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EMERALD RESOURCES NL Capital/Financing Update 2024

Apr 17, 2024

64849_rns_2024-04-17_41bbf379-5a0a-4227-9878-6c6c1a1bf4a9.pdf

Capital/Financing Update

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ASX Announcement & Media Release

18 April 2024

Fast Facts

ASX Code: EMR Shares on issue: 626,131,886 Market Cap:[~] A$2.26 billion Cash: A$112.5m (US$73.5m) (31 Mar 2024) Bullion: A$24.9m (US$16.3m) (31 Mar 2024)

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Significant Gold Exploration Results Continue at Emerald Projects

Highlights

North Laverton Gold Project, Western Australia (Bullseye Mining Limited (EMR[~] 81%))

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 Shannon Campbell, Chief Financial Officer

Significant gold mineralisation from the current resource definition program on the Boundary and Neptune Prospects continues to deliver significant results include:

  • 11m @ 16.25g/t Au from 208m including 2m @ 77.75g/t Au from 208m (RC24BDY146);

  • 3m @ 30.36g/t Au from 283m including 0.7m @ 105g/t Au from 283.46m (DDRE-BDRC035);

  • 9m @ 4.40g/t Au from 248m including 1m @ 34.50g/t Au from 254m (DDRE-BDRC035); and

  • 7m @ 3.04g/t Au from 222m (R24CBDY148).

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;

  • Forecast +100,000oz gold production for 2024 at AISC US$780-US$850/oz;

Growth

  • Significant exploration and resource growth potential in Cambodia:

  • Okvau Gold Mine reserve expansion;

  • o Memot Project maiden resource: 8Mt @ 1.84g/t for 470koz

  • 1,428km[2] of prospective tenure

  • Significant exploration and resource growth potential in Australia (Bullseye Mining Limited ([~] 81%):

  • North Laverton Gold Project located on the underexplored Dingo Range greenstone belt;

  • Resource and reserve expected early 2024;

  • 1,200km[2] of prospective tenure.

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.

These results will be integrated into Emerald’s (as manager) Maiden Resource estimation for the North Laverton Gold Project.

Initial regional reconnaissance programs result in two new discoveries at the Freemans Find and Banjawarn Prospects including:

  • 5m @ 20.61g/t Au from 33m including 1m @ 101g/t Au from 36m (RC24FMF001);

  • 21m @ 3.98g/t Au from 26m including 1m @ 49.90g/t Au from 29m (RC24FMF009); and

  • 14m @ 1.06g/t Au from 49m (RC24BNJ012).

Okvau Gold Mine (EMR 100%)

Ongoing underground and extensional drilling at the Okvau Gold Mine continues to deliver significant gold mineralisation:

  • 7m @ 15.63g/t from 269m including 2m @ 41.89g/t from 269m (RCDD23OKV507);

  • 18m @ 3.09g/t from 208m including 1m @ 19.7g/t from 208m (RCDD23OKV507);

  • 14m @ 3.59g/t from 597m including 1m @ 17.1g/t from 600m (RCDD23OKV558); and

  • 2m @ 10.29g/t from 234m (RCDD23OKV507).

Near mine exploration continues to identify zones of high-grade

mineralisation:

  • 4m @ 9.58g/t from 29m (RC24OKV634);

  • 3m @ 10.53g/t from 55m (RC24OKV601);

  • 3m @ 9.87g/t from 139m (RC24GSN043);

  • 1m @ 14.75g/t from 144m (RC24OKV634);

  • 3m @ 3.41g/t from 39m (RC24OKV616); and

  • 2m @ 5.08g/t from 49m (RC24OKV617).

Memot Gold Project (EMR 100%)

Registered Office

1110 Hay Street West Perth WA 6005

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

W: www.emeraldresources.com.au

50,000m Stage 2 Resource extensional and infill drill program commenced with significant results returned:

  • 4m @ 13.49g/t from 63m including 2m @ 26.31g/t from 63m (RC24MMT158);

  • 3m @ 13.95g/t from 72m including 1m @ 36.40g/t from 73m (RC24MMT159);

  • 2m @ 12.49g/t from 146m including 1m @ 23.60g/t from 146m (RC24MMT155); and

  • 1m @ 23.10g/t from 143m (RC24MMT157).

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North Laverton Gold Project (Bullseye Mining Limited (EMR[~] 81%))

Bullseye’s North Laverton Gold Project consists of 36 exploration licences (including 5 applications) and 4 mining licences covering the majority of the Dingo Range greenstone belt with more than 800km² of tenure (refer Figure 1) and has the potential to host multiple standalone deposits or satellite deposits to supply additional ore to a central milling location. It includes the gold mineralised prospects of Boundary, Neptune, Stirling, Hurleys and Bungarra extending over a 6.4km strike length.

Figure 1 | North Laverton Tenement Map with the prospect locations

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Boundary-Bungarra Resource Drill Program

Drilling results to date (current and historical) continue to demonstrate the continuity of mineralisation at depth and along strike. Two RC percussion drill rigs and one diamond drill rig are currently engaged on site, continuing resource drilling activities and investigating along strike extensions, as well as drilling other regional targets.

In the March 2024 quarter, the Company completed 40 collars (7,092m) of both RC (6,693m) and diamond core drilling (399m), on resource extension drilling on the Boundary prospect as well as completing 17 drill holes targeting potential pit dewatering bores (1,432m). Assays for circa 1,000m of drilling remain pending.

To date 631 collars (83,303.7m) of the 98,000m resource definition program has been completed, of which 328 collars (67,738.7m) have been drilled since Emerald acquired a controlling interest in Bullseye. Recently returned results from the current RC and diamond drilling program for the Boundary Bungarra Resource Drill Program (refer Figures 2, 3 and 4) include:

  • 11m @ 16.25g/t Au from 208m including 2m @ 77.75g/t Au from 208m (RC24BDY146)[(8)] ;

  • 3m @ 30.36g/t Au from 283m including 0.7m @ 105g/t Au from 283.46m (DDRE-BDRC035)[(8)]

  • 4m @ 11.42g/t Au from 92m (RC24BDY146)[(8)] ;

  • 9m @ 4.40g/t Au from 248m including 1m @ 34.50g/t Au from 254m (DDRE-BDRC035)[(8)] ;

  • 3m @ 10.59g/t Au from 346m (DDRE-BDRC035)[(8)] ;

  • 7m @ 4.64g/t Au from 390m (DDRE-BDRC035)[(8)] ;

  • 14m @ 1.06g/t Au from 49m (RC24BNJ012)[(8)] ; and

  • 7m @ 3.04g/t Au from 222m (24RCBDY148)[(8)] .

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Drilling completed under Emerald management to date has focussed on the Boundary, Stirling and Neptune prospects of the Boundary-Bungarra mineralised trend (refer Figure 2) with highlighted significant results including:

  • 15m @ 5.91g/t Au from 291m (RCDD23BDY022)[(4)] ;

  • 9m @ 7.35g/t Au from 59m including 1m @ 58.27g/t Au from 61m and 1m @ 16.02g/t Au from 73m (RC22NPT027)[(2)] ;

  • 38m @ 1.65g/t Au from 56m including 1m @ 16.60g/t Au from 92m (RC22BDY009)[(2)] ;

  • 12m @ 4.94g/t Au from 62m including 1m @ 9.07g/t Au from 69m and 1m @ 42.90g/t Au from 72m (RC22NPT003)[(1)] ;

  • 43m @ 1.17g/t Au from 253m (RC23BDY065)[(4)] ;

  • 7.08m @ 6.91g/t Au from 329m (RCDD22BDY001)[(4)] ;

  • 8.88m @ 5.06g/t Au from 313.12m (RCDD23BDY059)[(4)] ;

  • 15m @ 2.48g/t Au from 108m including 1m @ 7.39g/t Au from 116m and 2m @ 7.79g/t Au from 118m (RC22NPT004)[(1)] ;

  • 13m @ 2.54g/t Au from 76m including 1m @ 19.30g/t Au from 81m (RC22BDY001)[(1)] ;

  • 14m @ 2.37g/t Au from 115m including 4m @ 4.63g/t Au from 117m (RC22NPT020)[(2)] ;

  • 5m @ 6.33g/t Au from 100m including 2m @ 14.70g/t Au from 100m (RC22BDY016)[(2)] ;

  • 14m @ 1.98g/t Au from 49m (RC23BDY029)[(3)] ;

  • 4m @ 7.12g/t Au from 22m including 1m @ 25.97g/t Au from 25m (RC23BDY047)[(3)] ;

  • 15m @ 1.13g/t Au from 76m (RC23BDY051)[(3)] ;

  • 5m @ 3.23g/t Au from 54m including 1m @ 14.34g/t Au from 58m (RC23BDY031)[(3)] ; and

  • 3m @ 5.13g/t Au from 352m including 1m @ 13.30g/t Au from 354m (RCDD23BDY041)[(3)] .

