EMERALD RESOURCES NL — Investor Presentation 2016

Nov 1, 2016

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Okvau Gold Project, Cambodia First Mover Status Proven Development Team >100,000oz pa | >2 g/t Open Pit | AISC <US$750/oz October 2016

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ASX:EMR
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Corporate Presentation -
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Presentation Disclaimer

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Cautionary Statement | PFS Results & Previously Reported Information

Reference is made to the ASX release by Renaissance Minerals Limited (‘Renaissance’) dated 27 July 2015 titled ‘Okvau PFS Demonstrates Compelling Project Economics’. All material assumptions underpinning the production target or the forecast financial information continue to apply and have not materially changed.

The Pre-Feasibility Study (PFS) referred to in this presentation is based on Indicated Minerals Resources, plus a small proportion of Inferred Mineral Resource. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. Indicated resources provides 92% of the total recovered gold underpinning the forecast production target and financial projections included in the PFS and Inferred resources comprise less than 8% of the total recovered gold. As such, the dependence of the outcomes of the PFS and the guidance provided in this presentation on the lower confidence Inferred resource material is minimal.

This presentation also includes information relating to Exploration Results prepared and first disclosed under the JORC Code 2012. Reference is made to previous ASX releases by Emerald dated 18 October 2016 and Renaissance 4 February 2013.

Forward Looking Statements

This presentation may contain certain forward looking statements and projections regarding estimated resources; planned production and operating costs profiles; planned capital requirements; and planned strategies and corporate objectives.

Such forward looking statements/projections are estimates for discussion purposes only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors many of which are beyond the control of Emerald Resources NL. The forward looking statements/projections are inherently uncertain and may therefore differ materially from results ultimately achieved.

Emerald Resources NL does not make any representations and provides no warranties concerning the accuracy of the projections, and disclaims any obligation to update or revise any forward looking statements/projects based on new information, future events or otherwise except to the extent required by applicable laws.

Competent Persons Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr Craig Johnson, who is a employee of Emerald Resources NL and who is a Member of The Australasian Institute of Geoscientists. Mr Craig Johnson 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 Craig Johnson consents to the inclusion in the presentation of the matters based on his information in the form and context in which it appears.

The information in this report that relates to the Mineral Resources for the Okvau Gold Deposit was prepared by International Resource Solutions Pty Ltd (Brian Wolfe), who is a consultant to Emerald Resources NL, who is a Member of the Australian Institute of Geoscientists (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 Wolfe consents to the inclusion of the matters based on his information in the form and context in which it appears.

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Board and Management

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Board and Management

Simon Lee AO, Non Executive Chairman

• Previously Chairman: Equigold NL, Samantha Gold NL, and Great Victoria Gold NL

• Previously Board Member of the Australian Trade Commission and President of the Western Australian Chinese Chamber of Commerce Inc

Morgan Hart, Managing Director

• Geologist and experienced Mining Executive

• Previously Executive Director (Operations) of Regis Resources Ltd (developed three gold mines in four years |Moolart Well, Garden Well and Rosemont)

• Previously Executive Director (Operations) of Equigold NL (developed the Bonikro Gold Project in Cote D’voire and managed operation of the Mount Rawdon and Kirkalocka Gold Mines in Australia)

Justin Tremain, Executive Director

• Founding Managing Director of Renaissance Minerals in 2010 and has overseen the Cambodian Gold Project since 2012

• Previously +14yrs investment banking experience in the natural resources sector (NM Rothschild & Sons and Investec Bank)

• Extensive experience in the funding of natural resource projects

Ross Stanley, Non-Executive Director

• Extensive experience both in Australian and African mining enterprises

• Founder and majority shareholder of Stanley Mining Services (dominant drilling company in Ghana in the 1990’s)

• Previously Non-Executive Director of Equigold NL

Ross Williams, Non-Executive Director

• Founding shareholder and Financial Director of MACA Limited (ASX listed mining & civil contractor)

• 16yrs banking experience having held executive positions with a major Australian Bank

Mick Evans, Chief Operations Officer

• +20yrs experience in various mining and processing industries throughout Australia and Africa

