JAMESON RESOURCES LIMITED — AGM Information 2022

Nov 27, 2022

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28 November 2022

Company Announcements Office Australian Stock Exchange Limited Level 40, Central Park 152-158 St Georges Terrace PERTH WA 6000

Jameson Resources Limited | Presentation to 2022 Annual General Meeting

Pursuant to Listing Rule 3.13.3, please find attached the Managing Director’s presentation to shareholders to be given at the Annual General Meeting commencing at 2.00 pm (Brisbane time) on 28 November 2022.

Authorised to be given to ASX by the Board of Jameson Resources Limited.

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Lisa Dalton Company Secretary

For further information, please contact: Michael Gray Managing Director Email: michaelgray@jamesonresources.com.au Phone: +61 417 736 461

www.jamesonresources.com.au

Jameson Resources Limited I ABN 89 126 398 294

Registered Office | Level 4, Deutsche Bank Place 126 Phillip Street, Sydney NSW 2000

Postal Address | PO Box 274, Ashgrove West, Brisbane QLD 4060

Email | admin@jamesonresources.com.au

Phone: |+61 8 9200 4473

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Jameson Resources Annual General Meeting 28 November 2022

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Managing Director’s Presentation Michael Gray

• Environmental Authority Application for the Crown Mountain Hard Coking Coal Project completed and submitted to the Impact Assessment Agency of Canada for review on 30 April 2022

• Environmental Authority Application process for British Columbia transitioned to 2018 Environmental Assessment Act

2022 Highlights

• Substantial progress in engagement and relationships with key Indigenous Nations and local and regional stakeholders

• Based on support from Indigenous Nations and demonstrated progress, the Impact Assessment Agency of Canada confirmed extension of the regulatory process to enable completion of the project EIS

• Post-COVID recovery of steel markets and lack of supply leads to unprecedented record pricing for high quality steelmaking coal

• Jameson secures strategic $10M placement from Oceltip Coal 1 & 2 for total 19.9% equity stake providing sufficient funding to continue progress of the approvals and permitting process for Crown Mountain

• Jameson continues to investigate acquisition options of other quality steelmaking coal assets that will support the company’s strategy of sustainable growth to maximise enterprise value

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About Jameson Resources

	•	Jameson is an ASX listed pure steelmaking coal	Share Capital
Sustainable growth to maximise	•	developer Primary focus is its flagship asset, the Crown Mountain Hard Coking Coal (HCC) Project	ASX ticker Share Price (25 Nov 2022)		JAL A$0.12
enterprise	•	Will consider other steelmaking coal opportunities	Shares Outstanding		391M
value		in developed countries that are development	Market Capitalisation	A$47.0M
		ready, or close to	Trading Range (3 month)	A$0.067 to	A$0.145
			Cash on Hand (25 Nov 2022)		$5.8M
ESG leadership key to success	• •	Engaging with all stakeholders to enable delivery of sustainable outcomes where possible Strong focus on reducing carbon intensity	Major shareholders Top 20 Shareholders		>70%
			Australian Super Pty Ltd		11.4%
			Tinkler Group		11.1%(1)
Experienced Board and management	• •	Greenfield coal project approvals, development and operation Extensive regulatory and First Nations engagement experience	Hillboi Nominees Pty Ltd Perth Investment Corporation Ltd Subsidiaries		5.2% 4.8%
team with	•	Project financing, capital markets and M&A	NWP Coal Canada Ltd(owns 90% Crown Mountain HCC Project)
proven track			• Jameson Resources	80%(2)
record			• Subsidiary of Bathurst Resources	20%(2)
			Dunlevy Energy Inc	100%

• (1) Tinkler Group will increase to 19.9% following second tranche placement of $5M in Feb 2023 (2) Bathurst also holds further 2.1% equity through Class B Preference Shares which would convert into ordinary shares of NWP upon the completion of the Tranche Two Option

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Responsibly supplying raw materials essential to improving people's lives...