  • 24m @ 3.04g/t Au from 64m (RC23BDY069)[(5)] ;

  • 20m @ 3.68g/t Au from 244m including 2m @ 23.27g/t Au from 252m (RC23BDY081)[(5)] ;

  • 19m @ 2.45g/t Au from 72m (RC23STI012)[(5)] ;

  • 8m @ 3.44g/t Au from 202m (RC23BGA013)[(5)] ;

  • 10m @ 3.94g/t Au from 142m (RC23NPT054)[(5)] ;

  • 17m @ 2.13g/t Au from 35m (RCDD23HUR001)[(5)] ; and

  • 3.26m @ 111.79g/t Au from 214.74m including 0.86m @ 422.00g/t Au from 214.74m (DDRE-BDRC017)[(6)] ;

  • 16.6m @ 5.27g/t Au from 202m including 0.4m @ 179g/t Au from 218.2m (RCDD23BDY102)[(6)] ; and

  • 3m @ 19.09g/t Au from 121m (RC23BDY121)[(6)] .

Notes:

(1) Refer ASX announcement 7 October 2022; (2) Refer ASX announcement 21 January 2023; (3) Refer ASX announcement 28 April 2023; (4) Refer ASX announcement 4 July 2023; (5) Refer ASX announcement 30 October 2023; (6) Refer ASX Announcement 24 January 2024; (7) Refer ASX Announcement 18 March 2024; and (8) Refer Appendix One

Results from drilling to date continue to delineate mineralised high-grade structures. Historical drilling had only tested to ~110m vertical depth (average) with the drilling completed by the Company to date infilling and extending a significant portion of the mineralisation at Boundary, Stirling and Neptune Prospects to[~] 200-250m vertical.

The mineralisation remains open at depth and along strike throughout a significant portion of the five prospects (refer Figures 2 and 3).

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29 April 2022 Figure 2 | Boundary, Stirling and Neptune Drill collars with recent (in black – refer Appendix One) and previously announced (in blue) significant results (Plan view)

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Figure 3 | Section A Cross section from the northern edge of the Boundary prospect showing high-grade zones of continuous mineralisation which remains untested in adjacent sections and at depth. Significant intersections refer (1) Appendix One (2) 24 January 2024 (3) 4 July 2023 (4) 7 October 2022

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Boundary-Bungarra Historic Significant Intersections

Bullseye’s current resource drill program is designed to test the strike and down dip extension of historic significant intersections. These previous drill programs include 84,028m (80,684m RC and 3,344m diamond) completed by Bullseye since 2014 and 45,583m of drilling completed by various previous tenement holders (34,695m RC, 4,587m diamond, 432m AC and 5,869m RAB), (refer Figure 4). Drill results highlights from both programs include:

Boundary[(1)] :

  • 5m @ 60.25g/t Au from 171m (WDDH8);

  • 45m @ 6.07g/t Au from 73m (BDRC058);

  • 27m @ 9.34g/t Au from 153m (BDRC035);

  • 53m @ 3.44g/t Au from 66m (WRC17) (EOH);

  • 47m @ 3.42g/t Au from 93m (BDRD0025);

Stirling[(1)] :

  • 26m @ 5.83g/t Au from 33m (STRD0016);

  • 38m @ 2.62g/t Au from 16m (SRC7);31m @ 2.75g/t Au from 35m (STRD0008);27m @ 2.30g/t Au from 59m (STRD0007);

  • 27m @ 2.25g/t Au from 31m (STRD0019).

  • 30m @ 5.16g/t Au from 151m (WDDH10);

  • 19m @ 7.89g/t Au from 58m (BRC1002);

  • 8m @ 17.14g/t Au from 38m (BDRC060);

  • 40m @ 3.17g/t Au from 55m (BDRD0022);27m @ 4.53g/t Au from 62m (BDRC014);

  • 9m @13.55g/t Au from 42m (WDDH1);

Hurleys[(1)] :

  • 12m @ 3.30g/t Au from 13m (HRRD0020);

  • 12m @ 2.77g/t Au from 47m (HRRD0050);3m @ 9.00g/t Au from 62m (HRRD0062);9m @2.27g/t Au from 64m (HRRD0032).

  • 30m @ 3.82g/t Au from 179m (BDRD0043);

  • 9m @ 12.55g/t Au from 42m (WRC23);

  • 27m @ 4.07g/t Au from 62m (BDRD0094).

Neptune[(2)] :

  • 22m @ 4.87g/t Au from 17m (NPRD0056);

  • 9m @ 9.44g/t Au from 82m (NPRD0078);

  • 33m @ 3.82g/t Au from 37m (NPMD1019);

  • 15m @ 6.60g/t Au from 67m (NPMD1007);

  • 3m @ 29.85g/t Au from 45m (NPMD1026);

  • 25m @ 5.24g/t Au from 0m (NPGC0053);

  • 40m @ 2.98g/t Au from 14m (NPGC0025);6m @ 14.24g/t Au from 37m (NPGC0018);9m @ 9.36g/t Au from 7m (NPGC0045).

Neptune[(3)] :

Bungarra[(1)] :

  • 14m @ 31.46g/t Au from 33m (LAVRD0126);

  • 19m @ 13.41g/t Au from 32m (DRP495);

  • 17m @ 13.28g/t Au from 49m (LAVRD0132);

  • 3m @ 67.37g/t Au from 30m (BFRC15);5m @ 39.41g/t Au from 31m (LAVRD0133);9m @ 17.02g/t Au from 33m (BFRC13);6m @ 23.26g/t Au from 89m (LAVRD0054);9m @ 15.45g/t Au from 39m (LAVRD0142);14m @ 9.74g/t Au from 30m (LAVGW0003);9m @ 14.58g/t Au from 75m (LAVRD0054);6m @ 19.28g/t Au from 53m (LAVRD0135).

  • 26m @ 6.95g/t Au from 40m (NPRD0039);

  • 16m @ 10.10g/t Au from 63m (NPRD0026);

  • 17m @ 7.44g/t Au from 29m (NPRD0007).

(1) Refer ASX announcement 7 October 2022; (2) Refer ASX announcement 5 July 2022; (3) Refer ASX announcement 31 January 2023

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29 April 2022 Figure 4 | Plan view of Bullseye prospects targeted by the current resource drill program

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North Laverton Gold Project Regional Exploration

In the March 2024 quarter, the Company commenced a regional RC drilling program, the first under Emerald management, which has resulted in two new discoveries at the Freemans Find and Banjawarn Prospects. The Freeman’s Find program consisted of 30 collars for a total of 3,054m and the Banjawarn program of 13 collars for 1,382m (refer Figure 5). Assays for circa 3,500m of drilling remain pending. Recently returned results from the current RC program for the Freeman’s Find and Banjawarn Projects (refer Figures 5, 6, 7, 8 ,9, 10, 11 and 12) include:

  • 5m @ 20.61g/t Au from 33m including 1m @ 101g/t Au from 36m (RC24FMF001)[(7)] ;

  • 21m @ 3.98g/t Au from 26m including 1m @ 49.90g/t Au from 29m (RC24FMF009)[(7)]

  • 1m @ 43.2g/t Au from 3m (RC24FMF013)[(7)] ; and

  • 14m @ 1.06g/t Au from 49m (RC24BNJ012)[(8)] .