• Previously 7yrs with Regis Resources Ltd (managed the construction of gold plants at the Moolart Well, Garden Well and Rosemont)

• Previously 10yrs with Equigold NL (instrumental in the construction of the Bonikro gold plant in Cote D’Ivoire)

Mark Clements, Company Secretary

• +18yrs experience in corporate accounting and public company administration

• Company Secretary for a number of diversified ASX listed companies

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Capital Structure

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Share Price Performance

ASX Code	EMR
Share Price	5.0 cents1
Shares on Issue	2,108M2,3
Market Cap	$105M
Cash & Investments	$15.5M4
Debt	Nil
Enterprise Value (diluted)	$90M

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0.07
12
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10
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8
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6
0.03
4
0.02
0.01 2
0 0
Oct 15 Nov 15 Dec 15 Jan 16 Feb 16 Mar 16 Apr 16 May 16 Jun 16 Jul 16 Aug 16 Sep 16
Millions
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Shareholder Structure

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Directors &
Retail & High Net Management
Worth Investors 30%
55%
Institutional
Investors
15%
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Major Shareholders

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Directors & Management 30%
Ingalls & Snyder 8%
Confederate Capital 5%
OZ Growth 4%
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• 1 Share Price as at 21 October 2016

2 Assume completion of compulsory acquisition of Renaissance Minerals Limited

3 Excludes 57.7M management and employee options on issue (20.0M @ 2.5c; 15.2M @ 6.45c & 22.5M @ 3.2c) 4 As at 30 September 2016 (excludes $3.0M of RNS shares included in the 30 June 2016 Quarterly)

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Company Overview Transitioning to Development

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Cambodia First Mover

• First mover status in an emerging stable democratic country

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• Supportive Government

Robust Gold Project

• 100% project ownership

• JORC resource estimate of 15.8Mt @ 2.2g/t for 1.13moz

• :

• Strong development economics[1]

• 830,000oz | +2g/t gold single open pit

• o Up to 100,000 oz pa

• ‘AISC’ US$753/oz (US$630/oz for years 1-5)

• ‘Base Case’ IRR 33% pa and NPV(5%) US$163M at US$1,250/oz

• Targeting development 2H 2017 with production 2018

Excellent Growth Potential

• Okvau deposit remains ‘open’ with step out drilling underway

• Discoveries| 400km[2] of geology prospective for large scale Intrusive Related Gold systems

Proven Development Team

• Ex Regis Resources and Equigold

1 Includes 2.5% Government Royalty and a 1.5% Royalty payable to OZ Minerals Limited

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Cambodia Overview & Project Location

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First mover advantage in highly prospective province

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• Democratic elections (5yr terms, next mid-2018)

• Growth orientated regime (GDP +10% pa)

• Underexplored and prospective for large systems

• 400km[2] of proven prospective terrain |emerging gold district

• Sparsely populated | no competing agriculture land use

• Attractive fiscal regime: o Direct foreign ownership

• No Government equity participation

• 30% Corporate tax rate

• 2.50% gross royalty (gold)

• Import duty exemptions

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Existing 220kV 220kV Transmission
Transmission Line Under
Line Construction
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Project Geology

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• Cretaceous age (100Ma) granitoid intrusions

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O’Svay Prospect
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• Multiple Gold occurrences with direct associations with granitoid intrusions

• Classic Intrusive Related Gold (IRG) geochemical signatures - arsenic, bismuth, tellurium, molybdenum

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Antrong West
Prospect
Oput Prospect
O’Rman Prospect
Prey Sror Lao
Prospect Okvau North
Prospect
Rahau Prospect
Samnang Prospect
Zeus Prospect
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• IRG deposits are typically large scale

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Okvau Resource

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2.2g/t | 1.13 Million Ozs and Growing

 Indicated >85% of total resources

 Mineralisation from surface

July 2015	JORC Resource	(0.6g/t gold cut-off)
Resource Classification	Tonnage (Mt)	Grade Au (g/t)	Gold (Koz)
Indicated	13.2	2.3	962
Inferred	2.7	2.0	169
Total	15.8Mt	2.2g/t	1,131

