EMERALD RESOURCES NL — Investor Presentation 2022

Mar 21, 2022

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Emerald Resources NL APAC 121 Conference Presentation

March 2022

ASX:EMR

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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.

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, Drill and Grade Control Results relating to the Company’s projects 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 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.

ASX: EMR | www.emeraldresources.com.au

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Why Invest in Emerald?

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- The Right Team

- Delivering On Promises -Low Cost Diversified Gold Producer - Strong Growth Profile

 Since last year’s presentation-

• Okvau Project fully ramped up- +100,000 ounce per annum US$754 AISC:-

• On Time and On Budget - US$97.6m (budget US$98.0m);

• Throughput rate +10% compared to DFS;

• Strongly positive reconciliation reserve reconciliation- +15%;

• Cash costs in line with DFS forecasts - US$740 December 2021 Quarter;

• Plus US$100m annual pre-tax project cash flows at US$1,700 gold price;

• Circa US$74m (A$102m) annual post-tax project cash flows at US$1,700 gold price;

• Positive reconciliation will be taken into account with next resource review;

• Near Okvau Gold Mine exploration ramped up.

 Clear Pathway to Achieving Stated Aim of Becoming a Multi-mine Diversified Producer:-

• Escalating Exploration in Cambodia:

• Commenced drilling activities at Memot Gold Project;

• Ramping up near mine and regional Okvau Exploration;

• Bullseye takeover expected to yield expanded resource and mining reserve in 2022 assuming successful completion;

• With a further additional +800km[2] of highly prospective (Australian) regional exploration tenure with potential to yield further mine developments;

• .

• Total tenure package circa 2,400km[2]

 Experienced Board and Management team:-

• Are aligned as large shareholders;

• Have delivered again;

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

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.

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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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Significant Shareholders

Morgan Hart	8.13%*
Tazga Two Pty Ltd	7.35%*
Other EMR Directors and Management 6.52%*
Institutional Investors	~48%*

• pre-Conversion of Accepting Bullseye shareholders

Capital Structure
ASX Code	EMR
Share Price	$1.06¹
Market Cap (undiluted)	A$570M2

• 1 Share Price as at 21 March 2022.

• 2 Based om current shares on issue as at 21 March 2022.

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.

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

Billie J Slott, Non-Executive Director

Mark Clements, Non-Executive Director & Company Secretary

Bernie Cleary, Operations Manager

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Okvau | Operation fully ramped up – Gold production

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• First Gold pour June 2021;

• August and September 2021 ramp up to full sulphide ore operation;

• ~61,000 ounces of gold produced from start up to February 2022;

• AISC US$740 per ounce December 2021 Quarter;

• Cost guidance of US$720-$780 per ounce;

• Forecast production of 25-30,000 ounces per quarter for remainder FY22;

• Mill running consistently at 110% of DFS Forecast - 2.2 mtpa (DFS 2.0 mtpa);

• Mill has run at +130% of DFS Forecast - 2.6 mtpa;

•  Sub-station towers complete, earthworks HIG Mill achieving target grind of 10 μm grind with spare capacity;for sub-station commenced.

• Ore reconciliation strongly positive to date; and

• PTD +15% Actual reconciliation, all ore types.

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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

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Okvau | Construction – “On Time and On Budget”

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• Okvau Gold Mine completed and commissioned “on time on budget”;

• Fifth time in as many mine builds that this construction team has achieved this milestone;

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

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 Sub-station towers complete, earthworks for sub-station commenced.

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Exploration-Significant Upside Cambodia

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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.

ASX: EMR | www.emeraldresources.com.au

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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.

ASX: EMR | www.emeraldresources.com.au

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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 Ktung Licence Ochhung Ochhung Licence
(100%)
(Earning 70%) (100%)
Geochemical anomaly
2.5km x 1km
Peak auger sample 7270ppb Phnom Ktung 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 Oktung & Preak Klong
(100%)
Oktung & Preak Klong
(100%)
3m @ 8.9g/t fr 73m
Snuol 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 Snuol
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.

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Memot Gold Project - 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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Memot Gold Project - 100% EMR

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Refer to the Company’s ASX Announcement dated 31 January 2022.

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Memot Gold Project – Ongoing Maiden Drilling Program

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Refer to the Company’s ASX Announcement dated 31 January 2022.

