EMERALD RESOURCES NL — Major Shareholding Notification 2023

Dec 6, 2023

604 page 1/2 15 July 2001

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme Emerald Resources NL

ACN/ARSN 009 795 046

1. Details of substantial holder(1)

Name T. Rowe Price Associates, Inc. ACN/ARSN (if applicable)

There was a change in the interests of the substantial holder on 04 12 2023 / / The previous notice was given to the company on 06 09 2023 / / The previous notice was dated 04 09 2023 / /

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4)	Previous notice	Previous notice	Present notice	Present notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
Ordinary Shares	56,751,299	9.52%	53,021,487	8.51%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person's votes affected
See Annexur	e 1

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes
See Annexur	e 2

604 page 2/2 15 July 2001

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable) Nature of association

6. Addresses

The addresses of persons named in this form are as follows:

Name Address T. Rowe Price Associates, Inc. 100 East Pratt Street, Baltimore, MD 21202 T. Rowe Price International Ltd 60 Queen Victoria Street, London, EC4N 4TZ, United Kingdom T. Rowe Price Japan, Inc. GranTokyo South Tower, 10th Floor, 1-9-2 Marunouchi, Chiyoda-ku, Tokyo, 100-6610, Japan

Signature

print name Ellen York Vice President capacity 06 12 2023 sign here date / /

DIRECTIONS

• (1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.

• (2) See the definition of "associate" in section 9 of the Corporations Act 2001.

• (3) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.

• (4) The voting shares of a company constitute one class unless divided into separate classes.

• (5) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

• (6) Include details of:

• (a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

• (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

• See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• (7) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, becom`e entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

• (8) If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown".

• (9) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

Annexure 1

	Date of Change		Person whose relevant interest changed	Nature of change	Nature of change	Consideration given in relation to change (AUD)		Class and number of securities		Person's votes affected
					change
	5-Sep-23		T. Rowe Price Associates,Inc.		Purchase	2.5325		9552 ordinaryshares		9,552
	5-Sep-23		T. Rowe Price Associates,Inc.		Purchase	2.5061		2323 ordinaryshares		2,323
	5-Sep-23		T. Rowe Price Associates,Inc.		Purchase	2.5325		80 ordinaryshares		80
	5-Sep-23		T. Rowe Price Associates,Inc.		Purchase	2.5061		19 ordinaryshares		19
	5-Sep-23		T. Rowe Price Associates,Inc.		Purchase	2.5325		114 ordinaryshares		114
	5-Sep-23		T. Rowe Price Associates,Inc.		Purchase	2.5061		27 ordinaryshares		27
	5-Sep-23		T. Rowe Price Associates,Inc.		Purchase	2.5325		997 ordinaryshares		997
	5-Sep-23		T. Rowe Price Associates,Inc.		Purchase	2.5061		242 ordinaryshares		242
	5-Sep-23		T. Rowe Price Associates,Inc.		Purchase	2.5325		144 ordinaryshares		144
	5-Sep-23		T. Rowe Price Associates,Inc.		Purchase	2.5061		35 ordinaryshares		35
	5-Sep-23		T. Rowe Price International Ltd.		Purchase	2.5325	158272 ordinaryshares			158,272
	5-Sep-23		T. Rowe Price International Ltd.		Purchase	2.5061	38483 ordinaryshares			38,483
	5-Sep-23		T. Rowe Price International Ltd.		Purchase	2.5325	48841 ordinaryshares			48,841
	5-Sep-23		T. Rowe Price International Ltd.		Purchase	2.5061	11876 ordinaryshares			11,876
	5-Sep-23		T. Rowe Price Associates,Inc.		Purchase	2.5325	25012 ordinaryshares			25,012
	5-Sep-23		T. Rowe Price Associates,Inc.		Purchase	2.5061	6081 ordinaryshares			6,081
	5-Sep-23		T. Rowe Price Associates,Inc.		Purchase	2.5325	869 ordinaryshares			869
	5-Sep-23		T. Rowe Price Associates,Inc.		Purchase	2.5061	211 ordinaryshares			211
	5-Sep-23		T. Rowe Price Japan,Inc.		Purchase	2.5325	268 ordinaryshares			268
	5-Sep-23		T. Rowe Price Japan,Inc.		Purchase	2.5061	65 ordinaryshares			65
	5-Sep-23		T. Rowe Price Japan,Inc.		Purchase	2.5325	39 ordinaryshares			39
	5-Sep-23		T. Rowe Price Japan,Inc.		Purchase	2.5061	10 ordinaryshares			10
	6-Sep-23		T. Rowe Price Associates,Inc.		Purchase	2.5850	14593 ordinaryshares			14,593
	6-Sep-23		T. Rowe Price Associates,Inc.		Purchase	2.6067	7249 ordinaryshares			7,249
	6-Sep-23		T. Rowe Price Associates,Inc.		Purchase	2.5850	121 ordinaryshares			121
	6-Sep-23		T. Rowe Price Associates,Inc.		Purchase	2.6067	61 ordinaryshares			61
	6-Sep-23		T. Rowe Price Associates,Inc.		Purchase	2.5850	173 ordinaryshares			173
	6-Sep-23		T. Rowe Price Associates,Inc.		Purchase	2.6067	85 ordinaryshares			85
	6-Sep-23		T. Rowe Price Associates,Inc.		Purchase	2.5850	1522 ordinaryshares			1,522
	6-Sep-23		T. Rowe Price Associates,Inc.		Purchase	2.6067	757 ordinaryshares			757
	6-Sep-23		T. Rowe Price Associates,Inc.		Purchase	2.5850	221 ordinaryshares			221
	6-Sep-23		T. Rowe Price Associates,Inc.		Purchase	2.6067	110 ordinaryshares			110
	6-Sep-23		T. Rowe Price International Ltd.		Purchase	2.5850	532805 ordinaryshares			532,805
	6-Sep-23		T. Rowe Price International Ltd.		Purchase	2.6067	264651 ordinaryshares			264,651
	6-Sep-23		T. Rowe Price International Ltd.		Purchase	2.5850	74612 ordinaryshares			74,612
	6-Sep-23		T. Rowe Price International Ltd.		Purchase	2.6067	37060 ordinaryshares			37,060
	6-Sep-23		T. Rowe Price Associates,Inc.		Purchase	2.5850	38208 ordinaryshares			38,208
	6-Sep-23		T. Rowe Price Associates,Inc.		Purchase	2.6067	18979 ordinaryshares			18,979
	6-Sep-23		T. Rowe Price Associates,Inc.		Purchase	2.5850	1327 ordinaryshares			1,327
	6-Sep-23		T. Rowe Price Associates,Inc.		Purchase	2.6067	659 ordinaryshares			659
	6-Sep-23		T. Rowe Price Japan,Inc.		Purchase	2.5850	409 ordinaryshares			409
	6-Sep-23		T. Rowe Price Japan,Inc.		Purchase	2.6067	203 ordinaryshares			203
	6-Sep-23		T. Rowe Price Japan,Inc.		Purchase	2.5850	61 ordinaryshares			61

