EMERALD RESOURCES NL - Merger & Acquisition 2023

SUPPLEMENTARY TARGET’S STATEMENT

Issued by

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Bullseye Mining Limited (ACN 118 341 736) (Bullseye)

in relation to the takeover offer by Emerald Resources NL (ACN 009 795 046) (Emerald) for all of the ordinary shares in Bullseye which Emerald does not already own.

This is an important document and requires your immediate attention.

If you are in doubt as to how to deal with this document, you should consult your financial, legal or other professional adviser immediately.

Legal Adviser to Bullseye

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1. IMPORTANT NOTICE

This document is a supplementary target’s statement under section 644 of the Corporations Act 2001 (Cth) ( Act ) and is dated 8 November 2023.

It is the supplementary target’s statement ( Supplementary Target’s Statement ) to the Target’s Statement dated 5 September 2023 issued by Bullseye Mining Limited (ACN 118 341 736) ( Bullseye ) and lodged with ASIC on 5 September 2023, in relation to the Offer by Emerald Resources NL (ACN 009 795 046) ( Emerald ). Further information relating to the Offer can be obtained from the Bidder’s Statement, the Supplementary Bidder’s Statement, the Second Supplementary Bidder’s Statement, the Target’s Statement and Bullseye’s website at www.bullseyemining.com.au.

You should read this document in its entirety. If you are in any doubt as to how to deal with this document, you should consult your own independent legal, financial, tax or other professional adviser.

This Supplementary Target’s Statement supplements, and is to be read with, the Target’s Statement. This Supplementary Target’s Statement will prevail to the extent of any inconsistency with the Target’s Statement.

A copy of this Supplementary Target’s Statement was lodged with ASIC on 8 November 2023. Neither ASIC nor any of its officers takes any responsibility for the contents of this Supplementary Target’s Statement or the merits of the Offer.

This Supplementary Target’s Statement has been approved by a resolution passed by the Directors of Bullseye.

Unless the context requires otherwise, the words and phrases defined in this Supplementary Target’s Statement have the same meaning as in the Target’s Statement.

A copy of this Supplementary Target’s Statement and the Target’s Statement can be obtained from the Bullseye website at www.bullseyemining.com.au.

2. PURPOSE OF THIS SUPPLEMENTARY TARGET’S STATEMENT

This Supplementary Target’s Statement provides additional material information relevant to Bullseye Shareholders in their consideration of the Offer. The purpose of this Supplementary Target’s Statement is to provide further disclosure in relation to the Target’s Statement, namely to:

(a) provide an update on the status of the Offer; and
(b) provide additional material information relating to Bullseye’s North Laverton Gold Project, Emerald’s Okvau and Memot Projects and the Facility Agreement.

3. OFFER UPDATE

(a) Section 7.13 – Takeovers Panel Proceedings

On 6 October 2023, the Takeovers Panel ( Panel ) issued a declaration of unacceptable circumstances and made final orders ( Declaration and Orders ) in relation to the application from Mr Desmond Mullan dated 21 August 2023. Relevantly, as a result of the Declaration and Orders:

(i) Bullseye must engage an independent expert to prepare an independent expert report ( Report ) opining on whether, as a result of the issue of 22,800,000 Bullseye shares to Au Xingao Investment Pty Ltd ( Au Xingao ) in full and final settlement of the various Supreme Court proceedings commenced by Xinhe and Au Xingao against Bullseye, three former or current directors of Bullseye, Emerald and Emerald directors ( Settlement ), Au Xingao and Xinhe obtained a net benefit in connection with the Emerald Offer that was not provided to other Bullseye Shareholders and if so, an estimate of the monetary value of the net benefit per Bullseye share issued to Au Xingao pursuant to the Settlement and release a supplementary target’s statement containing that Report ( Further Supplementary Target’s Statement ) to Bullseye Shareholders;
(ii) Bullseye Shareholders (other than Xinhe and Au Xingao) who have accepted the Offer as at 5:00pm (AWST) on the date of the Further Supplementary Target’s Statement must be offered withdrawal rights for a period of 10 business days after the date of the Further Supplementary Target’s Statement; and
(iii) Emerald must extend the closing date of the Offer to 5:00pm (AWST) on the date that is 10 business days after the date of the Further Supplementary Target’s Statement.

Bullseye will be responsible for bearing the costs associated with the preparation of the Report and is in the process of engaging the independent expert for the purpose of providing the Report. Once appointed, the independent expert will have a period of up to 3 months to prepare and deliver the Report following which Bullseye will issue the Further Supplementary Target’s Statement.

On 27 October 2023, Emerald extended the closing date of the Offer to 5:00pm (AWST) on Friday 24 November 2023 . It is anticipated that further extensions may be made to ensure that the Offer remains open until 5:00pm (AWST) on the date that is 10 business days after the date of the Further Supplementary Target’s Statement (as required by the Panel).

(b) Additional Information regarding Conditions

At the commencement of the Offer, Emerald held 57.34% of Bullseye’s issued share capital. As at the date of this Supplementary Target’s Statement, the Offer is unconditional with Emerald’s equity position in Bullseye having increased to 76.5%, of which 1% (or 4,831,153 Bullseye shares), being the portion of acceptances received from parties other than Au Xingao and Xinhe as at the date of this Supplementary Target’s Statement, are subject to the withdrawal rights mentioned in section 3(a)(ii) above.

4. ADDITIONAL NEW INFORMATION RELATING TO BULLSEYE AND EMERALD

The information in sections 7.2, 7.3 and 10.8(c) of the Target’s Statement is supplemented as follows:

(a) Emerald Announcement

On 30 October 2023, Emerald released an announcement to the ASX titled “ Significant Gold Exploration Results Continue at Bullseye, Memot and Okvau Gold Mine ”, a copy of which is attached to this Supplementary Target’s Statement at Annexure A ( Emerald Announcement ). Bullseye Shareholders should read the Emerald Announcement carefully and in its entirety.

(b) Emerald admission to S&P/ASX 200 Index

On 6 November 2023, Emerald was admitted to the S&P/ASX 200 Index. The S&P/ASX 200 Index is the benchmark institutional investable stock market index in Australia, comprised of the 200 largest stocks by float-adjusted market capitalisation listed on the Australian Securities Exchange.

(c)

Bullseye operational update – North Laverton Gold Project

The Emerald Announcement contains important information regarding Bullseye’s North Laverton Gold Project at pages 2 to 6. Key highlights contained in the Emerald Announcement regarding the North Laverton Gold Project include the following:

significant gold mineralisation from Bullseye’s resource exploration program on the Bungarra, Boundary, Neptune, Stirling and Hurley Prospects continue to demonstrate upside potential, with the following results:
24m @ 3.04g/t Au from 64m (RC23BDY069);
20m @ 3.68g/t Au from 244m (RC23BDY081);
19m @ 2.45g/t Au from 72m (RC23STI012);
8m @ 3.44g/t Au from 202m (RC23BGA013);
10m @ 3.94g/t Au from 142m (RC23NPT054); and
17m @ 2.13g/t Au from 35m (RCDD23HUR001); and
the above results, along with the previously completed high-grade intersections from Boundary and Neptune Prospects (previously announced in the Target’s Statement), will be integrated into a resource update for the Boundary and Neptune Prospects which is expected to be completed in early 2024.

(d) Emerald operations update – Okvau and Memot Projects

The Emerald Announcement also contains additional information in relation to Emerald’s Okvau and Memot Projects. Relevantly, pages 7 to 9 of the Emerald Announcement provide updates in relation to the infill resource drill program at the Memot Project and pages 10 to 12 provide updates in relation to the drill program at the Okvau Gold Project which is focussed on infilling and extending the maiden underground resource mineralisation.

(e)

Facility Agreement

On 15 September 2023, Bullseye and Emerald entered into a deed of amendment in relation to the Facility Agreement ( Amendment Deed 1 ), pursuant to which the parties varied the terms of the Facility Agreement to increase the total facility limit under the document from $5 million to $7 million.

On 7 November 2023, Bullseye and Emerald entered into a further deed of amendment ( Amendment Deed 2 ), pursuant to which the parties further varied the terms of the Facility Agreement to provide for an additional increase of the total facility limit to $10 million in the aggregate.

Other than in relation to the increase to the overall draw down limit as summarised above, the terms of the Facility Agreement remain identical to those previously disclosed in the Target’s Statement. As at the date of this Supplementary Target’s Statement:

Bullseye has drawn down the loan facility to a total principal amount of $8 million; and
no Event of Default (as set out in section 10.8(c)(v) of the Target’s Statement) has occurred in relation to the Facility Agreement.
APPROVAL OF THE SUPPLEMENTARY TARGET’S STATEMENT

The copy of this Supplementary Target’s Statement that is to be lodged with ASIC has been approved by a resolution passed by the Directors.

This Supplementary Target’s Statement is dated 8 November 2023, which is the date on which it was lodged with ASIC.

Signed for and on behalf of Bullseye.

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Dated 8 November 2023

Mr Anthony Short Non-Executive Director and Chairman of the Independent Board Committee

ANNEXURE A Emerald Announcement

ASX Announcement & Media Release

30 October 2023

Fast Facts

ASX Code: EMR Shares on issue: 621,436,060 Market Cap: ~A$1.62 billion Cash: A$87.6m (US$56.6m) (30 Sep 2023) Bullion: A$21.4m (US$13.8m) (30 Sep 2023)

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Significant Gold Exploration Results Continue at Bullseye, Memot and Okvau Gold Mine

Highlights

North Laverton Gold Project, Western Australia (Bullseye Mining Limited (EMR ~76.5%))

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.

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 (~76.5%):
North Laverton Gold Project located on the underexplored Dingo Range greenstone belt
Resource and reserve expected early 2024
1,200km[2] of prospective tenure

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

Significant gold mineralisation from Bullseye’s resource exploration program on the Bungarra, Boundary, Neptune, Stirling, and Hurleys Prospects continues to demonstrate upside potential:

24m @ 3.04g/t Au from 64m (RC23BDY069);
20m @ 3.68g/t Au from 244m (RC23BDY081);
19m @ 2.45g/t Au from 72m (RC23STI012);
8m @ 3.44g/t Au from 202m (RC23BGA013);
10m @ 3.94g/t Au from 142m (RC23NPT054); and
▪ 17m @ 2.13g/t Au from 35m (RCDD23HUR001).

