EMERALD RESOURCES NL — Interim / Quarterly Report 2023

Jan 30, 2023

ASX Announcement & Media Release

31 January 2023

Fast Facts

ASX Code: EMR Shares on issue: 593,800,983 Market Cap: ~A$825 million Cash: A$51.8 million (at 31 Dec 2022) Bullion: A$21.8 million (at 31 Dec 2022)

==> picture [195 x 46] intentionally omitted <==

Quarterly Report for the period ended 31 December 2022

Highlights

Operational Activities - Okvau Gold Project

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 Jay Hughes, Non-Executive Director Michael Bowen, Non-Executive Director Mark Clements, Non-Executive Director and Company Secretary Bernie Cleary, Operations Manager

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 2023 at AISC <US$810/oz;

• Okvau Deposit: Indicated and Inferred Mineral Resource Estimate of 1.06Moz at 1.91g/t Au;

• Ore Reserve of 13.5Mt & 1.9g/t Au for 0.82Mozs in a single open pit with waste:ore ratio of 5.01:1.

Growth

• Significant exploration and resource growth potential in Cambodia:

• Okvau Gold Mine reserve expansion;

• o Memot Project maiden resource expected 2023

• 1,639km[2] of prospective tenure

• Significant exploration and resource growth potential in Australia (Bullseye Mining Limited (~60%):

• Underexplored Dingo Range project

• o Resource and reserve expected 2023 o 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.

• Gold production of 29,640oz for December Quarter (1QFY23: 23,217oz) with 29,781oz gold poured (1QFY23: 23,457oz);

• 5th tonne of gold doré poured;

• AISC of US$795/oz for the Quarter (1QFY23: US$824/oz);

• AISC of US$779/oz for 141 , 028oz of gold production from September 2021 to end of Quarter (153,808oz project to date, including commissioning);

• AISC forecast for the 2023 financial year remains at US$740 – US$810/oz with guidance for gold production remaining at 25-30koz per quarter; and

• Work on the updated Okvau resource and reserve is nearing completion and is expected to be finalised shortly

Exploration Activities – Memot Gold Project

• Significant gold mineralisation from infill RC resource programme on the Memot Prospect:

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

• 3m @ 7.11g/t Au from 132m (RC22MMT074);

• 1m @ 21.3g/t Au from 69m and 1.06% Cu (RC22MMT039); and

• 7m @ 2.18g/t Au from 69m including 1m @ 11.15g/t Au from 70m and 1.49% Cu (RC22MMT047)

Bullseye Mining Limited (EMR ~60%) – North Laverton Gold Project – Neptune and Boundary Prospect Resource Drill Programme

• Significant gold mineralisation from Bullseye’s RC resource exploration programme on the Boundary and Neptune Prospects overseen by Emerald’s highly experienced geological team:

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

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

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

• 5m @ 6.33g/t Au from 100m including 2m @ 14.7g/t Au from 100m (RC22BDY016);

• 28m @ 1.11g/t Au from 96m including 2m @ 6.89g/t Au from 98m (RC22NPT018);

• 4m @ 7.31g/t Au from 38m including 3m @ 9.13g/t Au from 39m (RC22NPT022);

• 17m @ 1.41g/t Au from 117m including 3m @ 5.39g/t Au from 127m (RC22NPT017).

Corporate

Registered Office 1110 Hay Street West Perth WA 6005

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

• Consolidated cash and gold bullion on hand at 31 December 2022 of A$73.6m (30 Sep 22: A$60.9m) with A$51.8m in cash (30 Sep 22: A$48.1m) and A$21.8m gold bullion (30 Sep 22: A$12.8m);

• Formalisation of additional 400km[2] of highly prospective tenure in between Emerald’s Okvau and Ochhung tenements in Cambodia; and

• Increased equity in Bullseye to 59.44% following pro rata entitlements issue

==> picture [137 x 33] intentionally omitted <==

Figure 1 | Okvau Open Pit - January 2023

==> picture [546 x 260] intentionally omitted <==

Emerald’s Managing Director, Morgan Hart, said:

"The exceptional operational performance at the Okvau Gold Mine during the Quarter continues to underpin the Company’s ability to advance its exploration and further development aims.

“Record production at Okvau, now into its second full year of production at sub-US$800 AISC is a reflection of the significant expertise of the operational team and contractors on the mine site.

“Exploration has now started to ramp up both in Cambodia and on the Company’s ~60% owned Bullseye Mining Limited, Australian land package. Results of exploration to date and extensive ongoing drilling programmes are expected to yield an increased reserve base for Emerald in both jurisdictions. As previously stated, we intend to generate value for shareholders by adding to the production profile of the Company with additional mines utilising our highly credentialled development team.”

Activities during the Quarter

Okvau Gold Mine

Operating Overview

During the Quarter, the Okvau Gold mine produced 29,640oz of gold with 29,781oz poured, All-In Sustaining costs were US$795/oz. The forecast for the remainder of FY23 is to produce 25koz to 30koz per quarter at an annualised AISC per ounce of between US$740 to US$810/oz.

