EMERALD RESOURCES NL — Capital/Financing Update 2019

Apr 3, 2019

ASX Announcement & Media Release

4 April 2019

Fast Facts

ASX Code: EMR Capital Structure Shares on issue: 3,042 million Market Cap: ~A$119 million Cash: A$24.5 million (31 Dec 2018) Listed Investments: A$0.2 million (31 Dec 2018)

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Okvau Exploration Update Potential Structural Feeder Zone to Okvau Ore Zone Identified New Results Include 7m @ 17.85g/t Au at EOH

HIGHLIGHTS

• New drilling targeting Okvau mineralisation (refer Appendix 1 for complete results) :

• 7m @ 18.75g/t from 143m EOH (RC19OKV390)

• 1m @ 13.5g/t from 115m (RC19OKV390)

Board & Management

Simon Lee AO, Non-Executive Chairman Morgan Hart, Managing Director Mick Evans, Executive Director Ross Stanley, Non-Executive Director Ross Williams, Non-Executive Director Mark Clements, Company Secretary Brett Dunnachie, Chief Financial Officer

• 2m @ 2.81g/t from 80m (RC19OKV390)

• 8m @ 1.14g/t from 24m (RC19OKV391) (4m composite)

• 4m @ 2.34g/t from 93m (RC19OKV392) (4m composite)

• 4m @ 2.28g/t from 149m (RC19OKV392) (4m composite)

• RC19OKV390 includes 7m @ 18.75g/t from 143m EOH highlighting potential existence of an eastern feeder structure at Okvau

• Follow up drilling commenced to test the feeder zone mineralization

Company Highlights

• First mover in an emerging gold province in Cambodia

• Industrial Mining Licence granted over the Okvau Gold Project (100% owned) allowing for the development of the Okvau Deposit

• Okvau Deposit: Indicated and Inferred Mineral Resource Estimate of 1.14Moz at 2.0g/t Au (Refer Table 1)

• DFS completed and demonstrates high grade, low cost, compelling development economics:

• Ore Reserve of 14.3Mt & 2.0g/t Au for 0.9Mozs in a single open pit with waste:ore ratio of 5.8:1

• LOM average annual production of 106,000ozs pa

• AISC US$731/oz over LOM

• Using US$1.250/oz Au gold price:

  • NPV(5%) US$223M pre-tax and US$160M post-tax

  • IRR 48% pa pre-tax and 40% posttax

  • Payback ~2.2 years pre-tax and 2.5 years post-tax

• Highly credentialed gold project development team

• Significant resource growth potential

Emerald Resources NL (ASX: EMR) (“Emerald”) is pleased to provide an exploration update on the Okvau Gold Project.

As previously announced, Emerald commenced a drilling program to test both the north eastern near mine continuation of the Okvau ore body (9 holes for 986m) and to drill test the eastern continuation of the diorite hornfels contact zone (14 holes for 1,154m) (refer to Figure 1).

Results received from the near mine drill holes has indicated the potential discovery of an eastern feeder zone to the flat lying intrusive related gold mineralization of the Okvau gold reserve. Drill hole RC19OKV390 returned a bottom of hole intersection of 7m @ 18.75g/t from 143m. The geometry of the intersection (hosted in sheared hornfels) has highlighted a potential structural corridor that has been previously drilled with in excess of 40 intersections now interpreted as falling within a sub vertical (east dipping) linear brecciated fault zone (refer to Figure 3).

The following list of intersections highlights the strong gold mineralisation in the potential feeder zone:

• Select results (+20gm) from current program (refer to Appendix 1)  7m @ 18.75g/t from 143m (RC19OKV390)

Select results (+20gm) from previous programs interpreted to fall within the feeder zone (refer to Appendix 1)

• 9m @ 13.23g/t from 47m (DD11OKV073)

• 32m @ 2.75g/t from 59m (DD11OKV086)

• 16.9m @ 10.87g/t from 78m (DD16MET003)

• 7m @ 12.30g/t from 236m (DD11OKV085)

• 13m @ 7.16g/t from 271m (DD11OKV078)

• 1m @ 20.30g/t from 100m (DD11OKV081)

• 1m @ 34.90g/t from 228m (DD09OKV026)