The current program follows the previously completed high-grade intersections which include:

5m @ 60.25g/t Au from 171m (WDDH8) – Boundary Prospect;
45m @ 6.07g/t Au from 73m (BDRC058) – Boundary Prospect;
27m @ 9.34g/t Au from 153m (BDRC035) – Boundary Prospect;
53m @ 3.44g/t Au from 66m (WRC17) (EOH) – Boundary Prospect;
22m @ 4.87g/t Au from 17m (NPRD0056) – Neptune Prospect;
26m @ 6.95g/t Au from 40 (NPRD0039) – Neptune Prospect;
16m @ 10.10g/t Au from 63m (NPRD0026) – Neptune Prospect; and
▪ 9m @ 9.44g/t Au from 82m (NPRD0078) – Neptune Prospect.

The above results will be integrated into a resource update for the Boundary and Neptune prospects expected in early 2024.

Drilling continuing at Memot Gold Project, Cambodia (EMR 100%) Recent significant drill results from the infill resource drill program include:

5m @ 15.36g/t from 210m including 1m @ 67.4g/t from 214m (DD23MMT136).

Results from the current program are expected to underpin a maiden resource for the Memot Gold Project in the coming months.

Okvau Gold Mine (EMR 100%)

Ongoing extensional drilling at the Okvau Gold Mine continues to deliver significant gold mineralisation:

11m @ 5.93g/t from 102m (including) 2m @ 28.53g/t from 108m (RCDD23OKV486);
2m @ 28.01g/t from 375m (RCDD23OKV494);
▪ 3m @ 12.52g/t from 498m (RCDD23OKV494); and
8m @ 4.23g/t from 604m (including) 2m @ 12.04g/t from 604m (RCDD23OKV490).

Registered Office

1110 Hay Street West Perth WA 6005

T: +61 8 9286 6300

F: +61 8 6243 0032

W: www.emeraldresources.com.au

Recent significant result from exploration drilling near the Okvau Gold Mine (<1.3km) include:

2m @ 10.63g/t from 92m (RC23OKV476); and
8m @ 1.87g/t from 37m (RC23OKV481).

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North Laverton Gold Project Resource Drill Program (Bullseye Mining Limited (EMR: ~76.5%))

Bullseye’s North Laverton Gold Project consists of 36 exploration licences (including 5 applications) and 4 mining licences covering the majority of the Dingo Range greenstone belt with more than 800km² of tenure (refer Figure 1) and has the potential to host multiple standalone deposits or satellite deposits to supply additional ore to a central milling location. It includes the gold mineralised prospects of Boundary, Neptune, Stirling, Hurleys and Bungarra extending over a 6.4km strike length.

Figure 1 | North Laverton Tenement Map with the prospect locations

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Drilling results to date (current and historical) continue to demonstrate the continuity of mineralisation at depth and along strike. These results have given the Company the confidence to accelerate the exploration program by increasing drilling capacity to generate an updated resource in early 2024 with the goal of commencing development activities later in the same year (2024).

Two RC percussion drill rigs and a Diamond drill rig are currently engaged on site continuing resource drilling activities.

Since the previous update, the Company completed 91 collars (13,876m) of both RC (10,515m) and Diamond core drilling (3,361m). To date 456 collars (62,738m) of the 98,000m resource definition program has been completed of which 253 collars (47,173m) has been since Emerald acquired a controlling interest in Bullseye. Assays in excess of 2,000m of drilling are pending.

The initial drilling has focussed on the Boundary and Neptune prospects of the Boundary-Bungarra mineralised trend (refer Figure 2) with highlighted significant results including:

15m @ 5.91g/t Au from 291m (RCDD23BDY022)[(4)] ;
9m @ 7.35g/t Au from 59m including 1m @ 58.27g/t Au from 61m and 1m @ 16.02g/t from 73m (RC22NPT027)[(2)] ;
▪ 38m @ 1.65g/t Au from 56m including 1m @ 16.60g/t Au from 92m (RC22BDY009)[(2)] ;
12m @ 4.94g/t Au from 62m including 1m @ 9.07g/t Au from 69m and 1m @ 42.90g/t from 72m (RC22NPT003)[(1)] ;
▪ 43m @ 1.17g/t Au from 253m (RC23BDY065)[(4)] ;
7.08m @ 6.91g/t Au from 329m (RCDD22BDY001)[(4)] ;
8.88m @ 5.06g/t Au from 313.12m (RCDD23BDY059)[(4)] ;
15m @ 2.48g/t Au from 108m including 1m @ 7.39g/t Au from 116m and 2m @ 7.79g/t from 118m (RC22NPT004)[(1)] ;
▪ 13m @ 2.54g/t Au from 76m including 1m @ 19.30g/t Au from 81m (RC22BDY001)[(1)] ;
14m @ 2.37g/t Au from 115m including 4m @ 4.63g/t Au from 117m (RC22NPT020)[(2)] ;
5m @ 6.33g/t Au from 100m including 2m @ 14.70g/t Au from 100m (RC22BDY016)[(2)] ;
14m @ 1.98g/t Au from 49m (RC23BDY029)[(3)] ;
4m @ 7.12g/t Au from 22m including 1m @ 25.97g/t Au from 25m (RC23BDY047)[(3)] ;
15m @ 1.13g/t Au from 76m (RC23BDY051)[(3)] ;
5m @ 3.23g/t Au from 54m including 1m @ 14.34g/t Au from 58m (RC23BDY031)[(3)] ; and
3m @ 5.13g/t Au from 352m including 1m @ 13.30g/t Au from 354m (RCDD23BDY041)[(3)] .

Page 2 of 31

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Recently returned results from the current RC and diamond drilling program, targeting the untested northern edge of the Boundary Prospect include:

24m @ 3.04g/t Au from 64m (RC23BDY069)[(5)] ;
20m @ 3.68g/t Au from 244m (RC23BDY081) including 2m @ 23.27g/t Au from 252m[(5)]
19m @ 2.45g/t Au from 72m (RC23STI012)[(5)] ;
8m @ 3.44g/t Au from 202m (RC23BGA013)[(5)] ;
10m @ 3.94g/t Au from 142m (RC23NPT054)[(5)] ; and
17m @ 2.13g/t Au from 35m (RCDD23HUR001)[(5)] .

Note: (1) Refer ASX announcement 7 October 2022; (2) Refer ASX announcement 21 January 2023; (3) Refer ASX announcement 28 April 2023; (4) Refer ASX announcement 4 July 2023; (5) Refer Appendix One.

Results from drilling to date continue to delineate mineralised high-grade structures across all five prospect areas. Historical drilling had only tested to ~110m vertical depth (average). Mineralisation remains open at depth and along strike across all prospects (refer Figures 2, 3, 4, 5 and 6).

Figure 2 | Boundary and Neptune Drill collars with recent (in black – refer Appendix One) and previously announced (in blue) significant results (Plan view)

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29 April 2022 Figure 3 | Section A Cross section from the boundary prospect showing wide, high grade zones of continuous mineralisation which remains untested up dip and at depth. Black drill traces are historic drilling and Red drill traces is drilling completed by Emerald since July

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Figure 4 | Section B Cross section in the Neptune prospect showing wide, high grade zones of continuous mineralisation which is untested at depth. Black drill traces are historic drilling and Red drill traces is drilling completed by Emerald since July

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North Laverton Project Historic Significant Intersections (Bullseye Mining Limited (EMR: ~76.5%))

Bullseye’s current resource drill program is designed to test the strike and down dip extension of historic significant intersections. These previous drill programs include 84,028m (80,684m RC and 3,344m diamond) completed by Bullseye since 2014 and 45,583m of drilling completed by various previous tenement holders (34,695m RC, 4,587m diamond, 432m AC and 5,869m RAB), (refer Figure 5). Drill results highlights from both programs include:

Boundary[(1)] :-

5m @ 60.25g/t from 171m (WDDH8);
45m @ 6.07g/t from 73m (BDRC058);
27m @ 9.34g/t from 153m (BDRC035);
53m @ 3.44g/t from 66m (WRC17) (EOH);
47m @ 3.42g/t from 93m (BDRD0025);

Stirling[(1)] :-

26m @ 5.83g/t from 33m (STRD0016);
▪ 38m @ 2.62g/t from 16m (SRC7); ▪ 31m @ 2.75g/t from 35m (STRD0008); ▪ 27m @ 2.30g/t from 59m (STRD0007); ▪ 27m @ 2.25g/t from 31m (STRD0019).
30m @ 5.16g/t from 151m (WDDH10);
19m @ 7.89g/t from 58m (BRC1002);
▪ 8m @ 17.14g/t from 38m (BDRC060);
40m @ 3.17g/t from 55m (BDRD0022);
▪ 27m @ 4.53g/t from 62m (BDRC014); ▪ 9m @13.55g/t from 42m (WDDH1);

Hurleys[(1)] :-

12m @ 3.30g/t from 13m (HRRD0020);
▪ 12m @ 2.77g/t from 47m (HRRD0050); ▪ 3m @ 9.00g/t from 62m (HRRD0062); ▪ 9m @2.27g/t from 64m (HRRD0032).
30m @ 3.82g/t from 179m (BDRD0043);
9m @ 12.55g/t from 42m (WRC23);
27m @ 4.07g/t from 62m (BDRD0094).

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Neptune[(2)] :-

22m @ 4.87g/t from 17m (NPRD0056);
▪ 9m @ 9.44g/t from 82m (NPRD0078);
33m @ 3.82g/t from 37m (NPMD1019);
15m @ 6.60g/t from 67m (NPMD1007);
3m @ 29.85g/t from 45m (NPMD1026);
25m @ 5.24g/t from 0m (NPGC0053);
40m @ 2.98g/t from 14m (NPGC0025);
▪ 6m @ 14.24g/t from 37m (NPGC0018);
9m @ 9.36g/t from 7m (NPGC0045).

Neptune[(3)] :-

Bungarra[(1)] :-

  - **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);** ▪ **9m @ 15.45g/t from 39m (LAVRD0142);** ▪ **14m @ 9.74g/t from 30m (LAVGW0003);** ▪ **9m @ 14.58g/t from 75m (LAVRD0054);** ▪ **6m @ 19.28g/t from 53m (LAVRD0135).**

26m @ 6.95g/t from 40m (NPRD0039);
16m @ 10.10g/t from 63m (NPRD0026);
17m @ 7.44g/t from 29m (NPRD0007).
(1) Refer ASX announcement 7 October 2022.
(2) Refer ASX announcement 5 July 2022.
(3) Refer ASX announcement 31 January 2023.