Jameson Resources Crown Mountain - a new era in steelmaking coal

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	•	Steel:the critical enabler of a low carbon future - infrastructure, renewables, electric vehicles
The Right Product	• •	Steelmaking coal: unprecedented record prices due to declining production and lack of advanced greenfield projects Premium low-volatile hard coking coal: sought by global steelmakers to accelerate decarbonisation
		through increased blast furnace efficiency
		GREENHILLS
The Right	•	Low strip-ratio open-pit resource withattractive operating margins
Project	•	Small project footprint in self-contained catchment enables sustainable environmental management
	•	Greenfield Project in a Brownfield location
The Right	•	Direct access to existing established infrastructure with surplus capacity for exports
Location	•	Exports via Vancouver provide direct access to all key Asian markets including China
	•	British Columbia has transparent regulatory processes and Government supportive of mining
	•	Discrete catchment providing ability to recycle water, capture Selenium and control water quality
The Right ESG Strategy	• • •	Mine plan designed to enable accelerated rehabilitation from Year 2 of production Strategy to establish net environmental benefit through regional vegetation and habitat offsets Substantial opportunities for decarbonisation and reduction of Scope 1 and 2 GHG emissions through
		use of hydro electricity and utilisation of EVs and low-emission equipment options
	•	Bankable Feasibility Study completed - July 2020, optimized Aug 2021 (NPV10 US$469 million pre-tax)
The Right	•	Commitment to meaningful engagement and detailed assessment of cumulative effects
Progress	•	Comprehensive Environmental Authority (EA) Application completed and submitted April 2022 to
		Impact Assessment Agency of Canada (IAAC) for review
	•	Jameson Board with substantial track record and value creation in successful greenfield coal
The Right		development, financing and operations
Team	•	Management team in Australia and Canada with extensive experience in regulatory processes,
		indigenous and stakeholder engagement and project development

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Crown Mountain HCC Project – the most advanced steelmaking coal project in Canada

IEA – Coal 2020

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Crown Mountain – progressing key regulatory milestones

ü March 2022 Comprehensive Environmental Assessment (EA) Application completed

While other ü April 2022 EA/EIS submitted to Impact Assessment Agency of Canada (IAAC) for review development projects in Alberta, Northeast ü April 2022 Transitioned to new British Columbia Environment Assessment Act based on BC and Australia have support from key Indigenous Nations been abandoned, ü June 2022 British Columbia Environmental Assessment Office (BC EAO) issued draft stalled or delayed due Transition Order which endorses EA process completed to date and confirms to regulatory hurdles process for completion of environmental assessment. and policy changes, ü August 2022 Based on successful progress of assessment process and support from key the Crown Mountain Indigenous Nations, IAAC confirmed extension to existing approval process to Project continues to enable completion of environmental assessment consistently progress ü through key regulatory August 2022 IAAC commences Conformity Review of EIS milestones • Mar Qtr 2023 Public Technical Review of EA/EIS commences

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– Steel the critical enabler of a low carbon future

• Steel will be the foundation on which the transition to a lower carbon future will be built

• All decarbonisation technologies create substantial increased demand for materials. While focus has been on copper and battery minerals, the greatest demand across all technologies is increased steel consumption[(1)]

• To achieve transition to meet committed 2050 net zero targets, IRENA (International Renewable Energy Agency) estimates a total investment of more than US$110 trillion in hydro, wind, solar and transmission networks with resulting substantial increase in global steel demand

• The supply of steelmaking raw materials with a lower emission intensity is a major challenge to the steel industry

• The decline and depletion of existing steelmaking coal mines demands the development of new supply of premium steelmaking coal, produced in a sustainable manner and with alower emissionsfootprint

• The Crown Mountain Hard Coking Coal Project location and layout provides substantial opportunities for decarbonisation to reduce Scope 1 and 2 GHG emissions compared with historical and planned steelmaking coal production.