• 4m @ 16.08g/t from 69m (RC16OKV254)

• 9m @ 9.27g/t from 37m (RC13OKV135)

• 8m @ 5.95g/t from 61m (DD14OKV216)

• 2.3m @ 12.52g/t from 111.7m (DD14OKV236)

Registered Office 1110 Hay Street West Perth WA 6005

T: +61 8 9286 6300 F: +61 8 6243 0032

W: www.emeraldresources.com.au

• 23m @ 2.36g/t from 101m (DD16OKV344)

• 8m @ 4.02g/t from 101m (RC16OKV291)

Managing Director, Morgan Hart commented “We are excited by the new discovery and have commenced follow up drilling to test the interpreted feeder and extension zones. The discovery has the potential to add to the existing resource and have a significant impact on the economics of the Okvau Gold Project.”

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Figure 3 illustrates the long section of the interpreted fault zone and highlights the higher grade intersections associated with it.

Figure 4 illustrates the same long sectional view of the fault zone showing gram meter intersections and the existing indicated resource block model. Both Figures 3 and 4 highlight the significant potential to expand mineralisation both in pit, below pit and along strike if the fault zone extends beyond that currently drilled.

Systematic drilling has commenced to confirm the interpretation of the fault zone and to test for continuity and extension of the mineralization both in pit and below pit.

The confirmation with drilling of the fault/feeder zone mineralization and the extension of the zone has the potential to significantly add to the existing resource and add to the in pit reserve.

Figure 1 | Drill Status Plan

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The northern extensional was successful in frequently intercepting mineralisation along the northern extension of the Diorite contact along strike of the Okvau Resource. Follow up drilling is required to test the potential for additional ounces along strike.

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Figure 2 | Drill Hole Plan with Surface Expression of Eastern Fault Zone

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Figure 3 | Long Section (Oblique) - Significant Intersections Along Eastern Fault Zone

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Figure 4 | Long Section (Oblique) – Drill Hole Pierce Points of Eastern Fault Zone with Okvau Indicated Reserve Block Model

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Figure 5 | Cross Section

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Detailed information on all aspects of Emerald’s projects can be found on the Company’s website; www.emeraldresources.com.au .

For further information please contact; Emerald Resources NL Morgan Hart Managing Director

Table 1 | Okvau Mineral Resource Estimate

				Okvau Mineral Resource Estimate	Okvau Mineral Resource Estimate	Okvau Mineral Resource Estimate	Okvau Mineral Resource Estimate
		Indicated Resource				Inferred Resource			Total Resource
	Cut-off	Tonnage	Grade	Contained	Tonnage	Grade	Contained	Tonnage	Grade	Contained
	(Au g/t)	(Mt)	(g/t Au)	Au (Koz)	(Mt)	(g/t Au)	Au (Koz)	(Mt)	(g/t Au)	Au (Koz)
	0.70	15.11	2.08	1,008	2.57	1.61	133	17.68	2.01	1,141

Table 2| Okvau Ore Reserve Estimate

		Okvau	Ore Reserve Estimate
		Tonnage	Grade	Contained
		(Mt)	(g/t Au)	Au (Koz)
	Probable Ore Reserve	14.26Mt	1.98g/t Au	907koz

Forward Looking Statement

This announcement contains certain forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company’s current expectations, estimates and projections about the industry in which Emerald Resources operates, and beliefs and assumptions regarding the Company’s future performance. Words such as “anticipates”, “expects”, “intends”, “plans”, “believes”, “seeks”’ “estimates”, “potential” and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known or unknown risks, uncertainties and other factors, some of which are beyond the control of the Company, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, which reflect the view of Emerald Resources only as of the date of this announcement. The forward-looking statements made in this release relate only to events as of the date on which the statements are made. Emerald Resources will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.

This announcement has been prepared in compliance with the current JORC Code 2012 Edition and the ASX listing Rules. All material assumptions on which the forecast financial information is based have been included in this announcement.

The Company believes that is has a reasonable basis for making the forward-looking statements in this announcement, including with respect to any production targets and financial estimates, based on the information contained in this announcement. Reference is made to the Company’s ASX release dated 1 May 2017 titled Okvau DFS Delivers Ore Reserve of 907,000oz. All material assumptions underpinning the production target or the forecast financial information continue to apply and have not materially changed.