Notes:

(7) Refer ASX Announcement 18 March 2024; and

(8) Refer Appendix One.

The Banjawarn Prospect is located approximately 25km southeast of Boundary/Neptune prospect (refer Figure 5) and the reconnaissance program has returned a number of significant results including 14m @ 1.06g/t Au from 49m (RC24BJN012) , a broad zone of mineralisation open along strike and at depth (refer Figures 11 and 12). The mineralisation appears to be associated with a sheared quartz structure near to the contact between an ultramafic and felsic to intermediate unit.

The Freeman’s Find Prospect is located 8km south of Boundary/Neptune prospect (refer Figure 5). On 18 March 2024, the Company announced a high-grade gold discovery at from the reconnaissance drill program of 5m @ 20.61g/t Au from 33m including 1m @ 101g/t Au from 36m (RC24FMF001) and 21m @ 3.98g/t Au from 26m including 1m @ 49.9g/t Au from 29m (RC24FMF009) (refer ASX announcement 18 March 2024). The results to date indicate the mineralisation has a potential strike length of 500m and is untested both along strike and at depth (refer Figures 6, 7, 8, 9 and 10). Mineralisation is associated with quartz veining, interpreted to be striking towards the NW, and associated with regional deformation. The mineralised quartz veining is located within or proximal to a granodiorite intrusion and is surrounded by mafic basalts.

Both the Freeman’s Find and Banjawarn regional drill programs were designed to test aeromagnetic and geochemical targets, historical workings and historic RAB, VAC and RC anomalous drill results.

Page 6 of 29

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29 April 2022 Figure 5 | North Laverton Geology Map with the prospect locations

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Figure 6 | A plan view of recent Freeman’s Find Prospect drilling completed (refer ASX announcement dated 18 March 2024)

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29 April 2022 Figure 7 | Section 1 Cross section from the northern edge of the Freeman’s Find Prospect. All highlighted significant intersections refer to ASX announcement dated 18 March 2024

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Figure 9 | Section 3 Cross section from the Freeman’s Find Prospect. All highlighted significant intersections refer to ASX announcement dated 18 March 2024

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Figure 8 | Section 2 Cross section from the Freeman’s Find Prospect. All highlighted significant intersections refer to ASX announcement dated 18 March 2024

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Figure 10 | Section 4 Cross section from the Freeman’s Find Prospect. All highlighted significant intersections refer to ASX announcement dated 18 March 2024

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29 April 2022 Figure 11 | Plan view of the first pass reconnaissance drill program completed at the Banjawarn Project. All highlighted significant intersections refer Appendix One

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Figure 12 | A Cross section (with a +/- 100m viewing plane) the Banjawarn Project showing a broad zone of mineralisation which remains untested in adjacent sections and at depth. All highlighted significant intersections refer Appendix One

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Exploration Activities – Cambodian Gold Projects

Emerald’s exploration tenements, which comprise of a combination of five (5) 100% owned granted licences, and a further three (3) subject to joint venture agreements (with EMR earning majority ownership), cover a combined area of 1,428km² in Cambodia.

Figure 13 | Cambodian Gold Project | Exploration Licence Areas

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Memot Project – Extensional and Infill Resource Program (EMR: 100%)

The Memot Stage 2 drill program (refer ASX announcement 21 December 2023) has commenced with a total of 34 collars and 3,659m of drilling having been completed. The Stage 2 program is designed to infill and extend the previously reported gold mineralisation at Memot that remains open in all directions and at depth. To date, Stage 1 and Stage 2 have completed a total of 167 drill holes for 23,292m (13,191m RC and 10,101m diamond) (refer Figures 14 and 15) with 1,548m of assay results pending. Highlighted significant recent results received from the 2,111m of samples returned include:

  • 4m @ 13.49g/t from 63m including 2m @ 26.31g/t from 63m (RC24MMT158);

  • 3m @ 13.95g/t from 72m including 1m @ 36.40g/t from 73m (RC24MMT159);

  • 2m @ 12.49g/t from 146m including 1m @ 23.60g/t from 146m (RC24MMT155); and

  • 1m @ 23.10g/t from 143m (RC24MMT157).

Refer Appendix Three for all significant results.

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29 April 2022 Figure 14 | Cross section of the Memot resource with currently completed Stage 2 infill drilling (red traces) and results

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The mineralisation is associated with multiple high-grade, narrow, stacked quartz vein sets, dipping shallowly to the northeast (refer Figure 14) with current interpreted strike length of 650m (refer ASX announcement 28 July 2022). Recent results and previously announced significant intersections include:

  • 5m @ 15.36g/t Au from 210m including 1m @ 67.4g/t Au from 214m (DD23MMT136);

  • 1m @ 37.20 g/t Au from 33m (DD21MMT005);

  • 1m @ 31.70g/t Au from 49m (DD21MMT010);

  • 0.4m @ 17.70g/t Au from 190m (DD22MMT013);

  • 3.54m @ 10.30g/t Au from 0m (ZK8-1);

  • 0.3m @ 145g/t Au from 14.2m (ML3);

  • 0.3m @ 96g/t Au from 12.7m (ML7);

  • 0.3m @ 76.5g/t Au from 10.7m (ML6);

  • 1m @ 31.4g/t Au from 132m, 0.52% Cu and 0.52 % Zn (RC22MMT073);

  • 1m @ 21.30g/t Au from 69m and 1.06% Cu (RC22MMT039);

  • 5.6m @ 4.85g/t Au and 0.67% Cu from 187m including 0.6m @ 31.60 g/t Au 6.04% Cu, 0.16% Pb and 0.25% Zn from 192m (DD22MMT080W); and

  • 2m @ 23.29g/t Au from 131m (DD23MMT090).

Refer ASX announcements 28 April 2023, 4 July 2023 and 30 October 2023

Page 11 of 29

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29 April 2022 Figure 15 | Memot artisanal workings with recent (purple) previously announced (black and blue) and historic (red) drill collars and significant intersections

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Okvau Gold Mine (EMR: 100%)

On 31 August 2023 the Company released an Okvau Gold Mine resource update which included a maiden underground resource.

Since the update, Emerald has continued to progress an exploration drill program, focusing on infilling and extending the currently open pit and maiden underground resource mineralisation proximally within and beyond the reserve pit shell.

The Company has recently completed 4 RC pre-collars for 486.7m and 2,243.7m of diamond core drilling in 4 holes (refer Figures 16 and 17), significant results received include:

  • 7m @ 15.63g/t from 269m including 2m @ 41.89g/t from 269m (RCDD23OKV507);

  • 18m @ 3.09g/t from 208m including 1m @ 19.7g/t from 208m (RCDD23OKV507);

  • 14m @ 3.59g/t from 597m including 1m @ 17.1g/t from 600m (RCDD23OKV558); and

  • 2m @ 10.29g/t from 234m (RCDD23OKV507).

The total amount of drilling completed since the Okvau August 2023 resource update is 41 holes, 22 of which were shallow RC for 3,669m and 19 of which were 3,848.9m of RC pre-collar and 8,650.2m of diamond core tails.

The mineralisation is associated with massive sulphide pyrrhotite, arsenopyrite and pyrite stack vein sets hosted in both diorite and hornfels sedimentary lithologies.

The significant intercepts listed above are either outside the existing resource and likely to extend the known mineralisation or upgrade the classification of inferred material, enhancing our confidence in the existing resource (refer Figure 16 and 17).

