bulletin Resources Limited, Annual General Meeting, Nov 26, 2025 Bulletin Resources Limited, Annual General Meeting, Nov 26, 2025. Duyuru • Feb 11
Patronus Resources Limited (ASX:PTN) proposed to acquire an additional 80.43% stake in Matsa Resources Limited (ASX:MAT) from Paul Poli, Pacal Blampain, Andrew Chapman, Bulletin Resources Limited (ASX:BNR) and WACC Pty Ltd ATF Flagship Fund for AUD 26.5 million. Patronus Resources Limited (ASX:PTN) proposed to acquire an additional 80.43% stake in Matsa Resources Limited (ASX:MAT) from Paul Poli, Pacal Blampain, Andrew Chapman, Bulletin Resources Limited (ASX:BNR) and WACC Pty Ltd ATF Flagship Fund for AUD 26.5 million on February 10, 2025. A cash consideration valued at AUD 0.045 per share will be paid by Patronus Resources Limited. Upon completion, Patronus Resources Limited will own 83.22% stake in Matsa Resources Limited. The transaction will be financed through own resources. If Patronus becomes entitled to compulsorily acquire Your Matsa Shares, it does not currently intend to proceed with the compulsory acquisition which means Matsa may remain listed on the ASX.
The expected completion of the transaction is March 24, 2025.
Sternship Advisers Pty Ltd. acted as financial advisor for Patronus Resources Limited. Blackwall Legal LLP acted as legal advisor for Patronus Resources Limited. Thomson Geer acted as legal advisor for Matsa Resources Limited. Duyuru • Sep 30
Bulletin Resources Limited, Annual General Meeting, Nov 26, 2024 Bulletin Resources Limited, Annual General Meeting, Nov 26, 2024. New Risk • Sep 28
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (AU$38k revenue, or US$26k). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Shareholders have been diluted in the past year (29% increase in shares outstanding). Market cap is less than US$100m (AU$18.2m market cap, or US$12.5m). New Risk • Sep 20
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 29% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (AU$38k revenue, or US$26k). Minor Risks Shareholders have been diluted in the past year (29% increase in shares outstanding). Market cap is less than US$100m (AU$15.9m market cap, or US$10.8m). New Risk • Aug 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Revenue is less than US$1m (AU$38k revenue, or US$25k). Market cap is less than US$10m (AU$12.6m market cap, or US$8.38m). Minor Risk Share price has been volatile over the past 3 months (12% average weekly change). Duyuru • Aug 09
Bulletin Resources Limited has completed a Derivatives Offering in the amount of AUD 0.293613 million. Bulletin Resources Limited has completed a Derivatives Offering in the amount of AUD 0.293613 million.
Security Name: Loyalty Options
Security Type: Equity Option
Securities Offered: 97,871,108
Price\Range: AUD 0.003
Transaction Features: Rights Offering New Risk • Jun 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Revenue is less than US$1m (AU$38k revenue, or US$25k). Market cap is less than US$10m (AU$12.0m market cap, or US$8.03m). Minor Risk Share price has been volatile over the past 3 months (12% average weekly change). Recent Insider Transactions • Apr 16
Non-Executive Director recently bought AU$53k worth of stock On the 11th of April, Robert Martin bought around 1m shares on-market at roughly AU$0.048 per share. This transaction amounted to 1.6% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. New Risk • Apr 09
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$14.4m (US$9.53m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Revenue is less than US$1m (AU$38k revenue, or US$25k). Market cap is less than US$10m (AU$14.4m market cap, or US$9.53m). Minor Risk Share price has been volatile over the past 3 months (14% average weekly change). Duyuru • Sep 20
Bulletin Resources Limited, Annual General Meeting, Nov 10, 2023 Bulletin Resources Limited, Annual General Meeting, Nov 10, 2023. New Risk • Aug 15
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$15.3m (US$9.93m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (AU$15.3m market cap, or US$9.93m). Minor Risk Revenue is less than US$5m (AU$3.4m revenue, or US$2.2m). Reported Earnings • Mar 17
First half 2023 earnings released: EPS: AU$0.002 (vs AU$0.008 in 1H 2022) First half 2023 results: EPS: AU$0.002 (down from AU$0.008 in 1H 2022). Net income: AU$821.6k (down 56% from 1H 2022). Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has increased by 56% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Feb 09
Non-Executive Director recently bought AU$58k worth of stock On the 3rd of February, Robert Martin bought around 500k shares on-market at roughly AU$0.11 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$234k more in shares than they have sold in the last 12 months. Duyuru • Feb 03
Bulletin Resources Limited Announces Appointment of Keith Muller as Independent Non-Executive Director The Board of Bulletin Resources Limited announced that it has appointed Mr. Keith Muller to the board as an independent non-executive director. Mr. Muller is an experienced mining engineer with over 20 years of operational and leadership experience in both the domestic and international mining sectors, including in the lithium sector where he has a strong operational and management background in hard rock lithium mining and processing. Mr. Muller has built an impressive track record as a technical and operational leader and throughout his career, has been responsible for improving efficiency, driving commercial opportunities, increasing mine longevity and enhancing safety across the projects he has worked on. Mr. Muller is currently the Chief Operating Officer at Atlantic Lithium Limited and was recently at Allkem Limited where he held roles as both Business Leader for the Australian Operation and as General Manager of Allkem's Mt Cattlin Lithium operation in Ravensthorpe, Western Australia, which is in close proximity to Bulletin's Ravensthorpe project. Whilst at Allkem, Keith focussed on business and mine performance improvement at the Mt Cattlin lithium mine. Prior to that, Mr. Muller was the Operations Manager and Senior Mining Engineer at Simec. Duyuru • Jan 30
