EMERALD RESOURCES NL — Capital/Financing Update 2024

Oct 28, 2024

ASX Announcement & Media Release

29 October 2024

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Golden Horse Minerals Limited –

ASX Code: EMR Shares on issue: 656,952,527 Market Cap: ~A$2.7 billion Cash: A$157.4m (US$109.1m) (30 Sep 2024) Bullion: A$23.4m (US$16.2m) (30 Sep 2024)

Board & Management

Jay Hughes, Non-Executive Chairman Morgan Hart, Managing Director Mick Evans, Executive Director Simon Lee AO, Non-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 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;

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

• Resource expected second half calendar 2024

• 1,300km[2] of prospective tenure

Emerald Resources NL (ASX: EMR) (Emerald or the Company) refers to the transaction with Golden Horse Minerals Limited (TSXV:GHML) (GHM) to sell the Company’s tenements located in Southern Cross, Western Australia (Southern Cross Gold Project) as part of GHM’s dual listing on the ASX, announced on 4 September 2024.

In summary;

• GHM lodged a prospectus with the Australian Securities and Investments Commission on 28 October 2024 (GHM Prospectus) to issue up to 72,000,000 GHM CDIs at an issue price of A$0.25 each, to raise up to A$18 million at an issue price of A$0.25 each;

• GHM has included a Priority Offer to eligible shareholders of Emerald of up to A$4,000,000 (represented by 16,000,000 CDIs) at an issue price of A$0.25 per CDI as part of the GHM Prospectus (GHM Priority Offer);

• Upon GHM’s dual listing on the ASX, Emerald is expected to be the largest shareholder of GHM, with a holding of ~21.6% or up to ~20.5% if oversubscriptions are accepted;

• Eligible Emerald shareholders are defined in the GHM Prospectus which can be downloaded and read in full at www.computersharecas.com.au/ghmipooffer

The important dates for the GHM Priority Offer are as follows;

GHM Prospectus Lodgement	28 October 2024
GHM Priority Offer Opens	9.00am (AEDT), Tuesday 5 November 2024
GHM Priority Offer Closes	5.00pm (AWST), Wednesday 13 November 2024

GHM will dispatch a letter to Emerald shareholders eligible to participate in the GHM Priority Offer on Tuesday 5 November 2024. This letter will contain the unique GHM Priority Offer access code for each eligible shareholder of Emerald.

Applications under the GHM Priority Offer can be made by eligible shareholders of Emerald online using the following instructions:

1. Download and read in full the GHM Prospectus at www.computersharecas.com.au/ghmipooffer

2. Complete an online GHM Priority Offer Application Form by following the instructions on the offer website, ensuring that you quote your GHM Priority Offer Access Code.

3. Submit your Application and BPAY Payment by 5.00pm (AWST) on 13 November

ESG

• 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

The closing date for the GHM Priority Offer is 5:00pm (AWST) on 13 November 2024, or such earlier or later date as the Directors of GHM, in their absolute discretion, may determine.

There is no obligation for eligible Emerald shareholders to participate in the GHM Priority Offer. Eligible Emerald shareholders are encouraged to seek professional advice from their stockbroker, solicitor, accountant or other independent professional adviser before deciding to participate in the GHM Priority Offer.

Should eligible Emerald shareholders wish to participate in the GHM Priority Offer they can obtain their application form and unique GHM Priority Offer Access Code using the link shown above and to make their application online at www.computersharecas.com.au/ghmipooffer.

The final allocation of CDI’s under the GHM Priority Offer remains at the sole discretion of the Directors of GHM, in consultation with the joint lead managers.

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

For further information please contact Emerald Resources NL

Morgan Hart Managing Director

Forward Looking Statement

Certain statements contained in this document, including information as to the future financial or operating performance of the Company and its projects, are forward looking statements. Such forward looking statements involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company and which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. Forward looking statements are provided as a general guide only and should not be relied on as an indication or guarantee of future performance. Given these uncertainties, recipients are cautioned to not place undue reliance on any forward looking statement. Subject to any continuing obligations under applicable law, the Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements in this document to reflect any change in expectations in relation to any forward looking statements or any change in events, conditions or circumstances on which any such statement is based.

No New Information

This document should be read in conjunction with Emerald’s other periodic and continuous disclosure announcements lodged with the ASX, which will be available on Emerald’s website.

The Company confirms that it is not aware of any new information as at the date of this announcement that materially affects the information included in this announcement and that all material assumptions and technical parameters underpinning the estimates in the Company’s previous announcements continue to apply and have not material changed.

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