Figure 5 | Plan view of Bullseye prospects targeted by the recently commenced resource drill program

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29 April 2022 Figure 6 | Long section of North Laverton project with Au gram metre intercepts (with new drill results in black)

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Exploration Activities – Cambodian Gold Projects Emerald’s exploration tenements, which comprise of a combination of five (5) 100% owned granted licences, and a further four (4) subject to joint venture agreements (with EMR earning to majority ownership), cover a combined area of 1,639 km² in Cambodia.

Figure 7 | Cambodian Gold Project | Exploration Licence Areas

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Memot Project - Infill Resource Program (EMR 100%)

Recent drilling has been limited by wet season access with a total of 3 collars and 430 meters of drilling has been completed since the previous update. The ongoing program is designed to infill and extend the previously reported gold mineralisation at Memot and remains open in all directions and at depth. 133 drill holes for 19,633m (10,015m RC and 9,618m diamond) (refer Figure 9) have been completed to date with all results received. Highlighted significant recent results received from the 454 samples returned since July include:

▪ 5m @ 15.36g/t Au from 210m including 1m @ 67.4g/t Au from 214m (DD23MMT136); ▪ 8m @ 1.16g/t Au from 268m (DD23MMT136); and

1m @ 8.15g/t Au from 193m (DD23MMT096).

Refer Appendix Three for all significant results.

Figure 8 | Cross section of the Memot resource infill drill program showing the stacked vein sets which remain open both down dip and along strike

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Several of the collars completed also tested the edges of the known mineralisation and results indicate the mineralisation is open and untested in all directions. In particular, mineralisation is open along strike and down dip to the north-east (refer Figure 9). This coincides with the previously announced significant Au and Cu in-soil anomaly indicating the known gold results are part of a potentially larger mineralised system (refer ASX announcement 28 July 2022). Drilling activities are scheduled to increase during the next 6 months to coincide with the improves access during the upcoming dry season.

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The mineralisation is associated with multiple high-grade, narrow, stacked quartz vein sets, dipping shallowly to the northeast (refer to Figure 8) with current interpreted strike length of 650m (refer ASX announcement 28 July 2022). Recent results and previously announced significant intersections include:

1m @ 37.20 g/t Au from 33m (DD21MMT005);
1m @ 31.70g/t Au from 49m (DD21MMT010); and 0.45m @ 37.10g/t Au from 74.55m;
0.4m @ 17.70g/t Au from 190m (DD22MMT013);
3.54m @ 10.30g/t Au from 0m (ZK8-1);
0.3m @ 145g/t Au from 14.2m (ML3);
0.3m @ 96g/t Au from 12.7m (ML7);
0.3m @ 76.5g/t Au from 10.7m (ML6);
1m @ 31.4g/t Au from 132m, 0.52% Cu and 0.52 % Zn (RC22MMT073);
1m @ 21.30g/t Au from 69m and 1.06% Cu (RC22MMT039);
5.6m @ 4.85g/t Au and 0.67% Cu from 187m including 0.6m @ 31.60 g/t Au 6.04% Cu, 0.16% Pb and 0.25% Zn from 192m (DD22MMT080W); and
2m @ 23.29g/t Au from 131m (DD23MMT090).

Refer ASX announcement 28 April 2023

The current and historical results are expected to underpin a maiden resource calculation for the Memot Gold Project in late 2023 with the aim of commencing development activities in 2025.

Figure 9 | Memot artisanal workings with recent (purple) previously announced (black and blue) and historic (red) drill collars and significant intersections

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Since the previous update, the Company has completed 5 RC drill collars (681m) on the Memot North prospects located within a ~6km radius of the Memot artisanal workings. The now finalised 2,946m (26 collars) RC drill program was designed to target prospective areas based on ground magnetics/radiometrics and IP geophysical surveys, with anomalous Au and Cu geochemical signatures (refer ASX announcement 28 July 2022). Drill results received since July returned intersections of anomalous Au and Cu values (2m @ 0.47% Cu from 72m - RC23MMT122 and 2m @ 0.43% Cu from 82m - RC23MMT121, 3m @ 1.33g/t Au from RC23MMT147). These results indicate a sulphide rich mineralised system hosted in a diorite intrusive similar to the Memot and Okvau Gold Projects. Further work is currently being planned.

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Figure 10 | Memot North reconnaissance RC drill program targeting significant Au and Cu-in-soil anomaly

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Near mine exploration - Okvau Gold Project (EMR 100%)

In April 2023 a near-mine exploration drill program was initiated focusing on geophysical and geochemical anomalies as well as known mineralisation from previous drilling activities. Notable historical results include 8m @ 19.21g/t Au from 20m including 3m @ 49.81 g/t Au from 21m (RC10OKV048)[1] and 4m @ 1.62 g/t Au from 110m (RC10OKV047)[1] , and 3m @ 7.68g/t Au from 64m (RC23OKV462)[1 ] within a 2-kilometre radius to the north of the mine site.

A total of 13 collars and 1,689 meters of drilling has been completed within the period. The drilling to date includes 28 RC drill holes for 3,226 metres (refer Figure 11). With the most significant results being , 2m @ 10.63g/t Au from 92m (RC23OKV476)[2] and 8m @ 1.87g/t Au from 37m (RC23OKV481)[ 2] .

The previously announced noteworthy intersections occur within a mineralised NE-trending corridor spanning a 250-metre strike distance. The results recently returned are interpreted as newly discovered subparallel mineralised structures which remain open in all directions as indicated in Figure 11. The discovery, along with other significant intercepts, holds the potential to serve as supplementary ore for the nearby Okvau Gold Mine.

Figure 11 | Completed collars of the current near mine Okvau exploration drill program, plan view. (1) refer ASX announcement 4 July 2023, (2) refer Appendix Three

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Okvau Gold Mine – Resource Update (EMR 100%)

Recently the Company released a maiden underground resource for the Okvau Gold Project (refer ASX announcement 31 August 23).

	Okvau Gold Project - March 2023 Underground Resource Estimate	Okvau Gold Project - March 2023 Underground Resource Estimate	Okvau Gold Project - March 2023 Underground Resource Estimate	Okvau Gold Project - March 2023 Underground Resource Estimate	Okvau Gold Project - March 2023 Underground Resource Estimate	Okvau Gold Project - March 2023 Underground Resource Estimate	Okvau Gold Project - March 2023 Underground Resource Estimate	Okvau Gold Project - March 2023 Underground Resource Estimate	Okvau Gold Project - March 2023 Underground Resource Estimate
	Measured Resources(i)			Indicated Resources(ii)			Inferred	Resources(ii)		Total Resources
Resource	Tonnage	Grade	Contained	Tonnage	Grade (g/t Au)	Contained Au (Koz)	Tonnage (Mt)	Grade (g/t Au)	Contained Au (Koz)	Tonnage	Grade	Contained Au (oz)
Type	(t)	(g/t Au)	Au (oz)	(t)						(t)	(g/t Au)
Underground				600,000	6.20	120,000	910,000	6.35	185,000	1,510,000	6.29	305,000

Refer to Table 1 and Table 2 for both the underground and open pit update.

Page 10 of 31

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Since the previous update Emerald has continued to progress an exploration drill program, focusing on infilling and extending the maiden underground resource mineralisation proximally within and beyond the reserve pit shell. This drilling included an additional 7 drill holes for 2,764m (787m RC and 1,977m diamond) with 2,000m assays pending (refer Figure 13) and includes significant results such as:

11m @ 5.93g/t from 102m including 2m @ 28.53g/t from 108m (RCDD23OKV486);
2m @ 28.01g/t from 375m (RCDD23OKV494);
3m @ 12.52g/t from 498m (RCDD23OKV494);
8m @ 4.23g/t from 604m including 2m @ 12.04g/t from 604m (RCDD23OKV490); and
▪ 7m @ 2.96g/t from 221m (RCDD23OKV486).

The mineralisation is associated with massive sulphide pyrrhotite, arsenopyrite and pyrite stack vein sets hosted in both diorite and hornfels sedimentary lithologies. The significant intercept 3m @ 12.52g/t from 498m (RCDD23OKV494) also included visible gold (refer Figure 12). The intercepts in holes RCDD23OKV494 and RCDD23OKV490 are newly identified high-grade structures and are outside of the current underground resource (refer to Figure 14). Follow up drilling continues to test the extensions of mineralisation for future Okvau Underground resource updates.

Figure 12 | Visible gold associated with Pyrrhotite and Pyrite sulphides hosted by Hornfels sedimentary unit in diamond drill hole RCDD23OKV494 at 375.5m

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The Company intends to utilise the recent results in future resource estimates. Future resource updates are expected to extend both open cut and potential underground mine plans.

Page 11 of 31

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29 April 2022 Figure 13 | Completed collars of the current Okvau Resource Drill program, plan view

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Figure 14 | Okvau Underground cross section highlighting three significant results in this announcement are outside the current underground resource calculation. (1) See Appendix Three, (2) Reference refer ASX release dated 28 April 2017.

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Page 12 of 31

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Snuol Project (EMR earning up to 70%) - RC Exploration Program

Since July, the Company commenced and completed a 15 collar (1,950m) exploration RC drill program at on the Anchor Prospect in the Snuol Project (refer Figure 15). The program was planned to follow the untested parts of 1.5km x 1.5km (>10ppb Au) gold-in-soil anomaly, investigate the gradient array IP chargeability anomalies and follow up previous significant drill results.

All Au assays have been returned, and significant results include (refer Appendix Three):

12m @ 1.23g/t Au from 69m (RC23SNU075); and
7m @ 0.85g/t Au from 120m including 3m @ 1.63g/t Au, 107g/t Ag, 0.53% Cu from 120m (RC23SNU072).

The significant intersections of precious and base metal results in RC23SNU075 and RC23SNU072 are located along a 500m structural corridor and include historical results listed below (refer ASX announcements 30 March 2020, 30 October 2020 and 4 July 2023). This zone of mineralisation remains untested along strike.

4m @ 7.72g/t Au from 72m including 1m @ 16.75g/t Au, 180g/t Ag, 0.5% Cu, 0.24% Pb and 2.29% Zn from 73m (RC23SNU054);
9m @ 0.88g/t Au from 16m including 1m @ 3.56g/t from 16m and 0.77% Zn (RC23SNU056).
6m @ 8.28g/t from 12m (SNRC009)
5m @ 6.23g/t from 14m (RC20SNU027);
4.3m @ 4.76g/t Au from 147.2m (DD10ANC025); and
1m @ 9.09g/t Au from 49m (DD09ANC011).