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Memot Gold Project – Ongoing Maiden Drilling Program

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Drilling results on the Memot Gold Project include the following:Historical Results Recent EMR results

• 0.3m @ 145.00g/t from 14.2m (ML3)

• 3.54m @ 10.30g/t from 0m (ZK8-1)

• 0.3m @ 96.00g/t from 12.7m (ML7)

• 4m @ 5.98g/t from 7m (ML8)

• 0.3m @ 76.5g/t from 10.7m (ML6)

• 3.8m @ 5.45g/t from 0m (ZK12-7)

• 0.3 @ 59.70g/t from 8.2m (ML1)

• 0.3m @ 55.60g/t from 16.2m (ML2)

• 0.3m @ 48.30g/t from 13.3m (ML4)

• 5m @ 2.85g/t from 13.79m (ZK4-5)

• 0.3m @ 23.70g/t from 16.6m (ML2)

• 0.3m @ 16.70g/t from 20.3m (ZK0-1)

• 1m @ 37.20g/t from 33m (DD21MMT005)

• 1m @ 31.70g/t from 49m (DD21MMT010)

• 1m @ 25.40g/t from 30m (DD21MMT006)

• 12m @ 1.84g/t from 40m (DD21MMT001)

  • Incl. 1m @ 8.91g/t from 48m

  • • Incl. 1m @ 7.76g/t from 51m

• 5m @ 2.36g/t from 68m (DD21MMT002)

  • Incl. 1m @ 6.90g/t from 68m

• 1m @ 10.35g/t from 51m (DD21MMT009)

• 1m @ 10.10g/t from 68m (DD21MMT010)

• 9m @ 1.03g/t from 54m (DD21MMT002)

  • Incl. 1m @ 6.22g/t from 58m

• 0.5m @ 6.40g/t from 34.35m (ZK2-3)

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Refer to the Company’s ASX Announcement dated 31 January 2022.

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Environmental, Social and Governance

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Environmental & Social Values

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Emerald is aiming to set the benchmark for an environmentally & socially responsible, sustainable and transparent mining industry in Cambodia.

Development of a climate strategy, including carbon neutrality targets and pathways, and investigation of carbon offset program options, is underway.

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

• Strict with international & local laws verified compliance corporate governance, guidelines by

• external audits;

• Significant environmental & social funding including the Mineral Fund for Community Development;

• Biodiversity Offset Program - enhanced protection of the Phnom Prich Wildlife Sanctuary;

• A comprehensive monitoring program;

• Progressive rehabilitation aligned to closure objectives;

• Community initiatives including the School Nursery Program, water wells & sanitation, road safety;

• Monitoring mining industry developments and standards; and

• Meaningful stakeholder engagement for life of project.

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A Positive Legacy

• Improved access to markets, health care and schools

• Transferable workplace skills

• Improved access to water

• Upskilling regulators

• Post-mining environmental programs

• Re-established Beng tree species in PPWS

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Bullseye Mining Limited Takeover Offer

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Bullseye Takeover Offer Summary

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Emerald lodged a Bidders Statement dated 8 December 2021 and Supplementary Bidders Statement dated 18 February 2022 in relation to a recommended and unconditional off-market takeover bid for all of the issued shares of Bullseye Mining Limited (Bullseye), an Australian unlisted public company, that it does not already own (Offer)

Key terms of the Offer are:-

• Bullseye shareholders will receive 1 new Emerald share for every 3.43 Bullseye share held;

• For circa 20% dilution to the capital structure, Emerald shareholders will be exposed to:

• Three Western Australian gold projects totalling in excess of 1,200km[2] of highly prospective gold tenure;

• In excess of 800km[2] of the entire Dingo Range greenstone belt;

• Multi-faceted land package on-shore and off-shore with significant potential to create a multi-mine company; and

• Potential to create an Australian producing asset which will allow Emerald to pay franked dividends.

• The Emerald offer is recommended by the majority of directors of Bullseye;

• Bullseye directors have agreed to accept Emerald’s offer in respect of all shares they control, in each case in the absence of a superior offer;

• The offer is now unconditional; and

• In addition to the 17.0% of Bullseye shares directly held by Emerald, Bullseye shareholders representing an additional 32.4% have accepted the Offer taking Emerald’s relevant interest .

