EMERALD RESOURCES NL — Major Shareholding Notification 2023

Sep 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 09 2023 / / The previous notice was given to the company on 29 08 2023 / / The previous notice was dated 28 08 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	50,357,095	8.44%	56,751,299	9.52%

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 09 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	Nature of	Consideration		Class and number of securities		Person's votes affected
						given in relation to change (AUD)
					change
	30-Aug-23		T. Rowe Price Associates, Inc.		Purchase	2.3490		13276 ordinaryshares		13,276
	30-Aug-23		T. Rowe Price Associates, Inc.		Purchase	2.3450	161532 ordinaryshares			161,532
	30-Aug-23		T. Rowe Price Associates, Inc.		Purchase	2.3490	87 ordinaryshares			87
	30-Aug-23		T. Rowe Price Associates, Inc.		Purchase	2.3450	1061 ordinaryshares			1,061
	30-Aug-23		T. Rowe Price Associates, Inc.		Purchase	2.3490	487 ordinaryshares			487
	30-Aug-23		T. Rowe Price Associates, Inc.		Purchase	2.3450	5920 ordinaryshares			5,920
	30-Aug-23		T. Rowe Price Associates, Inc.		Purchase	2.3490	794 ordinaryshares			794
	30-Aug-23		T. Rowe Price Associates, Inc.		Purchase	2.3450	9661 ordinaryshares			9,661
	30-Aug-23		T. Rowe Price Associates, Inc.		Purchase	2.3490	76 ordinaryshares			76
	30-Aug-23		T. Rowe Price Associates, Inc.		Purchase	2.3450	923 ordinaryshares			923
	30-Aug-23		T. Rowe Price Associates, Inc.		Purchase	2.3490	62 ordinaryshares			62
	30-Aug-23		T. Rowe Price Associates, Inc.		Purchase	2.3450	754 ordinaryshares			754
	31-Aug-23		T. Rowe Price Associates, Inc.		Purchase	2.3426	20909 ordinaryshares			20,909
	31-Aug-23		T. Rowe Price Associates, Inc.		Purchase	2.3426	316 ordinaryshares			316
	31-Aug-23		T. Rowe Price Associates, Inc.		Purchase	2.3426	2181 ordinaryshares			2,181
	31-Aug-23		T. Rowe Price Associates, Inc.		Purchase	2.3426	1902 ordinaryshares			1,902
	31-Aug-23		T. Rowe Price Associates, Inc.		Purchase	2.3426	247 ordinaryshares			247
	31-Aug-23		T. Rowe Price Associates, Inc.		Purchase	2.3426	174 ordinaryshares			174
	1-Sep-23		T. Rowe Price Associates, Inc.		Purchase	2.4002	1392 ordinaryshares			1,392
	1-Sep-23		T. Rowe Price Associates, Inc.		Purchase	2.4370	5484 ordinaryshares			5,484
	1-Sep-23		T. Rowe Price Associates, Inc.		Purchase	2.4002	21 ordinaryshares			21
	1-Sep-23		T. Rowe Price Associates, Inc.		Purchase	2.4370	83 ordinaryshares			83
	1-Sep-23		T. Rowe Price Associates, Inc.		Purchase	2.4002	145 ordinaryshares			145
	1-Sep-23		T. Rowe Price Associates, Inc.		Purchase	2.4370	572 ordinaryshares			572
	1-Sep-23		T. Rowe Price Associates, Inc.		Purchase	2.4002	126 ordinaryshares			126
	1-Sep-23		T. Rowe Price Associates, Inc.		Purchase	2.4370	499 ordinaryshares			499
	1-Sep-23		T. Rowe Price Associates, Inc.		Purchase	2.4002	17 ordinaryshares			17
	1-Sep-23		T. Rowe Price Associates, Inc.		Purchase	2.4370	64 ordinaryshares			64
	1-Sep-23		T. Rowe Price Associates, Inc.		Purchase	2.4002	11 ordinaryshares			11
	1-Sep-23		T. Rowe Price Associates, Inc.		Purchase	2.4370	46 ordinaryshares			46
	4-Sep-23		T. Rowe Price Associates, Inc.		Purchase	2.5097	16240 ordinaryshares			16,240
	4-Sep-23		T. Rowe Price Associates, Inc.		Purchase	2.4965	12966 ordinaryshares			12,966
	4-Sep-23		T. Rowe Price Associates, Inc.		Purchase	2.5097	245 ordinaryshares			245
	4-Sep-23		T. Rowe Price Associates, Inc.		Purchase	2.4965	196 ordinaryshares			196
	4-Sep-23		T. Rowe Price Associates, Inc.		Purchase	2.5097	1695 ordinaryshares			1,695
	4-Sep-23		T. Rowe Price Associates, Inc.		Purchase	2.4965	1353 ordinaryshares			1,353
	4-Sep-23		T. Rowe Price Associates, Inc.		Purchase	2.5097	1477 ordinaryshares			1,477
	4-Sep-23		T. Rowe Price Associates, Inc.		Purchase	2.4965	1180 ordinaryshares			1,180
	4-Sep-23		T. Rowe Price Associates, Inc.		Purchase	2.5097	193 ordinaryshares			193
	4-Sep-23		T. Rowe Price Associates, Inc.		Purchase	2.4965	153 ordinaryshares			153
	4-Sep-23		T. Rowe Price Associates, Inc.		Purchase	2.5097	135 ordinaryshares			135
	4-Sep-23		T. Rowe Price Associates, Inc.		Purchase	2.4965	108 ordinaryshares			108
	29-Aug-23		T. Rowe Price International Ltd.		Purchase	2.3125	42470 ordinaryshares			42,470
	29-Aug-23		T. Rowe Price International Ltd.		Purchase	2.3350	1380051 ordinaryshares			1,380,051