Additional drilling is being planned to follow up these encouraging results on the Anchor prospect and other untested anomalous gold-in-soil results on the Snuol Licence.

Figure 15 | Anchor prospect on the Snuol Licence, with historical and recent data including significant rock chips and drill results (refer ASX announcements Appendix Three, 30 March 2020, 30 October 2020 and 4 July 2023).

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Page 13 of 31

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Antrong North and South Exploration Licences (EMR earning up to 80%)

In April the Company commenced geochemical soil sampling programs on both the Antrong North Licence (Kang Roland North prospect) and Antrong South Licence (Antrong and O’Thmey Prospects) (refer Figure 16).

Figure 16 | Antrong North and South Licence with historical and recent data including significant rock chips and drill results

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Since July the Company has collected 1,211 samples and completed a ~1,500 shallow soils sampling program on a 200m x 100m grid spacing on the Kang Roland North Prospect. The program was planned to cover an interpreted diorite intrusive associated with aeromagnetic geophysical targets and historic high-grade rock chip results (50.30, 22.10,16.45g/t Au). All results have been received with peak results of 842, 788, 611, 513, 434, 359 and 358ppb Au along with rock chip results of 41g/t, 32.3g/t, 15.35g/t. The interpreted 2.5km by 1.5km +50ppb Au gold-in-soil contour is associated with the contact of a diorite intrusive and the metamorphosed hornfels sedimentary lithology. The geological setting is similar to the Okvau Gold Project which is located 30km to the Southeast of the Kang Roland North prosect (refer Figure 17).

In April the Company commenced a 6,000 auger soil sampling program on the Antrong and O’Thmey Prospects. The program is designed on various grid spacings from 400m x 100m down to 200m x 100m. The program was planned to cover an interpreted diorite intrusive associated with aeromagnetic geophysical targets, historic high-grade rock chip (120.00g/t, 76.10g/t, 47.80g/t, 46.10g/t, Au) and significant drill hole results such as:

5.7m @ 5.06g/t Au from 30.5m (OTSDD002);
3m @ 6.91g/t Au from 25.2m (OTSDD001);
2m @ 4.16g/t Au from 42m (OTMDD002);
3.1m @ 6.23g/t Au from 20m (ANTDD001);
6m @ 0.57g/t Au from 21m (OTMDD015); and
1m @ 2.1g/t Au from 36m (OTSDD003).

Refer ASX announcement 19 October 2022

Page 14 of 31

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29 April 2022 Figure 17 | Antrong North and South Licence with historical and recent data including significant rock chips and drill results

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Since July 1,446 samples were collected and to date~2,400 samples have been taken with ~500 pending. Peak results returned to date include 895, 534, 359, 204 and 206ppb Au along with rock chip results of 155.5g/t, 146.5g/t, 78g/t, 64.9g/t Au.

For further information please contact Emerald Resources NL

Morgan Hart Managing Director

Page 15 of 31

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About Emerald Resources NL

Overview

Emerald is a developer and explorer of gold projects. In particular, Emerald has been focused on the development and commissioning of its most advanced project, the Okvau Gold Mine in Cambodia which saw first production in June 2021. Since commercial production commenced in September 2021, Emerald has now poured over 8,000kgs of gold doré from its operations.

Emerald also holds a number of other projects in Cambodia which are made up of a combination of granted mining licences (100% owned by Emerald) and interests joint venture agreements. Together, Emerald’s interest in its Cambodian Projects covers a combined area of 1,639km².

Emerald has a controlling interest in Bullseye Mining Limited (~76.5%), an unlisted Australian public company with three Western Australian gold projects totalling in excess of 1,200km² of highly prospective gold tenure including the North Laverton Gold Project which covers in excess of 800km² of the entire Dingo Range greenstone belt.

Table 1 | Okvau Mineral Resource Estimate

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Table 2 | Okvau Ore Reserve Estimate

Okvau Gold Project - March	Okvau Gold Project - March	2023 Global Reserve Estimate	2023 Global Reserve Estimate

Resource	Tonnage	Grade	Contained Au (oz)
Type	(t)	(g/t Au)
Proven	2,810,000	0.89	80,000
Probable	9,140,000	2.10	618,000
Total	11,950,000	1.82	698,000

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 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 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 Announcements dated 1 May 2017 and 26 November 2019. 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.

Page 16 of 31

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Competent Persons Statements

The information in this report that relates to Exploration and Drill Results from Bullseye Recent Drilling (Appendix One) and Cambodian Recent Drilling (Appendix Three) 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 Exploration Drill Results for both Resources from Okvau 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 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 Open Pit 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 Geoscientists (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 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 Underground Mineral Resources for the Okvau Gold Deposit was prepared by Mr Keith King, who is an employee to the Company, who is a Member of the Australasian Institute of Mining & Metallurgy (AusIMM), 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 King 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.

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 material 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.

Page 17 of 31

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Appendix One | New Drill Results from Neptune and Boundary Resource Drill Program (Bullseye) (>2 gram metre)

Prospect	Hole Name	Easting	Northing	RL	Azi	Dip	End Depth (m)	From (m)	To (m)	Interval (m)	Gold g/t
Boundary	RC23BDY081	345,348	6,971,791	495	-60	269	276	244	264	20.0	3.68
	including							252	254	2.0	23.27
Boundary	RC23BDY069	345,286	6,971,860	497	-61	271	102	64	88	24.0	3.04
	including							64	65	1.0	11.70
Stirling	RC23STI012	345,848	6,970,707	506	-63	226	114	72	91	19.0	2.45
Neptune	RC23NPT054	345,321	6,971,317	500	-60	224	186	142	152	10.0	3.94
	including							143	144	1.0	10.97
	including							145	146	1.0	11.83
Hurleys	RCDD23HUR001	348,121	6,969,386	510	-60	48	127	35	52	17.0	2.13
	including							45	46	1.0	17.79
Boundary	RC23BDY077	345,251	6,971,436	501	-61	267	198	78	86	8.0	3.94
Boundary	RC23BDY075	345,240	6,971,384	500	-60	269	216	55	78	23.0	1.22
Bungarra	RC23BGA013	348,510	6,968,330	502	-65	275	288	202	210	8.0	3.44
	including							202	203	1.0	24.09
Stirling	RC23STI010	345,816	6,970,748	506	-59	228	192	106	114	8.0	2.75
Neptune	RCDD23NPT072	345,327	6,971,313	498	-73	227	199	153	162	9.0	1.99
Neptune	RC23NPT042	345,327	6,971,380	500	-59	222	246	195	203	8.0	2.06
	including							195	196	1.0	13.18
Boundary	RC23BDY077	345,251	6,971,436	501	-61	267	198	56	69	13.0	1.23
Stirling	RC23STI014	345,867	6,970,666	506	-68	226	93	36	45	9.0	1.75
Hurleys	RCDD23HUR003	348,044	6,969,383	510	-61	229	140	42	43	1.0	15.67
Neptune	RC23NPT052	345,305	6,971,359	499	-60	223	210	162	172	10.0	1.45
Hurleys	RC23HUR013	347,979	6,969,348	509	-60	44	168	158	163	5.0	2.88
Hurleys	RC23HUR019	348,157	6,969,385	510	-60	45	78	37	44	7.0	1.99
Boundary	RC23BDY077	345,251	6,971,436	501	-61	267	198	36	48	12.0	1.01
Neptune	RC23NPT046	345,397	6,971,324	501	-60	225	246	186	192	6.0	1.98
	including							186	187	1.0	10.27
Neptune	RCDD23NPT071	345,518	6,971,227	502	-60	225	201	161	165	4.0	2.95
Hurleys	RCDD23HUR004	348,004	6,969,303	508	-60	46	300	192.2	201.12	8.9	1.24
Neptune	RC23NPT081	345,549	6,971,078	504	-60	225	102	11	24	13.0	0.76
Neptune	RCDD23NPT043	345,373	6,971,359	501	-55	226	241	199	211	12.0	0.81
Neptune	RCDD23NPT071	345,518	6,971,227	502	-60	225	201	126	135	9.0	1.10
Neptune	RC23NPT054	345,321	6,971,317	500	-60	224	186	16	20	4.0	2.37
Neptune	RC23NPT089	345,577	6,971,216	505	-60	225	192	100	103	3.0	3.12
Boundary	RCDD23BDY047	345,419	6,971,875	495	-60	275	442	270	273	3.0	2.95
Neptune	DDRE-NPGC0041	345,527	6,971,112	505	-60	218	61	41	55.2	14.2	0.53
Boundary	RC23BDY081	345,348	6,971,791	495	-60	269	276	145	150	5.0	1.62
Neptune	RC23NPT059	345,185	6,971,248	499	-61	222	132	57	63	6.0	1.31
Neptune	RC23NPT092	345,121	6,971,323	499	-60	225	102	42	43	1.0	7.52
Neptune	RCDD23NPT061	345,377	6,971,305	501	-60	227	222	174	178	4.0	1.97
Boundary	RC23BDY068	345,253	6,971,819	498	-61	265	246	63	73	10.0	0.74
Boundary	RC23BDY069	345,286	6,971,860	497	-61	271	102	45	49	4.0	1.70
Boundary	RC23BDY069	345,286	6,971,860	497	-61	271	102	93	102	9.0	0.76
Hurleys	RC23HUR013	347,979	6,969,348	509	-60	44	168	107	108	1.0	6.80
Hurleys	RC23HUR016	347,943	6,969,383	511	-60	46	150	125	130	5.0	1.39
Neptune	RC23NPT049	345,614	6,971,183	506	-61	235	84	63	67	4.0	1.85
Neptune	RC23NPT087	345,667	6,971,117	508	-60	225	78	49	61	12.0	0.62
Bungarra	RCDD23BGA010	348,580	6,968,175	502	-60	275	274	190.5	196	5.5	1.19
Bungarra	RCDD23BGA010	348,580	6,968,175	502	-60	275	274	208	210	2.0	3.47
Boundary	DDRE-BDRC028	345,372	6,971,848	495	-61	267	420	323	332	9.0	0.72
Neptune	DDRE-NPST0002	345,581	6,971,254	504	-61	225	270	131	138	7.0	0.89
Boundary	RC23BDY068	345,253	6,971,819	498	-61	265	246	193	198	5.0	1.23
Boundary	RC23BDY069	345,286	6,971,860	497	-61	271	102	22	27	5.0	1.16
Neptune	RC23NPT064	345,510	6,971,045	505	-61	227	72	41	42	1.0	5.65
Neptune	RC23NPT078	345,612	6,971,004	500	-60	226	48	10	11	1	5.77
Neptune	RC23NPT088	345,563	6,971,205	505	-60	225	144	89	96	7	0.85
Bungarra	RCDD23BGA010	348,580	6,968,175	502	-60	275	274	86	87	1	6.28
Bungarra	RCDD23BGA010	348,580	6,968,175	502	-60	275	274	171	175	4	1.52
Hurleys	RCDD23HUR003	348,044	6,969,383	510	-61	229	140	83	84	1	6.00
Hurleys	RCDD23HUR004	348,004	6,969,303	508	-60	46	300	206	213	7	0.79
Neptune	DDRE-NPST0001	345,650	6,971,192	506	-60	229	275	77.4	82.2	5	1.08
Boundary	RC23BDY068	345,253	6,971,819	498	-61	265	246	18	25	7	0.65
Boundary	RC23BDY075	345,240	6,971,384	500	-60	269	216	140	144	4	1.31
Bungarra	RC23BGA013	348,510	6,968,330	502	-65	275	288	135	144	9	0.52
Neptune	RC23NPT046	345,397	6,971,324	501	-60	225	246	197	203	6	0.87
Neptune	RC23NPT052	345,305	6,971,359	499	-60	223	210	150	157	7	0.68
Neptune	RC23NPT081	345,549	6,971,078	504	-60	225	102	37	45	8	0.69
Neptune	RC23NPT087	345,667	6,971,117	508	-60	225	78	70	72	2	2.44
Hurleys	RCDD23HUR006	348,110	6,969,267	509	-60	46	300	155	160	5	1.02
Neptune	RCDD23NPT047	345,441	6,971,294	501	-60	225	246	198	204	6	0.83
Neptune	RCDD23NPT048	345,547	6,971,235	504	-61	230	250	126	128	2	2.51
Neptune	RCDD23NPT060	345,262	6,971,178	499	-60	218	115	58	60	2	2.67
Boundary	DDRE-BDRC028	345,372	6,971,848	495	-61	267	420	202.14	209	7	0.62
Boundary	DDRE-BDRC028	345,372	6,971,848	495	-61	267	420	310	318	8	0.52
Boundary	DDRE-BDRC028	345,372	6,971,848	495	-61	267	420	368	372.32	4	0.97
Boundary	RC23BDY068	345,253	6,971,819	498	-61	265	246	173	177	4	1.04
Boundary	RC23BDY073	345,431	6,972,102	495	-60	265	102	24	32	8	0.52
Hurleys	RC23HUR014	347,997	6,969,366	510	-60	46	144	70	76	6	0.60
Hurleys	RC23HUR015	348,015	6,969,383	510	-59	46	120	79	80	1	3.63
Hurleys	RC23HUR017	348,074	6,969,373	510	-60	46	150	116	121	5	0.86
Hurleys	RC23HUR018	348,121	6,969,349	510	-60	48	150	65	66	1	3.50
Neptune	RC23NPT042	345,327	6,971,380	500	-59	222	246	221	223	2	2.19
Neptune	RC23NPT049	345,614	6,971,183	506	-61	235	84	80	81	1	4.11
Neptune	RC23NPT067	345,676	6,971,136	509	-60	230	138	16	20	4	1.08
Neptune	RC23NPT067	345,676	6,971,136	509	-60	230	138	38	39	1	4.08
Neptune	RC23NPT082	345,586	6,971,115	509	-60	225	90	46	52	6	0.61
Neptune	RC23NPT089	345,577	6,971,216	505	-60	225	192	111	112	1	3.51
Stirling	RC23STI014	345,867	6,970,666	506	-68	226	93	23	24	1	3.70
Hurleys	RCDD23HUR003	348,044	6,969,383	510	-61	229	140	17	18	1	4.11
Neptune	RCDD23NPT053	345,615	6,971,179	507	-60	237	247	60.3	65.3	5	0.88
Neptune	RCDD23NPT072	345,327	6,971,313	498	-73	227	199	141	147	6	0.59
Neptune	RCDD23NPT076	345,257	6,971,452	498	-60	227	320	172	173	1	4.18

