EMERALD RESOURCES NL — Investor Presentation 2020

Jan 5, 2020

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Okvau Gold Project, Cambodia Emerald to Become +100,000ozpa Gold Producer

ASX:EMR

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Investor Presentation January 2020

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Presentation Disclaimer

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Forward Looking Statement

This announcement 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 announcement has been prepared in compliance with the current JORC Code 2012 Edition and the ASX listing Rules. All material assumptions on which the forecast financial information is based have been included in this announcement.

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. 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 the 1 May 2017 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.

The Company believes it has a reasonable basis to expect to be able to fund and develop the Okvau Gold Project for the reason set out above and in this announcement. However, there is no certainty that the Company can raise funding when required.

Competent Persons Statements

The information in this report that relates to Exploration and Grade Control 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 the 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.

ASX: EMR | www.emeraldresources.com.au

2

Emerald a Short History

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• November 2016 - Merger with Renaissance Minerals Limited;

• May 2017 - Okvau Definitive Feasibility announced; and

   - Maiden Ore Reserve of 14.3Mt @ 2.0g/t Au for 907,000oz.
  

• July 2017 - Expansion of its ground holdings in Cambodia (400km² - 1,400km²);

• November 2017 - Okvau Project received Environmental Approval for development;

• July 2018 - Mining Licence Granted for Okvau Gold Project;

• November 2018 - BOD underpin A$12.2 million of a successful A$28 million share placement;

• January 2019 - Commenced construction activities;

• July 2019 - Signed Debt Term Sheet for US$60 million and US$100 million Acquisition and Development Facility and:-

• Discovery of a high grade feeder zone to Okvau, including:-

  • 8m @ 19.98g/t Au;

  • 15m @ 11.92g/t Au.

Refer to Company’s ASX release dated 2 July 2019 for full results.

• December 2019/January 2020 – Approval and fully executed Mineral Investment Agreement (MIA).

Reference is made to the Company’s ASX release dated 1 May 2017 titled Okvau DFS Delivers Ore Reserve of 907,000oz and ASX release dated 26 November 2019. All material assumptions underpinning the production target or the forecast financial information continue to apply and have not materially changed.

ASX: EMR | www.emeraldresources.com.au

3

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Capital Structure

Board & Management

Simon Lee AO, Non-Executive Chairman

Capital Structure
ASX Code	EMR
Share Price	4.0 cents¹
Shares on Issue (current)	3.05B
Options on Issue	66M²
Market Cap (undiluted)	A$122M

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

• Previously Board Member of the Australian Trade Commission and Patron of the Western Australian Chinese Chamber of Commerce.

Morgan Hart, Managing Director

• Previously Executive Director (Operations) of Regis Resources Ltd;

• Previously Executive Director of Equigold NL.

Mick Evans, Executive Director

• Previously Chief Development Officer with Regis Resources Ltd (managed the construction of gold plants at the Moolart Well, Garden Well and Rosemont);

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

Ross Stanley, Non-Executive Director

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Retail & High Net Institutional
Worth Investors Investors
45% 20%
Directors &
Management
35%
1 Share Price as at 2 January 2020.
2 Options comprise management and employee options ranging between 0.025 cents and 0.057 cents.
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• Extensive experience both in Australian and African mining enterprises;

• Founder and majority shareholder of Stanley Mining Services;

• Previously Non-Executive Director of Equigold NL.

Ross Williams, Non-Executive Director

• Founding shareholder and Director of MACA Limited (mining & civil contractor);

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

Mark Clements, Company Secretary

• 20 years experience in corporate finance, capital raisings, accounting & administration, ASX Compliance and regulatory requirements;

• Fellow of the Institute of Chartered Accountants and a member of both the Australian Institute of Company Directors and Governance Institute of Australia.

Bernie Cleary, Operations Manager

• 25 years experience in the construction and resource industries;

• Previously General Manager with Evolution Mining Limited of the Mount Rawdon gold mine;

• Previously General Manager with Regis Resources Limited of the Rosemont and Garden Well gold mines.