Annexure 1

29-Aug-23	T. Rowe Price International Ltd.	Purchase	2.3125	2366 ordinaryshares	2,366
29-Aug-23	T. Rowe Price International Ltd.	Purchase	2.3350	76873 ordinaryshares	76,873
29-Aug-23	T. Rowe Price International Ltd.	Purchase	2.3125	29912 ordinaryshares	29,912
29-Aug-23	T. Rowe Price International Ltd.	Purchase	2.3350	971990 ordinaryshares	971,990
30-Aug-23	T. Rowe Price International Ltd.	Purchase	2.3490	96374 ordinaryshares	96,374
30-Aug-23	T. Rowe Price International Ltd.	Purchase	2.3450	1172625 ordinaryshares	1,172,625
30-Aug-23	T. Rowe Price International Ltd.	Purchase	2.3490	5368 ordinaryshares	5,368
30-Aug-23	T. Rowe Price International Ltd.	Purchase	2.3450	65320 ordinaryshares	65,320
30-Aug-23	T. Rowe Price International Ltd.	Purchase	2.3490	67878 ordinaryshares	67,878
30-Aug-23	T. Rowe Price International Ltd.	Purchase	2.3450	825896 ordinaryshares	825,896
31-Aug-23	T. Rowe Price International Ltd.	Purchase	2.3426	346428 ordinaryshares	346,428
31-Aug-23	T. Rowe Price International Ltd.	Purchase	2.3426	54747 ordinaryshares	54,747
31-Aug-23	T. Rowe Price International Ltd.	Purchase	2.3426	106905 ordinaryshares	106,905
1-Sep-23	T. Rowe Price International Ltd.	Purchase	2.4002	23067 ordinaryshares	23,067
1-Sep-23	T. Rowe Price International Ltd.	Purchase	2.4370	90859 ordinaryshares	90,859
1-Sep-23	T. Rowe Price International Ltd.	Purchase	2.4002	3646 ordinaryshares	3,646
1-Sep-23	T. Rowe Price International Ltd.	Purchase	2.4370	14359 ordinaryshares	14,359
1-Sep-23	T. Rowe Price International Ltd.	Purchase	2.4002	7119 ordinaryshares	7,119
1-Sep-23	T. Rowe Price International Ltd.	Purchase	2.4370	28038 ordinaryshares	28,038
4-Sep-23	T. Rowe Price International Ltd.	Purchase	2.5097	269062 ordinaryshares	269,062
4-Sep-23	T. Rowe Price International Ltd.	Purchase	2.4965	214833 ordinaryshares	214,833
4-Sep-23	T. Rowe Price International Ltd.	Purchase	2.5097	42521 ordinaryshares	42,521
4-Sep-23	T. Rowe Price International Ltd.	Purchase	2.4965	33950 ordinaryshares	33,950
4-Sep-23	T. Rowe Price International Ltd.	Purchase	2.5097	83030 ordinaryshares	83,030
4-Sep-23	T. Rowe Price International Ltd.	Purchase	2.4965	66296 ordinaryshares	66,296
30-Aug-23	T. Rowe Price Japan Inc.	Purchase	2.3490	372 ordinaryshares	372
30-Aug-23	T. Rowe Price Japan Inc.	Purchase	2.3450	4526 ordinaryshares	4,526
30-Aug-23	T. Rowe Price Japan Inc.	Purchase	2.3490	55 ordinaryshares	55
30-Aug-23	T. Rowe Price Japan Inc.	Purchase	2.3450	671 ordinaryshares	671
31-Aug-23	T. Rowe Price Japan Inc.	Purchase	2.3426	586 ordinaryshares	586
31-Aug-23	T. Rowe Price Japan Inc.	Purchase	2.3426	87 ordinaryshares	87
1-Sep-23	T. Rowe Price Japan Inc.	Purchase	2.4002	39 ordinaryshares	39
1-Sep-23	T. Rowe Price Japan Inc.	Purchase	2.4370	154 ordinaryshares	154
1-Sep-23	T. Rowe Price Japan Inc.	Purchase	2.4002	6 ordinaryshares	6
1-Sep-23	T. Rowe Price Japan Inc.	Purchase	2.4370	23 ordinaryshares	23
4-Sep-23	T. Rowe Price Japan Inc.	Purchase	2.5097	455 ordinaryshares	455
4-Sep-23	T. Rowe Price Japan Inc.	Purchase	2.4965	363 ordinaryshares	363
4-Sep-23	T. Rowe Price Japan Inc.	Purchase	2.5097	67 ordinaryshares	67
4-Sep-23	T. Rowe Price Japan Inc.	Purchase	2.4965	54 ordinaryshares	54

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-Sep-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	1,541,113 ordinary shares
T. Rowe Price Associates,Inc.	JP Morgan Chase	JP Morgan Chase	16,044 ordinary shares
T. Rowe Price Associates,Inc.	State Street Bank & Trust Co	State Street Bank & Trust Co	163,409 ordinary shares
T. Rowe Price International Ltd.	State Street Bank & Trust Co	State Street Bank & Trust Co	54,981,444 ordinary shares
T. Rowe Price Japan,Inc.	JP Morgan Chase	JP Morgan Chase	49,289 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-Sep-23