EMERALD RESOURCES NL — Interim / Quarterly Report 2021

Oct 26, 2021

ASX Announcement & Media Release

27 October 2021

Fast Facts

ASX Code: EMR Shares on issue: 515,397,207 Market Cap: ~A$515 million Cash: A$15.4 million (at 30 Sept 2021)

Board & Management

Simon Lee AO, Non-Executive Chairman Morgan Hart, Managing Director Mick Evans, Executive Director Ross Stanley, Non-Executive Director Billie Slott, Non-Executive Director Mark Clements, Non-Executive Director and Company Secretary Bernie Cleary, Operations Manager Brett Dunnachie, Chief Financial Officer

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Quarterly Report for the period ended 30 September 2021

Highlights

Construction and Commissioning Activities - Okvau Gold Project

• Successful commissioning of the Okvau Gold Mine and ramp up of operations to full production

• Final capital and pre-production costs are under budget with actual costs of US$97.6m compared to budget of US$98.0m

Operational Activities - Okvau Gold Project

• Gold production of ~23koz to end of quarter with ~17kozs gold poured

• Process plant throughput 10% above 2.0Mtpa DFS targeted nameplate rate

Company Highlights

• First mover in an emerging gold province in Cambodia;

• Okvau Deposit: Indicated and Inferred Mineral Resource Estimate of 1.14Moz at 2.0g/t Au;

• Project built in 2021 on time on budget and now in operation;

• Forecast economics demonstrates high grade, low cost, compelling project;

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

• LOM average annual production of 106,000ozs pa;

• AISC US$754/oz over LOM (at a US$1,450 gold price assumption);

• Mineral Investment Agreement governs significant tax and duty concessions for first 5 years and includes offshore arbitration process;

• Actual mill production showing a strongly positive reconciliation (+21%) to reserve for fresh rock sulphide ore and oxide ore (+34% for sulphide ore)

• Sulphide ore gold recoveries consistent with expected recoveries for the areas mined (~82%). Life of mine recoveries remain in line with the DFS of ~84%

• Mining operations are on schedule and in line with milling requirements, meeting all ore and waste feed requirements

• Indicative AISC for August and September 2021 of US$723 per ounce

• AISC materially on budget with guidance for remainder of FY2022 in line with DFS forecasts at 25-30koz per quarter at cash costs in a range of US$720 – US$780/oz

Funding

• Consolidated cash at 30 September 2021 approximately A$15.4m with an additional A$17.3m (US$12.5m) of gold bullion on hand

• Gold deliveries to the refinery commenced with total gold sales and funds received of A$24.8m (US$18.2m) to end of Quarter

COVID-19

• Highly credentialed gold project operational and development team;

• Significant resource growth potential;

• 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 law by engaging and collaborating with all stakeholders.

• With the assistance of the Cambodian Ministry of Health, the Company continued its full site wide vaccinating of all Okvau Mine site staff with over 95% of the workforce now fully vaccinated

• Travel between Australia and Cambodia continues to be restricted but is being managed through longer rosters and regional sourcing and the dedication of key employees on site at Okvau

Emerald’s Managing Director, Morgan Hart, said:

“The Board and management of Emerald are extremely proud of the outstanding results delivered by the Company’s workforce and contractors in achieving a near full production Quarter whilst still undertaking commissioning and ramp up activities.”

Registered Office 1110 Hay Street West Perth WA 6005

“Additionally, the performance of the mining and milling/processing departments whilst operating on run of mine sulphide ore late in the Quarter, gives the Company confidence that the Okvau Gold Mine will continue to perform at or above Definitive Feasibility Study estimates.”

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

W: www.emeraldresources.com.au

1 Refer Definitive Feasibility Study (DFS) ASX Announcements dated 1 May 2017 and 26 November 2019.

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Activities during the Quarter

Okvau Gold Mine

Construction and Commissioning Activities

Following successful commissioning of the processing plant on oxide ore late in the June 2021 Quarter, Emerald commenced commissioning of the sulphide float regrind circuit which achieved practical completion in July 2021. Emerald activities then focussed on a ramp up to full production during August 2021 which culminated in achieving a steady state of production for the month of September 2021.