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Release	Release
29 April 2022
Neptune	RCDD23NPT076	345,257	6,971,452	498	-60	227	320	263	264	1	3.81
Neptune	DDRE-NPST0001	345,650	6,971,192	506	-60	229	275	90	96	6	0.51
Boundary	RC23BDY068	345,253	6,971,819	498	-61	265	246	78	79	1	3.12
Boundary	RC23BDY081	345,348	6,971,791	495	-60	269	276	136	138	2	1.51
Bungarra	RC23BGA013	348,510	6,968,330	502	-65	275	288	176	181	5	0.56
Hurleys	RC23HUR008	348,181	6,969,338	510	-60	47	150	37	38	1	3.27
Hurleys	RC23HUR015	348,015	6,969,383	510	-59	46	120	39	43	4	0.65
Neptune	RC23NPT051	345,346	6,971,363	501	-60	228	246	201	206	5	0.68
Neptune	RC23NPT066	345,615	6,971,065	508	-60	229	96	29	32	3	0.94
Neptune	RC23NPT083	345,618	6,971,157	509	-60	225	126	106	111	5	0.54
Neptune	RC23NPT097	345,242	6,971,158	499	-60	225	120	73	74	1	3.36
Stirling	RC23STI006	345,668	6,970,809	497	-60	228	102	59	63	4	0.72
Bungarra	RCDD23BGA010	348,580	6,968,175	502	-60	275	274	164	166	2	1.46
Hurleys	RCDD23HUR005	348,086	6,969,314	509	-60	47	301	110	114	4	0.66
Neptune	RCDD23NPT058	345,424	6,971,276	501	-61	226	223	169	174	5	0.62
Boundary	DDRE-BDRC028	345,372	6,971,848	495	-61	267	420	215	218	3	0.67
Boundary	DDRE-BDRC028	345,372	6,971,848	495	-61	267	420	242	244	2	0.76

Appendix Two | JORC Code, 2012 Edition | ‘Table 1’ Report

Section 1 Sampling Techniques and Data from Recent Drilling at Bungarra, Stirling, Hurleys, Neptune and Boundary Prospects (Bullseye)

(Criteria in this section apply to all succeeding sections).

Criteria	JORC Code explanation	Commentary
Sampling techniques	• Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	• Standards are inserted in sample batches to test laboratory performance. • All Bullseye reverse circulation (RC) drilling is used to collect both a 4m composite and 1m samples in the precollar. The 4m composite are determined based on areas of known very low or background mineralisation or geological assessment at the rig. The 4m program composited are taken from the excess bagged material off the cone splitter taken every 1m. A spear sampling technique is then used to produce a 3-5kg composite sample. The 1m samples are split with a cone splitter at the drill rig to produce a 3-5kg sub-sample. These 1m samples are submitted after the results of the 4m composites are received to identify the zones of mineralisation. • Diamond core was sampled using half-core where the core is cut in half down the longitudinal axis and sample intervals were determined by the geologist based on lithological contacts, with most of the sample intervals being 1 metre in length. In areas of no mineralised (negligible amounts of alteration/sulphides typically present with mineralisation) a 2m composite was submitted. • Bullseye drill program used SGS Laboratories, Kalgoorlie for RC and Diamond samples: • SGS – samples crushed and milled to <75µm and assayed usingfire assay (50g)with additional AAS.
Drilling techniques	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	• A Schramm 685 drill rig is used to drill 5.5-inch RC holes and a UDR1000 rig is used to drill NQ2 Diamond Core. • All Bullseye holes were downhole surveyed using a gyroscopic survey tool (a REFLEX GYRO SPRINT- IQ™). A typical downhole survey was taken at 10m depth to the end of hole. All readings showed that down hole deviation was negligible.
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	• RC drill sample recovery averaged better than 99%.
Logging	• Whether core and chip samples have been geologicallyandgeotechnicallylogged to a level	• All RC chips and diamond core is routinely logged (qualitatively)byageologist,to record details of
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Criteria	JORC Code explanation	Commentary
	of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged.	regolith (oxidation), lithology, structure, mineralization and/or veining, and alteration. All logging and sampling data are captured into a database, with appropriate validation and security features.
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material beingsampled.	• Most samples are dry and there is no likelihood of compromised results due to moisture. • This sample technique is industry norm and is deemed appropriate for the material. • All RC samples were put through a fixed cone splitter at 1m intervals with the sample reduced to between a 2kg to 4kg sample. • The drilling used SGS Laboratories, Kalgoorlie for RC samples: SGS– samples dried at 105° Celsius, crushed and milled to 85% passing -75µm. Assay was 50g fire assay with AAS finish for gold.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometres, handheld XRF instruments, etc, the parametres used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	• All samples are sent to the accredited SGS Laboratories, Kalgoorlie 50g fire assay with AAS finish for gold. This method has a lower detection limit of 0.01ppm gold. • Industry-standard QAQC protocols are routinely followed for all sample batches sent for assay, which includes the insertion of commercially available pulp CRMs at rate of 1 for every 20 field samples and pulp blanks at a rate of 1 for every 50 field samples. Field duplicates were collected at the rig, directly from the cyclone at a rate of one in every 50 samples for the entire program. • QAQC data are routinely checked before any associated assay results are reviewed for interpretation. • All assay data, including internal and external QA/QC data and control charts of standard, replicate and duplicate assay results, are communicated electronically.
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	• All field data associated with sampling, and all associated assay and analytical results, are archived in a relational database, with industry- standard verification protocols in place. • The calculations of all significant intercepts (for drill holes) are routinely checked by senior management. • Data verification and validation procedures undertaken included checks on collar position against design and site survey collar pick-ups by Licenced on site surveyors. Hole depths were cross-checked in the geology logs, down hole surveys, sample sheets and assay reports to ensure consistency. All down hole surveys were exposed to rigorous QAQC and drill traces were plotted in 3D for validation and assessment of global deviation trends.
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Qualityand adequacyof topographic control.	• The grid system used is MGA_94. The creation of the topographic surface is based on a site survey pick-up in March 2014 by GEMS (Glockner Engineering and Mining Services, licenced Australian surveyors) and again in July 2014,