100% of the production target referred to in the 1 May 2017 announcement is based on Probable Ore Reserves.

Emerald has a highly experienced management team, undoubtedly one of the best credentialed gold development teams in Australia with a proven history of developing projects successfully, quickly and cost effectively. They are a team of highly competent mining engineers and geologists who have overseen the successful development of gold projects in developing countries such as the Bonikro Gold Project in Cote d’Ivoire for Equigold NL and more recently, Regis Resources Ltd.

The Company believes it has a reasonable basis to expect to be able to fund and develop the Okvau Gold Project for the reason set out above and in this announcement. However, there is no certainty that the Company can raise funding when required.

Competent Persons Statements

The information in this report that relates to Exploration Results is based on information compiled by Mr Keith King, who is an employee to the Company and who is a Member of The Australasian Institute of Mining & Metallurgy. Mr Keith King has sufficient experience which is relevant to the style of mineralisation and type of deposits 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’. Mr Keith King has reviewed the contents of this release and consents to the inclusion in this announcement of all technical statements based on his information in the form and context in which it appears.

The information in this report that relates to the Mineral Resources for the Okvau Gold Deposit was prepared by EGRM Consulting Pty Ltd, Mr Brett Gossage, who is a consultant to the Company, who is a Member of the Australasian Institute of Mining & Metallurgy (AIG), and 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 by the 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Gossage has reviewed the contents of this news release and consents to the inclusion in this announcement of all technical statements based on his information in the form and context in which it appears.

Information in this announcement that relates to Ore Reserves for the Okvau Gold Deposit is based on, and fairly represents, information and supporting documentation prepared by Mr Glenn Williamson, an independent specialist mining consultant. Mr Williamson is a Fellow of the Australasian Institute of Mining & Metallurgy. Mr Williamson 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 (or “CP”) as defined in the 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Williamson has reviewed the contents of this news release and consents to the inclusion in this announcement of all technical statements based on his information in the form and context in which it appears.

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Appendix One | Significant Intercepts (> 2 gram metre)

Hole Name	Easting	Northing	RL	Azi	Dip	End Depth	From	To	Interval	Gold
						(m)	(m)	(m)	(m)	(g/t)
Current program – 1m samples
RC19OKV382	694,954	1,397,159	137	316	-60	86	79	80	1	6.15
RC19OKV390	694,675	1,396,795	149	316	-60	150	80	82	2	2.81
RC19OKV390	694,675	1,396,795	149	316	-60	150	115	116	1	13.50
RC19OKV390	694,675	1,396,795	149	316	-60	150	143	150	7	18.75
Current program – 4m composites
RC19OKV391	694,625	1,396,845	141	316	-60	150	24	32	8	1.14
RC19OKV392	694,759	1,396,782	162	316	-60	201	93	97	4	2.34
RC19OKV392	694,759	1,396,782	162	316	-60	201	149	153	4	2.28
RC19OKV393	694,690	1,396,922	143	316	-60	60	24	28	4	0.59
RC19OKV393	694,690	1,396,922	143	316	-60	60	44	52	8	2.40
RC19OKV394	694,708	1,396,904	143	316	-60	75	16	20	4	0.71
RC19OKV394	694,708	1,396,904	143	316	-60	75	24	28	4	0.56
RC19OKV395	694,725	1,396,887	143	316	-60	81	32	36	4	1.07
RC19OKV396	694,743	1,396,869	143	316	-60	105	97	101	4	0.76
Previous programs
DD08OKV014	694,545	1,396,652	144	314	-50	200	28	36	8	4.85
DD08OKV022	694,583	1,396,795	145	314	-50	200	0	3	3	1.27
DD09OKV024	694,541	1,396,502	147	314	-55	504	129	130	1	5.38
DD09OKV026	694,629	1,396,586	150	314	-53	501	228	229	1	34.90
DD09OKV028	694,514	1,396,642	141	314	-53	468	0	8	8	0.92
DD09OKV035	694,575	1,396,579	146	314	-55	513	160	163	3	1.29
DD09OKV038	694,522	1,396,590	141	314	-50	429	33	36	3	3.58
DD11OKV073	694,534	1,396,565	147	314	-61	485	47	56	9	13.23
DD11OKV074	694,503	1,396,549	147	324	-57	472	32	34	2	2.29
DD11OKV075	694,559	1,396,528	153	314	-61	497	166	173	7	1.82
DD11OKV077	694,466	1,396,535	149	314	-61	511	42	52	10	1.97
DD11OKV078	694,629	1,396,552	156	308	-57	506	271	284	13	7.16
DD11OKV080	694,535	1,396,531	149	324	-58	502	97	98	1	1.73
DD11OKV081	694,588	1,396,692	146	281	-52	507	100	101	1	20.30
DD11OKV083	694,598	1,396,694	146	288	-55	524	138	142	4	1.31
DD11OKV085	694,349	1,396,680	151	104	-48	245	236	243	7	12.30
DD11OKV086	694,543	1,396,610	146	314	-53	235	59	91	32	2.75
DD11OKV087	694,526	1,396,478	153	319	-56	520	181	189	8	1.81
DD11OKV090	694,551	1,396,445	156	320	-57	523	262	272	10	0.92