Final capital and pre-production costs for the Okvau Gold Mine were under budget with actual costs totalling US$97.6m against a budgeted US$98.0m. Capital costs for the Okvau Gold Mine were under budget with actual capital costs of US$86.2m compared to budget of US$90.9m. Total pre-production costs through to the end of August 2021 at which time the Okvau Gold Mine was in a steady state of production, were net US$11.4m offset for gold sales throughout commissioning and stockpiles as at this date. Given the availability of the mining fleet in early 2021, additional earthmoving was completed in advance of budget which will positively offset earthworks during operations. Budgeted pre-production costs for the Okvau Gold Mine were US$7.1m.

Figure 1 | Okvau Gold Mine Actual vs DFS Capital Costs

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Operating Overview

Post commissioning of the sulphide float regrind circuit and achieving practical completion in July 2021, activities have focussed on ramp up to full production which was achieved during August 2021. Following the completion of the ramp up, in September 2021 the Okvau Gold Mine produced 10,231 ounces for the month. An indicative AISC for August and September 2021 was approximately US$723 per ounce (DFS target based on a US$1,450 gold price assumption is an AISC of US$754 per ounce) and now having reached a steady state of production, full reporting of the AISC will commence from the December 2021 Quarter. With the positive reconciliation and additional throughput as highlighted below, the operation is expected to achieve an annualised AISC per ounce of US$720 to US$780/oz from the December 2021 Quarter.

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Mining

Mining operations during the Quarter transitioned to a predominately fresh sulphide ore supply. Despite the challenges of the wet season, mining continues to remain on schedule and in line with milling requirements. Actual ore tonnes mined, milled and stockpile to date reconciles positively to reserve for circa +21% additional ounces. Actual fresh sulphide ore mined to date of 526kt @ 1.88g/t for 31,850oz (lower cut 0.5g/t), reconciles positively against reserve (+34%) of 377kt @ 1.94g/t for 23,761oz (lower cut 0.625g/t). The strongly positive reconciliation has allowed the Company the flexibility of preferentially milling the ore zones that match the reserve blocks (same tonnes +14% grade) whilst still building a substantial +1g/t stockpile (150kt). Total surveyed movement for the Quarter was 1,345,337 BCM of ore and waste against a scheduled 1,350,000 BCM with 909,339 BCMs blasted.

Figure 2 | Okvau Gold Mine Open Pit

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Processing

Since achieving practical completion in July 2021, the process plant has run consistently above nameplate of 2.0Mtpa and is now achieving a throughput rate 10% above DFS target. The plant has been run on predominantly fresh Diorite and Hornfelsed Metasediment ore feed. A summary of throughput and mill availability for the Quarter is as follows:

	July 2021	August 2021	September 2021
Ore milled annualised (DFS: 2.0Mtpa)	1,904,000t	2,085,000t	2,199,000t
Milling rate (DFS: 250tph)	233tph	248tph	266tph
Availability (DFS: 91.3%)	93.1%	95.9%	94.2%

Sulphide ore gold recoveries to date have averaged 82% which is in line with the expectations for the areas mined and milled (part transitional ore treated). Forecast gold recoveries for life of mine average ~84%, further refinement of the sulphide circuit and ore blend management are expected to improve recoveries to +84%.

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Figure 3 | Okvau Gold Mine Processing Plant
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Gold Production

Gold production since commissioning on oxide ore in June 2021 (inclusive of gold in circuit) is 23,011 ounces to the end of the Quarter. This includes production for the month of September of 10,231 ounces, which compares well and confirms the suitability of all plant for +100,000 ounce per annum gold production.

During the Quarter, seven shipments totalling 10,219 ounces of gold have been received by the refinery with out-turns received. All shipped gold have been sold during the Quarter at an average price of US$1,779 per ounce. A further 7,025 ounces of gold dore has been poured ahead of mint out-turn.

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Figure 4 | Gold Doré Bar No OKV0038 of 634oz Poured at the Okvau Gold Mine
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Operating Physicals

perating Physicals
	July 2021	August 2021	September 2021
Ore mined (‘000 BCM)	131	137	137
Waste mined (‘000 BCM)	397	275	267
Stripping ratio (w:o)	3.02	2.00	1.96
Ore mined (‘000 t)	299	310	376
Ore milled (‘000 t)	162	177	181
Head grade (g/t)	0.95	1.50	2.16
Recovery (%)	72.4%	81.2%	81.7%
Gold production (ozs)	3,559	6,932	10,231

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Operational Outlook

Gold production guidance at the Okvau Gold Mine remains in line with the DFS of 100,000oz to 110,000oz on an annualised basis. Production guidance for the remainder of FY2022 remains in line with DFS forecasts at 25-30,000/oz per quarter and cash costs of US$720 – US$780/oz. An indicative AISC for August and September 2021 was approximately US$723 per ounce and now having reached a steady state of production, full reporting of the AISC will commence from the December 2021 Quarter.