Annexure 1

6-Sep-23	T. Rowe Price Japan,Inc.	Purchase	2.6067	30 ordinaryshares	30
12-Sep-23	T. Rowe Price International Ltd.	Purchase	2.4838	188386 ordinaryshares	188,386
29-Sep-23	T. Rowe Price Associates,Inc.	Purchase	2.6810	9721 ordinaryshares	9,721
5-Oct-23	T. Rowe Price Associates,Inc.	Purchase	2.5300	190 ordinaryshares	190
23-Oct-23	T. Rowe Price International Ltd.	Purchase	2.8761	823825 ordinaryshares	823,825
23-Oct-23	T. Rowe Price International Ltd.	Purchase	2.8942	497637 ordinaryshares	497,637
24-Oct-23	T. Rowe Price International Ltd.	Sale	2.7497	111314 ordinaryshares	111,314
25-Oct-23	T. Rowe Price International Ltd.	Sale	2.7511	189000 ordinaryshares	189,000
25-Oct-23	T. Rowe Price International Ltd.	Sale	2.7700	50892 ordinaryshares	50,892
26-Oct-23	T. Rowe Price International Ltd.	Sale	2.6430	135458 ordinaryshares	135,458
26-Oct-23	T. Rowe Price International Ltd.	Sale	2.6369	200000 ordinaryshares	200,000
27-Oct-23	T. Rowe Price International Ltd.	Sale	2.6350	100000 ordinaryshares	100,000
27-Oct-23	T. Rowe Price International Ltd.	Sale	2.6140	287946 ordinaryshares	287,946
30-Oct-23	T. Rowe Price International Ltd.	Sale	2.6040	307501 ordinaryshares	307,501
30-Oct-23	T. Rowe Price International Ltd.	Sale	2.6040	219183 ordinaryshares	219,183
31-Oct-23	T. Rowe Price International Ltd.	Sale	2.5560	149358 ordinaryshares	149,358
31-Oct-23	T. Rowe Price International Ltd.	Sale	2.5446	793083 ordinaryshares	793,083
31-Oct-23	T. Rowe Price International Ltd.	Sale	2.5560	106460 ordinaryshares	106,460
31-Oct-23	T. Rowe Price International Ltd.	Sale	2.5446	565300 ordinaryshares	565,300
2-Nov-23	T. Rowe Price Japan,Inc.	Sale	2.5890	4939 ordinaryshares	4,939
2-Nov-23	T. Rowe Price Japan,Inc.	Sale	2.5890	717 ordinaryshares	717
7-Nov-23	T. Rowe Price Associates,Inc.	Sale	2.6263	840 ordinaryshares	840
7-Nov-23	T. Rowe Price Associates,Inc.	Sale	2.6263	9126 ordinaryshares	9,126
10-Nov-23	T. Rowe Price Japan,Inc.	Purchase	2.5535	2044 ordinaryshares	2,044
10-Nov-23	T. Rowe Price Japan,Inc.	Purchase	2.5535	338 ordinaryshares	338
16-Nov-23	T. Rowe Price Associates,Inc.	Purchase	2.5288	489774 ordinaryshares	489,774
23-Nov-23	T. Rowe Price Associates,Inc.	Sale	2.5001	6970 ordinaryshares	6,970
23-Nov-23	T. Rowe Price Associates,Inc.	Sale	2.4900	117838 ordinaryshares	117,838
23-Nov-23	T. Rowe Price Associates,Inc.	Sale	2.5001	33 ordinaryshares	33
23-Nov-23	T. Rowe Price Associates,Inc.	Sale	2.4900	564 ordinaryshares	564
23-Nov-23	T. Rowe Price Associates,Inc.	Sale	2.5001	17 ordinaryshares	17
23-Nov-23	T. Rowe Price Associates,Inc.	Sale	2.4900	293 ordinaryshares	293
23-Nov-23	T. Rowe Price Associates,Inc.	Sale	2.5001	353 ordinaryshares	353
23-Nov-23	T. Rowe Price Associates,Inc.	Sale	2.4900	5973 ordinaryshares	5,973
23-Nov-23	T. Rowe Price Associates,Inc.	Sale	2.5001	71 ordinaryshares	71
23-Nov-23	T. Rowe Price Associates,Inc.	Sale	2.4900	1199 ordinaryshares	1,199
23-Nov-23	T. Rowe Price International Ltd.	Sale	2.5001	35737 ordinaryshares	35,737
23-Nov-23	T. Rowe Price International Ltd.	Sale	2.4900	604182 ordinaryshares	604,182
23-Nov-23	T. Rowe Price International Ltd.	Sale	2.5001	35905 ordinaryshares	35,905
23-Nov-23	T. Rowe Price International Ltd.	Sale	2.4900	607039 ordinaryshares	607,039
23-Nov-23	T. Rowe Price Associates,Inc.	Sale	2.5001	27395 ordinaryshares	27,395
23-Nov-23	T. Rowe Price Associates,Inc.	Sale	2.4900	463161 ordinaryshares	463,161
23-Nov-23	T. Rowe Price Associates,Inc.	Sale	2.5001	34180 ordinaryshares	34,180
23-Nov-23	T. Rowe Price Associates,Inc.	Sale	2.4900	577866 ordinaryshares	577,866
23-Nov-23	T. Rowe Price Associates,Inc.	Sale	2.5001	175 ordinaryshares	175
23-Nov-23	T. Rowe Price Associates,Inc.	Sale	2.4900	2966 ordinaryshares	2,966
23-Nov-23	T. Rowe Price Japan,Inc.	Sale	2.5001	88 ordinaryshares	88