• in Bullseye to 49.4%[1]

Refer to the Company’s ASX Announcement dated 18 March 2022.

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Bullseye Projects and Location

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• Bullseye hold three Western Australian gold projects totaling in excess of 1,200km[2] of highly prospective gold tenure;

• Their most advanced project is the North Laverton Gold Project:

• located in Western Australia within one of the worlds richest and most established gold regions;

• covers in excess of 800km[2] of the entire Dingo Range greenstone belt;

• in excess of 100 million ounces of Gold has been or discovered in the areas produced surrounding

• the project; and

• An additional two projects, the Southern Cross Gold Project and the Aurora Gold Project which cover over 400km[2] of tenure.

Bullseye Projects Location and License Areas

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North Laverton Gold Project Location

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North Laverton – Boundary-Bungarra Prospect

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The North Laverton Gold Projects most advanced prospect is the Boundary-Bungarra Prospect: Four granted mining licences covering 36km[2] over the Boundary-Bungarra Prospect;  JORC compliant resource calculated in 2015 based on limited shallow (average to approx. 120m) drilling;  Significant additional drilling undertaken subsequent to existing resource adding to the resource base;  Expectation for significant growth to resources with planned drilling program in 2022.

Boundary-Bungarra Prospect

North Laverton Gold Project Tenure Holding

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North Laverton – Boundary-Bungarra Resources

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Existing JORC compliant resource calculated in 2015 using a lower cut of 0.6g/t: Indicated and inferred JORC compliant resource of 3,414,000 tonnes at 2.51 g/t for 276,000 ounces of gold;  Additional 2,234,762 tonnes at 2.38 g/t for 170,792 ounces of unclassified material;  Resource underpinned by 601 collars for 66,000 metres of drilling;

• Average resource depth of approximately 120 metres; and

 Subsequent to the calculation of the resource, 35,000m of additional drilling completed. Significant intersections over the Boundary-Bungarra Prospect to date include:

Boundary Bungarra (Resource) Neptune

5m @ 60.25g/t from 171m (WDDH8) 28m @ 9.36g/t from 90m (BDRC058) 17m @ 14.14g/t from 153m (BDRC035) 4m @ 44.46g/t from 203m (WDDH9) 38m @ 3.95g/t from 76m (WRC17) 23m @ 6.51g/t from 73m (WRC24) 8m @ 17.7g/t from 160m (WDDH10) 15m @ 9.32g/t from 95m (BDRD0025) 8m @ 17.14g/t from 38m (BDRC060) 12m @ 10.38g/t from 65m (BRC1002) 27m @ 4.53g/t from 62m (BDRC014) 9m @ 13.55g/t from 42m (WDDH1) 24m @ 3.88g/t from 20m (DRP176) Stirling 26m @ 5.83g/t from 33m (STRD0016)

14m @ 31.46g/t from 33m (LAVRD0126) 19m @ 13.41g/t from 32m (DRP495) 17m @ 13.28g/t from 49m (LAVRD0132) 3m @ 67.37g/t from 30m (BFRC15) 5m @ 39.41g/t from 31m (LAVRD0133) 9m @ 17.02g/t from 33m (BFRC13) 6m @ 23.26g/t from 89m (LAVRD0054) Bungarra (Grade Control)

12m @ 23.7g/t from 25m (BGGC0210) 12m @ 20.54g/t from 37m (BGGC0126) 4m @ 60.35g/t from 5m (BGGC0173) 25m @ 9.31g/t from 0m (BGGC0123) 21m @ 9.92g/t from 34m (BGGC0212) 12m @ 16.21g/t from 39m (BGGC0192) 11m @ 13.95g/t from 35m (BGGC0089)

26m @ 6.95g/t from 40m (NPRD0039) 16m @ 10.10g/t from 63m (NPRD0026) 14m @ 8.90g/t from 29m (NPRD0007) 19m @ 6.29g/t from 51m (NPMD1019) 7m @ 16.00g/t from 68m (NPRD0015) 24m @ 4.42g/t from 58m (NPMD1007) 18m @ 5.83g/t from 17m (NPRD0056) 26m @ 2.97g/t from 45m (NPRD0051) 26m @ 2.49g/t from 74m (NPRD0042) 11m @ 5.49g/t from 44m (NPRD0016) Hurleys

12m @ 3.30g/t from 13m (HRRD0020) 9m @ 2.27g/t from 64m (HRRD0032) 8m @ 3.69g/t from 47m (HRRD0050) 3m @ 9.00g/t from 62m (HRRD0062)

Boundary-Bungarra Mineral Resource Estimate

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Refer to the Supplementary Target Statement announced 21 February 2022.