Environment and Social

During the Quarter, the Company continued to focus 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 law by engaging and collaborating with all stakeholders in the Okvau Gold Project area. The Company has committed to Environmental, Social and Endowment funds, in accordance with its environmental obligations. These funds and other programmes implemented by the Company seek to achieve a net-gain in both biodiversity and social values.

The Environmental Management System for the Okvau Gold Project, including an Environmental Compliance Register of all ESIA and management plan actions, is implemented and maintained. An extensive monitoring program reflective of the operations phase is now underway, with particular focus on water management during the wet season. PPWS Ranger patrols in the Biodiversity Offset sites continued throughout the Quarter, helping to protect the sites from wildlife poaching, land clearing and logging. The School Seedling Program has been expanded with a further two schools joining, who will receive their first seedlings in the December 2021 Quarter.

Regional Exploration

Emerald’s exploration tenements, which comprise of a combination of 100% owned granted licences and joint venture agreements now cover a combined area of 1,239 km².

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Figure 5 | Cambodian Gold Project | Exploration Licence Areas
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Memot Project (100%)

In September 2021, the Company received formal approval from the Cambodian Ministry of Environment to commence exploration activities on the 100% owned Memot Project located 95km southwest of the Okvau Gold Mine. The Company completed a preliminary survey of the existing underground workings.

Subsequent to Quarter end, the Company has commenced both a Gradient Array and Dipole-Dipole IP geophysical survey over the immediate area of the workings. Preliminary results of these surveys indicate strong chargeability anomalies that are regularly associated with massive and disseminated sulphide alteration. The results of the surveys will assist with a reverse circulation and diamond drilling campaign to commence in the December 2021 Quarter.

Identified historical work includes mapping and 23 rock chip samples (verified) from around the shafts and the artisanal workings. These results include 8 values greater that 9g/t with peak values of 72.8g/t, 74.5g/t and 83.2g/t Au coincident with high values of the same associated elements observed at the Okvau Gold Project (As, Te, Sb and Bi). In addition to the peak gold values, 3 rock chips samples also returned significant Ag (>190 g/t) and Cu (>3 %) values (refer ASX announcement on 28 January 2021). Notably the highest grade (historical) rock chip samples were collected from the stockpiles created from spoils from underground mining.

As previously announced, Emerald’s technical team collected preliminary rock chip grab samples from recently mined stockpiled material and outcrops from the surrounding area. 5 of the 12 samples returned assays greater than 4g/t with the peak values of 40.4, 27.3, 23.6 and 13.65 g/t Au (including 226g/t Ag, 1.45% Pb and 1.43%Zn) (refer ASX announcement 30 April 2021).

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Figure 6 | Memot Artisanal Workings
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Okthung (100%)

During the Quarter both O’Kapai and Big Toe prospects (refer ASX announcement 1 April 2020 and 30 April 2021) had gradient array geophysical surveys completed on 50m space lines. The interpreted results have identified significant zones of high chargeability responses, which are often associated with zone of potential sulphide mineralisation.

Significant results have been returned from 641 collected auger samples such as 1530, 1040 and 1000 Au ppb and rock chip values of 42, 10.35 and 9.88g/t Au (refer ASX announcement dated 28 January 2021) (Figure 7). Additional geochemical auger sampling has been planned along with dipole-dipole geophysical surveys to identify drill targets. Once complete, they will be drill tested in the upcoming dry season once access improves.

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Figure 7 | O’Kapai Auger Results, Interpreted Geology and IP Chargeability Geophysical Interpretation.
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The Big Toe prospect has existing historical drilling and shallow soil geochemistry which have failed to properly test the significant IP chargeability responses (Figure 7). Both geophysical and geochemical test work has been planned with drill testing to follow in the upcoming dry season.

Both prospects are located within 15km of the Okvau Gold Mine.