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29 April 2022 Figure 16 | Completed collars of the current Okvau Resource Drill program, plan view. Significant intercepts highlighted with Blue or Orange are newer results not used in the August 2023 Okvau Resource update

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Figure 17 | Okvau Underground cross section highlighting five significant results in this announcement which are either outside the current underground resource calculation, or located in close proximity to inferred classified mineralisation (Refer Appendix Three)

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Okvau Gold Project - Near Mine Exploration (EMR 100%)

The Company has continued progressing a near-mine exploration drill program, focusing on geophysical and geochemical anomalies as well as known mineralisation from previous drilling activities. Notable historical results include 8m @ 19.21g/t Au from 20m including 3m @ 49.81 g/t Au from 21m (RC10OKV048)[1] , 3m @ 7.68g/t Au from 64m (RC23OKV462)[1 ] and 2m @ 10.63g/t Au from 92m (RC23OKV476)[2] within a 2-kilometre radius to the north of the mine site. The drilling to date on this program includes 63 RC drill holes for 8,193m (refer Figure 18).

(1) refer ASX announcement 4 July 2023, (2) refer ASX announcement 30 October 2023.

During the March quarter, a total of 35 collars and 4,967m of RC drilling has been completed, with the most significant results being , 4m @ 9.58g/t from 29m (RC24OKV634), 3m @ 10.53g/t from 55m (RC24OKV601) and 1m @ 14.75g/t from 144m (RC24OKV634) (refer Appendix Three).

The previously announced noteworthy intersections occur within a mineralised NE-trending corridor spanning a 250-metre strike distance. This structure was confirmed by the recent results such as 3m @ 3.41g/t from 39m (RC24OKV616)³ and 2m @ 5.08g/t from 49m (RC24OKV617)³ . The mineralisation is associated with massive sulphides (pyrrhotite and arsenopyrite) veining associated proximal to felsic intrusions, in a similar style to the Okvau Gold Deposit.

The significant results returned from RC24OKV634 and RC24OKV601 are interpreted as additional subparallel structures from the NE trending structure discussed above (refer Figure 18). The mineralisation identified in RC23OKV634 is located 1km to the NE of the mineralised corridor discussed above, with relatively little drill testing in between (refer Figure 18). These additional high-grade intercepts indicate that the intrusions to the north of the Okvau Gold Deposit has the potential to provide several additional sources of supplementary ore to the Okvau Gold Mine.

Figure 18 | Completed collars of the current near mine Okvau exploration drill program, plan view

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Okvau Near Mine – Preak Klong (EMR: 100%)

The Company has recently completed a 38 collar (4,440m) RC drill program on the Preak Klong NW and Gossan prospects which are located within 15km of the Okvau Gold Mine - on the Preak Klong Licence. The program is designed to infill and extend the previously announced intersections listed below (refer ASX announcement 29 April 2022). The significant assays returned to date includes 3m @ 9.87 g/t Au from 139m including 1m @ 23.40g/t Au from 140m (RC24GSN043) and 3m @ 3.53g/t Au from 79m (RC24GSN039) with more than 2,600 assays pending.

The results to date confirm a subvertical structure of high grade mineralisation associated with quartz veining and massive sulphide (arsenopyrite, pyrrhotite and pyrite) (refer Figures 19, 20, 21 and 22). Previously announced intercepts (refer ASX announcement 29 April 2022):

  • 1m @ 16.16g/t Au from 74m (RC09PKL001);

  • 3m @ 8.92g/t Au from 73m (DD10PKL002);

  • 4m @ 10.25g/t Au from 56m (DD11PKL006);

  • 3m @ 12.94g/t Au from 38m (DD10GSN003);

  • 3m @ 8.51g/t Au from 58m (DD11GSN009);

  • 2m @ 13.49g/t Au from 89m (DD11GSN015).

  • 3m @ 31.09g/t Au from 65m (Incl. 1.0m @ 92.1g/t Au from 67m) (RC22PRK016);

  • 2m @ 14.07g/t Au from 21m (Incl. 1.0m @ 26.2g/t Au from 21m) (RC22GSN025);

  • 5m @ 3.11g/t Au from 41m (Incl. 1.0m @ 10.1g/t Au from 42m) (RC22GSN024B);

  • 2m @ 5.95g/t Au from 30m (Incl. 1.0m @ 10.1g/t Au from 31m) (RC22GSN023).

Subject to further work at Preak Klong and the Gossan prospects, it is expected that these projects will contribute additional open cut ore feed to the Okvau Gold Mine processing plant in coming years.

Figure 19 | Gossan and Preak Klong North West Prospects drill collar locations

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29 April 2022 Figure 20 | Preak Klong North West Prospect drill collars with recent and previously announced significant results

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Figure 21 | Gossan Prospect drill collars with recent and previously announced significant results

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29 April 2022 Figure 22 | Cross section of the Gossan prospect with highlighted significant intersections

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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

Page 17 of 29

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About Emerald Resources NL

Overview

Emerald is a developer and explorer of gold projects. In particular, Emerald has been focused on the development and commissioning of its most advanced project, the Okvau Gold Mine in Cambodia which saw first production in June 2021. Since commercial production commenced in September 2021, Emerald has now poured over 10,000kgs of gold doré from its operations.

Emerald also holds a number of other projects in Cambodia which are made up of a combination of granted mining licences (100% owned by Emerald) and interests in joint venture agreements. Together, Emerald’s interest in its Cambodian Projects covers a combined area of 1,428km².

Emerald has a controlling interest in Bullseye Mining Limited ([~] 81%), an unlisted Australian public company with three Western Australian gold projects totalling in excess of 1,200km² of highly prospective gold tenure including the North Laverton Gold Project which covers in excess of 800km² of the entire Dingo Range greenstone belt.

Table 1 | Okvau Mineral Resource Estimate (refer to announcement 31 August 2023)

Okvau Gold Project - March 2023 Global Resource Estimate Okvau Gold Project - March 2023 Global Resource Estimate Okvau Gold Project - March 2023 Global Resource Estimate Okvau Gold Project - March 2023 Global Resource Estimate Okvau Gold Project - March 2023 Global Resource Estimate Okvau Gold Project - March 2023 Global Resource Estimate
Measured Resources(i) Indicated Resources(ii) Inferred Resources(ii) Total Resources
Resource Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained
Au		 Tonnage Grade Contained
Type (Mt) (g/t Au) Au (Koz) (Mt) (g/t Au) Au (Koz) (Mt) (g/t Au) Au (Koz) (Mt) (g/t Au) Au (Koz)
Open Pit 2.81 0.89 80 8.36 2.24 601 0.70 1.71 4 11.24 1.90 685
Underground - - - 0.6 6.20 120 0.91 6.35 185 1.510 6.29 305
Total 2.81 0.89 80 6.96 2.50 721 0.98 6.01 189 12.750 2.42 990
  • tonnage is rounded to the nearest 10,000t, grade is rounded to the second decimal pint and ounces are rounded to the nearest 1,000oz

Table 2 | Okvau Ore Reserve Estimate (refer to announcement 31 August 2023)

Okvau Gold Project - March 2023 Global Reserve Estimate
Resource Tonnage Grade Contained
Type (Mt) (g/t Au) Au (Koz
Proven 2.81 0.89 80
Probable 9.14 2.10 618
Total 11.95 1.82 698

*tonnage is rounded to the nearest 10,000t, grade is rounded to the second decimal pint and ounces are rounded to the nearest 1,000oz

Table 3 | Maiden Memot Gold Project Open Pit Resource Estimate (refer to announcement 21 December 2023)

Memot Gold Project Resource Estimate Memot Gold Project Resource Estimate Memot Gold Project Resource Estimate Memot Gold Project Resource Estimate
Measured Resources* Indicated Resources* Inferred Resources* Total Resources
Au Lower Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained
Cut off (Mt) (g/t
Au)		 (Koz) (Mt) (g/t Au) (Koz) (Mt) (g/t Au) Au (Koz) (Mt) (g/t Au) (Koz)
0.9 - - - - - - 8.0 1.84 470 8.0 1.84 470

*tonnage is rounded to the nearest 100Kt, grade is rounded to the second decimal point and ounces are rounded to the nearest 10,000oz

Page 18 of 29

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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 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 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 Announcements dated 1 May 2017 and 26 November 2019. 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, Regis Resources Ltd.