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North Laverton – Boundary-Bungarra Long Sections

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Long Section of the Boundary-Bungarra Prospect

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Long Section of the Boundary, Neptune and Stirling Prospects

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North Laverton – Boundary-Bungarra Long Sections

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Long Section of the Boundary-Bungarra Prospect

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Long Section of the Hurleys and Bungarra Prospects

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Bullseye – Other Matters

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Blue Cap Joint Venture

Bullseye have established a Joint Venture with a mining production partner, Blue Cap Mining (“Blue Cap”):

• 70% Bullseye / 30% Blue Cap profit split;

• Processing of the ore via a toll processing agreement at the Wiluna Gold Processing Centre;

• Current Joint Venture mining campaigns a total estimated production of 23,579ozs; and

• Joint Venture extended to a further 17,000ozs, agreement reached to dissolve Joint Venture on completion of the current campaign.

Tenure Plaints

Between the dates of 27 June 2019 through to 12 March 2020, the Bullseye had received applications for forfeiture (“Plaints”) lodged against a number of the Company’s North Laverton Gold Project tenements and the Company’s Southern Cross tenements. Bullseye is of the view that:

• Plaints are part of ongoing opportunistic attempts to disrupt operations, slowing exploration and progress towards production; and

• Strongly view that the Plaints have no grounds whatsoever.

Emerald has held discussions with Bullseye management and its specialist legal counsel in relation to the Plaints. Considering historical and current expenditure on the licenses, no matter the outcome in the Warden’s court, it’s unlikely it will result in forfeiture of any significant licenses.

Legal Matters

Matter COR 83 of 2020

• A minority shareholder has brought an action in the Supreme Court of Western Australia against Bullseye and its directors;

• Alleged that the Company has acted in a manner which is oppressive to or unfairly discriminatory and contrary to the interests of shareholders as a whole; and

• The trial of this matter continues and Bullseye and its Directors are continuing to vigorously defend this matter.

Matter CIV 1989 of 2020

• Mr Sam and Eddy Cheng as trustees of the NEZA Trust have brought an action in the District Court of Western Australia;

• Seeks payment of capital raising fees from Bullseye in the amount of approximately $366,000; and

• The trial commenced in January 2022 and has been adjourned until October 2022

Matter CIV 1987 of 2020

• Mr Sam Cheng has brought action in the District Court of Western Australia, against Bullseye;

• Seeks payment of consultancy fees in the amount of approximately $580,000; and

• The matter is in the interlocutory stages of the Court process and trial dates have not yet been set.

Emerald have reviewed the details of the above matters and have formed the view that whether judgement is in favour or against Bullseye, there is no expected outcome that would have a materially negative impact on Emerald and its acquisition of Bullseye.

Takeovers Panel Proceedings

The Takeovers Panel have advised that they are conducting proceedings in relation to a further application made by Hongkong, Xinhe International Investment Company Limited dated 28 February 2022 in respect of Emerald’s recommended and unconditional takeover offer for Bullseye. Emerald has provided an undertaking to the Panel that it will not, without the Panel’s consent, take steps, or allow any steps to be taken, to process acceptances of, or issue any Emerald shares to, accepting Bullseye shareholders or nominate directors to the board of Bullseye until the determination of Panel proceedings.

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ASX: EMR | www.emeraldresources.com.au

Summary

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• Okvau Project Development completed On Time and On Budget;

• Project fully ramped up to +110,000 ounce per annum rate;

• Mining and processing showing strongly positive ore reconciliation +15%;

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

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

• Cost guidance based on US$720-$780 per ounce;

• Forecast production of 25-30,000 ounces per quarter for remainder FY22;

• Memot and Bullseye next.

The Right Team

Delivering On Promises

Low Cost Diversified Gold Producer

Strong Growth Profile

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

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ASX: EMR | www.emeraldresources.com.au