ASX: EMR | www.emeraldresources.com.au

4

Debt Funding Overview

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US$60M Okvau Project Facility

US$60M investment committee approved Term Sheet (“Okvau Facility”) signed with Sprott Private Resource Lending II L.P. (“Sprott”) for development of the Okvau Gold Project:-

 Key terms of the Okvau Facility:-

• Facility amount – US$60 million;

• Term – 5 years;

• Interest – 6.50% per annum, plus libor;

• Gold Price Participation Agreement –1,449 ounces per month to a total of 62,307 ounces. US$1,100 per ounce (Sprott receive the differential between US$1,100 and the spot price on date of delivery);

• Structuring/Arrangement Fee (circa 1.6%).

 The Okvau Facility remains subject to satisfaction of customary conditions.

US$100M Acquisition and Development Facility

 Creates an opportunity to deliver a pipeline of assets to utilise Emerald’s experienced development team:-

 Key terms of the Acquisition and Development Facility:-

• Facility amount – US$100 million;

• Full due diligence by Sprott of proposed investment;

• Completion of Sprott internal approval process;

• Interest to be agreed pending review of investment;

• Fees commensurate with facilities of this nature (circa 1.0%).

For further details, refer to Company’s ASX release dated 26 June 2019, titled US$60M Okvau Facility and US$100M Acquisition Facility.

ASX: EMR | www.emeraldresources.com.au

5

Cambodia Overview & Project Location

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First mover advantage in frontier terrain

• Attractive fiscal regime:

• 100% ownership;

• 30% corporate tax rate for mining;

  • 25% for Emerald first 5 years.

• 3.0% Government Gold royalty (net)³;

• Full Import duty exemptions for first 3 years.

• 1,442km² of underexplored terrain prospective for large scale gold systems;

• Project sparsely populated | no competing agriculture land use;

• Access to grid power @ US 11.4 cents/kWh;

• Access to water from adjacent river.

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• 1 Joint Venture for Phnom Khtong and Snoul Projects ratified by Cambodia Ministry of Mines and Energy (MME) earning up to 70% (current 0%).

• 2 Earn-In for Koan Nheak ratified by MME and EMR earning up to 80% (current 0%).

• 3 Current Government Gold royalty rate of 3.0% (net). Under the Company's current Mineral Investment Agreement, the governments Gold royalty rate is 3.0% (net).

ASX: EMR | www.emeraldresources.com.au

6

Cambodia Overview

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Attractive Mining Jurisdiction

• Pro-development government, focused on economic growth and in supporting an early stage mining industry in order to diversify revenue from its cornerstone textile industry;

• Continues to enjoy strong economic growth, averaging 7.7% from 1995 to 2018;

• Attracts a high level of foreign direct investment, at US$3.2 billion in 2018 or 12.6% of GDP compared to South East Asia average of 1.4%, Sub SaharanAfrica of 1.5% and Australia of 4.1%;

• Political risk insurance is available for projects in Cambodia – at sub 1.0%;

• First mover advantage:-

• Underexplored and prospective for large systems;

• Sparsely populated;

• Emerald has been given preferred mining company status due to its performance in-country2 to date.

• Attractive fiscal regime:-

• Direct foreign ownership – Emerald owns 100% of the Okvau project – 100%;

• No Government equity participation;

• Mineral Investment Agreement governs specific fiscal terms (see next slide).

• All contracts priced and transacted in US$ and with no in-country banking requirements. 1

Note 1: World Bank, Cambodia country overview Note 2: CEIC database

ASX: EMR | www.emeraldresources.com.au

7

Mineral Investment Agreement (“MIA”)

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Mineral Investment Agreement (“MIA”) Highlights

• Fully executed MIA by Minister of Mines & Energy and Minister of Economy & Finance;

• MIA provides clarity and stability for the Okvau Gold Project development and operations;

• The first of its kind for a large scale modern mine in Cambodia; and

• Approval of the MIA demonstrates the Cambodian government’s strong support for the development of the .

