JAMESON RESOURCES LIMITED — AGM Information 2009

Nov 29, 2009

==> picture [318 x 109] intentionally omitted <==

AGM Presentation

30 November 2009

==> picture [150 x 101] intentionally omitted <==

==> picture [303 x 99] intentionally omitted <==

==> picture [136 x 99] intentionally omitted <==

==> picture [131 x 99] intentionally omitted <==

Disclaimer

==> picture [134 x 46] intentionally omitted <==

This document has been prepared as a summary only, and does not contain all information about the Company’s assets and liabilities, financial position and performance, profits and losses, prospects and the rights and liabilities attaching to the Company’s securities. This document should be read in conjunction with any public announcements and reports (including financial reports and disclosure documents) released by Jameson Resources Limited. The securities issued by the Company are considered speculative and there is no guarantee that they will make a return on the capital invested, that dividends will be paid on the Shares or that there will be an increase in the value of the Shares in the future.

Further details on risk factors associated with the Company’s operations and its securities are contained in the Company’s prospectuses and other relevant announcements to the Australian Stock Exchange.

Some of the statements contained in this release are forward‐looking statements. Forward looking statements include but are not limited to, statements concerning estimates of coal tonnages, expected costs, statements relating to the continued advancement of the Company’s projects and other statements which are not historical facts. When used in this document, and on other published information of the Company, the words such as “aim”, “could”, “estimate”, “expect”, “intend”, “may”, “potential”, “should” and similar expressions are forward‐looking statements.

Although the company believes that its expectations reflected in the forward‐looking statements are reasonable, such statements involve risk and uncertainties and no assurance can be given that actual results will be consistent with these forward‐looking statements. Various factors could cause actual results to differ from these forward‐looking statements include the potential that the Company’s projects may experience technical, geological, metallurgical and mechanical problems, changes in product prices and other risks not anticipated by the Company or disclosed in the Company’s published material.

The Company does not purport to give financial or investment advice. No account has been taken of the objectives, financial situation or needs of any recipient of this document. Recipients of this document should carefully consider whether the securities issued by the Company are an appropriate investment for them in light of their personal circumstances, including their financial and taxation position.

November 2009

2

Snapshot

==> picture [134 x 46] intentionally omitted <==

• Aiming to be the second largest export thermal coal producer in Western Canada

• Feasibility study to re‐commission existing Basin thermal coal mine nearing completion

• 123 million tonnes global resource base of export quality bituminous thermal / PCI coal

• Experienced Board of Directors with track record of active value creation

• Mining expected to recommence in late 2010 with production target between 500Ktpa and 1Mtpa

• Preliminary estimates support robust cash operating margin of approximately US$20 per tonne

• Interest expressed from potential domestic and overseas off‐take partners

• Actively seeking advanced thermal coal/PCI projects for future expansion

November 2009

3

Corporate Information

Capital Structure
Shares on Issue	62.7m
(following May Placement) Performance Shares(NWPC) Acquisition Shares(CEC) Unlisted Options(30/04/2010, 30/11/2010)	15.0m 14.8m 18.6m
Total Shares (Post Final Placement + Fully Diluted)	111.1m
Current Share Price	A$0.30
Market Capitalization	A$33.3m
Cash Position(end Sep Q 09)	A$2.9m
Shareholders Summary
SAS / NWPC Consortium	13.2%
Compliance Energy Corporation	12.0%
Top 40 Shareholders	64%

==> picture [134 x 46] intentionally omitted <==

==> picture [328 x 198] intentionally omitted <==

----- Start of picture text -----

12 Month Chart
0.70 2500
0.60
2000
0.50
1500
0.40
0.30
1000
0.20
500
0.10
0.00 0
Nov‐08 Jan‐09 Mar‐09 May‐09 Jul‐09 Sep‐09
Share Price ($ AUD) Daily Volume ('000s)
----- End of picture text -----

Daily Volume Share Price Board of Directors Mr Jeff Bennett Non Executive Chairman Mr John Holmes Executive Director Mr Art Palm Non Executive Director Mr David Prentice Non Executive Director Mr Stephen Anastos Non Executive Director

November 2009

4

Video Presentation

==> picture [134 x 46] intentionally omitted <==

==> picture [721 x 406] intentionally omitted <==

November 2009

5

Mine Location

==> picture [134 x 46] intentionally omitted <==

==> picture [419 x 420] intentionally omitted <==

November 2009

6

Historical Operations

Underground Mining undertaken from 1916 to 1940 and

• surface mining 1954 to 1957 along south extension of Basin resource

Compliance Energy Corporation undertook trial mining

• and production for proposed mine mouth power station from 2002 to 2006

• Existing wash plant facility and associated infrastructure

• � on care and maintenance

==> picture [134 x 46] intentionally omitted <==

==> picture [238 x 148] intentionally omitted <==

==> picture [241 x 154] intentionally omitted <==

==> picture [243 x 140] intentionally omitted <==

November 2009

7

Feasibility Study

==> picture [134 x 46] intentionally omitted <==

• Norwest nearing completion on expanded mine case study at optimised level of production