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Criteria	JORC Code explanation	Commentary
		August 2015 and August 2017 of all drill holes and surface contour points in GDA_94. • To date the collars of holes drilled have been picked up by a hand GPS. Although it is the intention to use a licenced surveyor with DGPS equipment to pick up the collars before any resource calculation. • All Bullseye drill holes were downhole surveyed using a gyroscopic survey tool (a REFLEX GYRO SPRINT-IQ™) and are routinely undertaken at ~5m intervals for the drilling
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositinghas been applied.	• This drill spacing is considered to be sufficient to establish geological and grade continuity appropriate for the declaration of estimates of resources. • The drill program adopted a standard sample length of 1.0m.
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	• Drill holes are usually designed to intersect target structures with a “close-to-orthogonal” intercept. • Most of the drill holes intersect the mineralised zones at sufficient angle for the risk of significant sampling orientation bias to be low.
Sample security	• The measures taken to ensure sample security.	• All RC samples were sampled as single 1m calico samples, each with a unique sample number. These calicos were collected from the drill sites in allotments of 1 tonne bulka bags. These bulka bags were loaded by Bullseye field staff and delivered to SGS Kalgoorlie by road transport supplied by SGS. Zones of waste a sampled as a composite sample using the spear sampling technique. If the composite returns an anomalous value, the individual 1m samples (collected and stored at the time of drilling) are submitted for analysis.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• All QAQC data are reviewed routinely, batch by batch, and on a quarterly basis to conduct trend analyses, etc. Any issues arising are dealt with immediately and problems resolved before results are interpreted and/or reported. • Keith King completed his most recent site visit and lab audit of the SGS Kalgoorlie in September 2023.

Section 2 Reporting of Exploration Results from Bungarra, Stirling, Hurleys, Neptune and Boundary Prospects

(Criteria listed in the preceding section also apply to this section)

Criteria	Explanation	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaininga licence to operate in the area.	• The Bullseye Gold Prospects are 100% held by Bullseye Mining Limited (EMR ~76.50%). The tenure is considered to be secure.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Historical drilling was conducted between 1989 – 2005 by companies Julia Mines NL, Eagle Mining NL,DeepYellow NL and Korab Resources Ltd.

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Criteria	Explanation	Commentary
Geology	• Deposit type, geological setting and style of mineralisation.	• Geology comprises a basalt country rock and BIF. The Neptune and Boundary prospects are associated with an approximately 45 degree plunging mineralised lode (or sheets) that have formed in association with the basalt/BIF contact, a large antiform structure and a large cross cutting structure. Gold Mineralisation is as shallow as a few metres below surface, extends to some 100m below surface and is open at depth. • The weathering profile displays a surface laterite, followed by clay/saprolite weathering predominately in association with the weathered basalt. Saprock is encountered earlier in association with weathered BIF. Global fresh rock is encountered from 70m down hole, but weathering is not well advanced at Neptune and hard saprock and fresh rock are encountered in more shallow horizons.
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: - easting and northing of the drill hole collar; - elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar; - dip and azimuth of the hole; - down hole length and interception depth; - hole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearlyexplain whythis is the case.	• Details of significant drilling results are shown in Appendix One.
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearlystated.	• No high grade top cuts have been applied. • The reported significant intersections in Appendix One are above 2 gram metre intersections and allow for up to 4m of internal dilution with a lower cut trigger values of greater than 0.5g/t.
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	• All reported intersections are down hole lengths. True widths are unknown and vary depending on the orientation of target structures.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• Appropriate maps and sections are included in the body of this release.
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and highgrades and/or widths should	• All significant drilling results being intersections with a minimum 2 gram metre values are reported in Appendix One.

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Criteria	Explanation	Commentary
	be practiced to avoid misleading reporting of Exploration Results.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminatingsubstances.	• Surface geological mapping and detailed structural interpretation have helped inform the geological models.
Further work	• The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commerciallysensitive.	• Additional drilling programs are being planned across all exploration licences.

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Appendix Three | New Significant Intercepts Memot, Snuol and Okvau Prospects RC/DD Drill Programs (>2 gram metre)

				RL	Azi	Dip			To
							End Depth	From		Interval	Gold g/t	Silver	Copper	Lead	Zinc
Project Name	Hole Name	Easting WGS84	Northing WGS84

							(m)	(m)	(m)	(m)	(g/t)	(g/t)	ppm	ppm	ppm
Memot	DD23MMT136	633,626	1,317,647	48	45	-80	318	210	215	5	15.36	15.02	1,442	213	661
	including							214	215	1	67.40	43.00	418	112	46
Memot	DD23MMT136	633,626	1,317,647	48	45	-80	318	268	276	8	1.16	0.78	277	32	131
Memot	DD23MMT096	633,626	1,317,646	48	225	-65	225	193	194	1	8.15	5.70	104	623	1,245
Memot	RCDD23MMT028	633,469	1,317,754	46	225	-55	227	124	130	6	1.19	1.54	259	221	157
Memot	RCDD23MMT043	633,833	1,317,851	48	225	-60	304	238	239	1	6.65	5.50	535	117	130
Memot	DD23MMT096	633,626	1,317,646	48	225	-65	225	61	62	1	5.71	13.00	405	3,490	4,950
Memot	DD23MMT136	633,626	1,317,647	48	45	-80	318	190	199	9	0.64	8.52	1,935	133	446
Memot	DD23MMT136	633,626	1,317,647	48	45	-80	318	297	298	1	6.25	9.40	337	579	935
Memot	DD23MMT091	633,451	1,318,194	43	45	-56	268	218	220	2	2.52	5.35	290	463	243
Memot	RC23MMT148	633,199	1,318,132	43	225	-55	144	118	120	2	2.53	9.95	505	114	486
Memot	RCDD23MMT043	633,833	1,317,851	48	225	-60	304	211	214	3	1.61	5.93	1,304	73	159
Memot	DD23MMT136	633,626	1,317,647	48	45	-80	318	144	145	1	4.09	9.50	1,500	128	110
Memot	DD23MMT092	633,403	1,318,336	44	45	-56	260	167	168	1	2.55	4.30	134	202	292
Memot	DD23MMT092	633,403	1,318,336	44	45	-56	260	238	239	1	2.75	0.10	59	8	42
Memot	DD23MMT093	633,938	1,318,129	51	225	-60	366	23	24	1	3.35	9.60	2,040	89	322
Memot	DD23MMT095	633,535	1,318,025	47	225	-63	316	31	35	4	0.87	2.23	521	62	739
Memot	DD23MMT136	633,626	1,317,647	48	45	-80	318	25	31	6	0.57	0.41	250	13	64
Memot	DD23MMT136	633,626	1,317,647	48	45	-80	318	242	244	2	1.59	1.23	284	312	370
Memot	RC23MMT148	633,199	1,318,132	43	225	-55	144	4	9	5	0.50	0.62	132	26	134
Memot	DD23MMT093	633,938	1,318,129	51	225	-60	366	204	205	1	1.66	4.60	1,350	6	89
Memot	DD23MMT093	633,938	1,318,129	51	225	-60	366	269	272	3	0.73	0.15	133	5	91
Memot	DD23MMT096	633,626	1,317,646	48	225	-65	225	5	6	1	1.74	0.30	165	11	72
Memot	DD23MMT136	633,626	1,317,647	48	45	-80	318	0	2	2	0.90	2.60	549	82	431
Memot	DD23MMT136	633,626	1,317,647	48	45	-80	318	9.5	10.5	1	1.95	1.30	494	29	117
Memot	RC23MMT148	633,199	1,318,132	43	225	-55	144	72	74	2	0.95	1.75	149	120	1,523
Memot	RCDD23MMT043	633,833	1,317,851	48	225	-60	304	278.45	279.6	1.15	1.72	15.80	5,310	322	4,280

Memot North	RC23MMT147	632,940	1,318,586	44	225	-55	144	53	56	3	1.33	1.70	154	25	96
Memot North	RC23MMT121	634,103	1,321,102	46	315	-55	120	1	2	1	0.01	0.05	1,205	28	40
Memot North	RC23MMT121	634,103	1,321,102	46	315	-55	120	82	86	4	0.05	1.10	2,865	2	41
	including									2	0.07	1.65	4,320	2	44
Memot North	RC23MMT121	634,103	1,321,102	46	315	-55	120	106	107	1	0.04	0.30	1,225	3	44
Memot North	RC23MMT121	634,103	1,321,102	46	315	-55	120	113	114	1	0.02	0.40	1,260	2	57
Memot North	RC23MMT122	634,109	1,321,096	47	135	-55	127	47	48	1	0.01	0.10	1,075	3	25
Memot North	RC23MMT122	634,109	1,321,096	47	135	-55	127	67	74	7	0.03	0.67	2,022	3	41
	including									2	0.07	1.60	4,660	3	50
Memot North	RC23MMT122	634,109	1,321,096	47	135	-55	127	79	80	1	0.02	0.30	1,050	2	33
Memot North	RC23MMT122	634,109	1,321,096	47	135	-55	127	97	98	1	0.02	0.30	1,150	4	45
Memot North	RC23MMT124	634,173	1,320,838	63	135	-55	78	70	72	2	0.02	0.75	1,358	1	56
Memot North	RC23MMT125	634,182	1,320,833	63	315	-55	130	46	47	1	0.02	0.50	1,960	1	30
Memot North	RC23MMT125	634,182	1,320,833	63	315	-55	130	53	54	1	0.01	0.20	1,170	2	32
Memot North	RC23MMT126	634,227	1,320,812	64	135	-55	130	21	22	1	0.03	0.70	2,100	5	14