• Okvau Gold Project

Financial Benefits and Obligations

• 100% ownership of the Project;

 Fiscal incentives as follows:-

• i. Income tax rate of 25% per annum for 5 years from the date of the MIA thereafter the income tax rate to be applied at 30% per annum according to the Law on Taxation;

• ii. Withholding tax rate of 0% of payment of dividends paid to foreign Affiliates for 5 years from the date of the MIA, thereafter the withholding tax will be applied at the rate according to applicable laws at the time (currently 14%); and 2

• iii. Exemption from all import tax and duties on importation of equipment,1 machinery, and mine facilities used exclusively for the Okvau Gold Project before 31 December 2022. Thereafter any import tax and duties will be applied according to applicable laws and regulations, subject to the standstill/stability provisions as outlined below.

• A royalty rate of 3% on gross sales.

Change of Law Provisions and International Arbitration

• Standstill/Stability clause - protects the project from the introduction of 1 any new Laws and/or regulations of Cambodia which materially increase the financial burden of Emerald; and

• Offshore arbitration provisions - whereby any disputes unable to be resolved by a Joint Review Committee in Cambodia will take place at the Singapore International Arbitration Centre.

ASX: EMR | www.emeraldresources.com.au

8

Okvau Project Summary | Robust & Compelling Economics

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Economical Robust Project

• JORC Ore Reserve of 14.3Mt @ 2.0g/t Au for 907,000oz;

• 2.0Mtpa plant to produce 106,000oz pa;

• AISC of US$754/oz over LOM;

• NPV(5%) of US$337M at US$1,450/ounce being 3.4x Capital Costs of US$98M;

• IRR of 69% at US$1,450/ounce (pre tax);

• Payback of 20 months (post-tax).

Development Timetable¹

• Early aspects of development including access, resettlement and power complete or nearing completion;

• Mineral Investment Agreement completed;

• First gold production to be advised.

Project DFS Economics of US$1,450/oz Gold (100% Ownership)

Development Capital Costs1	US$91M
Mining Contractor Capital & Pre-Production Mining	US$7M
	US$98M
LOM C1 Cash Costs2	US$658/oz
LOM AISC3	US$754/oz
Operating Cash Flow(pre-tax)	US$554M (A$803M4)
Project Cash Flow After Capital(pre-tax)	US$435M (A$630M4)
NPV (5%)(pre-tax)	US$337M (A$488M4)
NPV (5%)(post-tax)	US$238M (A$345M4)
Payback(pre-tax)	17 months
Payback(post-tax)	20 months
IRR(pre-tax)	69% pa
IRR(post-tax)	57% pa

• 1 Includes US$4.4M of capital spares and first fills.

• 2 C1 Cash Costs include site based mining, processing and admin operating costs plus transport and refining costs.

• 3 Includes C1 Cash Costs plus royalties, sustaining capital costs and rehabilitation & closure costs.

• 4 Exchange rate of US$0.69.

Financing

• Okvau Facility signed with Sprott;

• Progressing towards final financing.

1 Timetable subject to completion of financing for the development of the Okvau Gold Project.

Reference is made to the Company’s ASX release dated 1 May 2017 titled Okvau DFS Delivers Ore Reserve of 907,000oz and ASX announcement dated 26 November 2019. All material assumptions underpinning the production target or the forecast financial information continue to apply and have not materially changed.

ASX: EMR | www.emeraldresources.com.au

9

Low All-in Sustaining Costs | High Margin

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Mine Site Layout

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Operating Cost Summary

	Life of Mine
On-Site Mining	US$344/oz
On-Site Processing	US$261/oz
On-Site G&A	US$48/oz
Transport and Refining	US$5/oz
C1 costs	US$658/oz
Royalties1	US$65/oz
Sustaining Capital & Closure Costs	US$31/oz
AISC	US$754/oz