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40m @ 2.5g/t fr 51m
15m @ 6.9g/t fr 134m
52m @ 2.0g/t fr 198m 7m @ 9.0g/t fr 199m
15m @ 6.3g/t fr 269m
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Okvau Resource Infill Drilling

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• 7,500m of resource infill drilling recently completed

Section (slide 9)

Section (slide 18)

• Top 120m drilled to 25m x 25m

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• 16m @ 3.90g/t gold from 19m

• 5m @ 13.16g/t gold from 74m

• 31m @ 3.11g/t gold from 81m  9m @ 5.69g/t gold from 34m

• 8m @ 10.25g/t gold from 81m

• 9m @ 15.09g/t gold from 35m

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Okvau Open Pit Development

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• 70% conversion of resource to in-pit mineral inventory

• Excellent grade and favourable geometry

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LOM
11.6Mt @ 2.2g/t
830,000oz
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Metallurgy & Processing Extensive test work completed

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Conventional Flotation & Leaching

Coarse primary grind (>106µm) and sulphide flotation Low mass pull (5-6%), high grade concentrate Fine regrind of concentrate only Leaching (flotation tails and concentrate) & Elution Gold recoveries of 85%

Power Requirement

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kW consumed
Crushing & Primary Grind 5,222kW (60%)
Flotation & Regrind 1,325kW (15%)
Leaching & Elution 555kW (6%)
Tailings Treatment 273kW (4%)
Services 1,270kW (15%)
Administration -
Total 8,645kW
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Infrastructure and Site Layout

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• Government currently constructing road to within 15km of Okvau Deposit

• Flat terrain

• Power | longer term potential HV National grid (Kratie to Sen Monorom)

• Water supply within 1km of Okvau Deposit

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Access road
options
Preferred
Access Road
Route
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1 Includes Government royalty (2.5%) and OZ Minerals royalty (1.5%)
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Low All-in Sustaining Costs | High Margin

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Operating Cost Summary

Capital Cost Summary

	Initial 5yr	Life of Mine
On-Site Mining	US$227/oz	US$341/oz
On-Site Processing	US$285/oz	US$285/oz
On-Site G&A	US$49/oz	US$57/oz
C1 Costs	US$561/oz	US$684/oz
Refining	US$5/oz	US$5/oz
Royalties1, Sustaining Capital & Closure Costs	US$63/oz	US$63/oz
AISC	US$630/oz	US$753/oz

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Site Costs
4%
Contingency
10%
Pre-Production
Mining
Plant
41%
Total Capital Costs EPCM
US$120M 10%
Owners Cost &
Commissioning
9%
Infrastructure (Camp, Power, Road,
TSF)
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1 Includes Government royalty (2.5%) and OZ Minerals royalty (1.5%)

Emerald has identified scope for significant capital cost reduction

PFS assumed diesel price of US$0.90 per litre, currently <US$0.60 per litre

• EPCM costs

• Process Plant

• TSF

• Accommodation Camp

• Transmission line

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Project Economics

PFS US$120M Capital Cost[1]

Gold Price US$1,150/oz	US$1,250/oz	US$1,400/oz US$1,500/oz
Operating Cashflow US$294M	US$362M	US$464M US$532M
Project Cashflow US$164M	US$232M	US$324M US$402M
IRR 24%	33%	45% 53%
Payback 3.0 years	2.7 years	2.0 years 1.7 years
NPV(5%) US$108M	US$163M	US$245M US$300M
AISC US$749/oz	US$753/oz	US$759/oz US$763/oz

Capital Costs to US$100M[1]

Gold Price US$1,150/oz	US$1,250/oz	US$1,400/oz US$1,500/oz
Operating Cashflow US$294M	US$362M	US$464M US$532M
Project Cashflow US$185M	US$253M	US$356M US$424M
IRR 32%	42%	56% 65%
Payback 2.7 years	2.1 years	1.6 years 1.4 years
NPV(5%) US$129M	US$184M	US$267M US$321M
AISC US$747/oz	US$751/oz	US$757/oz US$761/oz