Figure 8 | Big Toe Historical Soil Geochemistry Results, Interpreted Geology and IP Chargeability Geophysical Interpretation.

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Preak Khlong (100%)

During the Quarter a Dipole-Dipole Geophysical survey was completed on the Preak Khlong NW prospect. The data was processed and modelled with a significant drill target identified. The interpreted IP chargeability anomaly indicates a potential zone of massive and disseminated sulphide alteration which is located beneath artisanal workings (Figure 9) and previously announced historical drill intersections (4m @ 10.25g/t Au from 56m and 3m @ 8.92g/t Au from 73m (Figure 9). Drilling is to continue in the upcoming dry season to adequately test the anomaly.

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Figure 9 | Preak Khlong NW Prospect Dipole-Dipole IP Chargeability Geophysics over Historical Intersections and Artisanal Mine Workings

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Figure 10 | Okhtung and Preak Khlong historical intersections and interpreted geology

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Other Exploration and Development

The Company continues to look to expand on its prospective tenure in Cambodia by seeking to make further applications for tenure when identified and advancing discussions with third parties. The Company continues to assess additional prospective gold development opportunities both in Australia and internationally with the aim to create a multi asset gold producing company.

Corporate

Cash Position

Emerald’s consolidated cash at 30 September 2021 was approximately A$15.4m with an additional A$17.3m (US$12.5m) of gold bullion on hand.

The Okvau Project finance facility has also provided access to a US$100m Acquisition and Development Facility to fund future development and acquisition opportunities (refer ASX announcement dated 26 June 2019). Emerald continues to assess value adding assets for subsequent developments to create a multi asset gold producing company.

In accordance with ASX Listing Rule 5.3.5 the Company advises that payments made to related parties and their associates during the period included director fees, salaries and superannuation ($280k), rental payments to a director related party for the Company premises ($59k) and payments to a director related party for the provision of company secretarial services ($30k).

COVID-19 Update and Safety

The Company has prioritised the health and wellbeing of staff, contractors and stakeholders by maintaining stringent protocols to minimise the potential transmission of COVID-19. Renaissance Safety Manager remained on site during the Quarter to maintain awareness and ensure these protocols are adhered to while completing construction activities.

Travel between Australia and Cambodia continues to be restricted but is being managed through longer rosters and regional sourcing and the dedication of key employees on site at Okvau.

The Company has achieved a significant milestone with the assistance of the Cambodian Ministry of Health with its full site wide vaccination program for all Okvau Mine site staff. During the Quarter, the Company reached a milestone of 95% of the Okvau site workforce fully vaccinated.

There were no serious incidents or injuries during the Quarter.

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

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Cambodian Gold Project

Summary

Emerald’s main focus is the exploration and development of its Cambodian Gold Projects which comprise of a combination of 100% owned granted licences, applications and earn-in & joint venture agreements covering a combined area of 1,239km². The 100% owned Okvau Gold Project (‘Okvau Gold Project’) is the Company’s most advanced project which is located approximately 275km north-east of Cambodia’s capital city of Phnom Penh in the province of Mondulkiri (refer Figures 11 and 12). The town of Kratie is located on the Mekong River approximately 90km to the west and the capital of Mondulkiri, Saen Monourom is located approximately 60km to the south-east. In May 2017, Emerald completed a Definitive Feasibility Study (‘DFS’) on the development of the Okvau Gold Project which demonstrated a robust project producing approximately 106,000 ounces of gold per annum on average over 7+ years from a single open pit.

In July 2018, the Company was granted the Industrial Mining Licence covering 11.5 km² which allows for the development of the Okvau Gold Project. The Mining Licence has an initial 15-year period with the right to two renewals of up to 10-years for each renewal in accordance with Cambodian laws. The grant of the Mining Licence followed approval of the Okvau Gold Project by the Office of Council Ministers for both the rezoning of the project area to ‘Sustainable Use’ within the Phnom Prich Wildlife Sanctuary (‘PPWS’) and the granting of the Mining Licence. The rezoning of the Mining Licence area to ‘Sustainable Use’ lawfully permits commercial development under Cambodian law and follows the successful negotiation and approval by the Minister of Environment (‘MoE’) of the environmental contract (the ‘Environmental Contract’) and environmental licence (‘Environmental Licence’) in December 2017.