Competent Persons Statements

The information in this report that relates to Exploration and Drill Results from Bullseye Recent Drilling (Appendix One) and Cambodian Recent Drilling (Appendix Three) 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.

Mr King 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.

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 material 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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Appendix One | New Drill Results from Recent Drilling at Boundary and Banjawarn Prospects (Bullseye) (>2 gram metre)

Prospect Hole Name Easting Northing RL Dip Azi End Depth
(m)		 From
(m)		 To
(m)		 Interval
(m)		 Gold
g/t
Boundary RC24BDY146 345,274 6,971,989 495 -60 263 300 208 219 11.0 16.25
including 208 210 2.0 77.75
Boundary DDRE-BDRC035 345,334 6,971,945 494 -60 266 420 283 286 3.0 30.36
including 283.46 284.17 0.7 105.00
Boundary RC24BDY146 345,274 6,971,989 495 -60 263 300 92 96 4.0 11.42
Boundary DDRE-BDRC035 345,334 6,971,945 494 -60 266 420 248 257 9.0 4.40
including 254 255 1.0 34.50
Boundary DDRE-BDRC035 345,334 6,971,945 494 -60 266 420 346 349 3.0 10.59
including 348 349 1.0 21.10
Boundary DDRE-BDRC035 345,334 6,971,945 494 -60 266 420 390 397 7.0 4.64
including 395 396 1.0 28.40
Boundary RC24BDY146 345,274 6,971,989 495 -60 263 300 267 272 5.0 4.47
Boundary RC24BDY148 345,229 6,972,239 500 -60 267 300 222 229 7.0 3.04
Boundary RC24BDY146 345,274 6,971,989 495 -60 263 300 293 294 1.0 18.60
Boundary DDRE-BDRC035 345,334 6,971,945 494 -60 266 420 376 380 4.0 3.99
Banjawarn RC24BJN012 357,859 6,948,392 500 -60 230 97 49 63 14.0 1.06
Boundary RC24BDY146 345,274 6,971,989 495 -60 263 300 124 126 2.0 5.12
Boundary RCDD24BDY14
5		 345,435 6,972,009 495 -60 268 361 285 286 1.0 7.65
Banjawarn RC24BJN002 355,272 6,950,514 500 -60 225 97 26 27 1.0 4.54
Banjawarn RC24BJN012 357,859 6,948,392 500 -60 230 97 27 28 1.0 4.95
Boundary DDRE-BDRC035 345,334 6,971,945 494 -60 266 420 404 409.68 5.7 0.52
Boundary RC24BDY150 345,123 6,972,332 495 -60 264 240 41 43 2.0 1.29
Boundary RC24BDY152 345,128 6,972,286 495 -60 269 120 104 107 3.0 0.95
Boundary DDRE-BDRC035 345,334 6,971,945 494 -60 266 420 241 242 1.0 1.98
Boundary RC24BDY135 345,107 6,972,217 500 -60 224 216 90 91 1.0 1.53
Boundary RC24BDY139 345,353 6,972,257 500 -60 226 216 114 116 2.0 1.09
Boundary RC24BDY144 345,208 6,972,185 500 -60 222 261 240 241 1.0 2.12
Boundary RC24BDY146 345,274 6,971,989 495 -60 263 300 239 240 1.0 1.65
Banjawarn RC24BJN006 360,003 6,945,506 500 -59 230 85 83 84 1.0 2.41

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

Section 1 Sampling Techniques and Data from Recent Drilling at Boundary and Banjawarn Prospects (Bullseye)

(Criteria in this section apply to all succeeding sections).


Criteria
JORC Code explanation		 Commentary
Sampling techniques •
Nature and quality of sampling (eg 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 (eg ‘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 (eg submarine nodules)
may warrant disclosure of detailed information.		 •
Standards are inserted at regular intervals in sample batches
to test laboratory performance.
•
All Bullseye reverse circulation (RC) drilling is used to collect
both a 4m composite and 1m samples in the precollar. The
4m composite are determined based on areas of known very
low or background mineralisation or geological assessment
at the rig. The 4m program composites 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 most of the sample intervals being 1 metre in
length. In areas of no mineralised (negligible amounts of
alteration/sulphides typically present with mineralisation) a
2m composite was submitted.
•
The Bullseye drill program used SGS Laboratories, Kalgoorlie
and Bureau Veritas Kalgoorlie for RC and diamond samples:
•
SGS – samples crushed and milled to <75µm and assayed
using fire assay (50g) with additional AAS.
•
Bureau Veritas – samples crushed and milled to <75µm (90%
pass) and assayed using fire assay (40g) with additional AAS.

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Criteria		 JORC Code explanation Commentary
Drilling techniques •
Drill type (eg 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 Schramm 685 drill rig with a 5.5-inch hammer and a
Schramm 450 with a 5.375-inch hammer is used for RC
drilling.
•
5 3/8 hole were used to drill the RC holes. A UDR1000 rig is
used to drill NQ2 diamond Core.
•
All Bullseye holes were downhole surveyed using a
gyroscopic survey tool (a REFLEX GYRO SPRINT-IQ™). A
typical downhole survey was taken at 10m depth to the end
of hole. All readings showed that down hole deviations were
within acceptable limits.
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.		 •
RC drill sample recovery averaged better than 99%.
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. All logging and sampling data are
captured into a database, with appropriate validation and
security features.
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 samples are dry and there is no likelihood of
compromised results due to moisture.
•
This sample technique is industry standard and is deemed
appropriate for the material.
•
All RC samples were put through a fixed cone splitter at 1m
intervals with the sample reduced to between a 2kg to 5kg
sample.
•
The drilling used SGS Laboratories, Kalgoorlie and Bureau
Veritas, Kalgoorlie for RC samples: SGS– samples are dried
at 105° Celsius, crushed and milled to 85% passing -75µm.
Assay was 50g fire assay with AAS finish for gold. Bureau
Veritas– samples are dried at 105° Celsius, crushed and
milled to 90% passing -75µm. Assay was 40g fire assay with
AAS finish for gold.
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 samples are sent to the accredited SGS Laboratories,
Kalgoorlie 50g fire assay with AAS finish for gold or the
accredited Bureau Veritas laboratory in Kalgoorlie for 40g
fire assay with AAS finish for gold. These methods have a
lower detection limit of 0.01ppm gold.
•
Industry-standard QAQC protocols are routinely followed
for all sample batches sent for assay, which includes the
insertion of commercially available pulp CRMs at rate of 1
for every 20 field samples and pulp blanks at a rate of 1 for
every 50 field samples. Field duplicates were collected at the
rig, directly from the cyclone at a rate of one in every 50
samples for the entire program.
•
QAQC data are routinely checked before any associated
assay results are reviewed for interpretation.
•
All assay data, including internal and external QA/QC data
and control charts of standard, replicate and duplicate assay
results, 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.
•
Discuss any adjustment to assay data.		 •
All field data associated with sampling, and all associated
assay and analytical results, are archived in a relational
database, with industry-standard verification protocols in
place.
•
The calculations of all significant intercepts (for drill holes)
are routinely checked by senior management.
•
Data verification and validation procedures undertaken
included checks on collar position against design and site
survey collar pick-ups by Licenced on site surveyors. Hole
depths were cross-checked in the geology logs, down hole
surveys, sample sheets and assay reports to ensure
consistency. All down hole surveys were exposed to rigorous
QAQC and drill traces were plotted in 3D for validation and
assessment of global deviation trends.