• Likely start up production target of between 500,000tpa and 1Mtpa

• Preliminary estimates support cash operating margin of approximately $US20 per tonne based on

• � 2011 futures contract pricing of thermal coal

• Mining expected to recommence late 2010 with full commercial production expected 2011

==> picture [276 x 92] intentionally omitted <==

==> picture [233 x 92] intentionally omitted <==

==> picture [221 x 92] intentionally omitted <==

==> picture [59 x 7] intentionally omitted <==

----- Start of picture text -----

November 2009
----- End of picture text -----

8

Exploration

Diamond drilling program completed in November � 2009

Total of 6HQ3 holes drilled to better define coal � quality in the northern extension of existing resource

Coal seam thickness correlated with the existing � resource model though ash levels increase to north

Exploration proposed to test Eastern half of Basin in � 2010

==> picture [134 x 46] intentionally omitted <==

==> picture [275 x 183] intentionally omitted <==

==> picture [274 x 179] intentionally omitted <==

November 2009

9

Resource

==> picture [134 x 46] intentionally omitted <==

==> picture [355 x 464] intentionally omitted <==

NI 43‐101 Resource Table (2009 –Resource Eye)
Measured / Indicated Resources 87.0 mt
Inferred Resources 36.7 mt
Total Resources 123.7 mt
Combined Seam Thickness 24.0m
Resource Strike 3.1km
Coal resource defined within the 17 metre
�
main seam and a 7 metre thick lower seam
� Reserves for start up currently being
estimated
� Significant exploration upside remains both
down dip and on eastern side of Basin

November 2009

10

Coal Quality

==> picture [134 x 46] intentionally omitted <==

Indicative Clean Coal Quality (as‐received) Coal Type High Volatile Bituminous C ‐ Thermal Calorific Value (a.d.b.) 6,090kcal/kg Total Moisture 10.8% Ash 12.5% Fixed Carbon 47.3% Volatile Matter 29.7% Sulphur 0.56% Hardgrove Grindability 49

==> picture [320 x 154] intentionally omitted <==

==> picture [319 x 151] intentionally omitted <==

• Export quality thermal coal 6090kcal/kg (a.d.b.) with 12.5% ash after washing and low sulphur

• Independent Expert has determined Basin Coal has potential as an enhancing component for a

• � PCI blended product

November 2009

11

Potential Mine Expansion

==> picture [134 x 46] intentionally omitted <==

==> picture [702 x 379] intentionally omitted <==

----- Start of picture text -----

Production Potential to 2015 Basin Coal Mine
1,500
Potential Expansion
1,250
Annual Production
1,000
750
500
250
0
2009 2010 2011 2012 2013 2014 2015
� Feasibility study for expanded mine case at optimised level of production anticipated Q1 2010
tonnes)
Annual Clean Coal Production (000's
----- End of picture text -----

• Recommencement of mining operation expected late 2010

November 2009

12

Haulage Route

==> picture [134 x 46] intentionally omitted <==

==> picture [721 x 293] intentionally omitted <==

----- Start of picture text -----

50km
Rail Load‐Out Options
� 2 independent rail networks
� Infrastructure & capacity
Westshore Terminals
� Train Haulage 157km Truck Haulage
� 5mtpa+ capacity � 52km forestry roads
� 60 km Highway
� Minimal upgrades required
----- End of picture text -----

• Basin is the closest coal project to the mainland Western Canadian ports; other coal mines are 900km+

• � from ports by rail

• Basin has access to established rail and port infrastructure for export to global coal markets

• Alternate road haulage route to rail load out via 52km forestry road and 60km of all weather highway

November 2009

13

Rail/Transport Infrastructure

==> picture [364 x 351] intentionally omitted <==

==> picture [134 x 46] intentionally omitted <==

• Advanced discussions underway with

• � preferred rail network to haul the coal from Hope to Vancouver.