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Hole Name	Easting	Northing	RL	Azi	Dip	End Depth	From	To	Interval	Gold
						(m)	(m)	(m)	(m)	(g/t)
DD12OKV105	694,441	1,396,528	151	314	-82	545	119	123	4	2.07
DD12OKV105	694,441	1,396,528	151	314	-82	545	130	134	4	1.35
DD14OKV216	694,708	1,396,841	148	315	-50	154	61	69	8	5.95
DD14OKV235	694,723	1,396,825	150	314	-50	175	85	91	6	1.49
DD14OKV236	694,742	1,396,807	153	314	-50	147	112	114	2.3	12.52
DD14OKV237	694,723	1,396,779	155	314	-50	144	118	120	2	1.16
DD14OKV238	694,671	1,396,773	150	314	-50	153	89	92	3	6.08
DD15GET003	694,579	1,396,630	147	279	-60	221	136	142	6	2.03
DD16MET003	694,544	1,396,608	146	314	-53	95	78	95	16.9	10.87
DD16OKV344	694,547	1,396,570	149	315	-55	135	101	124	23	2.36
GC0217	694,515	1,396,556	146	0	0	30	15	24	9	3.83
RC13OKV133	694,668	1,396,833	150	314	-50	120	42	44	2	5.77
RC13OKV135	694,694	1,396,856	148	314	-50	120	37	46	9	9.27
RC13OKV213	694,684	1,396,819	145	315	-50	117	65	67	2	1.52
RC16OKV254	694,598	1,396,743	147	314	-50	150	69	73	4	16.08
RC16OKV259	694,491	1,396,510	152	314	-60	135	118	120	2	1.87
RC16OKV263	694,523	1,396,726	144	314	-60	50	20	33	13	2.48
RC16OKV291	694,553	1,396,595	147	314	-50	120	101	109	8	4.02
RC16OKV296	694,533	1,396,691	144	314	-60	90	26	33	7	1.40
RC16OKV300	694,524	1,396,623	146	314	-60	80	33	37	4	1.16
RC16OKV341	694,554	1,396,630	147	314	-60	120	80	83	3	3.90
RC16OKV354	694,600	1,396,771	145	314	-60	90	57	65	8	1.75
RC16OKV355	694,526	1,396,763	144	314	-60	150	3	15	12	1.09
RC19OKV390	694,675	1,396,795	149	316	-60	150	143	150	7	18.75
RCDD16OKV342	694,506	1,396,532	149	314	-60	180	76	77	1	7.68

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Appendix Two | JORC Code, 2012 Edition | ‘Table 1’ Report