Bulletin Resources Limited Expands Mt Farmer Project Bulletin Resources Limited (‘Bulletin’, ‘BNR’) announced that two new tenement applications have been added to the Mt Farmer Project. These new tenement applications almost double the area of the Mt Farmer Project from 59km2 to 106km2. The project completely surrounds Aldoro's 2km2 P59/2137 which hosts the Niobe Rubidium-Lithium Project and a resource of 4.6Mt @ 0.17% Rb2O and 0.07% Li2O. Bulletin's tenement applications have over 5km strike of the potential greenstone host to the Rubidium bearing pegmatite unit. The applications also cover potential northeast extensions to the Dalgaranga gold mine. The applications are progressing through the DMIRS tenement grant process and on-ground works will commence upon grant of the Exploration Licences. Duyuru • Jan 12
Bulletin Resources Limited Announces New High Grade Spodumene Pegmatite Identified-Ravensthorpe Lithium Project Bulletin Resources Limited provided 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 Mt Cattlin Lithium Mine. On-ground mapping and sampling of potential new pegmatite outcrops from the LIDAR and high resolution imagery targeting program commenced with the onset of drier weather conditions. New work from the program has identified a high-grade spodumene bearing pegmatite in the southern extent of the Western Pegmatite Trend. Rock chips of the outcropping, weathered spodumene returned significant lithium grades including: 4.81% Li2O, 4.67% Li2O, 4.31% Li2O, 3.54% Li2O. The newly identified high-grade spodumene bearing pegmatite lies 700m south of the Horseshoe pegmatite and immediately north of Bulletin's southern tenement boundary. The pegmatite outcrops for 100m in strike length and has an apparent width of up to 10m, dipping moderately to the southwest. The spodumene bearing core of the pegmatite strikes for approximately 20m in length with spodumene generally appearing more siliceous and foliated than the spodumene seen along the Eastern Pegmatite trend. Mapping north and along strike of the Deep Purple pegmatite in the Eastern Pegmatite Trend has identifiednumerous small and discrete pegmatite outcrops. The pegmatites immediately north of the Deep Purple pegmatite generally appear granitic and poorly evolved in appearance and are considered to have lower prospectivity for lithium mineralisation. Further north, the pegmatites return to a more evolved, coarse grained nature though no significant lithium assays were returned from this area. This recent mapping campaign continues to raise the prospectivity of this underexplored area. Bulletin will continue its mapping and sampling program to develop the potential of this area while current clearing and drilling permits progress. Bulletin's environmental reports from Spring season surveys were submitted to DMIRS early December last year. The surveys identified some areas support habitat suitable for fauna including black cockatoos and mallee fowl, with one cockatoo nest and three inactive mallee fowl mounds identified some distance away from proposed works. The surveys concluded the overall impact of clearing drill rig access tracks and exploration drilling will be minimal and not likely to result in significant impact on fauna habitat. However, as a result of the survey findings, and taking a responsible precautionary approach to the environment, Bulletin has implemented several mitigation strategies to further ensure minimal disturbance of the local fauna and a referral to the Department of Climate Change, Energy, the Environment and Water to review these mitigation measures is also in progress. Bulletin looks forward to the receipt of drilling approvals and will continue to update shareholders as the approvals process progresses. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Non-Executive Director Neville Bassett was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Oct 22
Non-Executive Director recently bought AU$70k worth of stock On the 18th of October, Robert Martin bought around 500k shares on-market at roughly AU$0.14 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$177k more in shares than they have sold in the last 12 months. Reported Earnings • Oct 01
Full year 2022 earnings released: EPS: AU$0.002 (vs AU$0.02 in FY 2021) Full year 2022 results: EPS: AU$0.002 (down from AU$0.02 in FY 2021). Revenue: AU$3.19m (up 72% from FY 2021). Net income: AU$462.7k (down 87% from FY 2021). Profit margin: 14% (down from 192% in FY 2021). Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 69% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. CEO & Director Mark Csar was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Mar 24
Non-Executive Director recently bought AU$107k worth of stock On the 21st of March, Robert Martin bought around 667k shares on-market at roughly AU$0.16 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Mar 18
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: EPS: AU$0.008 (up from AU$0.003 in 1H 2021). Net income: AU$1.86m (up 219% from 1H 2021). Revenue was in line with analyst estimates. Executive Departure • Sep 01
Non-Executive Director Franciscus Sibbel has left the company On the 1st of September, Franciscus Sibbel's tenure as Non-Executive Director ended after 8.1 years in the role. As of June 2021, Franciscus still personally held 2.25m shares (AU$166k worth at the time). Franciscus is the only executive to leave the company over the last 12 months. 
