EMERALD RESOURCES NL — M&A Activity 2021

Dec 16, 2021

ASX Announcement & Media Release

17 December 2021

Fast Facts

ASX Code: EMR Shares on issue: 537,464,907 Market Cap: ~A$580 million Cash: A$15.4 million (at 30 September 2021)

Board & Management

Simon Lee AO, Non-Executive Chairman Morgan Hart, Managing Director Mick Evans, Executive Director Ross Stanley, Non-Executive Director Billie Slott, Non-Executive Director Mark Clements, Non-Executive Director and Company Secretary Bernie Cleary, Operations Manager Brett Dunnachie, Chief Financial Officer

Company Highlights

• First mover in an emerging gold province in Cambodia;

• Okvau Deposit: Indicated and Inferred Mineral Resource Estimate of 1.14Moz at 2.0g/t Au;

• Project built in 2021 on time on budget and now in production;

• Forecast economics demonstrates high grade, low cost, compelling project;

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Takeover Bid Update

Emerald Resources NL (ASX: EMR) ( Emerald ) refers to the Bidder’s Statement dated 8 December 2021 and offer in relation to its recommended off-market takeover bid for all of the issued shares of Bullseye Mining Limited ( Bullseye ) (that it does not already own) ( Offer ).

As at the date of this announcement, Emerald confirms that it now has a relevant interest in 31.8% of the 423,654,922 Bullseye shares currently on issue, comprising:

• 75,692,282 shares held directly by Emerald; and

• 59,155,215 shares pursuant to acceptances of the Offer by Bullseye shareholders.

Emerald will continue to keep the market updated as to the progress of the bid and status of the bid conditions, in line with its continuous disclosure and statutory obligations.

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

For further information please contact Emerald Resources NL

Morgan Hart Managing Director

• Ore Reserve of 14.3Mt & 2.0g/t Au for 0.9Mozs in a single open pit with waste:ore ratio of 5.8:1;

• LOM average annual production of 106,000ozs pa;

• AISC US$754/oz over LOM (at a US$1,450 gold price assumption);

• Mineral Investment Agreement governs significant tax and duty concessions for first 5 years and includes offshore arbitration process;

• Highly credentialed gold project operational and development team;

• Significant resource growth potential;

• 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 law by engaging and collaborating with all stakeholders.

Registered Office 1110 Hay Street West Perth WA 6005

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

W: www.emeraldresources.com.au