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Criteria		 JORC Code explanation Commentary
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.		 •
The grid system used is MGA_94. The creation of the
topographic surface is based on a site survey pick-up in
March 2014 by GEMS (Glockner Engineering and Mining
Services, licenced Australian surveyors) and again in July
2014, August 2015 and August 2017 of all drill holes and
surface contour points in GDA_94.
•
Collars drilled prior to 20 December 2023 have been picked
up using Trimble RTK DGPS by Insight UAS authorised
surveyors. Drillholes drilled after 20 December 2023 have
been picked up using a hand GPS. These collars will be
picked up using DGPS in future survey campaigns. It is the
intention to use a licenced surveyor with DGPS equipment
to pick up relevant collars prior to any resource calculation.
•
All Bullseye drill holes were downhole surveyed using a
gyroscopic survey tool (a REFLEX GYRO SPRINT-IQ™) and
are routinely undertaken at~5m intervals for the drilling.
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.
•
The drill program adopted a standard sample length of
1.0m.
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 sampling bias, 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.		 •
All RC samples were sampled as single 1m calico samples,
each with a unique sample number. These calicos were
collected from the drill sites in allotments of 1 tonne bulka
bags. These bulka bags were loaded by Bullseye field staff
and delivered to SGS Kalgoorlie or Bureau Veritas by road
transport supplied by the relevant laboratory. Zones of
waste a sampled as a composite sample using the spear
sampling technique. If the composite returns an anomalous
value, the individual 1m samples (collected and stored at the
time of drilling) are submitted for analysis.
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.
•
Keith King completed his most recent site visit and lab audit
of both the SGS Kalgoorlie and Bureau Veritas Kalgoorlie
laboratories in September 2023.

Section 2 Reporting of Exploration Results from Boundary and Banjawarn Prospects

(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 Bullseye Gold Prospects are 100% held by Bullseye
Mining Limited (EMR~81%). The tenure is considered to be
secure.
Exploration done by
other parties		 •
Acknowledgment and appraisal of exploration by other
parties.		 •
Historical drilling was conducted between 1989 – 2005 by
companies Julia Mines NL, Eagle Mining NL, Deep Yellow
NL and Korab Resources Ltd.
Geology •
Deposit type, geological setting and style of mineralisation.		 •
Geology comprises a basalt country rock and BIF with
intrusions of various composition and ages. All Boundary
prospects are associated with an approximately 45 degree
to subvertical dipping mineralised lode (or sheets) that
have formed in association with the basalt/BIF contact and
Orogenic hydrothermal mineralisation typical of the WA
goldfield. Gold Mineralisation is as shallow as a few metres
below surface, extends to some 300m below surface and
is open at depth.
•
The weathering profile displays a surface laterite, followed
by clay/saprolite weathering predominately in association
with the weathered basalt. Saprock is encountered earlier
in association with weathered BIF. Global fresh rock is
encountered from 70m down hole, but weathering is not
well advanced at Neptune and hard saprock and fresh rock
are encountered in more shallow horizons.
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;		 •
Details of significant drilling results are shown in Appendix
One.

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Criteria		 Explanation Commentary
-
elevation or RL (Reduced Level – elevation above sea
level in meters) 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.
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.		 •
No high grade top cuts have been applied.
•
The reported significant intersections in Appendix One are
above 2 gram metre intersections and allow for up to 4m
of internal dilution with a lower cut trigger values of
greater than 0.5g/t.
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 (eg
‘down hole length, true width not known’).		 •
All reported intersections are down hole lengths. True
widths are unknown and vary depending on the
orientation of target structures.
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 density, groundwater,
geotechnical and rock characteristics; potential deleterious
or contaminating substances.		 •
Surface geological mapping and detailed structural
interpretation have helped inform the geological models.
Further work •
The nature and scale of planned further work (eg 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
commercially sensitive.		 •
Additional drilling programs are being planned across all
exploration licences.

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29 April 2022

Appendix Three | New Significant Intercepts Okvau Underground, Okvau Near Mine exploration, Memot Resource definition infill and Preak Klong Exploration Drill Programs (>2 gram metre)

Project Name Hole Name Easting
IND60		 End Gold
g/t		 Silver Copper Lead Zinc
Northin Deth From To Interval
g
IND60		 RL Azi Dip p
(m) (m) (m) (m) (g/t) (g/t) ppm ppm ppm
Okvau UG RCDD23OKV507 694,363 1,396,580 40 309 -88 681 269 276 7 15.63 1.21 362 15 32
including 269 271 2 41.89 2.15 905 11 25
Okvau UG RCDD23OKV507 694,363 1,396,580 40 309 -88 681 208 226 18 3.09 0.86 70 29 48
including 208 209 1 19.70 1.30 470 16 45
Okvau UG RCDD23OKV558 694,303 1,396,521 115 337 -78 722 597 611 14 3.59 5.38 729 262 280
including 600 601 1 17.10 56.00 1,920 3,250 3,430
Okvau UG RCDD23OKV507 694,363 1,396,580 40 309 -88 681 234 236 2 10.29 0.85 491 29 29
Okvau UG RCDD23OKV507 694,363 1,396,580 40 309 -88 681 315 326 11 1.62 0.22 111 6 27
Okvau UG RCDD23OKV507 694,363 1,396,580 40 309 -88 681 654 662 8 1.82 0.24 177 8 38
Okvau UG RCDD23OKV507 694,363 1,396,580 40 309 -88 681 243 245 2 6.79 0.18 277 4 33
Okvau UG RCDD23OKV556 694,294 1,396,529 115 330 -74 571 509 514 5 1.72 1.14 443 29 44
Okvau UG RCDD23OKV554W1 694,538 1,396,404 160 307 -71 767 459 462 3 2.48 assays pending
Okvau UG RCDD23OKV556 694,294 1,396,529 115 330 -74 571 545 546 1 6.78 1.00 373 11 25
Okvau UG RCDD23OKV554A 694,538 1,396,404 159 307 -71 569 460 462 2 2.83 assays pending
Okvau UG RCDD23OKV556 694,294 1,396,529 115 330 -74 571 414 415 1 5.15 2.00 365 53 67
Okvau UG RCDD23OKV556 694,294 1,396,529 115 330 -74 571 454 455 1 4.48 2.60 86 74 32
Okvau UG RCDD23OKV519 694,330 1,396,614 40 307 -74 563 540 543 3 1.01 2.27 863 47 76
Okvau UG RCDD23OKV558 694,303 1,396,521 115 337 -78 722 417 418 1 2.77 4.10 560 82 170
Okvau UG RCDD23OKV558 694,303 1,396,521 115 337 -78 722 645 649 4 0.83 0.79 864 5 30
Okvau UG RCDD23OKV554W1 694,538 1,396,404 160 307 -71 767 507 508 1 1.93 assays pending
Okvau UG RCDD23OKV556 694,294 1,396,529 115 330 -74 571 472 473 1 1.51 0.40 71 15 46
Okvau UG RCDD23OKV556 694,294 1,396,529 115 330 -74 571 501 502 1 1.63 4.20 134 320 471
Okvau UG RCDD23OKV558 694,303 1,396,521 115 337 -78 722 542 543 1 1.91 5.10 1,840 61 71
Okvau UG RCDD23OKV558 694,303 1,396,521 115 337 -78 722 689 691 2 0.95 0.90 269 43 17
Okvau Near Mine RC24OKV634 694,596 1,398,896 196 90 -55 153 29 33 4 9.58 0.58 213 8 26
Okvau Near Mine RC24OKV601 694,239 1,397,845 150 360 -60 91 55 58 3 10.53 0.77 585 6 53
Okvau Near Mine RC24OKV634 694,596 1,398,896 196 90 -55 153 144 145 1 14.75 0.60 585 22 49
Okvau Near Mine RC24OKV616 694,242 1,398,017 146 360 -60 135 39 42 3 3.41 1.20 81 34 54
Okvau Near Mine RC24OKV617 694,394 1,398,036 137 360 -55 159 49 51 2 5.08 3.30 127 114 88
Okvau Near Mine RC24OKV610 694,292 1,397,953 142 360 -52 150 66 68 2 3.76 0.65 58 24 54
Okvau Near Mine RC23OKV562 694,736 1,396,970 137 357 -55 140 69 73 4 1.61 0.05 161 6 39
Okvau Near Mine RC24OKV617 694,394 1,398,036 137 360 -55 159 127 130 3 1.72 0.53 189 20 105
Okvau Near Mine RC23OKV561 694,720 1,396,989 139 310 -55 180 67 69 2 2.23 0.05 85 6 38
Okvau Near Mine RC24OKV617 694,394 1,398,036 137 360 -55 159 32 38 6 0.59 0.63 71 55 86
Okvau Near Mine RC24OKV623 694,494 1,398,183 137 360 -55 150 64 68 4 1.00 assays pending
Okvau Near Mine RC24OKV568 695,468 1,395,250 158 90 -55 105 70 72 2 1.68 0.75 287 3 47
Okvau Near Mine RC24OKV615 694,242 1,397,965 144 360 -62 132 14 16 2 1.26 0.70 170 28 40
Okvau Near Mine RC23OKV562 694,736 1,396,970 137 357 -55 140 94 96 2 1.24 0.05 65 3 33
Okvau Near Mine RC23OKV563 694,743 1,396,964 137 313 -55 140 118 120 2 0.84 0.05 214 4 37
Okvau Near Mine RC24OKV631 694,554 1,398,651 159 360 -55 123 15 17 2 1.18 0.30 746 5 26
Okvau Near Mine RC24OKV632 694,591 1,398,814 188 90 -55 120 78 80 2 0.87 0.08 149 5 56
Okvau Near Mine RC24OKV568 695,468 1,395,250 158 90 -55 105 28 29 1 1.57 0.20 172 3 32
Okvau Near Mine RC24OKV616 694,242 1,398,017 146 360 -60 135 14 16 2 0.93 0.25 125 3 47
Okvau Near Mine RC24OKV620 694,194 1,398,045 148 360 -52 153 15 18 3 0.64 0.12 7 7 41
Okvau Near Mine RC24OKV622 694,293 1,398,126 147 90 -55 164 39 42 3 0.67 0.27 1,418 3 21
Okvau Near Mine RC24OKV627 694,423 1,398,346 145 360 -55 90 2 5 3 0.81 0.20 1,678 4 28

