EMERALD RESOURCES NL — Capital/Financing Update 2024

Dec 8, 2024

ASX Announcement

& Media Release

9 December 2024

Shares on issue: 657,045,406 Market Cap: ~A$2.4 billion Cash: A$157.4m (US$109.1m) (30 Sep 2024) Bullion: A$23.4m (US$16.2m) (30 Sep 2024)

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Emerald Becomes 20.5% Shareholder in Golden Horse Minerals

Highlights

Board & Management

Jay Hughes, Non-Executive Chairman Morgan Hart, Managing Director Mick Evans, Executive Director Ross Stanley, Non-Executive Director Billie Slott, Non-Executive Director Michael Bowen, Non-Executive Director Mark Clements, Company Secretary Bernie Cleary, Operations Manager Okvau Josh Redmond, Operations Manager DRGP Brett Dunnachie, Chief Corporate Officer Shannon Campbell, Chief Financial Officer

Company Highlights

• Golden Horse Minerals (Golden Horse) initial public offering to raise a maximum of $18 million closed early and oversubscribed

• Emerald has become Golden Horse’s largest shareholder with a 20.5% holding in the company

• Emerald shareholders maintain exposure to the Southern Cross Gold Project through Emerald’s shareholding in Golden Horse as well as gaining exposure to the advanced and untapped exploration opportunities presented by Golden Horse’s surrounding tenure in the Southern Cross Greenstone Belt and the Redbank Copper Project in the Northern Territory

Team

• Highly credentialed gold project operational and in-house development team;

• A proven history of building projects on time and on budget.

Gold Production

• Okvau Gold Mine commissioned on time on budget in 2021;

• 2024 production guidance achieved of 114koz gold production at AISC US$818/oz;

Growth

• Significant exploration and resource growth potential in Cambodia:

• Okvau Gold Mine reserve expansion;

• o Memot Project (100%) maiden open pit inferred resource of 8MT @ 1.84g/t Au for 470koz (Updated Resource (interim) expected calendar 2024)

• 1,428km[2] of prospective tenure

• Significant exploration and resource growth potential in Australia:

• Dingo Range Gold Project located on the underexplored Dingo Range greenstone belt

The Board of Emerald Resources NL (ASX: EMR) (Emerald or the Company) is pleased to announce that the divestment of the Company’s Southern Cross Gold Project has now been completed as part of Golden Horse’s $18 million initial public offering (IPO) under a Prospectus (dated 28 October 2024). Golden Horse (ASX: GHM, TSXV: GHML) has received a conditional admission letter from the Australian Securities Exchange (ASX) with a list of conditions that once satisfied, will see Golden Horse’s admission to the Official List of the ASX.

Emerald’s wholly owned subsidiary, Emerald Resources (WA) Pty Ltd (EMRWA) has received 32 million Golden Horse shares at a deemed issue price of A$0.25 per share as initial consideration for the divestment of the Southern Cross Gold Project and now holds 20.5% equity in Golden Horse. EMRWA may receive further deferred consideration of up to $3 million in Golden Horse shares contingent upon achievement of certain milestones.

This ASX release was authorised on behalf of the Emerald Board by: Morgan Hart, Managing Director.

For further information please contact Emerald Resources NL

• In excess of 900km[2] of prospective tenure

• Resource expected calendar 2024

ESG

Morgan Hart

Managing Director

• Focussed on a net positive impact on near-mine environmental and social

• values by targeting strict compliance with corporate governance, international guidelines (IFC PS’s) and local laws by engaging and collaborating with all stakeholders.

• Commitment to carbon neutral operations in Cambodia

Registered Office

1110 Hay Street West Perth WA 6005

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

W: www.emeraldresources.com.au

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Forward Looking Statement

This document 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 forwardlooking statements, which reflect the view of Emerald Resources only as of the date of this announcement. The forwardlooking 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 document has been prepared in compliance with the current JORC Code 2012 Edition and the ASX listing Rules.

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 ASX Announcement dated 1 May 2017, 26 November 2019 and 31 August 2023. 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 this 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, the Okvau Gold Mine in Cambodia.

No New Information

To the extent that announcement contains references to prior exploration results and Mineral Resource estimates, which have been cross referenced to previous market announcements made by the Company, unless explicitly stated, no new information is contained. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.

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