EMERALD RESOURCES NL — Investor Presentation 2021

Mar 4, 2021

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Okvau Gold Project, Cambodia

ASX:EMR

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121 Mining Conference APAC March 2021

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Presentation Disclaimer

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Forward Looking Statement

This presentation 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 NL (“Emerald” or the Company”) 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 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 presentation 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 presentation. 100% of the production target referred to in the 1 May 2017 and 26 November 2019 announcements is based on Probable Ore Reserves.

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.

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 presentation. However, there is no certainty that the Company can raise funding when required.

Estimates of Resources and Reserves

The ASX Listing Rules require that the reporting of ore reserves and mineral resources in Australia comply with the Joint Ore Reserves Committee's Australasian Code for Reporting of Mineral Resources and Ore Reserves ("JORC Code"). Investors outside Australia should note that while ore reserve and mineral resource estimates of Emerald in this presentation comply with the JORC Code (such JORC Code-compliant ore reserves and mineral resources being "Ore Reserves" and "Mineral Resources" respectively), they may not comply with the relevant guidelines in other countries and, in particular, do not comply with (i) National Instrument 43-101 (Standards of Disclosure for Mineral Projects) of the Canadian Securities Administrators (the "Canadian NI 43-101 Standards"); or (ii) Industry Guide 7, which governs disclosures of reserves in registration statements filed with the US Securities and Exchange Commission (the "SEC"). Information contained in this presentation describing mineral deposits may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of Canadian or US securities laws. In particular, Industry Guide 7 does not recognise classifications other than proven and probable reserves and, as a result, the SEC generally does not permit mining companies to disclose their mineral resources in SEC filings. You should not assume that quantities reported as “resources” will be converted to reserves under the JORC Code or any other reporting regime or that Emerald will be able to legally and economically extract them.

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

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Why Invest in Emerald?

- Great Project - Strong Economics - The Right Team

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❑ Okvau development “On Time On Budget” Gold production on schedule for Q2 2021

• ❑ Fully Funded – (Cash & Debt) -US$98 Million Gold plant development well advanced;

• ❑ +100,000oz per annum Gold production by mid 2021 – at AISC US$754 per oz;

• ❑ NPV (5%) (pre tax); US$486M (post tax); US$333M); (Gold price US$1,700 per oz);

• ❑ IRR 95% (pre tax) 78% (post tax); (Gold price US$1,700 per oz);

• ❑ +1.1 Moz resource; +0.9 Moz reserve, under-drilled with strong prospects of significant increases;

• ❑ Board and Management team:-

• ❑ Have successfully done it before – Africa/Australia;

• ❑ Are aligned as large shareholders;

• ❑ Are motivated to grow Emerald by mine developments and exploration.

• ❑ Okvau investment substantially de-risked:-

• ❑ EMR, 100% ownership of Okvau;

• ❑ Mineral Investment Agreement, with offshore arbitration and standstill on law provisions;

• ❑ Political risk insurance readily available at sub 1% premium;

• ❑ US$ primary currency for contracts and cash flow in Cambodia;

• ❑ Freedom of banking onshore/offshore.

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Emerald at a Glance

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Capital Structure

Shareholder Structure

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Institutional
Retail & High Net
Investors
Worth Investors
48%
30%
Directors &
Management
22%
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Capital Structure
ASX Code	EMR
Share Price	$0.80¹
Shares on Issue (current)	515M
Options on Issue	11.6M²
Market Cap (undiluted)	A$412M

• 1 Share Price as at 26th February 2021.

• 2 Options comprise management and employee options ranging between 39 cents and 95 cents.

Board & Management

Simon Lee AO, Non-Executive Chairman

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

Morgan Hart, Managing Director

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

Significant Shareholders

Significant Shareholders
Morgan Hart	8.13%
Tazga Two Pty Ltd	7.35%
Other EMR Directors and Management	6.52%
Ruffer LLP	5.93%
Other Institutional Investors	~42%

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).

Ross Stanley, Non-Executive Director

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Mark Clements, Non-Executive Director Bernie Cleary, Operations Manager

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Okvau- Construction Progress

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Okvau Gold Project Construction Progress by Expenditure (28[th] February 2021)

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77% Spent and Committed

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Okvau | Construction Progress – Tanks and Mill
Tanks Concrete on
Multiple Work Packages Progressing SimultaneouslyProgressing, - on Schedule
time
Mill Plinths - Formwork Complete Ready
❑ Aerial View of Powerline Towers & ❑ Tower footings excavated at sub-station
to Pour
Corridor now complete to site. site.
❑ Footings For Sub-station towers.
Mill Plinths - Top of Tank
Steelwork - Float Circuit
Crusher Concrete and ROM
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Okvau | Construction Progress - Crushing