Page 24 of 29

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Project
Name		 End Gold
g/t		 Silver Copper Lead Zinc
Eastin Northin Depth From To Interval
Hole Name g
WGS84		 g
WGS84		 RL Azi Dip
(m) (m) (m) (m) (g/t) (g/t) ppm ppm ppm
Memot RC24MMT158 633,585 1,317,953 48 225 -70 187 63 67 4 13.49 assays pending
including 63 65 2 26.31
Memot RC24MMT159 633,704 1,318,001 47 225 -57 156 72 75 3 13.95 assays pending
including 73 74 1 36.40
Memot RC24MMT155 633,477 1,318,197 43 225 -76 193 146 148 2 12.49 18.15 523 2,026 2,129
including 146 147 1 23.60 33.40 814 3,790 3,990
Memot RC24MMT157 633,563 1,317,931 48 225 -60 198 143 144 1 23.10 3.90 272 54 245
Memot RC24MMT157 633,563 1,317,931 48 225 -60 198 52 56 4 4.57 12.05 2,234 124 732
Memot RC24MMT157 633,563 1,317,931 48 225 -60 198 173 174 1 16.40 0.90 129 4 50
Memot RC24MMT164 633,774 1,317,998 48 225 -62 144 39 40 1 16.05 assays pending
Memot RCDD24MMT042 633,790 1,317,955 48 225 -65 634 353 355 2 6.73 assays pending
Memot RC24MMT163 633,783 1,317,925 48 225 -61 18 8 17 9 1.07 assays pending
Memot RC24MMT151 633,803 1,317,812 49 225 -65 126 1 5 4 2.17 1.70 372 119 132
Memot RC24MMT171 633,566 1,318,073 45 225 -63 55 46 51 5 1.87 assays pending
Memot RCDD24MMT064 633,716 1,317,857 49 225 -60 375 191 197 6 1.52 assays pending
Memot RC24MMT169 633,438 1,317,806 47 225 -57 102 53 56 3 1.75 assays pending
Memot RC24MMT157 633,563 1,317,931 48 225 -60 198 65 66 1 3.52 0.90 180 44 76
Memot RC24MMT158 633,585 1,317,953 48 225 -70 187 85 88 3 1.36 assays pending
Memot RC24MMT158 633,585 1,317,953 48 225 -70 187 152 153 1 3.77 assays pending
Memot RCDD24MMT064 633,716 1,317,857 49 225 -60 375 101 103 2 1.78 1.20 254 53 132
Memot RC24MMT165 633,640 1,317,932 49 225 -56 168 0 4 4 0.68 assays pending
Memot RC24MMT165 633,640 1,317,932 49 225 -56 168 56 57 1 2.52 assays pending
Memot RC24MMT165 633,640 1,317,932 49 225 -56 168 65 66 1 3.23 assays pending
Memot RC24MMT169 633,438 1,317,806 47 225 -57 102 66 68 2 1.30 assays pending
Memot RCDD24MMT064 633,716 1,317,857 49 225 -60 375 50 52 2 1.55 2.15 198 46 33
Memot RC24MMT157 633,563 1,317,931 48 225 -60 198 194 195 1 1.75 10.10 2,390 35 589
Memot RC24MMT158 633,585 1,317,953 48 225 -70 187 35 36 1 1.97 assays pending
Memot RC24MMT163 633,783 1,317,925 48 225 -61 18 0 2 2 0.95 assays pending
Memot RC24MMT164 633,774 1,317,998 48 225 -62 144 95 96 1 1.80 assays pending
Memot RC24MMT169 633,438 1,317,806 47 225 -57 102 24 25 1 1.85 assays pending
Memot RC24MMT172 633,648 1,318,151 45 225 -64 108 13 14 1 2.37 assays pending
Memot RC24MMT172 633,648 1,318,151 45 225 -64 108 80 82 2 0.96 assays pending
Memot RC24MMT173 633,698 1,318,202 45 225 -64 146 4 7 3 0.73 assays pending
Memot RCDD24MMT042 633,790 1,317,955 48 225 -65 634 363.8 364.8 1 1.99 assays pending
Memot RCDD24MMT064 633,716 1,317,857 49 225 -60 375 240 241 1 1.74 assays pending
Memot RCDD24MMT064 633,716 1,317,857 49 225 -60 375 294 295 1 1.72 assays pending
Memot RCDD24MMT064 633,716 1,317,857 49 225 -60 375 339 341 2 0.86 assays pending
Preak Klong RC24GSN043 692,986 1,383,691 110 350 -60 162 139 142 3 9.87 assays pending
including 140 141 1 23.40
Preak Klong RC24GSN039 692,787 1,383,668 110 350 -55 126 79 82 3 3.53 assays pending
Preak Klong RC24PRK029 689,538 1,382,212 130 290 -50 99 44 45 1 3.68 assays pending
Preak Klong RC24GSN041 692,885 1,383,691 110 350 -55 102 73 74 1 2.75 assays pending
Preak Klong RC24PRK029 689,538 1,382,212 130 290 -50 99 51 54 3 1.06 assays pending
Preak Klong RC24GSN033 692,878 1,383,729 110 350 -55 69 17 18 1 2.11 assays pending
Preak Klong RC24GSN042 692,934 1,383,700 110 350 -55 111 81 83 2 0.87 assays pending
Preak Klong RC24PRK031 689,569 1,382,300 130 290 -55 123 9 10 1 2.09 assays pending

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

Section 1 Sampling Techniques and Data from New Significant Intercepts on the Okvau, Okvau Near mine, Memot and Preak Klong Drill Programs

(Criteria in this section apply to all succeeding sections).