Mining continued to perform in line with plan delivering the required movements of ore and waste with spare capacity. Dry season construction works are currently being undertaken on the tailing’s storage facility, raising the walls to a storage level not required until 2026. Process plant availability was a standout at 97.55% which included a planned 18hr shut down to reline the HIG mill. 531,519 dry tonne of ore was processed with and average head grade of 2.18g/t and gold recovery of 80%. Safety performance continued to be pleasing and is reflected in a very low TRIFR of just 3.28.

Modifications to the plant oxygen circuit are underway with an expected outcome of improved recovery and reduction in consumables consumption and costs, in part expected to offset inflationary pressures on costs.

Page 2 of 18

==> picture [137 x 33] intentionally omitted <==

Operating Physicals		Mar22	Jun22	Sep22	Dec22
for the Quarter
Ore mined	‘000 BCM	256	286	213	220
Waste mined	‘000 BCM	1,124	1,130	1,207	1,215
Stripping ratio	w:o	4.39	3.95	5.65	5.51
Ore mined	‘000 t	840	870	692	528
Ore milled	‘000 t	538	545	446	532
Head grade milled	g/t	1.98	1.91	2.03	2.14
Recovery	%	80%	79%	80%	80%
Gold production	oz	27,216	26,654	23,217	29,640
AISC	US$/oz	748	794	824	795

Gold Production

During the Quarter, 10 shipments totalling 26,343 ounces of gold were received by the refinery. All of these shipments have been sold during the Quarter at an average price of US$1,740 per ounce. A further 8,190 ounces of gold doré have been poured ahead of mint outturn.

The final production numbers from commercial production in September 2021 to end of the Quarter reflect that the Okvau Gold mine has produced 141,028 ounces of gold at an average AISC of US$779 per ounce. Total project to date gold produced is 153,808 ounces with 148,900 ounces poured.

Mining

Mining operations advanced during the Quarter in Stages 1 through 3 with mining accelerating in Stage 2 exposing highgrade sulphide ore for the current and future quarters. Stage 1 continues to be mined but will be completed early in the current quarter providing a large in-pit sump for the upcoming wet season while stage 2 advances. No ore was extracted from Stage 3, with mining using select rock from Stage 3 to complete site infrastructure projects. Mining remains ahead of schedule and in line with milling requirements. The positive reconciliation has allowed the Company the flexibility of preferentially milling the highest-grade ore zones whilst maintaining a substantial circa 1.40g/t stockpile (+639kt), with a further 1.77Mt of low grade stockpiled at +0.75g/t Au. Total surveyed movement for the Quarter was 1,436,700 BCM of ore and waste against a scheduled 1,350,000 BCM with 1,371,000 BCMs blasted.

Figure 2 | Okvau Gold Mine Open Pit at Quarter end

==> picture [268 x 254] intentionally omitted <==

As reported previously, the Company is completing an updated Okvau Project Resource and Reserve estimate, utilising the numerous significant drill results reported during recent months. The update is expected to extend both open cut and potential underground mine plans. In addition drilling is planned to increase at the near mine prospects such as Samnang inside the Okvau Mining licence (refer to announcement 27 December 2017), Preak Klong NW and Gossan (refer to announcement 29 April 2022) and other near mine targets. The combination of Okvau and near mine gold mineralisation in satellite deposits is expected to add significantly to mine life in future years.

Processing

The process plant continues to operate at and above DFS parameters with the Company focussing on optimising the feed blend based on sulphide percentages and species. Plant throughput this Quarter of 531,519 dry tonnes (DFS: 500,000t) was higher than the previous quarter as the mill lining hits its optimal profile (post reline) and high mill availabilities achieved.

An oxygen demand study was undertaken during the Quarter to determine the benefits of increasing oxygen addition to the high intensity grinding circuit concentrates. Modifications to the plant oxygen circuit are underway with an expected outcome of improved recovery and reduction in consumables consumption and costs, in part expected to offset inflationary pressures on costs.

Page 3 of 18

==> picture [137 x 33] intentionally omitted <==

Figure 3 | Okvau Gold Mine Processing Plant - December 2022

==> picture [546 x 410] intentionally omitted <==

Environment and Social

The Company is focussed on a net positive impact on near-mine environmental and social values with the Company engaging and collaborating with all stakeholders in the Okvau Gold Project area and the Company’s wider exploration tenure and advancing the Company’s climate strategy with reference to international guidelines.

The Ministry of Mines and Energy together with the Company drafted a Guideline for Implementing the Mineral Fund for Community Development. The Guideline is expected to be finalised and implemented during the current quarter.

During the Quarter, 740 Beng trees were planted (PTD: 7,413 in Cambodia) within forested areas of the mining licence to help restore the species. The School Nursery Programme has been a successful initiative developed by the Company. The programme gifts seed stock and supporting infrastructure to participating near-project schools (6 schools to date) whose students then cultivate mature seedlings which are purchased by the Company for planting. The programme provides funding for schools in the local community, educates students on sustainable biodiversity and forms an important part of the Company’s environmental offset programme.

