EMMERSON RESOURCES LIMITED — Capital/Financing Update 2019

Aug 13, 2019

14 August 2019

ASX Announcement

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Drilling to commence at both Tennant Creek for bonanza gold and in NSW for copper and gold

Tennant Creek – Mauretania bonanza gold

• Previous results from diamond drill hole MTDD003 of 20m at 38.5g/t gold from 92m has confirmed the tenor of the upper gold oxide zone and potential for similar results in step-out drilling.

• Deeper primary mineralisation remains open in all directions around previously reported 6m at 14.2g/t gold from 201m, including 3m at 25.1g/t gold from 203m (MTDD004).

• Program of approximately 1,000m of RC and diamond drilling aimed to step out from the oxide zone and test the down-plunge extent of primary mineralisation to begin in September 2019.

NSW – Whatling Hill

• Interpretation of recent 3D Induced Polarisation survey provides strong indicators to assist with testing the higher-grade core of the Whatling Hill porphyry copper-gold system.

• Approximately 1,500m of RC and diamond drilling is planned across a selection of targets, including drilling beneath high grade cobalt outcrops.

NSW - Kiola

• Previously reported high-grade copper and gold rock chip samples of up to 19.6% copper and 0.36g/t gold are now supported by results from trace element proximity indicators.

• A 3D Induced Polarisation geophysical survey will be completed within the next quarter to assist with future drill targeting.

Emmerson’s Managing Director, Rob Bills commented:

“Great progress continues across Emmerson’s portfolio of gold and copper-gold projects.

At Tennant Creek, the gold royalty model is gaining momentum with the refurbishment of the Warrego Mill by partner, Territory Resources, expected to be completed by the end of 2019. On the exploration front, Mauretania continues to show great promise for both open pit and underground development, where recent drilling has delineated shallow, exceptionally high-grade gold in the oxide zone plus deeper high-grade gold in the primary zone.

Emmerson Resources Limited ABN 53 117 086 745

t: +61 8 9381 7838 | e: admin@emmersonresources.com.au | w: www.emmersonresources.com.au 3 Kimberley St, West Leederville 6007 WA

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At NSW, the recent geophysical survey and trace element geochemistry from alteration minerals at Whatling Hill continues to support a further round of drilling, aimed at testing the core of the mineralisation where higher copper and gold grades are anticipated.

Similarly, for the Kiola project, where recent geochemistry at the Right-Hand Creek and Nasdaq areas has significantly upgraded the potential of an underlying porphyry copper-gold system – also supported by the highly elevated gold and copper rock chip samples. The next phase at this project will include an induced polarisation geophysical survey, which will likely be followed by drill testing.

Our systematic, science-based approach to exploration is providing a very high-quality portfolio of projects across the early-stage, copper-gold in NSW and more advanced, low risker risk late-stage projects in Tennant Creek.”

Emmerson is currently conducting exploration activities in its 100% owned Northern Project Area (NPA) at Tennant Creek where Emmerson’s first mine, Edna Beryl, is undergoing further development and dewatering by partner Territory Resources ahead of the resumption of mining.

The Southern Project Area (SPA) is subject to a $5m earn-in and potential JV with Territory Resources where they have the opportunity to earn up to a 75% interest. The SPA is also the subject of a Small Mines JV, whereby Territory Resources has the right to develop, mine and process high-grade gold from a number of mines and exploration targets. In exchange, Emmerson receives a low-risk gold royalty or share of the profits while not being directly exposed to operating costs (Figure 1).

In NSW, Emmerson is conducting early-stage exploration across seven projects, of which six are prospective for porphyry copper-gold and one (Sebastopol) is prospective for orogenic gold (Figure 2). Project rankings for Whatling Hill, Kiola and Wellington, have all recently been increased as a consequence of exploration results – with these projects, in particular, sharing many of the attributes of world-class Cadia Ridgeway and Northparkes deposits within the Lachlan Fold Belt.

Mauretania – Tennant Creek

Mauretania is located within the NPA and is 100% owned by Emmerson. Three holes for 476m of diamond drilling were completed in May 2019 (ASX: 11/06/2019) which returned a series of high-grade gold results from both the upper oxide zone and deeper primary mineralisation (ASX: 4/07/2019). Drilling is now being planned to better test the extent of the bonanza gold in the oxide zone and the primary mineralisation that remains open in all directions (Figure 3).

The first round of approximately 1,000m of reverse circulation (RC) and diamond drilling is planned to commence in September 2019 with initial results expected in October. The objective of this drill program is to advance our understanding of the grade distribution and extent, before ultimately adding it to our mining schedule.

In addition to this, The Northern Territory Department of Resources has accepted a Mineral Lease Application (ML32214) over the Mauretania Project paving the way for future mining.