Crushing Circuit Advanced

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Primary Crusher Installed

ROM Progressing

Mill Plinths - Top of Tank steelwork - float circuit

ASX: EMR | www.emeraldresources.com.au

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Okvau | Construction - Offsite Fab Materially Complete

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❑ Aerial View of Powerline Towers &
Mill Heads Corridor now complete to site. Mill Shell
Tank Plate
Mill Girth Gear
Jaw Crusher
❑ Footings For Sub-station towers.
Elution Column Mill Gearbox Mill Motors
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Okvau | Construction Progress – Power and Camp

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Sub-Station

Transporting Transformer Installing Transformer ❑ Footings For Sub-station towers. ❑ Sub-station towers complete, earthworks Mess Hall for sub-station commenced. Mine Camp

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Okvau Gold Project | Equipment Delivery Schedule

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At Vendor In Transit In Country / at Okvau -6% -2% -92%

• Derrick Screens;

• Laboratory Equipment;

• •

• Oxygen Generating System; Cyanide discharge tank package;

• • Switchrooms (partial remaining); • Switchrooms;

• SAG Mill Package;

• HIG Mill Package;

• CIL and Detox Tanks;

• • •

• Gold room package. Raw & Process Water Pumps; Flot Cell Package; • Other residual items. • Thickener Package;

• Main Substation;

• Crushing & Conveyor Package;

• Plant Structure Steel Package;

• Plant Platework Package;

• Mill VSD’s;

• Mill Motors;

• Slurry Pumps;

• Valve Package;

• SAG & HIG Gearboxes;

• Vibrating Decks;

Transportation 92% Complete

• Electrical Packages;

• Cyclone Cluster;

• Agitators;

• Lime System;

• Interstage Screens;

• Electrowinning cells.

Estimated Containers

• 24 Containers (approximate).

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Estimated Containers

• 9 Containers.

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Estimated Containers

• 366 Containers;

• 10 Break Bulk Shipments.

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ASX: EMR | www.emeraldresources.com.au

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Okvau | Construction – Transportation of Key Elements

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Mill Shells Loading on Ship

Sumo Steel ❑ Aerial View Fabrication of Powerline Towers & Corridor now complete to site.

Mill Shells in Transport

Mill Shells At Port

Derrick Screen Ready For Transport Fabricated Joest Screen Steel

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❑ Sub-station towers complete, earthworks
for sub-station commenced.
Transformer Laden Trucks at
Transport to Okvau Okvau Gate
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Okvau | Mining– Transportation- Earthmoving Materially Complete

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❑ Aerial View of Powerline Towers & Corridor now complete to site.

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-

❑ Footings For Sub-station towers. ❑ Sub-station towers complete, earthworks for sub-station commenced.

140 Tonne Crane and 100 Tonne Trucks Road Trans orted to Okvau p

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Okvau | Construction Progress – Mining – Tailings Dam

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Keyway

❑ Tower footings excavated at sub-station site.

Aerial of Open Cut Mine (February)

Commencement of Open Cut Mining (December)

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s Aerial Tailing Dam and Keyway (January)

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Okvau- Resource- Reserve Expansion

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Okvau Resource Growth

Southern Eastern Depth Extension

❑ 17m @ 5.7g/t from 399m (DD11OKV091); ❑ 10m @ 9.6g/t from 411m (DD12OKV108); ❑ 3m @ 14.2g/t from 432m (DD11OKV091); ❑ 6m @ 9.7g/t from 520m (DD16OKV372).

- Long section

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RCDD20OKV424
6m @ 11.40g/t Au fr 258m ⁴
DD11OKV091
3m @ 14.2g/t Au fr 432m ³
DD12OKV018
10m @ 9.6g/t Au fr 411m ¹ DD11OKV091
11m @ 8.4g/t Au fr 399m ¹
DD16OKV373
6m @ 9.7g/t Au fr 520m ²
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Refer to the Company’s ASX releases dated 1 May 2017 and Renaissance Minerals Limited ASX release dated 19 September 2012. 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.

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

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• 4 Reference is made to the Company’s ASX release dated 28 January 2021.

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Okvau Resource Growth

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N-S trending Okvau feeder zone:-

Below Reserve Pit Intersections

In Reserve Pit Feeder Zone Intersections

• ❑ 15m @ 11.92g/t from 143m (RC19OKV390)²,³;

• ❑ 16.9m @ 10.87g/t from 78m (DD16MET003)¹;

• ❑ 8m @ 19.98g/t from 172m (RC19OKV397)²,³;

• ❑ 9m @ 13.23g/t from 47m (DD11OKV073)¹.

• ❑ 13m @ 7.16g/t from 271m (DD11OKV078)¹;

• ❑ 32m @ 2.75g/t from 59m (DD11OKV086)¹;

• ❑ 1m @ 34.90g/t from 228m (DD09OKV026)¹;

• ❑ 7m @ 12.30g/t from 236m (DD11OKV085)¹;

• ❑ 2.3m @ 12.52g/t from 111.7m (DD14OKV236)¹.