1 Includes Government royalty of 3.0% gross and OZ Minerals royalty of 1.5%.

Ca ital Cost Summar p y

Treatment Plant	US$45.2M
Infrastructure (Road, Power, TSF, Camp, Plant Mobile Equipment & Process Plant Infrastructure)	US$26.6M
Earthworks and Construction Overheads	US$4.7M
EPCM and Commissioning	US$7.4M
Owners Costs, Spares, First Fills & Household Resettlement	US$7.0M
Estimated Capital Costs	US$90.9M
Mining Contractor Establishment & Mobilisation	US$2.2M
Pre-Production Mining Costs	US$4.9M
Total Capital Requirement	US$98.0M

Reference is made to the Company’s ASX release dated 1 May 2017 titled Okvau DFS Delivers Ore Reserve of 907,000oz and ASX release dated 26 November 2019. All material assumptions underpinning the production target or the forecast financial information continue to apply and have not materially changed.

ASX: EMR | www.emeraldresources.com.au

10

Okvau JORC Reserve | 2.0g/t Au for 907,000 ounces gold

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JORC Resource (0.7g/t gold cut-off)1	JORC Resource (0.7g/t gold cut-off)1	JORC Resource (0.7g/t gold cut-off)1	JORC Resource (0.7g/t gold cut-off)1
Resource Classification	Tonnage (Mt)	Grade Au (g/t)	Gold (Koz)
Indicated	15.11	2.08	1,008
Inferred	2.57	1.61	133
Total	17.68Mt	2.01g/t	1,141

• 650 metres of strike by 600 metres width of the mineralised vein system;

• Drill spacing of 25m x 25m in the top 120m;

• Select intersections include:-

• 36m @ 4.57g/t Au from 95m (DD16MET005)²;

JORC Ore Reserve (0.625g/t gold cut-off )1	JORC Ore Reserve (0.625g/t gold cut-off )1	JORC Ore Reserve (0.625g/t gold cut-off )1	JORC Ore Reserve (0.625g/t gold cut-off )1
Reserve Classification	Tonnage (Mt)	Grade Au (g/t)	Gold (Koz)
Probable Ore Reserve	14.26	1.98g/t	907,000

• 58m @ 3.0g/t Au from 47m (DD11OKV073)³;

• 33m @ 9.73g/t Au from 101m (DD06OKV004)³;

• 31m @ 4.63g/t Au from 153m (DD08OKV013)³;

• 23m @ 6.94g/t Au from 102m (DD11OKV063)³;

• 22m @ 5.58g/t Au from 117m (DD11OKV064)³;

• 20m @ 9.86g/t Au from 175m (DD11OKV084)³;

• 8m @ 19.98g/t Au from 172m (RC19OKV397)[4] ⊗ ;

• ⊗ .

• 15m @ 11.92g/t from 143m (RC19OKV390)[4] ⊗ +100gm intersections

• ‘OPEN’ to the north, north-east and to the south at depth;

• Resource expected to increase with further extensional drilling.

1 Reference is made to the Company’s ASX releases dated 1 May 2017 titled Okvau DFS Delivers Ore Reserve of 907,000oz. 2 Reference is made to ASX release dated 18 October 2016.

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• 3 Historical drilling result herein applied 0.5g/t Au lower cut, 4m continuous internal dilution, no top cut applied. 4 Reference is made to ASX release dated 2 July 2019.

ASX: EMR | www.emeraldresources.com.au

11

Okvau Grade Control Simulation

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• Infill Grade Control simulation drilling programme 368 holes for 10,100m;

• 10m x 10m infill pattern to an average vertical depth of 25m;

• Results confirm continuity, grade and tonnage estimate of resource model;

 Best results of:-

• 4m @ 22.93g/t gold from 18m (GC0688)[¹] ;

• 3m @ 26.36g/t gold from 19m (GC0239)[²] ;

• 2m @ 39.35g/t gold from 13m (GC0877)[³] ;

• 16m @ 4.30g/t gold from 8m to eoh (GC0871)[4] ;

• 5m @ 13.65g/t gold from 20m (GC0344)[4] .

• 18m @ 3.68g/t gold from 12m (GC0240)[²] .