The Company has successfully completed the resettlement of 62 local families and site works to remove abandoned structures away from the Okvau Mining Licence area. Emerald has completed the installation of a security fence around the Project Development Area (“PDA”) to ensure the safety of personnel, visitors and wildlife. Construction of a 35 tonne bridge across the Prek Te River has now been completed with substantial completion of upgrades to the existing 50km of dirt roads and current finalisation of the construction of 14km of new road to site which will allow for all year continuous access to the Okvau site.

Topography of the tenure area is relatively flat with low relief of 80 metres to 200 metres above sea level. The Okvau Deposit and other gold occurrences within the tenure are directly associated with diorite and granodiorite intrusions and are best classed as Intrusive Related Gold mineralisation. Exploration to date has demonstrated the potential for large scale gold deposits with the geology and geochemistry analogous to other world class Intrusive Related Gold districts, in particular the Tintina Gold Belt in Alaska (Donlin Creek 38Moz, Pogo 6Moz, Fort Knox 10Moz, Livengood 20Moz).

In December 2019, the Mineral Investment Agreement (‘MIA’) was signed which provides certainty and stability of the fiscal regime for the development and operations of the Okvau Gold Project. Following confirmation of the key fiscal incentives of the MIA, the key assumptions, and inputs of the DFS were reviewed resulting in a significant improvement in the NPV and IRR of the Project.

The Company announced its maiden gold pour in June 2021 after which it continued commissioning and ramp up activities which culminated in achieving a steady state of production in the month of September 2021.

Figure 11 | Cambodian Gold Project | Location

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Figure 12 | Cambodian Gold Project | Exploration Licence Areas

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Table 1 | Okvau Mineral Resource Estimate

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

The Project has a JORC Ore Reserve (Probable) estimate of 14.26Mt @ 1.98g/t Au for 907,000 ounces gold (refer Table 2).

Table 2 | Okvau Ore Reserve Estimate

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

Appendix One | Tenements

Mining and exploration tenements held at the end of September 2021 Quarter

Project	Location	Tenement	Interest at
			30 September 2021
Okvau	Cambodia	Okvau Industrial Mining Licence	100%
Okvau	Cambodia	Okvau Exploration Licence	100%
O’Chhung	Cambodia	O’Chhung Exploration Licence	100%
Preak Khlong	Cambodia	Preak Khlong Exploration Licence	100%
O’Khtung	Cambodia	O’Khtung Exploration Licence	100%
Memot	Cambodia	Memot Exploration Licence	100%

Mining and exploration tenements and licenses acquired and disposed during the September 2021 Quarter

Project	Location	Tenement	Interest at	Interest at end
			beginning of	of Quarter
			Quarter
Tenements Disposed
Nil
Tenements Acquired
Nil

Quarter Beneficial percentage interests in joint venture and earn-in agreements at the end of the September 2021 Quarter

Project	Location	Tenement	Interest at end of Quarter
Phnom Khtong	Cambodia	Phnom Khtong Exploration Licence	0%A
Snoul	Cambodia	Snoul Exploration Licence	0%A
A Emerald Resources NL is earningupto a 70% interest in theprojects.

Beneficial percentage interests in joint venture and earn-in agreements acquired or disposed of during the September 2021 Quarter

Project	Location	Tenement	Interest at beginning of	Interest at beginning of	Interest at end of
			Quarter		Quarter
Joint Venture	Interests
Disposed
Nil
Joint Venture	Interests
Acquired
Nil

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Interests in royalties

The Company has a 5% overriding royalty interest in all gas production from various oil and gas interests located in Magoffin County, Kentucky. During the Quarter, there was no product recovered and sold from the Leases and the royalty received for the period was Nil.

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 forwardlooking 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 is based on information compiled by Mr Keith King, who is an employee to the Company and who is a Member of The Australasian Institute of Mining & Metallurgy. Mr Keith King has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Keith King has reviewed the contents of this release and consents to the inclusion in this announcement of all technical statements based on his information in the form and context in which it appears.

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

Information in this announcement that relates to Ore Reserves for the Okvau Gold Deposit is based on, and fairly represents, information and supporting documentation prepared by Mr Glenn Williamson, an independent specialist mining consultant. Mr Williamson is a Fellow of the Australasian Institute of Mining & Metallurgy. Mr Williamson has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person (or ‘CP’) as defined in the 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Williamson has reviewed the contents of this news release and consents to the inclusion in this announcement of all technical statements based on his information in the form and context in which it appears.