• ❑ 4m @ 16.08g/t from 69m (RC16OKV254)¹;

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• ❑ 9m @ 9.27g/t from 37m (RC13OKV135)¹;

• ❑ 8m @ 5.95g/t from 61m (DD14OKV216)¹;

• ❑ 23m @ 2.36g/t from 101m (DD16OKV344)¹

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

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

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Okvau Resource Growth

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

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

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Okvau, Oxide, 5m x 5m Grade Control Drilling Continuing Strong positive comparison to Reserve

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Near Surface Grade Control (GC) to Reserve Comparison (< 10m deep) 17,600m[1]

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Results
show a
significant
increase in
tonnage for
the areas
tested
(Oxides)
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• ❑ Oxides limited in Okvau pit (average 6m depth) but strong positive reconciliation;

• ❑ GC defined mineralisation has notably expanded, well past the expected reserve blocks for the area tested;

• ❑ GC drilling identifying additional untested in-pit gold structures;

• ❑ Variations in bulk density noted due to back filled artisanal workings;

• ❑ GC, compliments results of GC Simulation (10m x 10m) programme.

• 1 Reference is made to the Company’s ASX release dated 30 October 2020

ASX: EMR | www.emeraldresources.com.au

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Okvau Grade Control Simulation (5 - 25m deep)

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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;

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

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

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

• 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

Key Finding

Simulated Grade Control 10mx 10m down to 25m (oxide and fresh):-

❑ Results showed a significant increase in ounces for the area tested:-

❑ 22% additional ounces;

❑ . Tonnage similar-grade higher

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.

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Regional Exploration-Significant Upside

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Regional Exploration Potential –

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• ❑ Dominant land position of 1,239km² 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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Phnom Khtong Licence O’Chhung O’Chhung Licence
(100%)
(Earning 70%) (100%)
Geochemical anomaly
2.5km x 1km
Peak auger sample 7270ppb Phnom Khtong Okvau (100%) Okvau Gold Deposit
(Earning 70%) 1.14 Moz
Peak rock chip 38.3g/t
Okvau Licence
CAMBODIA Samnang Prospect (100%)
9m @ 6.60g/t fr 0m
10m @ 2.46g/t fr 36m
9m @ 2.03g/t fr 52m
3m @ 8.93g/t fr 28m
5m @ 7.48g/t fr14m Okthung & Preak Khlong
(100%)
Okthung & Preak Khlong
(100%)
3m @ 8.9g/t fr 73m
Snoul Licence
4m @ 10.2g/t fr 56m
(Earning 70%)
3m @ 12.9g/t fr 38m
4m @ 11.9g/t fr 4m
3m @ 8.5g/t fr 58m
16m @ 2.9g/t fr 4m
2m @ 13.5g/t fr 89m
12m @ 1.0g/t fr 12m
1m @ 16.2g/t fr 74m
1m @ 11.4g/t fr 66m Snoul
4.3m @ 4.8g/t fr 147m (Earning 70%) VIETNAM
Memot Licence
(100%)
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Refer to the Company’s ASX Announcements dated 1 April 2020, 31 October 2019 and 13 July 2017 and Renaissance Minerals Limited dated 1 May 2017, 4 February 2013 and 17 August 2012.

ASX: EMR | www.emeraldresources.com.au

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New Licence Grants | Memot- 100% EMR

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Footprint of local (illegal) Artisanal miners) Okvau

Footprint of local (illegal) Artisanal miners) with significant Au Cu Ag rock chip results Memot

72.8 g/t Au –5.93%Cu-264 g/t Ag 74.5 g/t Au –3.06%Cu-193 g/t Ag 83.2 g/t Au-6.91%Cu-337 g/t Ag 9.91 g/t Au-11.8%Cu-354 g/t Ag 12.8 g/t Au-5.28%Cu-152 g/t Ag

13.4 g/t Au 29.9 g/t Au

18.3 g/t Au- 1.87% Cu- 91g/t Ag

1.09 g/t Au

Okvau +1.1 M Ounce and Growing

Memot- Commence Drilling late 2021

Refer to the Company’s ASX release dated 28 January 2021 .

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New Licence Grants | Memot - Historical Workings

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Local Illegal Miners Currently Occupy Part of the Site Historical miners exploited high grade underground

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Summary

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• ❑ Project Development On Time and On Budget;

• ❑ COVID-19 impediments manageable and not expected to impact on 2[nd] qtr. 2021 commissioning .

• and production timeline

• ❑ 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) at US$1,450 gold price;

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

• ❑ Okvau project has an IRR of 95% (pre tax) at US$1,700 gold price;

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

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

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

• ❑ Okvau Project, fully funded with additional contingency; and

• ❑ 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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Thank You 121 APAC 2021

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