• Decarbonisation opportunities include:

• Use of hydro-generated electricity

• Adoption of Electricmobile equipment and use of regenerative braking

• Use of hyperbariccoal drying rather instead of thermal (gas-fired) drying

(1) The role of critical minerals in energy transition. IEA2021 (2) World Energy Transitions Outlook 2022 IRENA,

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Jameson is seeking to lead a new era for future sustainable steelmaking coal production

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Steelmaking Coal – Right Product Continued Demand and Uncertain Supply

• Global demand for steel is projected to increase by more than a third through to 2050[(1)]

• Global prices now at historically high levels due to high demand and reduced supply. Forward price curves indicate long run HCC Price of >USD200/tonne

• The decline and depletion of existing steelmaking coal mines demands the development of new supply of premium steelmaking coal, produced in a sustainable manner and with a lower emissions footprint

• “Without the addition of confirmed and unconfirmed greenfield and brownfield projects, there will be a significant gap to steelmaking coal demand between 2025 and 2030”

(Teck May 2022)

• Seaborne HCC demand is expected to remain resilient due to steel demand growth in regions that rely on lower cost seaborne hard coking coal (HCC) imports (e.g., India and South-East Asia) for blast furnace steelmaking.

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Global Seaborne Steelmaking Coal Exports
(2013-21)
400
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100
0
2013 2014 2015 2016 2017 2018 2019 2020 2021
CAN AUS RUS USA CHN Other
Seaborne Steelmaking Coal Price
800
600
400
200
0
Annual Exports (Mt)
(USD/tonne)
FOB Coal Price
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
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(1) IEA (2020), Iron and Steel Technology Roadmap

Continued high demand and diminishing supply to support steelmaking coal production

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Crown Mountain – Right Project

• Shallow open pit development – North, East and South pits

• Life of mine (LOM)

15 years

o Product mix:

• 86% HCC/14% PCI

• Years 1-4: clean coal production:

2.3 Mtpa

o LOM average clean coal production:

• 1.95 Mtpa

• Years 1-5: clean coal strip ratio 7.2:1

• LOM clean coal strip ratio: 9.5:1

(refer Competent Person Statement)

• Coal Handling and Preparation Plant (CHPP) located in close proximity to the North Pit

• Clean coal conveyed ~3km from CHPP to Truck Loadout Bin

• Clean Coal then hauled ~15 kms to the Train Loadout Facility and Clean Coal Stockpile adjacent to Canadian Pacific’s existing rail line

• Coal will then be railed approximately 1,200km to the preferred Westshore Terminal in Vancouver, for global export.

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Crown Mountain is an open pit project with an average LOM clean strip ratio of 9.5:1

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Crown Mountain – Right Location

TECK – Fording River Mine TECK – Green Hills Mine

TECK – Line Creek Mine

Crown Mountain Project

TECK – Elkford Mine

Greenfield Project - Brownfield Location

• Located within the established Elk Valley steelmaking coalfields, home to Teck - the world’s #2 steelmaking

• GREENHILL coal exporter behind BHP S • The Elk Valley mines have been operating for >40 years and have established a market position for premium hard coking coal with leading Asian steelmakers

• • British Columbia Provincial Government is supportive of the mining industry and has established a transparent regulatory system to enable comprehensive impact assessment and environmental management of projects

• • The Elk Valley is home to experienced and skilled workforce, major equipment suppliers, maintenance providers and communities supportive of resource development

• • Located immediately adjacent to established rail infrastructure with direct access to Canada’s west coast ports and access to renewable electricity

• • Total footprint of Crown Mountain disturbance approx. 850 hectares, being less than 5% of the footprint of Teck existing operations and mine plan designed to enable accelerated rehabilitation from Year 2 of production.

• British Columbia Alberta

The Elk Valley mines have been operating for >40 years and have established a market position for premium hard coking coal with leading Asian steelmakers

British Columbia Provincial Government is supportive of the mining industry and has established a transparent regulatory system to enable comprehensive impact assessment and environmental management of projects

The Elk Valley is home to experienced and skilled workforce, major equipment suppliers, maintenance providers and communities supportive of resource development

Located immediately adjacent to established rail infrastructure with direct access to Canada’s west coast ports and access to renewable electricity

Total footprint of Crown Mountain disturbance approx. 850 hectares, being less than 5% of the footprint of Teck existing operations and mine plan designed to enable accelerated rehabilitation from Year 2 of production.