• 6m @ 10.35g/t gold from 12m (GC0199)[¹] ;

• 8m @ 7.59g/t gold from 16m (GC0200)[¹] ;

• 3m @ 20.14g/t gold from 18m (GC0307)[4] ;

• 12m @ 4.78g/t gold from 6m (GC0305)[4] ;

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Key Finding

• 6m @ 9.32g/t gold from 23m to eoh (GC0698)[4] ;

• 5m @ 10.48g/t gold from 14m (GC0277)[²;]

• 22% additional ounces when to reserve for the area compared

• tested.

• 10m @ 13.92g/t gold from 13m (GC0930)[³] ⊗ ;

• 20m @ 6.84g/t gold from 5m to eoh (GC0872)[4] ⊗ ;

• 11m @ 11.70g/t gold from 19m to eoh (GC0732)[²] ⊗ .

• ⊗ +100gm intersections

1 Reference is made to the Company’s ASX release dated 27 December 2017.

2 Reference is made to the Company’s ASX release dated 10 January 2018.

3 Reference is made to the Company’s ASX release dated 3 October 2018.

• 4 Reference is made to the Company’s ASX release dated 24 October 2018.

ASX: EMR | www.emeraldresources.com.au

12

Okvau Resource Growth | Southern Depth extensions

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• Some of the highest grade intersections sit beneath open pit floor including:-

• 17m @ 4.5g/t from 320m (DD11OKV091);

• 10m @ 9.6g/t from 411m (DD12OKV108);

• 11m @ 8.4g/t from 399m (DD11OKV091);

• 6m @ 9.7g/t from 520m (DD16OKV373).

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Cross-section

Long-section

Refer to the Company’s ASX releases dated 1 May 2017 and Renaissance Minerals Limited ASX release dated 19 September 2012.

ASX: EMR | www.emeraldresources.com.au

13

Okvau Potential Structural Feeder Zone

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DH Plan with Surface Expression of Eastern Fault Zone

1 Reference is made to the Company’s ASX release dated 4 April 2019.

2 Reference is made to the Company’s ASX release dated 2 July 2019.

Selected Okvau feeder zone intersections:-

 32m @ 2.75g/t from 59m (DD11OKV086)[¹] ;  7m @ 12.30g/t from 236m (DD11OKV085)[¹] ;  13m @ 7.16g/t from 271m (DD11OKV078)[¹] ;  1m @ 34.90g/t from 228m (DD09OKV026)[¹] ;  4m @ 16.08g/t from 69m (RC16OKV254)[¹] ;  9m @ 9.27g/t from 37m (RC13OKV135)[¹] ;  8m @ 5.95g/t from 61m (DD14OKV216)[¹] ;  2.3m @ 12.52g/t from 111.7m (DD14OKV236)[¹] ;  23m @ 2.36g/t from 101m (DD16OKV344)[¹] ;  16.9m @ 10.87g/t from 78m (DD16MET003)[¹] ⊗ ;  15m @ 11.92g/t from 143m (RC19OKV390)[²,][³] ⊗ ;  8m @ 19.98g/t from 172m (RC19OKV397)[²,][³] ⊗ ;  9m @ 13.23g/t from 47m (DD11OKV073)[¹] ⊗ . ⊗ +100gm intersections.

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Arsenopyrite vein in diamond core

3 Reference is made to the Company’s ASX Quarterly release dated 31 July 2019.

ASX: EMR | www.emeraldresources.com.au

14

Okvau | Commenced Construction of Permanent Access Road

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• Okvau Access Road materially complete which includes substantial completion of upgrades to the existing 50km of dirt roads and current finalisation of the construction of 14km of new road through to site.

• 35 tonne concrete Prek Te river bridge construction materially complete.

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ASX: EMR | www.emeraldresources.com.au

15

Okvau – Resettlement

• 62 local families successfully relocated from the project area;

• Process governed by a committee of relevant stakeholders, conducted in a manner consistent with the IFC guidelines and approved Resettlement Action Plan;

• Existing housing dismantled and removed;

• Provisions made for future training and employment of locals;

• External monitoring underway.