Annexure 1

23-Nov-23	T. Rowe Price Japan,Inc.	Sale	2.4900	1483 ordinaryshares	1,483
23-Nov-23	T. Rowe Price Japan,Inc.	Sale	2.5001	15 ordinaryshares	15
23-Nov-23	T. Rowe Price Japan,Inc.	Sale	2.4900	261 ordinaryshares	261
1-Dec-23	T. Rowe Price International Ltd.	Sale	2.8193	409421 ordinaryshares	409,421
1-Dec-23	T. Rowe Price International Ltd.	Sale	2.8400	75068 ordinaryshares	75,068
1-Dec-23	T. Rowe Price International Ltd.	Sale	2.8193	482634 ordinaryshares	482,634
1-Dec-23	T. Rowe Price International Ltd.	Sale	2.8400	88491 ordinaryshares	88,491
4-Dec-23	T. Rowe Price International Ltd.	Sale	2.8650	79231 ordinaryshares	79,231
4-Dec-23	T. Rowe Price International Ltd.	Sale	2.8564	25728 ordinaryshares	25,728
4-Dec-23	T. Rowe Price International Ltd.	Sale	2.8650	93400 ordinaryshares	93,400
4-Dec-23	T. Rowe Price International Ltd.	Sale	2.8564	30329 ordinaryshares	30,329

This is annexure 1 referred to on page 1 of Form 604 (Notice of change of interests of substantial holder)

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______ Ellen York, Vice President

6-Dec-23

Annexure 2

Holder of Relevant Interest	Registered holder of securities	Person entitled to be registered	Class and number of securities
		as holder (8)
T. Rowe Price Associates,Inc.	Bank of New York Mellon	Bank of New York Mellon	1,450,022 ordinary shares
T. Rowe Price Associates,Inc.	JP Morgan Chase	JP Morgan Chase	15,167 ordinary shares
T. Rowe Price Associates,Inc.	State Street Bank & Trust Co	State Street Bank & Trust Co	160,361 ordinary shares
T. Rowe Price International Ltd.	State Street Bank & Trust Co	State Street Bank & Trust Co	51,350,684 ordinary shares
T. Rowe Price Japan,Inc.	JP Morgan Chase	JP Morgan Chase	45,253 ordinary shares

This is annexure 2 referred to on page 1 of Form 604 (Notice of change of interest of substantial holder)

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Ellen York, Vice President

6-Dec-23