Emerald continued to keep near-mine villages well-informed with community liaison meetings held during the Quarter. Several community initiatives were identified and are being considered for financial support. The Company continued to improve road safety with the installation of signage and planning for solar powered lighting.

Page 4 of 18

==> picture [137 x 33] intentionally omitted <==

Figure 4 | Students learning how to prepare and pot seeds

==> picture [252 x 179] intentionally omitted <==

Community Liaison Officer meeting with Putong Village Chief

==> picture [283 x 180] intentionally omitted <==

Carbon Neutrality Targets

Environmental consultancy, Earth Systems continued to provide technical support to develop the Company’s climate strategy, including carbon neutrality targets and pathways and a carbon offset concept. A final concept has been received and will be considered during the March quarter, with the intention to publish a clear timeline and strategy to work towards and meet a carbon neutral outcome, as outlined in our inaugural Sustainability Report, announced during the Quarter.

Earth Systems monitored the biodiversity offset earlier in the financial year. A complete Biodiversity Offset monitoring report has now been received with additional recommendations for program improvements and monitoring which are being implemented.

Environmental Monitoring

An extensive environmental monitoring programme of physical, biological, and social aspects is well-established and ongoing. The programme ensures the Company is meeting all required environmental standards and commitments. During the Quarter, a routine wet-season aquatic and macroinvertebrate study was completed by local consultancy A&E Solutions who concluded the Okvau Project was not negatively impacting fish or macro-invertebrates due to zero-discharge management practices employed at the mine.

The Company’s focus on habitat preservation within the Okvau Project including measures such as the biodiversity offset, fencing and the prohibition of the workforce interacting with wildlife or their habitat is having a positive impact with increased fauna sightings including a ferret badger and a family of yellow-throated martens, reportedly not seen in the area in more than 16 years.

The Company continues to make regular financial contributions to Environmental, Social and Endowment funds with the aim of achieving a net-gain in both biodiversity and social values.

Page 5 of 18

==> picture [137 x 33] intentionally omitted <==

Exploration Activities

Emerald’s exploration tenements, which comprise of a combination of 100% owned granted licences and joint venture agreements now cover a combined area of 1,639 km² in Cambodia.

Figure 5 | Cambodian Gold Project | Exploration Licence Areas

==> picture [539 x 279] intentionally omitted <==

Memot Project (100%)

Significant gold mineralisation has been identified on the Memot Project from the infill RC resource programme which commenced during the Quarter.

To date 58 collars (5,948m) have been completed with 4,785 Au assays (3,509 Multielement results with 750 still pending). During the quarter, significant intersections returned include (refer ASX announcement dated 31 January 2023);

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

• 3m @ 7.11g/t Au from 132m (RC22MMT074);

• 1m @ 21.3g/t Au from 69m and 1.06% Cu (RC22MMT039);

• 7m @ 2.18g/t Au from 69m including 1m @ 11.15g/t Au from 70m and 1.49% Cu (RC22MMT047);

• 4m @ 3.87g/t from 3m including 1m @ 12.95g/t Au from 4m (RC22MMT057);

• 7m @ 1.80g/t from 123m including 1m @ 10.00g/t Au from 127m (RC22MMT038);

• 1m @ 12.2g/t from 107m (RC22MMT065);

• 5m @ 1.81g/t from 17m including 1m @ 7.53g/t from 21m (RC22MMT077);

• 1m @ 8.03g/t from 144m (RC22MMT078).

Several of the collars also tested the edges of the known mineralisation and results indicate the mineralisation is open and untested in all directions, particularly along strike to the north-west and south-east and down dip to the north-east (refer Figure 6). This coincides with the previously announced (refer ASX announcement dated 28 July 2022) significant Au and Cu in-soil anomaly (refer Figures 7 and 8) indicating the known gold results are part of a potentially larger mineralised system.

The drilling remains difficult due to the artisanal back filled material, with some of the outstanding required infill holes needing to be completed with diamond drilling from surface. The remaining infill holes are expected to be completed before the end of the dry season in April with the intention of a maiden resource being released by end of June 2023. Additional holes are being planned to continue testing the continuity of the mineralisation along strike and down dip.

The mineralisation is associated with at least three high-grade, narrow, stacked quartz vein sets, dipping shallowly to the north-east (refer Figure 6) with current interpreted strike length of 650m (refer ASX announcement dated 28 July 2022). The programme is investigating both down dip and along strike continuity of the structures.

Page 6 of 18

==> picture [137 x 33] intentionally omitted <==

A maiden resource calculation is planned for the end of FY23 utilising both the recent results and previously announced significant intersections, such as;

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

• 1m @ 31.70g/t Au from 49m (DD21MMT010); and 0.45m @ 37.10g/t Au from 74.55m,

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

• 3.54m @ 10.3g/t Au from 0m (ZK8-1);

• 0.3m @ 145g/t Au from 14.2m (ML3);

• 0.3m @ 96g/t Au from 12.7m (ML7); and

• 0.3m @ 76.5g/t Au from 10.7m (ML6).