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ASX: EMR | www.emeraldresources.com.au

16

Okvau – Grid Power, Fencing & Ranger Hut

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• Tower Footings on Okvau PDA.

• Okvau PDA Fencing Complete.

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• Aerial View Powerline Towers & Corridor nearing completion, and will be available well ahead of site requirements.

• Ranger Hut provided and built by Emerald.

ASX: EMR | www.emeraldresources.com.au

17

Okvau – Grade Control Drilling Commenced

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• 5m x 5m RC grade control drilling commenced with UDR650 rig.

• Contract awarded for the provision of ongoing grade control drilling with a fit for purpose modified 450 Schramm Percussion drilling Rig.

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ASX: EMR | www.emeraldresources.com.au

18

Regional Potential | New Joint Ventures

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 Dominant land position of ~1,400km² covering a north-west trending zone of granitoid intrusions;

• Multiple Gold occurrences with direct associations with intrusions with pathfinder multi-elements (bismuth, arsenic, tellurium).

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Koan Nheak
(Earning 80%)
Phnom Khtong 50km
(Earning 70%)
O’Chhung (100%)
Okvau (100%)
25km Samnang Prospect
9m @ 6.60g/t fr 0m (DD12OKV102)
10m @ 2.46g/t fr 36m (RC12OKV118)
9m @ 2.03g/t fr 52m (RC12OKV118)
3m @ 8.93g/t fr 28m (RC17SAM003)
5m @ 7.48g/t fr14m (RC17SAM005)
Svay Chras (100%)
Okthung & Preak Khlong
(Applications) Okthung & Preak Khlong
3m @ 8.9g/t fr 73m
Snoul 4m @ 10.2g/t fr 56m
(Earning 70%) 3m @ 12.9g/t fr 38m
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Refer to the Company’s ASX Announcement dated 13 July 2017 and Renaissance Minerals Limited dated 1 May 2017, 4 February 2013 and 17 August 2012.

ASX: EMR | www.emeraldresources.com.au

19

Mekong Minerals Snoul Project

• 3km, x 1.5km gold in soil anomaly (at Limited historical drilling >10ppb Au); returned best results of :- 4m @ 11.94g/t gold from 4m (SNRC002);

• Peak value auger 16m @ 2.93g/t gold form 4m

• sampling 22.3ppm Au; (SNRC009); 12m @ 1.01g/t gold from 12m (SNRC010);

• Peak value rock chip 1m @ 11.36g/t gold from 66m

• 14.45g/t Au; (DD09ANC013); 4.3m @ 4.76g/t gold from 147.2m (DD10ANC025).

• Geological setting similar to Okvau on the southern extremity of a Diorite intrusion;

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• Emerald earning 70%;

 Anomaly scheduled for reconnaissance drill testing in the upcoming months.

Refer to the Company’s ASX releases dated 13 July 2017, 3 August 2018 and 31 October 2019.

ASX: EMR | www.emeraldresources.com.au

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Mekong Minerals Phnom Khtong Project

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• Western anomaly 1.3km x 0.4km (at >30ppb Au); and

• Central anomaly 1km x 0.4km (at >10ppb Au);

• Peak value 7.27 auger sampling

• ppm Au;

• Peak value rock chip 38.3g/t Au;

• Geological setting similar to Okvau with mineralisation coincidental with Diorite intrusions;

• Emerald earning 70%;

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• Anomaly scheduled for reconnaissance drill testing in the upcoming months.

ASX: EMR | www.emeraldresources.com.au

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Angkor JV Koan Nheak Project

• Two gold in soil anomalies discoveries;

• Northern anomaly 0.7km x 0.3km (at >10ppb Au);

• Southern anomaly 1.4km x 0.4km (at >10ppb Au);

• Peak value EMR rock chip 9.94g/t Au;

• Geological setting similar to Okvau on the southern extremity of a Diorite intrusion;

• Emerald earning 80%;

• Reconnaissance drill testing undertaken. Best result (in diorite) of 8m @ 3.61g/t from 31m (RC19PCK03).