1 Includes 2.5% Government Royalty and a 1.5% Royalty payable to OZ Minerals Limited

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Definitive Feasibility Study Status

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25%	50%	75%	90%	100%
Resource Drilling and Estimation Metallurgy Process Engineering and Costing Mine Design, Scheduling and Costing TSF Design and Engineering Geotechnical Engineering Hydrology & Hydrogeological Infrastructure ESIA & Permitting

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• DFS on track for delivery in Q1 2017

• ESIA completed for submission November 2016

• Public & Stakeholder consultation | enthusiastic community support (Local & Provincial)

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• Government discussion regarding Mineral Investment Agreement

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Resource Growth Potential

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Okvau Resource Growth

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Shallow extensions

• Remains ‘OPEN’ with further resource growth potential from extensions to known mineralisation

• Geophysical and coincidental geochemical anomalism demonstrate considerable growth potential

• 4,000m Drilling Program underway now

Okvau resource envelope and gold-in-soils anomaly over remanent magnetic feature

Okvau resource envelope & gold-in-soils anomaly over IP chargeability

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Current
4,000m
Drilling
Program
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Okvau Resource Growth

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Depth extensions

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• Open pit depth ~250m

• Some of the highest grade intersections sit beneath open pit

• 3,500 ounces per vertical metre

• Drilling 4Q 2016

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Regional Potential | Project Geology New Intrusive Related Gold Province

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• 400km[2] of prospective unexplored terrain

• Multiple large remanent magnetic responses analogous to Okvau Deposit

• Features represent zones of hydrothermal fluid cells amenable to gold mineralisation

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Regional Potential | Geochemistry
O’Svay Prospect
600m x 600m gold in soil anomaly 
Peak soils | 786ppb, 624ppb
Undrilled
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Remanent magnetic
features O’Rman Prospect
Undrilled 800m x 600m gold in soil
anomaly
Peak soils | 2.55g/t
Undrilled
Okvau North Prospect
Zeus Prospect
+1km soil anomaly
800m x 200m gold in soil anomaly
Drilling | 8m @ 19.2g/t fr 20m
Trenching | 19m @ 4.1g/t; 12m @
5.0g/t; 5m @ 7.5g/t Samnang Prospect
Drilling | 9m @ 6.6g/t fr 0m &
20m @ 2.1g/t fr 38m
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 Granitoid associated gold-in-soils anomalism with critical pathfinder multielements (bismuth, arsenic, tellurium)

 Multiple drill targets

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Samnang Prospect Adjacent to Okvau

• IP survey identifed a high chargeable zone contiguous over at least 500 metres of strike and open

  • Analogous with the Okvau Deposit but more extensive

• Further Drilling 4Q 2016

• Recent drilling confirmed favourably stratigraphy

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O’Rman Prospect

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• 6km North of Okvau Deposit

• 800m x 600m soil anomaly with up to 2.55g/t gold in soils

• No previous drilling

• Drilling 4Q 2016

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Upcoming Milestones

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Newsflow: Q4 2018
Commissioning
 DFS completion early 2017
 Drilling underway Q3 2018
Construction
Q2 2017
Financing
Q1 2017
Permitting
Q1 2017
DFS / Updated Resource
& Maiden Reserve
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2016 2017 2018
Resource Drilling
(completed)
Exploration Drilling
(Step-Out & Regional)
Exploration Drilling
(Extensional & Regional)
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Investment Highlights Development with Significant Exploration Upside

• New frontier, unexplored terrain covering ~400km[2]

• 100% project ownership

• Strong base case gold project | excellent open pit grade, single open pit bulk mining approach

• Single 830,000oz pit at 2.2g/t

• Up to 100,000 oz pa over 8yr mine life

• Depth and underground expansion potential

• Step out exploration drilling underway | targeting Okvau resource growth and new regional discoveries

• Development team with proven track record

• Definitive feasibility study targeted in early CY2017 followed by development

• Well-funded (~$15M cash) with strong financial support

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