Figure 6 | Memot artisanal workings with current and historic drill collars and significant intersections

==> picture [537 x 369] intentionally omitted <==

A contractor has been engaged to complete ground magnetics/radiometrics and IP geophysical surveys over the prospective areas with anomalous Au and Cu geochemical signatures (refer ASX announcement dated 28 July 2022), located within a ~6km radius of the Memot artisanal workings.

Whilst both surveys have been completed, the data processing and interpretations are ongoing. The geophysical surveys will assist with the regional structural interpretation, as well as potentially identifying prospective exploration targets similar to intrusive centered, sediment hosted Au-Cu (Sepon) style mineralisation.

Page 7 of 18

==> picture [137 x 33] intentionally omitted <==

Figure 7 | Memot geochemical survey results with Au values and 30ppb contouring

==> picture [263 x 378] intentionally omitted <==

Figure 8 | Memot geochemical survey results with multielement contouring with the outline of both the (blue outline) ground magnetic/radiometric and (black outline) gradient array IP survey boundaries.

==> picture [268 x 378] intentionally omitted <==

Snuol

During the Quarter preparation for drilling on the Anchor Prospect in the Snuol licence (Joint Venture agreement, earning up to 70%) was progressed. The ~4,700m RC drill programme (refer Figure 9) is planned to drill the untested parts of 1.5km x 1.5km (>10ppb Au) gold-in-soil anomaly (refer ASX announcement 30 March 2020), investigate the gradient array IP chargeability anomalies and follow up previous significant drill results (refer ASX announcement dated 30 October 2020) such as:

• 6m @ 8.28g/t from 12m (SNRC009);

• 3m @ 6.43g/t from 6m (SNRC002);

• 5m @ 6.23g/t from 14m (RC20SNU027);

• 8m @ 1.37g/t from 34m (RC20SNU028); and

• 3m @ 2.67g/t from 24m (RC20SNU033)

Drilling is expected to be completed in the current quarter.

Page 8 of 18

==> picture [137 x 33] intentionally omitted <==

Figure 9 | Planned RC drill programme on the Anchor prospect within the Snuol licence

==> picture [445 x 308] intentionally omitted <==

Bullseye Mining Limited (EMR: 59.44%)

The North Laverton Gold Project consists of 34 exploration licences (including 4 applications) and 4 mining licences controlling the entire Dingo Range greenstone belt which covers more than 800km² of tenure (refer Figure 10) and has the potential to host multiple standalone deposits or satellite deposits to supply additional ore to a conceptual central mill . It includes the Boundary, Neptune, Stirling, Hurleys and Bungarra Prospects over a 6.4km greenstone strike length.

The planned ~98km resource definition drilling programme across the Boundary, Neptune, Stirling, Hurleys and Bungarra prospects commenced in 1Q23 following significant planning by Emerald’s highly credentialed geological team. Once completed, a total of circa 150,000m of new drilling will be available to estimate an updated North Laverton resource by the end of FY23 with a maiden reserve estimate to follow shortly thereafter.

Drilling during the initial stages of the programme has been limited to a single RC drill rig. This month a diamond rig has mobilised to site and commenced drilling. A third drill rig (RC) is expected to mobilise to site in the current quarter to escalate the drilling capacity.

To date 255 collars (25,277m) of the programme have been completed of which 59 collars (10,936m) has been completed since Emerald acquired a controlling interest in Bullseye. The initial drilling has been limited to the Boundary and Neptune prospects of the Boundary-Bungarra mineralised trend (refer Figure 11) with highlighted significant results returned including;

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

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

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

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

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

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

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

• (1) Refer ASX announcement dated 7 October 2022; (2) Refer ASX announcement dated 31 January 2023

Page 9 of 18

==> picture [137 x 33] intentionally omitted <==

Figure 10 | North Laverton Tenement Map with the prospect locations

==> picture [415 x 300] intentionally omitted <==

Results from drilling to date, continue to delineate mineralised high-grade structures. Historically, drilling has only tested to ~120m vertical depth (average). Mineralisation remains open at depth and along strike across all prospects (refer Figure 12, 13, 14 and 15).

Figure 11 | Boundary and Neptune Drill collars with recent significant results (in black - refer ASX announcement dated 31 January 2023) and previously announced Bullseye results (in blue - refer ASX announcement dated 7 October 2022) (Plan view)

==> picture [480 x 322] intentionally omitted <==

Page 10 of 18

==> picture [137 x 33] intentionally omitted <==

Figure 12 | Cross section of Neptune with new results from holes RC22NPT017, RC22NPT022 and RC22NPT023

==> picture [222 x 304] intentionally omitted <==

Figure 13 | Cross section of Neptune with new results from holes RC22NPT019 and RC22NPT020

==> picture [221 x 304] intentionally omitted <==

Figure 14 | Typical Cross section of Neptune prospect showing wide, high grade zones of continuous mineralisation, with existing drilling limited to ~80m depth.