Section 1 Sampling Techniques and Data

(	Criteriain this section	applyto allsucceeding sections).
	Criteria	JORC Code explanation	Commentary
	Sampling techniques	• Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • 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 (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30g 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 (e.g. submarine nodules) may warrant disclosure of detailed information.	• For the recent drill program, reverse circulation (RC) drilling is used to collect both a 4m composite and 1m samples. The 4m composited are taken from the excess bagged material off the cone splitter taken every 1m. A spear sampling technique is then used to produce a 3-5kg composite sample. The 1m samples are split with a cone splitter at the drill rig to produce a 3-5kg sub-sample. These 1m samples are submitted after the results of the 4m composites are received to identify the zones of mineralisation. • Diamond core was sampled using half-core where the core is cut in half down the longitudinal axis and sample intervals were determined by the geologist based on lithological contacts, with 80% of the sample intervals being 1 metre in length and an additional 15% of the sample intervals being 2m in length. • Current drill sample preparation is carried out at a commercial off-site laboratory (ALS Phnom Penh). Gold assays are conducted at ALS Vientiane, Laos utilising a 50gram subsample of 85% passing 75µm pulped sample using Fire Assay with AAS finish on and Aqua Regia digest of the lead collection button. Multi-element assay is completed at ALS, Perth, Australia on a 1g pulp subsample digested by Aqua Regia and determined by ICP-AES or ICP-MS for lowest available detection for the respective element. • Oxide matrix standards, field duplicates and pulp blanks are inserted in sample batches to test laboratory performance
	Drilling techniques	• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. 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).	• A track mounted UDR650 multipurpose drill rig is used to drill 5.5-inch RC holes. • Recent drilling used a REFLEX survey tool to survey hole deviation. A typical downhole survey was taken at 12m depth and then every 30m to the end of hole. Surveying of RC holes utilises 6m of stainless drill rod to negate the magnetic interference from the rod string and hammer assembly. All readings showed that down hole deviation was negligible. • A track-mounted Boart Longyear LF70 M/P drill rig is used to drill HQ3 and NQ2 diamond core. • A track mounted Boart Longyear DB540 M/P drill rig is used to drill 5.25 inch RC holes. • Core diameter varies – HQ, HQ3, NQ, NQ2, NQ3, NTW and BTW used at various times. • Core was oriented by means of a REFLEX ACT orientation tool, following a standard operating procedure, for all drilling subsequent to 2009. A spear tool was used for drilling pre-2009.
	Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	• All RC 1m samples and sub-samples (pre- and post-split) are weighed at the rig, to check that there is adequate sample material for assay. Any wet or damp samples are noted and that information is recorded in the database; samples are usually dry. • Diamond core recovery is routinely monitored by comparing recovered core vs drill run lengths – recovery is consistently high. Recovery data are recorded on drill run lengths
	Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged.	• All RC chips and diamond core is routinely logged (qualitatively) by a geologist, to record details of regolith (oxidation), lithology, structure, mineralization and/or veining, and alteration. In addition, the magnetic susceptibility of all samples is routinely measured. All logging and sampling data are captured into a database, with appropriate validation and security features. • A geotechnical log is produced for all diamond core • Core has been logged to an appropriate level of detail by a geologist to support mineral resource estimation • 100% of core is logged, with the mineralised intersections logged togreater detail