• Haulage from the mine site to rail loadout

• � will be accomplished by 42 tonne B‐train trucks

• Existing infrastructure including logging

• � roads, and rail significantly reduces the capital cost for the recommencement and expansion of operations

November 2009

14

Basin Coal Marketing

==> picture [134 x 46] intentionally omitted <==

Potential Domestic Market		Potential International Market
Main Buyers	Lehigh, Lafarge	Main Buyers	Japan, S Korea
Haulage Options	Truck/Barge	Haulage Options	Truck/Rail/Barge
Port Options	Not required	Port Options	Westshore
Contract Type	Long Term	Contract Type	Spot/Long Term

• Prospective buyers of thermal coal include international utilities and local cement manufacturers

• Advanced discussions with potential domestic and international coal buyers

November 2009

15

Westshore Coal Terminal

==> picture [134 x 46] intentionally omitted <==

==> picture [398 x 256] intentionally omitted <==

Westshore Coal Terminal Annual Capacity 29mtpa Capacity Available Yes Berth One Vessel size 260,000 dwt 1x 7,000tph ship loader Berth Two Vessel size 150,000 dwt 1x 7,000tph ship loader Westshore is the largest North American coal export port and handles coal from Canada and USA

• Westshore Terminals is the largest coal port in North America

• Westshore terminals has expressed interest in providing port capacity for Basin’s coal

• Various other options for shipping are available including; barge loading; shipping to Texada Island for

• � export

November 2009

16

Increased Interest in Canadian Thermal Coal

==> picture [134 x 46] intentionally omitted <==

• [Australian coal shippers facing more port fee ] hikes

Ship queues at Newcastle have returned to

• nearly 40 and wait times are averaging 8 days ‐ 8 days more than the wait at Westshore

• Japanese and South Korean Coal traders have

• � expressed interest in diversifying their supply base to include more North American coals

==> picture [290 x 180] intentionally omitted <==

==> picture [295 x 186] intentionally omitted <==

November 2009

17

Thermal Coal Markets

==> picture [134 x 46] intentionally omitted <==

Coal Price Rise as Demand Returns and Supply Tightens

==> picture [585 x 234] intentionally omitted <==

----- Start of picture text -----

100.00
Newcastle China Newcastle Japanese Reference
90.00
80.00
70.00
60.00
50.00
Apr‐09 May‐09 Jun‐09 Jul‐09 Aug‐09 Sep‐09 Oct‐09 Nov‐09
FOB Price (USD/tonne)
----- End of picture text -----

• Infrastructure issues, particularly in Australia, have spurred talk of spot levels returning to

• � +US$100; Chinese domestic prices are already touching these levels

November 2009

18

Jameson’s Value

==> picture [134 x 46] intentionally omitted <==

Enterprise Value per Reserve Tonne

==> picture [704 x 277] intentionally omitted <==

----- Start of picture text -----

16
Producer Developer Explorer Average
14 13.57
12
10.28
10
8 7.57
6
4.45
4 3.31
2
1.22
1.01
0.13
0
GCL CCD WHC RIV CEY JAL NEC RES
EV/Reserve (A$/tonne)
----- End of picture text -----

• Based on estimated reserves, Jameson presents compelling value when compared to other industry

• � players

Using this as a metric, there is substantial upside potential as the Basin Project progresses

Note: *Gloucester Coal is in the process of being acquired by Noble Energy Group; Assumes Jameson’s initial reserve is 19 million tonnes; Data as of close of market 15 June 2009 (JAL – 38.5c)

• Data has been compiled by Capital Investment Partners

November 2009

19

Development Timeline

==> picture [134 x 46] intentionally omitted <==

Dec 2009	Reserve base for initial start up
Feb 2010	Completion of expanded mine feasibility study
Mar 2010	Production Decision
April 2010	Detailed Design
May 2010	Commence wash plant construction and contractor mobilisation
Nov 2010	Clean Coal Production

November 2009

20

Summary

==> picture [134 x 46] intentionally omitted <==

• Aiming to be the second largest export thermal coal producer in Western Canada

• Feasibility study to re‐commission existing Basin thermal coal mine nearing completion

• 123 million tonnes global resource base of export quality bituminous thermal / PCI coal

• Experienced Board of Directors with track record of active value creation

• Mining expected to recommence in late 2010 with production target between 500Ktpa and 1Mtpa

• Preliminary estimates support robust cash operating margin of approximately US$20 per tonne

• Interest expressed from potential domestic and overseas off‐take partners

• Actively seeking advanced thermal coal/PCI projects for future expansion

November 2009

21

==> picture [318 x 109] intentionally omitted <==

Level 2, 79 Hay Street Subiaco, WA +61 (8) 9200 4474

Suite 800, 1199 West Hastings St Vancouver, BC V6E 3T5 +1 (604) 687 2038

www.jamesonresources.com.au

==> picture [150 x 101] intentionally omitted <==

==> picture [303 x 99] intentionally omitted <==

==> picture [136 x 99] intentionally omitted <==

==> picture [131 x 99] intentionally omitted <==

22