==> picture [516 x 341] intentionally omitted <==

Page 11 of 18

==> picture [137 x 33] intentionally omitted <==

Figure 15 | Long section of Neptune with new results (black) and previously announced results (blue)

==> picture [539 x 303] intentionally omitted <==

North Laverton Project Historic Significant Intersections

Bullseye’s current resource drill programme is designed to test the strike and down dip extension of historic significant intersections. These previous drill programmes 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 Figures 16 and 17).

Figure 16 | Plan view of Bullseye prospects being targeted by the recently commenced resource drill programme

==> picture [447 x 307] intentionally omitted <==

Page 12 of 18

==> picture [137 x 33] intentionally omitted <==

Figure 17 | Long section of North Laverton Project with Au gram metre intercepts with new drill results in black.

==> picture [476 x 268] intentionally omitted <==

Other Exploration and Development

During the Quarter the Company entered into an Earn-in agreement with Antrong Metals Co., Ltd (AMC) where Emerald, through its 100% owned Cambodian subsidiary, Renaissance Minerals (Cambodia) Ltd, may earn up to an 80% interest in two exploration licences (Antrong North and Antrong South) covering a combined area of 400km[2] , prospective for large scale intrusive related gold systems. Payment of the first of four phases for this investment was made during the Quarter.

Other exploration activities such as geochemical surveys programmes soil geochemistry programmes are continuing on the Oktung and Phnom Ktung licences. The Company remains vigilant on opportunities to expand its regional footprint in Cambodia by identifying prospective tenure and advancing discussions with potential joint venture partners. The Company continues to assess additional gold development opportunities both in Australia and internationally with the aim to create a multi asset gold producing company.

Corporate

Cash and Debt Position

Emerald’s consolidated cash at 31 December 2022 was A$51.8m (30 September 2022: A$48.1m) with an additional A$21.8m (30 September 2022: A$12.8m) of gold bullion on hand. The Company continued to pay down debt during the Quarter and add to ore stockpiles at Okvau in addition to funding the costs associated with ongoing exploration. Debt repaid to date totals US$14.6m, with a US$50.4m balance of the Sprott Private Resource Lending II debt facility at the end of the Quarter.

The Okvau Project finance facility provides the Company with 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 quarter included director fees, salaries and superannuation (A$630k), rental payments to a director related party for the Company premises (A$96k) and payments to a director related party for the provision of company secretarial services (A$55k).

Bullseye Entitlements Issue

During the Quarter, the Company participated in a pro-rata non-renounceable entitlement issue which raised approximately $6.2m before costs. Emerald contributed $3.8m (100% of the allowable entitlement) with non-Emerald interests contributing $2.49m. After the closure of the entitlements issue, Emerald’s shareholding in Bullseye increased from 59.32% to 59.44%. The funds are to be applied to continue with the ongoing drilling program at Bullseye’s North Laverton Gold Project, meet costs associated with the cessation of Blue Cap Joint Venture, meet costs associated with the continuing legal actions involving Hong Kong Xinhe International Investment Company Limited (Xinhe), Au Xingao Investment Pty Ltd, Messrs Cheng, as well as dealing with various plaints over Bullseye’s tenements and repay short-term loans, general working capital and the costs of the offer. Bullseye continues to incur significant expenditure on matters that do not generate shareholder value such as legal costs which is likely to lead to another pro-rata entitlement issue early in 3Q23.

Page 13 of 18

==> picture [137 x 33] intentionally omitted <==

Bullseye Legal Matters

The Company provides an update on litigation relating to Bullseye:

Matter COR 83 of 2020 (Initial Proceedings)

The trial in the Supreme Court of Western Australia (“Supreme Court”) of matter COR 83 of 2020 before his Honour Justice Marcus Solomon was concluded on 22 November 2022 (“Initial Proceedings”). Justice Solomon will now proceed to make a determination of the oppression claims in the Initial Proceedings. Xinhe’s claims in the proceedings were vigorously defended by Bullseye. Emerald notes that the Bullseye Board is of the view that, due to the completion of the Emerald Takeover Offer, most of the relief sought by Xinhe in these oppression proceedings have been resolved, save for the costs incurred in the proceedings.

Recommended Judicial Mediation of Initial Proceedings

During the Quarter, Bullseye attended the recommended judicial mediation process in relation to the Initial Proceedings which was presided over by his Honour Justice Kenneth Martin (“Judicial Mediation”), with a view to seeking to resolve an acceptable commercial outcome via this process. A final outcome was not reached and the Judicial Mediation was adjourned. No further date has been set in relation to this matter.

