EMERALD RESOURCES NL — M&A Activity 2023

Sep 20, 2023

ASX Announcement & Media Release

21 September 2023

Fast Facts

ASX Code: EMR Shares on issue: 596,607,935 Market Cap: ~A$1.59 billion Cash: A$71.0 million (at 30 June 2023) Bullion: A$19.0 million (at 30 June 2023)

Board & Management

Jay Hughes, Non-Executive Chairman Morgan Hart, Managing Director Mick Evans, Executive Director Simon Lee AO, Non-Executive Director Ross Stanley, Non-Executive Director Billie Slott, Non-Executive Director Michael Bowen, Non-Executive Director Mark Clements, Non-Executive Director and Company Secretary Bernie Cleary, Operations Manager Shannon Campbell, Chief Financial Officer

Company Highlights

Team

• Highly credentialed gold project operational and in-house development team;

• A proven history of building projects on time and on budget.

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Recommended and Unconditional Takeover Offer for Bullseye Extended

Emerald Resources NL (ASX: EMR) ( Emerald ) refers to its announcement dated 14 September 2023 declaring its recommended takeover bid for all of the issued shares of Bullseye Mining Limited ( Bullseye ) that it does not already own ( Offer ) free from all conditions.

As at the date of this announcement, Emerald confirms that it has a relevant interest in 75.81% of the 507,081,513 Bullseye shares currently on issue, comprising:

• 290,784,766 shares (57.34%) held directly by Emerald; and

• 93,632,149 shares (18.47%) pursuant to acceptances of the Offer by Bullseye shareholders.

The Company has received acceptances from AU Xingao Investment Pty Limited (28,473,635 Bullseye shares) and Hongkong Xinhe International Investment Company Limited (63,807,693 Bullseye shares) and other shareholders representing 18.47% of the issued capital of Bullseye which it has not yet processed in accordance with the Company’s undertaking to the Takeovers Panel as announced on 20 September 2023.

Emerald has today resolved to extend the closing date of the Offer to 5:00pm

(AEST) on Friday, 6 October 2023.

Gold Production

• Okvau Gold Mine commissioned on time on budget in 2021;

• Forecast +100,000oz gold production for 2024 at AISC US$780-US$850/oz;

Growth

• Significant exploration and resource growth potential in Cambodia:

• Okvau Gold Mine reserve expansion;

• o Memot Project maiden resource expected 2023

• 1,639km[2] of prospective tenure

• Significant exploration and resource growth potential in Australia (Bullseye Mining Limited (~76%):

• North Laverton Gold Project located on the underexplored Dingo Range greenstone belt

• Resource and reserve expected 2023

• o 1,200km[2] of prospective tenure

Attached to this announcement is a formal notice under section 650D of the Corporations Act 2001 (Cth) ( Corporations Act ) in relation to the extension of the closing date.

The Offer is unconditional and remains open for acceptance, as such Emerald will continue to receive acceptances from Bullseye shareholders.

Bullseye shareholders that have any questions relating to the Offer or how to accept the Offer made to them, should contact the Company Secretary of Emerald on +61 8 9286 6300, or your professional financial adviser.

This ASX release was authorised on behalf of the Emerald Board by: Morgan Hart Managing Director.

For further information please contact Emerald Resources NL

ESG

• Focussed on a net positive impact on near-mine environmental and social values by targeting strict compliance with corporate governance, international guidelines (IFC PS’s) and local laws by engaging and collaborating with all stakeholders.

• Commitment to carbon neutral operations in Cambodia

Morgan Hart Managing Director

Registered Office 1110 Hay Street West Perth WA 6005

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

W: www.emeraldresources.com.au

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Forward Looking Statement

This document contains certain forward looking statements. These forward-looking statements are not historical facts but rather are based on the Company’s current expectations, estimates and projections about the industry in which Emerald Resources operates, and beliefs and assumptions regarding the Company’s future performance. Words such as “anticipates”, “expects”, “intends”, “plans”, “believes”, “seeks”’ “estimates”, “potential” and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known or unknown risks, uncertainties and other factors, some of which are beyond the control of the Company, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, which reflect the view of Emerald Resources only as of the date of this announcement. The forward-looking statements made in this release relate only to events as of the date on which the statements are made. Emerald Resources will not undertake any obligation to release publicly any revisions or updates to these forwardlooking statements to reflect events, circumstances or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.

This document has been prepared in compliance with the current JORC Code 2012 Edition and the ASX listing Rules.

The Company believes that is has a reasonable basis for making the forward-looking statements in this announcement, including with respect to any production targets and financial estimates, based on the information contained in this announcement. Reference is made to ASX Announcement dated 1 May 2017, 26 November 2019 and 31 August 2023. All material assumptions underpinning the production target or the forecast financial information continue to apply and have not materially changed. 100% of the production target referred to in this announcement is based on Probable Ore Reserves.

Emerald has a highly experienced management team, undoubtedly one of the best credentialed gold development teams in Australia with a proven history of developing projects successfully, quickly and cost effectively. They are a team of highly competent mining engineers and geologists who have overseen the successful development of gold projects in developing countries such as the Bonikro Gold Project in Cote d’Ivoire for Equigold NL and more recently, Regis Resources Ltd.

No New Information

To the extent that announcement contains references to prior exploration results and Mineral Resource estimates, which have been cross referenced to previous market announcements made by the Company, unless explicitly stated, no new information is contained. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.

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Emerald Resources NL ACN 009 795 046

Off-market takeover bid for Bullseye Mining Limited

Notice under section 650D of the Corporations Act 2001 (Cth)

Variation of offer – extension of offer period

• To: Australian Securities and Investments Commission ( ASIC ); Bullseye Mining Limited (ACN 118 341 736) ( Bullseye ); and

each person to whom an Offer was made as described in section 650D(1)(c)(ii) of the Corporations Act 2001 (Cth) (as modified by ASIC Class Order [CO 13/521]).

Emerald Resources NL (ACN 009 795 046) ( Emerald ) gives this notice under section 650D of the Corporations Act 2001 (Cth) ( Corporations Act ) in respect of its offer dated 21 August 2023 ( Offer ) in relation to its off-market takeover bid for all of the fully paid ordinary shares in Bullseye Mining Limited (ACN 118 341 736) that it does not have a relevant interest in, pursuant to its bidder’s statement dated 17 August 2023 ( Bidder’s Statement ).

Capitalised terms in this notice have the same meaning as given in the Bidder’s Statement, unless the context requires otherwise.

Extension of Offer Period

Emerald gives notice under section 650D(1) of the Corporations Act that pursuant to section 650C(1) of the Corporations Act it varies the Offer by:

• (a) extending the period during which the Offer will remain open for acceptance until 5:00pm (AEST) on Friday, 6 October 2023 , unless withdrawn or further extended; and

• (b) replacing references to ‘22 September 2023’ with ‘6 October 2023’ in all places in the Bidder’s Statement and the Acceptance Form where ‘22 September 2023’ appears (or is deemed to appear) as the last day of the Offer Period.

Date of lodgement and disclaimer

A copy of this Notice was lodged with ASIC on 21 September 2023. ASIC takes no responsibility for the contents of this notice.

Date: 21 September 2023

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Morgan Hart Signed for and on behalf of Emerald Resources NL

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___________________________ Mark Clements Signed for and on behalf of Emerald Resources NL