No New Information

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

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Rule 5.5

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Name of entity Emerald Resources NL ABN Quarter ended (“current quarter”) 72 009 795 046 30 September 2021

Consolidated statement of cash flows	Current quarter $A’000	Year to date (3 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration, corporate costs and insurances 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities	4,858 (514) (184) (1,720) (500) (844) - 2 - (127) - -	4,858 (514) (184) (1,720) (500) (844) - 2 - (127) - -
	971	971
2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) tenements (c) property, plant and equipment	- - (1,405)	- - (1,405)

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (3 months) $A’000
(d) exploration & evaluation mine development expenditure: - gold revenue during pre- production - mine development - capitalised interest (e) investments (f) other non-current assets 2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities	- 19,932 (23,711) (1,688) - - - - - - - - - -	- 19,932 (23,711) (1,688) - - - - - - - - - -
	(6,872)	(6,872)
3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Interest paid on borrowings 3.9 Dividends paid 3.10 Other (provide details if material) 3.11 Net cash from / (used in) financing activities	- - - - - - (2,020) (146) - -	- - - - - - (2,020) (146) - -
	(2,166)	(2,166)

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (3 months) $A’000
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	22,761 971 (6,873) (2,166) 729	22,761 971 (6,873) (2,166) 729
	15,422	15,422
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)	15,352 70 - -	21,691 1,070 - -
	15,422	22,761
6. Payments to related parties of the entity and their associates		Current quarter $A'000
6.1 Aggregate amount of payments to related parties and their associates included in item 1 369 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. - Directors fees, salaries and superannuation ($280k); and - Rental payments to a Director related party for the Company premises ($59k); and - Payments to a Director for the provision of Company secretarial services ($30k).		369
		-

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report

7. 7.1 7.2 7.3 7.4 7.5 7.6	Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 Loan facilities 90,235 90,235 Credit standby arrangements - - Other (please specify) - - Total financing facilities 90,235 90,235 Unused financing facilities available at quarter end Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
		90,235	90,235
		-	-
		-	-
		90,235	90,235
	1Credit Agreement with Sprott Private Resource Lending II (“Sprott”) for US$60.0 million. The financial close of the Sprott facility occurred on 27 April 2020 (refer to ASX announcement dated 28 April 2020). As at 30 September 2021, the US$60.0 million has been drawn with a further US$5.0 million in capitalised interest. Terms – 5 years Interest - 6.5% pa plus the greater of (i) USD 3 month LIBOR, and (ii) 2.50% pa, payable monthly with 75% of the interest capitalised during construction Gold Price Participation Agreement – Commenced in September 2021, a gold price participation payment on 1,449oz per month to a total of 62,307oz. Payment is calculated based on the differential between the average LBMA Gold Price for the month subject to a minimum gold price of US$1,127/oz, and a gold reference price of US$1,100/oz Security – Sprott to have first ranking security over all undertakings, properties and assets of Emerald including the Okvau Gold Project, to be released upon full repayment of all obligations.

8.	Estimated cash available for future operating activities	$A’000
8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8	Net cash from / (used in) operating activities (item 1.9) 971 Payments for exploration & evaluation classified as investing activities and mine development expenditure (item 2.1(d)) (25,400) Total relevant outgoings (item 8.1 + item 8.2) (24,429) Cash and cash equivalents at quarter end (item 4.6) 15,422 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 15,422 Estimated quarters of funding available (item 8.6 divided by item 8.3) 0.6 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?	971 (25,400) (24,429) 15,422 -
		15,422
	Answer: No. Development activities are coming to an end with only minor payments remaining. Commercial operations have now commenced and the quarter ended 31 December 2021 is expected to show a significant increase in gold sales revenue.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

• 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?

• Answer: No. As per the response at 8.8.1, the Company expects to generate sufficient cash through gold sales revenue to fund its operations.

• 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

• Answer: Yes. As per the responses at 8.8.1 and 8.8.2, the Company expects to be able to continue its operations and meet its business objectives following the establishment of commercial operations.

Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Authorised by the Emerald Board

Mark Clements Company Secretary 27 October 2021

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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