Matter COR 159 of 2022 (Second Proceedings)

Bullseye is awaiting a statement of claim from the Plaintiffs in relation to Matter COR 159 of 2022 (“Second Proceedings”). Until a statement of claim is served on Bullseye and the other defendants (including Emerald), the basis upon which the claims are brought or an assessment of the relief claimed is unknown. The Company does not expect any material adverse outcome.

Matter CIV 1989 of 2020

As announced previously the trial is complete and pending judgement. This matter is not deemed material to Bullseye or Emerald.

Matter CIV 1987 of 2020

This matter is awaiting a judgement to be handed down in relation to an interlocutory proceeding, regarding application/s for security for costs, issued against Bullseye by six of the defendants to Bullseye’s counterclaim. On 24 January 2023, Registrar Kingsley handed down his decision in favour of Bullseye, with all defendants’ applications for security for costs being dismissed, subject to any appeal.

Dispute with Inca Minerals Limited

Bullseye and Inca Minerals Limited (“Inca”) attended a mediation session, facilitated by his Honour Rene Le Miere KC on 6 December 2022. A resolution to the dispute was not reached and the mediation was adjourned until a further date, yet to be set. This matter is not deemed material to Bullseye or Emerald.

Cessation of the Blue Cap Bullseye Joint Venture (Bullseye: 100%)

The Blue Cap Bullseye Joint Venture has been successfully ceased in line with the Company’s announcement in relation to this matter dated 21 September 2022, with Bullseye having assumed 100% ownership of all on-site Bungarra gold ore stockpiles and retention of 100% rights to the Bungarra gold project and Neptune gold deposit. Payment to acquire 100% of an associated entity was made during the Quarter.

Applications for Forfeiture (Plaints) and Objections to Exemption

In December 2022 and January 2023, an objection to exemption from expenditure and application for forfeiture was lodged against tenements held by Bullseye’s 100% owned subsidiary EGF Nickel Pty Ltd. Bullseye has filed objections in relation to these applications and will defend these matters. A number of dates have been tentatively listed in the Warden’s Court next month and in March 2023 to hear the objection to exemption applications on existing plaints.

Safety

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

Page 14 of 18

==> picture [137 x 33] intentionally omitted <==

About Emerald Resources NL

Overview

Emerald is a developer and explorer of gold projects. Emerald’s Okvau Gold Project, Cambodia was commissioned in June 2021 and in full production by September 2021. Emerald has now poured over 5,000kgs 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 joint venture agreements. Together, Emerald’s interest in its Cambodian Projects covers a combined area of 1,639km[2] .

Emerald has a controlling interest in Bullseye Mining Limited (59.44%), an unlisted Australian public company with three Western Australian gold projects totalling in excess of 1,200km[2] of highly prospective gold tenure including the North Laverton Gold Project which covers in excess of 800km[2] of the entire Dingo Range greenstone belt.

Okvau Gold Mine

The Okvau Gold Mine is the most advanced of Emerald’s projects. The Okvau Gold Mine is located approximately 275km north-east of Cambodia’s capital city of Phnom Penh in the province of Mondulkiri (refer Figures 18 and 19). 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.

==> picture [433 x 9] intentionally omitted <==

----- Start of picture text -----

Figure 18 | Cambodian Gold Project | Location Figure 19 | Cambodian Gold Project | Exploration Licence Areas
----- End of picture text -----

==> picture [184 x 185] intentionally omitted <==

==> picture [359 x 186] intentionally omitted <==

Table 1 | Okvau Mineral Resource Estimate

	Okvau March 2022 Mineral Resource Estimate	Okvau March 2022 Mineral Resource Estimate	Okvau March 2022 Mineral Resource Estimate	Okvau March 2022 Mineral Resource Estimate	Okvau March 2022 Mineral Resource Estimate	Okvau March 2022 Mineral Resource Estimate
Measured Resources(i)	Indicated Resources(ii)			Inferred Resources(ii)			Total Resources
Tonnage Grade Contained	Tonnage	Grade Contained		Tonnage	Grade	Contained	Tonnage	Grade	Contained
(Mt) (g/t Au) Au (Koz)	(Mt)	(g/t Au) Au (Koz)		(Mt)	(g/t Au)	Au (Koz)	(Mt)	(g/t Au)	Au (Koz)
1.67 0.94 51	12.93	2.10 872		2.55	1.62	133	17.15	1.91	1,056
(i) Oxide stockpiles are reported at > 0.4g/t	Au, Fresh stockpiles are reported at >0.5g/t Au
(ii) Mineral Resource is reported at>0.7g/t	Au

Table 2 | Okvau Ore Reserve Estimate

|Table 2 | Okvau Ore Reserve Estimate||||
|---|---|---|---|
||Okvau March 2022 Ore Reserve Estimate|||
||Tonnage|Grade|Contained|
||(Mt)|(g/t Au)|Au (Koz)|
|Proven Ore Reserve|1.67Mt|0.94g/t Au|51koz|
|Probable Ore Reserve|11.80Mt|2.02g/t Au|765koz|
|Total Ore Reserve|13.48Mt|1.88g/t Au|816koz |