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Criteria	JORC Code explanation	Commentary
		• In addition to the geological logging, other features recorded are: location of bulk density samples; downhole camera survey calibration, intervals confidently oriented; and core condition. Standard field data are similarly recorded (qualitatively) routinelybyageologist for all soil samplingsites.
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.	• Most RC samples are dry and there is no likelihood of compromised results due to moisture. • All types of samples are prepared for assay at the NATA accredited ALS Cambodia sample preparation facility in Phnom Penh; and that facility has been inspected, at the request of Renaissance, numerous times and most recently by Mr Brett Gossage, Mr Keith King and Mr Morgan Hart in Dec 2016. Samples are dried for a minimum of 12 hours at 105˚C. • RC samples are split to <3kg and pulverized in an Essa LM5 Ring Mill. A standard >85% pass rate is achieved (with particle size analysis performed on every tenth sample as a check). • Diamond drill core is sawn in half with core split using a core saw; one half is preserved as a geological record, the other is sent for assay. • At least three field duplicate samples are collected at an RC drill rig to monitor sampling precision. • This sample technique is industry norm, and is deemed appropriate for the material.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	• All drill samples are sent to the NATA accredited ALS Laboratory in Vientiane, Laos, for fire assay (Au-AA26: 50g ore grade method, total extraction by fusion, with an AA finish). Samples reporting >100ppm upper detection limit are repeated by Au-AAGRA22 method, Graphite furnace with gravimetric finish. Pre 2016, a 30g fire assay was completed (Au-AA25: 30g ore grade method, total extraction by fusion, with an AA finish), samples which report >100ppm upper detection limit are repeated by Au-AAGRA22 method, graphite furnace with gravimetric finish. • Resource and Metallurgy samples are sent to the similarly accredited ALS Lab in Brisbane, Australia, for multi-element ICP analysis, after aqua regia digest of a 1g charge by ME- MS42: ICP-MS for Ag, As, Bi, Cu, Sb, Te, Hg. Multi-element samples returning >250ppm upper limit for Ag, As, Bi, Cu, Sb, Te by ME-MS42 are repeated by ME-IC41: ICP-AES. • Samples are sent to the similarly accredited ALS Lab in Brisbane, Australia and ALS Lab Perth, Australia, for multi- element ICP analysis, after partial extraction by aqua regia digest ME-MS42: ICP-MS for Ag, As, Bi, Sb, Te, Hg and Cu by ME-MS-41 ICP-AES. • Fire assay is considered a total gold assay. • The Au-AA26 method has a lower detection limit of 0.01g/t gold. • All magnetic susceptibility measurements of drill samples are made with a Terraplus KT-10 magnetic susceptibility meter. • An appropriate sample preparation and analytical quality control programme confirms that the gold fire assay values are of acceptable quality to underpin mineral resource estimation. • Industry-standard QAQC protocols are routinely followed for all sample batches sent for assay, which includes the insertion of commercially available pulp CRMs and pulp blanks into all batches - usually 1 of each for every 20 field samples. Additional blanks used are home-made from barren quarry basalt. QAQC data are routinely checked before any associated assay results are reviewed for interpretation, and any problems are investigated before results are released to the market - no issues were raised with the results reported here. • All assay data, including internal and external QA/QC data and control charts of standard, replicate and duplicate assayresults,are communicated electronically.
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	• The calculations of all significant intercepts (for drill holes) are routinely checked by senior management. • All field data associated with drilling and sampling, and all associated assay and analytical results, are archived in a relational database, with industry-standard verification protocols and securitymeasures inplace.

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Criteria	JORC Code explanation	Commentary
	• Discuss anyadjustment to assaydata.
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	• Drill hole collar locations are first surveyed with a hand-held GPS instrument (which generates relatively inaccurate RL values). The locations of all holes used in Mineral Resource estimates are verified or amended by survey using a differential GPS by and external contractor with excellent accuracy in all dimensions using a local base station reference). All locations are surveyed to the Indian 1960 Zone 48N UTM grid. Collar coordinates are routinely converted to a local grid (local N is approx. equivalent to UTM 045˚), with an appropriate transformation about a common point - to simplify the interpretation of drill cross sections. • Down-hole surveys are routinely undertaken at 30m intervals for all types of drilling, using a single-shot or multi- shot REFLEX survey tool (operated by the driller and checked bythe supervising geologist).
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	• This drill spacing is considered to be sufficient to establish geological and grade continuity appropriate for the declaration of estimates of resources. • Any significant intercept from a 4m composite sample is clearly identified in the “significant intersection table”. The 1m samples for these “zones of interest” have been submitted and results arepending.
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a samplingbias,this should be assessed and reported if material.	• Drill holes are usually designed to intersect target structures with a “close-to-orthogonal” intercept. • Most of the drill holes intersect the mineralised zones at sufficient angle for the risk of significant sampling orientation bias to be low.
Sample security	• The measures taken to ensure sample security.	• The chain of custody for all drill samples from the drill rig to the ALS Sample Preparation facility in Phnom Penh is managed by Renaissance personnel. RC drill samples are transported from the drill site to the Okvau field camp, where they are logged and all samples are batched up for shipment to Phnom Penh. • Sample submission forms are sent to the ALS Sample Prep facility in paper form (with the samples themselves) and also as an electronic copy. Delivered samples are reconciled with the batch submission form prior to the commencement of any sample preparation. • ALS is responsible for shipping sample pulps from Phnom Penh to the analytical laboratories in Vientiane, Brisbane and Perth and all samples are tracked via their Global Enterprise Management System. • All bulk residues are stored permanently at the ALS laboratoryin Vientiane.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• All QAQC data are reviewed routinely, batch by batch, and on a quarterly basis to conduct trend analyses, etc. Any issues arising are dealt with immediately and problems resolved before results are interpreted and/or reported. • Comprehensive QAQC audits have been conducted on this project by Duncan Hackman (August 2009, February 2010 & November 2011), SRK (February 2013) and Nola Hackman (January 2014), Wolfe (July 2015). • Mr Brett Gossage reviewed the data used in the Okvau Resource up to December 2016 and concluded that there are no concerns about dataquality.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section).