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Snuol	RC23SNU075	648,561	1,347,309	82	45	-55	152	69	81	12	1.23	3.80	315	263	675
Snuol	RC23SNU072	648,593	1,347,201	83	90	-55	158	120	127	7	0.85	47.13	2,405	571	403
	including							120	123	3	1.63	107.00	5,343	1,250	705
Snuol	RC23SNU067	648,919	1,347,805	77	90	-53	141	82	83	1	4.81	1.60	257	4	1,175
Snuol	RC23SNU080	648,576	1,344,758	94	270	-55	152	119	122	3	1.72	assays pending
Snuol	RC23SNU076	648,620	1,347,347	84	270	-55	57	48	51	3	1.26	4.77	288	142	330
Snuol	RC23SNU077	648,596	1,347,252	83	90	-55	140	57	59	2	1.99	14.05	1,067	776	3,770
Snuol	RC23SNU068A	648,884	1,347,680	77	90	-55	152	59	61	2	1.46	1.05	198	4	69
Snuol	RC23SNU069	648,936	1,347,556	78	90	-70	156	134	135	1	3.24	1.90	374	71	356
Snuol	RC23SNU071	648,696	1,347,250	92	90	-55	156	145	148	3	1.08	0.70	185	9	54
Snuol	RC23SNU080	648,576	1,344,758	94	270	-55	152	104	106	2	1.34	assays pending
Snuol	RC23SNU067	648,919	1,347,805	77	90	-53	141	48	49	1	1.60	0.50	101	2	327
Snuol	RC23SNU067	648,919	1,347,805	77	90	-53	141	58	59	1	2.02	5.90	324	163	1,055
Snuol	RC23SNU073	648,590	1,347,296	82	90	-55	128	32	34	2	1.15	5.15	243	147	582
Snuol	RC23SNU080	648,576	1,344,758	94	270	-55	152	87	88	1	2.01	assays pending

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Project Name	Hole Name	Easting IND60					End	From	To	Interval	Gold g/t	Silver	Copper	Lead	Zinc
			Northing				Depth
			IND60	RL	Azi	Dip
							(m)	(m)	(m)	(m)	(g/t)	(g/t)	ppm	ppm	ppm
Okvau Near Mine	RC23OKV476	694,393	1,397,844	144	360	-55	140	92	94	2	10.63	5.35	8,065	6	139
Okvau Near Mine	RC23OKV481	694,642	1,398,897	196	93	-55	104	37	45	8	1.87	0.06	322	4	38
Okvau Near Mine	RC23OKV483	694,740	1,399,029	190	360	-55	100	84	92	8	0.60	0.03	29	3	11
Okvau Near Mine	RC23OKV471	694,876	1,398,630	151	270	-55	132	89	96	7	0.59	4.86	7,261	6	71
Okvau Near Mine	including							89	90	2	1.16	6.18	14,325	5	127
Okvau Near Mine	RC23OKV477	694,395	1,397,920	140	360	-55	140	108	111	3	1.19	1.70	62	67	65
Okvau Near Mine	RC23OKV477	694,395	1,397,920	140	360	-55	140	117	122	5	0.72	0.76	51	43	96
Okvau Near Mine	RC23OKV521	694,826	1,397,067	142	315	-66	156	73	75	2	1.06	assays pending
Okvau Near Mine	RC23OKV524	694,933	1,397,180	146	315	-70	151	86	87	1	2.28	assays pending
Okvau Near Mine	RC23OKV528	695,440	1,396,892	159	360	-55	160	32	36	4	0.56	assays pending

Okvau UG	RCDD23OKV486	694,295	1,396,745	50	311	-83	309	102	113	11	5.93	0.18	128	4	37
Okvau UG	including							108	110	2	28.53	0.80	508	9	27
Okvau UG	RCDD23OKV494	694,478	1,396,419	140	312	-76	582	375	377	2	28.01	1.70	318	6	53
	RCDD23OKV494	694,478	1,396,419	140	312	-76	582	498	501	3	12.52	assays pending
Okvau UG	RCDD23OKV490	694,156	1,396,801	125	130	-79	639	604	612	8	4.23	4.18	1,331	69	84
Okvau UG	including							604	606	2	12.04	7.35	2,218	142	75
Okvau UG	RCDD23OKV486	694,295	1,396,745	50	311	-83	309	89	95	6	3.84	0.30	89	1	15
Okvau UG	including							89	90	1	17.35	1.40	320	2	46
Okvau UG	RCDD23OKV486	694,295	1,396,745	50	311	-83	309	221	228	7	2.96	0.50	713	7	28
Okvau UG	including							222	223	1	13.25	1.60	1,310	6	45
Okvau UG	RCDD23OKV492	694,596	1,396,451	159	306	-72	602	540	552	12	1.23	assays pending
Okvau UG	RCDD23OKV495	694,393	1,396,469	135	320	-69	390	93	96	3	4.22	assays pending
Okvau UG	RCDD23OKV494	694,478	1,396,419	140	312	-76	582	512	514	2	5.34	assays pending
Okvau UG	RCDD23OKV488	694,182	1,396,862	125	131	-79	405	44	48	4	2.02	assays pending
Okvau UG	RCDD23OKV494	694,478	1,396,419	140	312	-76	582	450	452	2	3.30	0.35	208	7	19
Okvau UG	RCDD23OKV490	694,156	1,396,801	125	130	-79	639	305	306	1	5.67	0.60	50	18	22
Okvau UG	RCDD23OKV490	694,156	1,396,801	125	130	-79	639	486	487	1	6.22	2.30	444	56	51
Okvau UG	RCDD23OKV490	694,156	1,396,801	125	130	-79	639	581	590	9	0.64	0.61	536	8	27
Okvau UG	RCDD23OKV486	694,295	1,396,745	50	311	-83	309	121	125	4	1.30	assays pending
Okvau UG	RCDD23OKV488	694,182	1,396,862	125	131	-79	405	165	166	1	5.32	0.10	119	5	53
Okvau UG	RCDD23OKV492	694,596	1,396,451	159	306	-72	602	474	475	1	4.84	assays pending

Appendix Four | JORC Code, 2012 Edition | ‘Table 1’ Report

Section 1 Sampling Techniques and Data from New Significant Intercepts Memot Prospect RC Drill Program

(Criteria in this section apply to all succeeding sections).

Criteria	JORC Code explanation	Commentary
Sampling techniques	• Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the	• Standards are inserted in sample batches to test laboratory performance. • For the recent drilling, reverse circulation (RC) drilling is used to collect both a 4m composite and 1m samples in the precollar. The 4m program composited are taken from the excess bagged material off the cone splitter taken every 1m. A spear sampling technique is then used to produce a 3-5kg composite sample. The 1m samples are split with a cone splitter at the drill rig to produce a 3-5kgsub-sample. These 1m samples are

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Criteria	JORC Code explanation	Commentary
	appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3kg was pulverised to produce a 30g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	submitted after the results of the 4m composites are received to identify the zones of mineralisation. • Diamond core was sampled using half-core where the core is cut in half down the longitudinal axis and sample intervals were determined by the geologist based on lithological contacts, with 80% of the sample intervals being 1 metre in length. In areas of no mineralised (negligible amounts of alteration/sulphides typically present with mineralisation) a 2m composite was submitted. • The Exploration drill samples preparation is carried out at a commercial off-site laboratory (ALS Phnom Penh). Gold assays are conducted at ALS Vientiane, Laos utilising a 50gram subsample of 85% passing 75µm pulped sample using Fire Assay with AAS finish on and Aqua Regia digest of the lead collection button. Multi- element assay is completed at ALS, Perth, Australia on a 1g pulp subsample digested by Aqua Regia and determined by ICP-AES or ICP-MS for lowest available detection for the respective element. • Historical drilling results in this ASX release refer to historical drilling records from OZ minerals completed in 2010. Historical RC drilling samples were through a cyclone on a 1 metre basis. The specific sub-sampling equipment utilised is not known and therefore representivity is not known. • Soil samples (approximately 1000g) are collected to avoid any surface contamination from shallow (generally +/-20-30cm deep) shovel holes to selectively sample pisolite bearing laterite soil material and are used to define areas of interest and mineralised system footprints. • Soil auger samples (approx. 500g) are collected from hand auger refusal depth in in-situ weathered bedrock (B/C horizon soil transition). The sample is sieved to collect a sample passing 2mm. Where transported material is not penetrated no sample is taken to avoid spurious anomalism in transported material and assist in confirming bedrock geology. This sampling is preferred to constrain areas of interest and/or drill targets. • Soil sample preparation is carried out at a commercial off-site laboratory (ALS Phnom Penh). Gold and multi- element assays are conducted at ALS Brisbane, Australia utilising a 50gram subsample of 85% passing 75µm pulped sample digested by Aqua Regia and analysed by ICP-MS. • Rock chip samples are collected as niche samples of rock material of specific style or character of interest. A target sample weight of 3-5kg is collected for assay. Sample preparation is carried out at a commercial off-site laboratory (ALS Phnom Penh). Gold assays are conducted at ALS Vientiane, Laos utilising a 50gram subsample of 85% passing 75µm pulped sample using Fire Assay with AAS finish on and Aqua Regia digest of the lead collection button. Multi-element assay is completed at ALS, Brisbane, Australia utilising a 4 acid digest of a 1g subsample of 85% passing 75µm pulped sample and determination by ICP-AES or ICP-MS for lowest available detection for the respective element. • Oxide matrix standards, field duplicates and pulp blanks are inserted in sample batches to test laboratory performance
Drilling techniques	• Drill type (eg core, reverse circulation, open- hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-samplingbit or other type,	• A track mounted UDR650 rig is used to drill 5.5-inch RC precollar holes and a LF90 rig is used to drill NQ2 Diamond Core. • Recent drilling used a REFLEX survey tool to survey hole deviation. A typical downhole surveywas taken at 12m
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Criteria	JORC Code explanation	Commentary
	whether core is oriented and if so, by what method, etc).	depth and then every 30m to the end of hole. Surveying of RC holes utilises 6m of stainless drill rod to negate the magnetic interference from the rod string and hammer assembly. All readings showed that down hole deviation was negligible.
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	• All RC 1m samples and sub-samples (pre- and post- split) are weighed at the rig, to check that there is adequate sample material for assay. Any wet or damp samples are noted and that information is recorded in the database; samples are usually dry. • The drilling results relate to historical sampling results. Drill recoveries are not known.
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged.	• All RC chips and diamond core is routinely logged (qualitatively) by a geologist, to record details of regolith (oxidation), lithology, structure, mineralisation and/or veining, and alteration. In addition, the magnetic susceptibility of all samples is routinely measured. All logging and sampling data are captured into a database, with appropriate validation and security features. • Standard field data are similarly recorded (qualitatively) routinely by a geologist for all soil sampling sites. • Emerald cannot verify the detail and full scope of the historical loggingfrom the available reports.
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.	• Most samples are dry and there is no likelihood of compromised results due to moisture. • All samples were prepared for assay at the NATA accredited ALS Cambodia sample preparation facility in Phnom Penh; and that facility has been inspected, at the request of the Company, numerous times and most recently by Mr Keith King in April 2022. Samples are dried for a minimum of 12 hours at 105˚C. • This sample technique is industry norm and is deemed appropriate for the material. • The historical data available to Emerald is such that Emerald cannot reliably confirm that the historical RC samples were dry and free of free of significant contamination. Emerald cannot specifically confirm that the RC drilling results have not been compromised due to excessive moisture of contamination. • The historical data available is such that Emerald cannot reliably confirm the specific subsampling techniques and sample preparation used to generate samples to be sent for assay. It is not known whether a subsample was retained as a geological record. • No review of historic sampling practices has been completed nor was possible from the data available to Emerald for this announcement.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometres, handheld XRF instruments, etc, the parametres used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	• All samples are sent to the NATA accredited ALS Laboratory in Vientiane, Laos, for single Aqua Regia digest with a 50g charge with an ICP-MS finish. Samples are sent to the similarly accredited ALS Lab in Brisbane, Australia and ALS Lab Perth, Australia, for multi-element ICP analysis, after partial extraction by aqua regia digest then via a combination of ICP-MS and ICP-AES. This method has a lower detection limit of 1ppm gold. • Industry-standard QAQC protocols are routinely followed for all sample batches sent for assay, which includes the insertion of commercially available pulp CRMs and pulp blanks into all batches - usually 1 of each for every 20 field samples. Additional blanks used are home-made from barren quarry basalt. QAQC data are routinely checked before any associated assay results are reviewed for interpretation,and any problems are