Page 15 of 18

==> picture [137 x 33] intentionally omitted <==

Appendix One | Tenements

Mining and exploration tenements held at the end of December 2022 quarter

Project	Location	Tenement	Licence type	Interest
Okvau Project	Cambodia	Okvau	Exploration Licence	100.00%
Okvau Project	Cambodia	Okvau	Industrial Mining Licence	100.00%
Ochhung Project	Cambodia	Ochhung	Exploration Licence	100.00%
Memot Project	Cambodia	Memot	Exploration Licence	100.00%
Preak Klong Project	Cambodia	Preak Klong	Exploration Licence	100.00%
Oktung Project	Cambodia	Oktung	Exploration Licence	100.00%
North Laverton Gold Project	Leonora	E37/0801	Exploration Licence	59.44%
North Laverton Gold Project	Leonora	E37/0983	Exploration Licence	59.44%
North Laverton Gold Project	Leonora	E37/1007	Exploration Licence	59.44%
North Laverton Gold Project	Leonora	E37/1017	Exploration Licence	59.44%
North Laverton Gold Project	Leonora	E37/1018	Exploration Licence	59.44%
North Laverton Gold Project	Leonora	E37/1051	Exploration Licence	59.44%
North Laverton Gold Project	Leonora	E37/1052	Exploration Licence	59.44%
North Laverton Gold Project	Leonora	E37/1067	Exploration Licence	59.44%
North Laverton Gold Project	Leonora	E37/1121	Exploration Licence	59.44%
North Laverton Gold Project	Leonora	E37/1130	Exploration Licence	59.44%
North Laverton Gold Project	Leonora	E37/1198	Exploration Licence	59.44%
North Laverton Gold Project	Leonora	E37/1208	Exploration Licence	59.44%
North Laverton Gold Project	Leonora	E37/1229	Exploration Licence	59.44%
North Laverton Gold Project	Leonora	E37/1243	Exploration Licence	59.44%
North Laverton Gold Project	Leonora	E37/1249	Exploration Licence	59.44%
North Laverton Gold Project	Leonora	E37/1262	Exploration Licence	59.44%
North Laverton Gold Project	Leonora	E37/1263	Exploration Licence	59.44%
North Laverton Gold Project	Leonora	E37/1264	Exploration Licence	59.44%
North Laverton Gold Project	Leonora	E37/1265	Exploration Licence	59.44%
North Laverton Gold Project	Leonora	E37/1290	Exploration Licence	59.44%
North Laverton Gold Project	Leonora	E37/1291	Exploration Licence	59.44%
North Laverton Gold Project	Leonora	E37/1301	Exploration Licence	59.44%
North Laverton Gold Project	Leonora	E53/1377	Exploration Licence	59.44%
North Laverton Gold Project	Leonora	E53/1380	Exploration Licence	59.44%
North Laverton Gold Project	Leonora	E53/1407	Exploration Licence	59.44%
North Laverton Gold Project	Leonora	E53/1482	Exploration Licence	59.44%
North Laverton Gold Project	Leonora	E53/1611	Exploration Licence	59.44%
North Laverton Gold Project	Leonora	E53/1880	Exploration Licence	59.44%
North Laverton Gold Project	Leonora	E53/1918	Exploration Licence	59.44%
North Laverton Gold Project	Leonora	E53/2125	Exploration Licence	59.44%
Southern Cross	Southern Cross	E77/2087	Exploration Licence	59.44%
Southern Cross	Southern Cross	E77/2118	Exploration Licence	59.44%
Southern Cross	Southern Cross	E77/2119	Exploration Licence	59.44%
Southern Cross	Southern Cross	E77/2120	Exploration Licence	59.44%
Southern Cross	Southern Cross	E77/2149	Exploration Licence	59.44%
Southern Cross	Southern Cross	E77/2178	Exploration Licence	59.44%
Southern Cross	Southern Cross	E77/2254	Exploration Licence	59.44%
Southern Cross	Southern Cross	E77/2258	Exploration Licence	59.44%
Southern Cross	Southern Cross	E77/2340	Exploration Licence	59.44%
Southern Cross	Southern Cross	E77/2341	Exploration Licence	59.44%
Southern Cross	Southern Cross	E77/2342	Exploration Licence	59.44%
Southern Cross	Southern Cross	E77/2343	Exploration Licence	59.44%
Southern Cross	Southern Cross	E77/2351	Exploration Licence	59.44%
Southern Cross	Southern Cross	E77/2362	Exploration Licence	59.44%
North Laverton Gold Project	Leonora	L37/0144	Miscellaneous Licence	59.44%
North Laverton Gold Project	Leonora	L37/0145	Miscellaneous Licence	59.44%
North Laverton Gold Project	Leonora	L37/0234	Miscellaneous Licence	59.44%
North Laverton Gold Project	Leonora	M37/0108	Mining Licence	59.44%
North Laverton Gold Project	Leonora	M37/0349	Mining Licence	59.44%
North Laverton Gold Project	Leonora	M37/0519	Mining Licence	59.44%
North Laverton Gold Project	Leonora	M37/1167	Mining Licence	59.44%
North Laverton Gold Project	Leonora	M37/1309	Mining Licence	59.44%