Criteria	Explanation	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	• The recent and historical Okvau drilling is located within the Okvau exclusivity licence and within the 11.5km2of the approved Industrial Mining Licence. Both the licences are held or applied for (100%) in the name of Renaissance Minerals (Cambodia) Limited which is a wholly owned subsidiary of Emerald Resources NL. • Industrial Mining Licence was issued on 27 June 2018. • Tenure is considered secure.

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Criteria	Explanation	Commentary
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Renaissance Minerals (Cambodia) Ltd was formerly named OZ Minerals (Cambodia) Ltd, a 100% owned subsidiary of OZ Minerals Ltd. OZ Minerals was formed in 2009 by the merger of Oxiana Ltd (who initiated the Okvau Project) and Zinifex. • Oxiana and OZ Minerals completed the following work at Okvau between 2006 and 2011: a resource drill-out of the Okvau deposit; plus, a regional geological interpretation of Landsat imagery; stream sediment geochemistry, with some soil sampling follow-up; airborne magnetic and radiometric surveys over both ELs, and various ground geophysical surveys (including gradient array IP); geological mapping and trenching; and the initial drill testing of various exploration targets.
Geology	• Deposit type, geological setting and style of mineralisation.	• The Okvau deposit is interpreted as an “intrusion-related gold system”. It is hosted mostly in Cretaceous age diorite and, to a lesser extent, in surrounding hornfels (metamorphosed, fine-grained clastic sediments). Gold mineralization is hosted within a complex array of sulphide veins, which strike northeast to east-west, and dip at shallow to moderately steep angles, to the south and southeast. • Mineralisation is structurally controlled and mostly confined to the diorite. The highest-grade intersections generally occur at the diorite-hornfels contact. • The host diorite at Okvau is one of numerous similar Cretaceous-aged intrusions in eastern Cambodia, which are believed to be related to an ancient subduction zone that was located to the east,off the coast of current Vietnam.
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: - easting and northing of the drill hole collar - elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar - dip and azimuth of the hole - down hole length and interception depth - hole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	• Details of significant drilling results are shown in Appendix One.
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.	• Drill intercepts are identified at a 0.5g/t Au cut-off grade, with a continuous internal dilution of 4m (in any single zone of waste). A weighted average grade is calculated as the sum of the products of sample length and grade for each sample in the relevant interval, divided by the total length of the interval. All intercepts reported have a value greater than 2 gram metres. • No high grade top cuts have been applied. • No rounding has been applied in the significant drill intercept. • The gram metre values of the long section pierce points were rounded to the nearest whole number. • All results reported aregold only.
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).	• Most of the drill holes intersect the mineralised zones at sufficient angle for the risk of significant sampling orientation bias to be low.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• Appropriate maps and sections are included in the body of this release.
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	• All significant drilling results being intersections with a minimum 2 gram metre values are reported in Appendix One.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk	• Surface geological mapping and detailed structural studies have helped inform the geological model of the Okvau Deposit. • The Company has completed a Definitive Feasibility Study, the results of which are reported the release dated 1 May

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Criteria	Explanation	Commentary
	density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminatingsubstances.	2017. The DFS included metallurgical, geotechnical and hydrological studies.
Further work	• The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commerciallysensitive.	• Further drilling is being undertaken at the Okvau Deposit, including infill drilling and extensional drilling to test lateral and depth extensions of the known mineralisation • Further drilling will be undertaken to test new regional targets,aspotential is recognized.

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