Criteria JORC Code explanation Commentary
Sampling techniques •
Nature and quality of sampling (eg 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 (eg ‘reverse
circulation drilling was used to obtain 1 m samples
from which 3kg 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 (eg
submarine nodules) may warrant disclosure of
detailed information.		 •
Standards are inserted at regular intervals in sample batches to test
laboratory performance.
•
For the recent exploration drilling, reverse circulation (RC) drilling is
used to collect both a 4m composite and 1m samples in the
precollar. The 4m program 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 or three
staged riffle splitter at the drill rig to produce a 2-5kg 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. In areas of no
mineralised (negligible amounts of alteration/sulphides typically
present with mineralisation) a 2m composite was submitted.
•
The Exploration drill samples 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.
The "Okvau Close Spaced” Drilling was carried out by the he Okvau
Mine Site laboratory using Aqua Regia digest with a AAS finish.
•
Historical drilling results in this ASX release refer to historical drilling
records from OZ minerals completed in 2010. Historical RC drilling
samples were through a cyclone on a 1 metre basis. The specific
sub-sampling equipment utilised is not known and therefore
representivity is not known.
•
Soil samples (approximately 1000g) are collected to avoid any
surface contamination from shallow (generally +/-20-30cm deep)
shovel holes to selectively sample pisolite bearing laterite soil
material and are used to define areas of interest and mineralised
system footprints.
•
Soil auger samples (approx. 500g) are collected from hand auger
refusal depth in in-situ weathered bedrock (B/C horizon soil
transition). The sample is sieved to collect a sample passing 2mm.
Where transported material is not penetrated no sample is taken to
avoid spurious anomalism in transported material and assist in
confirming bedrock geology. This sampling is preferred to
constrain areas of interest and/or drill targets.
•
Soil sample preparation is carried out at a commercial off-site
laboratory (ALS Phnom Penh). Gold and multi-element assays are
conducted at ALS Brisbane, Australia utilising a 50gram subsample
of 85% passing 75µm pulped sample digested by Aqua Regia and
analysed by ICP-MS.
•
Rock chip samples are collected as niche samples of rock material
of specific style or character of interest. A target sample weight of
3-5kg is collected for assay. 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, Brisbane, Australia utilising a 4
acid digest of a 1g subsample of 85% passing 75µm pulped sample
and determination 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 (eg 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 rig is used to drill 5.5-inch RC precollar
holes and a LF90 rig is used to drill NQ2 diamond Core. The ”Okvau
Close Spaced” drilling was completed using a A Schramm
T450WS/BH mounted on tracked drill rig is used to drill 5.51-inch.
•
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
werewithinacceptablelimits.

Page 26 of 29

ASX Announcement& Media
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~~29 April 2022~~		 ASX Announcement& Media
Release
~~29 April 2022~~

Criteria		 JORC Code explanation Commentary
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.
•
The drilling results relate to historical sampling results. Drill
recoveries are not known.
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, mineralisation 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.
•
Standard field data are similarly recorded (qualitatively) routinely
by a geologist for all soil sampling sites.
•
Emerald cannot verify the detail and full scope of the historical
logging from the available reports.
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 samples are dry and there is no likelihood of compromised
results due to moisture.
•
All samples except for the “Okvau Close Spaced” drilling samples,
were 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 the Company, numerous times
and most recently by Mr Keith King in April 2022. Samples are dried
for a minimum of 12 hours at 105˚C.
•
This sample technique is industry standard and is deemed
appropriate for the material.
•
The Okvau Mine site lab is not accredited.
•
The historical data available to Emerald is such that Emerald cannot
reliably confirm that the historical RC samples were dry and free of
free of significant contamination. Emerald cannot specifically
confirm that the RC drilling results have not been compromised due
to excessive moisture of contamination.
•
The historical data available is such that Emerald cannot reliably
confirm the specific subsampling techniques and sample
preparation used to generate samples to be sent for assay. It is not
known whether a subsample was retained as a geological record.
•
No review of historic sampling practices has been completed nor
was possible from the data available to Emerald for this
announcement.
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 samples are sent to the NATA accredited ALS Laboratory in
Vientiane, Laos, for single Aqua Regia digest with a 50g charge with
an ICP-MS finish. 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
then via a combination of ICP-MS and ICP-AES. This method has a
lower detection limit of 1ppm gold.
•
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 QAQC data and
control charts of standard, replicate and duplicate assay results, are
communicated electronically.
•
Drill samples for the historical results followed the above assaying
methodology except the sample preparation occurred in the ALS
Laboratory in Vientiane, Laos.
•
Samples processed at the Okvau Mine Site laboratory (Okvau Close
Spaced Drill samples) were analysed using Aqua Regia digest with
a AAS finish.
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.
•
Discuss any adjustment to assay data.		 •
All field data associated with sampling, and all associated assay and
analytical results, are archived in a relational database, with
industry-standard verification protocols and security measures in
place.
•
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 security
measures in place.
•
Historical sampling and assay verification processes are unknown.
•
No sample recording procedures are known for reported data from
historic drilling.
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.
•
Specificationofthe grid systemused.		 •
Whilst, all sample locations are first surveyed with a hand-held GPS
instrument (which generates relatively inaccurate RL values), not all
samples were insitu. All locations are surveyed to IND60 or WGS84
as specified in Appendix Three.

Page 27 of 29

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~~29 April 2022~~

Criteria		 JORC Code explanation Commentary
•
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).
•
The newly reported collars of holes drilled have been picked up by
a licenced surveyor with DGPS equipment.
•
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 by the 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.
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 sampling bias, this
should be assessed and reported if material.		 •
Drill holes are usually designed to intersect target structures with a
“close-to-orthogonal” intercept.
•
Drilling has been done at various orientations.
•
Most of the drill holes intersect the mineralised zones at sufficient
angle for the risk of significant sampling orientation bias to be low.
•
Soil sampling grids are of appropriate orientation to cover the
observed mineralisation.
Sample security •
The measures taken to ensure sample security.		 •
The chain of custody for all drill samples from the drill rig and
soil/auger samples from the field to the ALS Sample Preparation
facility in Phnom Penh is managed by Renaissance personnel. Drill
samples are transported from the drill site to the Okvau exploration
core farm, 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 laboratory in
Phnom Penh or at a company leased storage area in the Memot
town.
•
No information is available regarding sample security procedures
for the historical drilling results reported.
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 data quality.
•
Keith King completed his most recent site visit and lab audit of the
ALS Phnom Penh and Vientiane facilities in October 2023.
•
No review has been completed due to data availability for historical
drilling.
•
Due to the critical importance to production, the Okvau Mine site
lab has regular internal audits completed. Including routine checks
of selected assays being sent to external laboratories for umpire
checks.

Page 28 of 29

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Section 2 Reporting of Exploration Results from New Significant Intercepts Okvau Drill Programs (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 Okvau and Memot licences are held (100%) in the name of
Renaissance Minerals (Cambodia) Limited which is a wholly
owned subsidiary of Emerald Resources NL (EMR). EMR are in a
Joint Venture agreement on the Antrong North and South
Licences where the Company and earn up to an 80% share.
•
The tenure is considered to be secure.
Exploration done by
other parties		 •
Acknowledgment and appraisal of exploration by other
parties.		 •
Exploration has been completed by previous explorers; Oxiana
and Oz Minerals including soil sampling, geophysical data
collection and drilling.
Geology •
Deposit
type,
geological
setting
and
style
of
mineralisation.		 •
Gold occurrences within the licences is interpreted as either a
“intrusion-related
gold
system”
or
“Porphyry”
related
mineralisation. Gold mineralization is hosted within quartz
and/or sulphide veins and associated within or proximal
distance to a Cretaceous age diorite.
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 meters) 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 in Appendix Three.
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.		 •
No high grade top cuts have been applied.
The reported significant intersections in Appendix Three are
above 2 gram metre Au intersections and allow for up to 4m of
internal dilution with a lower cut trigger values of greater than
0.5g/t Au. Cu significant intersections allow for up to 4m of
internal dilution with a lower cut trigger values of greater than
2,000ppm Cu.
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
(eg‘down hole length, true width not known’).		 •
All reported intersections are down hole lengths. True widths
are unknown and vary depending on the orientation of target
structures.
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 Three.
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
density,
groundwater,
geotechnical
and
rock
characteristics; potential deleterious or contaminating
substances.		 •
All mineralisation is associated with visible amounts of
pyrrhotite or arsenopyrite.
Further work •
The nature and scale of planned further work (eg 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
commercially sensitive.		 •
Further drilling programs are being planned on additional
nearby targets.
•
Additional drilling programs are being planned across all
exploration licences.

Page 29 of 29

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