Page 16 of 18

==> picture [137 x 33] intentionally omitted <==

Project	Location	Tenement	Licence type	Interest
Southern Cross	Southern Cross	M77/0551	Mining Licence	59.44%
Southern Cross	Southern Cross	M77/0734	Mining Licence	59.44%
Southern Cross	Southern Cross	M77/0834	Mining Licence	59.44%
Southern Cross	Southern Cross	P77/4349	Prospecting Licence	59.44%

Mining and exploration tenements and licenses acquired and disposed during the December 2022 quarter

Project	Location	Tenement	Interest at	Interest at end of
			beginning 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 December 2022 quarter

Project	Location	Tenement	Licence type	Interest
Phnom Ktung(i)	Cambodia	Phnom Ktung	Exploration Licence	25.5%
Snuol(i)	Cambodia	Snuol	Exploration Licence	25.5%
Antrong(ii)	Cambodia	Antrong North	Exploration Licence	20.0%
Antrong(ii)	Cambodia	Antrong South	Exploration Licence	20.0%
(i) Emerald Resources NL is earning up to a 70% interest in the projects
(ii) Renaissance Minerals (Cambodia) Limited is earning up to 80% interest in the projects

Beneficial percentage interests in joint venture and earn-in agreements acquired or disposed of during the December 2022 quarter

Project	Location	Tenement	Interest at	Interest at end of
			beginning of	quarter
			quarter
Joint Venture Interest Disposed
Nil
Joint Venture Interest Acquired
Antrong	Cambodia	Antrong North	0.0%	20.0%
Antrong	Cambodia	Antrong South	0.0%	20.0%
North Laverton Gold Project(i)	Leonora	M37/1167	59.32%	59.44%
(i) Bullseye Mining Limited acquired 100% of the Joint Venture		interest from Blue Cap Mining during the quarter

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.

Bullseye Mining Limited (EMR:59.44%) has a Net Smelter Royalty (NSR) of 1.5% payable to Resolute (Treasury), relating to the Hopes Hill Gold Mine (M77/0551). The NSR is only payable if the Hopes Hill Gold Mine recommences production.

Page 17 of 18

==> picture [137 x 33] intentionally omitted <==

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 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 Member 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 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.

Page 18 of 18

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 31 December 2022

Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 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	69,632 (4,571) (18) (39,948) (1,130) (3,609) - 277 - (674) - (9)	133,090 (8,421) (76) (79,094) (1,787) (6,344) - 427 - (1,295) - 1
	19,950	36,501
2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) tenements (c) property, plant and equipment	(3,124) - (1,343)	(3,124) - (2,364)

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

Page 1

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 (6 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 2.6 Net cash from / (used in) investing activities	- - (701) - (531) - - - - - - - - -	- - (1,172) - (757) - - - - - - (106) - -
	(5,699)	(7,523)
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 Payments for lease liabilities 3.10 Dividends paid 3.11 Other (Withholding tax) 3.12 Net cash from / (used in) financing activities	2,492 - 93 (16) - (2,429) - (6,102) (2,536) - (1,055) (9,553)	2,492 - 183 (19) - (4,800) - (12,251) (5,119) - (2,145) (21,659)

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

Page 2

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 (6 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	48,118 19,950 (5,699) (9,553) (951)	43,047 36,501 (7,523) (21,659) 1,499
	51,865	51,865
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)	51,795 70 - -	48,048 70 - -
	51,865	48,118
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 1 781 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 ($630k); and - Rental payments to a Director related party for the Company premises ($96k); and - Payments to a Director for the provision of Company secretarial services ($55k).		781
		-

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

Page 3

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 74,381 74,381 Credit standby arrangements - - Other (please specify) - - Total financing facilities 74,381 74,381 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
		74,381	74,381
		-	-
		-	-
		74,381	74,381
	1Credit Agreement with Sprott Private Resource Lending II (“Sprott”) for US$60.0 million plus capitalised interest. The financial close of the Sprott facility occurred on 27 April 2020 (refer to ASX announcement dated 28 April 2020). As at 31 December 2022, the Sprott facility outstanding balance is US$50.4 million. Term – 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) 19,950 Payments for exploration & evaluation classified as investing activities and mine development expenditure (item 2.1(d)) (701) Total relevant outgoings (item 8.1 + item 8.2) 19,249 Cash and cash equivalents at quarter end (item 4.6) 51,865 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 51,865 Estimated quarters of funding available (item 8.6 divided by item 8.3) n/a 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?	19,950 (701) 19,249 51,865 -
		51,865
	Answer: n/a

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

Page 4

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: n/a

• 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: n/a

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 31 January 2023

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.

Page 5