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Criteria	JORC Code explanation	Commentary
		investigated before results are released to the market - no issues were raised with the results reported here. • All assay data, including internal and external QAQC data and control charts of standard, replicate and duplicate assay results, are communicated electronically. • Drill samples for the historical results followed the above assaying methodology except the sample preparation occurred in the ALS Laboratoryin Vientiane,Laos.
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	• All field data associated with sampling, and all associated assay and analytical results, are archived in a relational database, with industry-standard verification protocols and security measures in place. • The calculations of all significant intercepts (for drill holes) are routinely checked by senior management. • All field data associated with drilling and sampling, and all associated assay and analytical results, are archived in a relational database, with industry-standard verification protocols and security measures in place. • Historical sampling and assay verification processes are unknown. • No sample recording procedures are known for reported data from historic drilling.
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	• Whilst, all sample locations are first surveyed with a hand-held GPS instrument (which generates relatively inaccurate RL values), not all samples were insitu. All locations are surveyed to IND60 or WGS84 as specified in Appendix Three. • Drill hole collar locations are first surveyed with a hand- held GPS instrument (which generates relatively inaccurate RL values). The locations of all holes used in Mineral Resource estimates are verified or amended by survey using a differential GPS by and external contractor with excellent accuracy in all dimensions using a local base station reference). • To date the newly reported collars of holes drilled have been picked up by a hand GPS. Although it is the intention to use a licenced surveyor with DGPS equipment to pick up the collars before any resource calculation. • Down-hole surveys are routinely undertaken at 30m intervals for all types of drilling, using a single-shot or multi-shot REFLEX survey tool (operated by the driller and checked bythe supervising geologist).
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	• This drill spacing is considered to be sufficient to establish geological and grade continuity appropriate for the declaration of estimates of resources.
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	• Drill holes are usually designed to intersect target structures with a “close-to-orthogonal” intercept. • Drilling has been done at various orientations. • Most of the drill holes intersect the mineralised zones at sufficient angle for the risk of significant sampling orientation bias to be low. • Soil sampling grids are of appropriate orientation to cover the observed mineralisation.
Sample security	• The measures taken to ensure sample security.	• The chain of custody for all drill samples from the drill rig and soil/auger samples from the field to the ALS Sample Preparation facilityin Phnom Penh is managed

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Criteria	JORC Code explanation	Commentary
		by Renaissance personnel. Drill samples are transported from the drill site to the Okvau exploration core farm, where they are logged and all samples are batched up for shipment to Phnom Penh. • Sample submission forms are sent to the ALS Sample Prep facility in paper form (with the samples themselves) and also as an electronic copy. Delivered samples are reconciled with the batch submission form prior to the commencement of any sample preparation. • ALS is responsible for shipping sample pulps from Phnom Penh to the analytical laboratories in Vientiane, Brisbane and Perth and all samples are tracked via their Global Enterprise Management System. • All bulk residues are stored permanently at the ALS laboratory in Vientiane. • No information is available regarding sample security procedures for the historical drillingresults reported.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• All QAQC data are reviewed routinely, batch by batch, and on a quarterly basis to conduct trend analyses, etc. Any issues arising are dealt with immediately and problems resolved before results are interpreted and/or reported. • Comprehensive QAQC audits have been conducted on this project by Duncan Hackman (August 2009, February 2010 & November 2011), SRK (February 2013) and Nola Hackman (January 2014), Wolfe (July 2015). • Mr Brett Gossage reviewed the data used in the Okvau Resource up to December 2016 and concluded that there are no concerns about data quality. • Keith King completed his most recent site visit and lab audit of the ALS Phnom Penh and Vientiane facilities in October 2023. • No review has been completed due to data availability for historical drilling.

Section 2 Reporting of Exploration Results from New Significant Intercepts Memot Prospect RC Drill Program

(Criteria listed in the preceding section also apply to this section)

Criteria	Explanation	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaininga licence to operate in the area.	• The Okvau and Memot licences are held (100%) in the name of Renaissance Minerals (Cambodia) Limited which is a wholly owned subsidiary of Emerald Resources NL. • The tenure is considered to be secure.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Exploration has been completed by previous explorers; Oxiana and Oz Minerals including soil sampling, geophysical data collection and drilling.
Geology	• Deposit type, geological setting and style of mineralisation.	• Gold occurrences within the licences is interpreted as either a “intrusion-related gold system” or “Porphyry” related mineralisation. Gold mineralization is hosted within quartz and/or sulphide veins and associated within or proximal distance to a Cretaceous age diorite.
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: -easting and northing of the drill hole collar; -elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar;	• Details of significant drilling in Appendix Three.

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Criteria	Explanation	Commentary
	-dip and azimuth of the hole; -down hole length and interception depth; -hole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.	• No high grade top cuts have been applied. • The reported significant intersections in Appendix Three are above 2 gram metre Au intersections and allow for up to 4m of internal dilution with a lower cut trigger values of greater than 0.5g/t Au. Cu significant intersections allow for up to 4m of internal dilution with a lower cut trigger values of greater than 2,000ppm Cu.
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	• All reported intersections are down hole lengths. True widths are unknown and vary depending on the orientation of target structures.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• Appropriate maps and sections are included in the body of this release.
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	• All significant drilling results being intersections with a minimum 2 gram metre values are reported in Appendix Three.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminatingsubstances.	• All mineralisation is associated with visible amounts of pyrrhotite or arsenopyrite.
Further work	• The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commerciallysensitive.	• Further drilling programs are being planned on additional nearby targets. • Additional drilling programs are being planned across all exploration licences.

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AI assistant

EMERALD RESOURCES NL — Merger & Acquisition 2023

64849_rns_2023-11-08_9971d9c3-abe4-4ebd-82be-9ef793bca9f9.pdf

SUPPLEMENTARY TARGET’S STATEMENT

1. IMPORTANT NOTICE

2. PURPOSE OF THIS SUPPLEMENTARY TARGET’S STATEMENT

3. OFFER UPDATE

(a) Section 7.13 – Takeovers Panel Proceedings

(b) Additional Information regarding Conditions

4. ADDITIONAL NEW INFORMATION RELATING TO BULLSEYE AND EMERALD

(a) Emerald Announcement

(b) Emerald admission to S&P/ASX 200 Index

(c)

Bullseye operational update – North Laverton Gold Project

(d) Emerald operations update – Okvau and Memot Projects

(e)

Facility Agreement

Dated 8 November 2023

ASX Announcement & Media Release

30 October 2023

Fast Facts

Significant Gold Exploration Results Continue at Bullseye, Memot and Okvau Gold Mine

Highlights

Board & Management

Company Highlights Team

Gold Production

Growth

ESG

The above results will be integrated into a resource update for the Boundary and Neptune prospects expected in early 2024.

Drilling continuing at Memot Gold Project, Cambodia (EMR 100%) Recent significant drill results from the infill resource drill program include:

Okvau Gold Mine (EMR 100%)

Ongoing extensional drilling at the Okvau Gold Mine continues to deliver significant gold mineralisation:

Registered Office

North Laverton Gold Project Resource Drill Program (Bullseye Mining Limited (EMR: ~76.5%))

North Laverton Project Historic Significant Intersections (Bullseye Mining Limited (EMR: ~76.5%))

Boundary[(1)] :-

Stirling[(1)] :-

Hurleys[(1)] :-

Neptune[(2)] :-

Neptune[(3)] :-

Bungarra[(1)] :-

Memot Project - Infill Resource Program (EMR 100%)

▪ 5m @ 15.36g/t Au from 210m including 1m @ 67.4g/t Au from 214m (DD23MMT136); ▪ 8m @ 1.16g/t Au from 268m (DD23MMT136); and

Near mine exploration - Okvau Gold Project (EMR 100%)

Figure 11 | Completed collars of the current near mine Okvau exploration drill program, plan view. (1) refer ASX announcement 4 July 2023, (2) refer Appendix Three

Snuol Project (EMR earning up to 70%) - RC Exploration Program

Figure 15 | Anchor prospect on the Snuol Licence, with historical and recent data including significant rock chips and drill results (refer ASX announcements Appendix Three, 30 March 2020, 30 October 2020 and 4 July 2023).

Antrong North and South Exploration Licences (EMR earning up to 80%)

Figure 16 | Antrong North and South Licence with historical and recent data including significant rock chips and drill results

For further information please contact Emerald Resources NL

Morgan Hart Managing Director

About Emerald Resources NL

Overview

Table 2 | Okvau Ore Reserve Estimate

Forward Looking Statement

Competent Persons Statements

No New Information

Section 2 Reporting of Exploration Results from Bungarra, Stirling, Hurleys, Neptune and Boundary Prospects

Section 1 Sampling Techniques and Data from New Significant Intercepts Memot Prospect RC Drill Program

Section 2 Reporting of Exploration Results from New Significant Intercepts Memot Prospect RC Drill Program

More from EMERALD RESOURCES NL

EMERALD RESOURCES NL Merger & Acquisition 2023