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Refer to the Company’s ASX releases dated 27 December 2017 and 3 August 2018

ASX: EMR | www.emeraldresources.com.au

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Summary

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• Experienced, well credentialed Board and senior management, well equipped to develop Okvau and other gold projects;

• Emerald developing a single pit, 2.0g/t, 907,000 ounce gold reserve at US$754/ounce (AISC);

• Resource open with strong potential to expand and convert additional reserves;

• Okvau project has an IRR of 69% (pre tax) at US$1,450 gold price;

• Cambodia, new frontier for mineral exploration, supportive government and attractive fiscal regime;

• Emerald holds a significant land holding in Cambodia with high prospectivity;

• Project Development (early aspects), complete or nearing completion;

• Financing of the Okvau Project, nearing completion;

• Mineral Investment Agreement with The Royal Government of Cambodia, completed;

• Board has given approval for Okvau development, subject to completion of financing;

• Emerald well positioned to seek further opportunities and build a “Mining and Development House”, utilizing the skilled in-house development team.

Reference is made to the Company’s ASX release dated 1 May 2017 titled Okvau DFS Delivers Ore Reserve of 907,000oz and ASX release dated 26 November 2019. All material assumptions underpinning the production target or the forecast financial information continue to apply and have not materially changed.

ASX: EMR | www.emeraldresources.com.au

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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 (8%), high grade concentrate

Fine regrind of concentrate only (no oxidation)

Leaching (flotation tails and concentrate) & Elution

Gold recoveries of 84%

• Single stage crushing with SAG mill;

• Flotation and regrind account for only

• ~12% of total power consumption;

• Moderate cyanide consumption (1.23kg/t of ore);

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 Mean BWI of 17.5kWh/t.

Reference is made to the Company’s ASX release dated 1 May 2017 titled Okvau DFS Delivers Ore Reserve of 907,000oz and ASX release dated 26 November 2019. All material assumptions underpinning the production target or the forecast financial information continue to apply and have not materially changed.

ASX: EMR | www.emeraldresources.com.au

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Okvau Project Summary | Total Operating Cost Summary

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US$1,450 Gold price assumption.

Operating Costs	LOM USD	USD/t (processed)	USD/oz (recovered)
Mining	262M	18.37	344
Processing & Maintenance	199M	13.93	261
General & Administration	37M	2.58	48
Refining	3M	0.25	5
Sub Total	501M	35.13	658
Sustaining Capital	9M	0.63	12
Rehabilitation & Closure	14M	0.98	19
Royalties	50M	3.48	65
Sub Total	73M	5.09	96
Total Operating Costs	574M	40.22	754

ASX: EMR | www.emeraldresources.com.au

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Environmental & Social Values

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The Okvau project is to have a (net) positive impact on near-mine environmental and social values via:-

• Target strict compliance with corporate governance, international guidelines (IFC PS’s) and Cambodian law;

• The introduction of “Environmental Bonding” concept to Cambodian Government;

• Annual payments over 9 years of significant Environmental, Social and Endowment funds;

• Additional commitment by EMR to establish and contribute to a fund for Community Development for the benefit of the community in the Project Area;

• Seek the support of major suppliers and contractors to also contribute to the fund;

• Fund governed by a committee of local senior stakeholders including a company representative, NGO and/or local community organisation;

• Applications from local community will be assessed in accordance with community needs.

• Continued stakeholder engagement for the life of project; and

• Implementation of the Biodiversity Action Plan & Biodiversity Offset Management Plan.

Recent Social Initiatives

• PPWS Partnership including commitment to provide 8 new Rangers and a hut to increase monitoring & enforcement capacity within Okvau area;

• School Nursery initiative as a way for students to raise funds for their school, to increase environmental awareness in young people and provide trees for future rehabilitation activities;

• An Industry Partner supporting the Lion Water Sanitation Initiative in Obenlieu Commune, installing latrines and water filters in homes;

• Financial support to various organizations and community events.

ASX: EMR | www.emeraldresources.com.au

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