Whatling Hill – NSW

Emmerson’s first pass drilling earlier this year at Whatling Hill intersected the outer zone of a porphyry copper system. Best assay results from this program were 8m at 0.4% copper, including 1m at 1.4% copper (ASX: 21/05/2019). This is within an area of little historical exploration and overlying shallow soil cover.

Analysis of the drill results, including alteration and trace element determinations, overlain with the interpretation of a recently completed geophysical (IP) survey has provided proximity indicators to the

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higher-grade core of the Whatling Hill porphyry mineralisation. The next round of drilling is aimed at testing the various proximity and geophysical vectors and will consist of approximately 1,500m of RC and diamond drilling (Figure 4).

Kiola - NSW

Kiola is currently Emerson’s next highest-ranked project in NSW, with recent “green rock” (epidote and chlorite) proximity indicators suggesting the presence of underlying porphyry copper mineralisation within a large 5km[2] area.

Previously announced anomalous rock chip samples of up to 19.6% copper and 0.36g/t gold (ASX: 14 June 2018), plus numerous historic copper workings provide additional support for high-grade copper and gold in the vicinity. In particular, the Right-Hand Creek prospect has widespread mineralisation and alteration at the surface yet seen no deep historic drilling (Figure 5).

Based on initial proximity indicators, the depth to the core of the porphyry copper-gold mineralisation is in the range of 350 to 400m but will be confirmed by a geophysical (IP) survey to be completed within the next quarter.

For further information, please contact:

Rob Bills

Managing Director and CEO E: rbills@emmersonresources.com.au T: +61 8 9381 7838

Media enquiries Michael Vaughan, Fivemark Partners E: michael.vaughan@fivemark.com.au T: +61 422 602 720

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Regulatory Information

The Company does not suggest that economic mineralisation is contained in the untested areas, the information contained relating to historical drilling records have been compiled, reviewed and verified as best as the Company was able. As outlined in this announcement the Company is planning further drilling programs to understand the geology, structure and potential of the untested areas. The Company cautions investors against using this announcement solely as a basis for investment decisions without regard for this disclaimer.

Competency Statement

The information in this report which relates to Tennant Creek Exploration Results is based on information compiled by Mr Steve Russell BSc, Applied Geology (Hons), MAIG, MSEG. Mr Russell is a Member of the Australian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 edition and the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Russell is a casual employee of the Company and consents to the inclusion in this report of the matters based on his information in the form and context in which it appears .

The information in this report which relates to NSW Projects Exploration Results is based on information compiled by Dr Ana Liza Cuison, MAIG, MSEG. Dr Cuison is a Member of the Australian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which she is undertaking to qualify as a Competent Person as defined in the 2004 edition and the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Cuison is a full-time employee of the Company and consents to the inclusion in this report of the matters based on her information in the form and context in which it appears.

Forward-Looking Statements

This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Emmerson Resources Limited’s planned exploration program and other statements that are not historical facts. When used in this document, the words such as "could," "plan," "expect," "intend," "may”, "potential," "should," and similar expressions are forward-looking statements. Although Emmerson believes that its expectations reflected in these forward- looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that further exploration will result in the estimation of a Mineral Resource.

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Figure 1: Location of Emmerson’s 100% owned package (blue), JV Area (pink), Warrego Mill (currently undergoing refurbishment) Edna Beryl (in production), plus other potential mines in the Territory Mining schedule (red dots). The above Mauretania exploration results were reported in ASX Announcements dated 11 June 2019 and 4 July 2019 and there is no new information or data that materially affects the information included in those previous announcements

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Figure 2 . Location of Emmerson’s NSW Projects (blue labels). The background is the regional magnetic image, with red indicating the various segments of the Macquarie Arc. Note the Fifield (EL8464) tenement contains the Whatling Hill project.

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Figure 3 : Mauritania Project - Location of proposed 2019 drill collars (yellow dots) on a background of gold geochemistry in ppm (colours), magnetics (greyscale).

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Figure 4: Location of the Whatling Hill prospect with proposed drill collars (magenta and cyan dots), assay results and drill collars from previous drilling (yellow and blue dots, with red call out boxes). Background contours are from the previously announced soil geochemistry, the IP geophysical survey (brown and magenta lines) and rock chip assays (red font), with peak assay results from the regolith (yellow call out boxes). The geochemical results were reported in ASX Announcements dated 8 August 2018 and 26 November 2018 and there is no new information or data that materially affects the information included in those previous announcements.

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Figure: 5 Kiola project showing the location of the Right-Hand Creek and Nasdaq projects plus age date, whole rock analysis and green rock samples (epidote and chlorite). Note the red outlines correspond to magnetic anomalies. The magenta lines are the proposed location of IP survey.

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