Source: Google Earth

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Crown Mountain – a greenfield project in a brownfield area

IEA – Coal 2020

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… reflecting a new era for ESG in steelmaking coal Right ESG Strategy

Crown Mountain has been designed to represent a new standard in environmental management.

Key features:

• Cumulative Effects Assessment and commitment to strict environmental licence conditions and offsets ensures the project’s contribution to existing cumulative effects in the Elk Valley is essentially unmeasurable

• Active engagement and involvement of Indigenous Nations in project assessment and monitoring

• Layer cake waste dump design to provide permanent source control of Selenium. No ongoing management required or legacy issues following mine closure

• Shallow coal seams ensures that less waste rock minimising total disturbance area

• No Tailings Dam – dry tailings and coarse coal reject are placed in overburden dump as part of layer cake design

• Hyperbaric Drying – excess moisture is removed from product coal via hyperbaric drying reducing need for gas-fired thermal drying as used in existing Canadian mines

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Engagement with stakeholders through EA development enables all studies and modelling are understood and all design options for environmental management and mitigation are considered

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Environmental Assessment Application Submitted for Review

• Comprehensive environmental assessment (EA) study undertaken over four years based on EIS Guidelines issued by the Impact Assessment Agency of Canada (IAAC) and Application Information Requirements issued by the British Columbia Environmental Assessment Office (EAO)

• Study included detailed technical studies of existing environment and effects assessment and development of management and mitigation plans

• Detailed and ongoing engagement with Indigenous Nations and other key stakeholders

• Comprehensive EA Application/Environmental Impact Study submitted to IAAC in April 2022 and now subject to Completeness and Conformity Review before commencement of public and technical review by both IAAC and EAO

• Jameson will provide updated project schedule following commencement of technical and public review of EA Application

• Jameson adopting prudent approach to project development and does not propose to commit pre-development capital until after environmental and permitting approvals.

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Jameson Resources Crown Mountain - a new era in steelmaking coal

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• The Right • Steel - critical for economic development and enabler of a low carbon future Product • Steelmaking coal - demand growth and diminishing supply GREENHILLS

• The Right • Low strip-ratio open-pit resource with attractive operating margins Project • Premium hard coking coal – the key to increased blast furnace efficiency

• The Right • Greenfield Project in a brownfield area Location • Direct access to existing established infrastructure • Permanent source control of Selenium through layer cake dump design

• The Right • Strategy to establish net environmental benefit through habitat offsets

• ESG Strategy • Accelerated rehabilitation from Year 2 of production The Right • Bankable Feasibility Study completed July 2020 Progress • Comprehensive EA/EIS completed & submitted to Federal Regulators Apr 2022

• The Right • JAL Management and Board have substantial track record in regulatory Team processes, stakeholder engagement, development, financing and operations

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Crown Mountain HCC Project – the most advanced steelmaking coal project in Canada

IEA – Coal 2020

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Disclaimer

DISCLAIMER

This presentation has been prepared by the Company based on information from its own and third party sources and is not a disclosure document. No party other than the Company has authorised or caused the issue, lodgement, submission, despatch or provision of this presentation, or takes any responsibility for, or makes or purports to make any statements, representations or undertakings in this presentation.

Except for any liability that cannot be excluded by law, the Company and its related bodies corporate, directors, employees, servants, advisers and agents (together, Affiliates ) disclaim and accept no responsibility or liability for any expenses, losses, damages or costs incurred by you relating in any way to this presentation including, without limitation, the information contained in or provided in connection with it, any errors or omissions from it however caused, lack of accuracy, completeness, currency or reliability or you or any other person placing any reliance on this presentation, its accuracy, completeness, currency or reliability.

This presentation is not a prospectus, disclosure document or other offering document under Australian law or under any other law. It is provided for information purposes and is not an invitation nor offer of shares or recommendation for subscription, purchase or sale in any jurisdiction. This presentation does not purport to contain all the information that a prospective investor may require in connection with any potential investment in the Company. Each recipient must make its own independent assessment of the Company before acquiring any shares in the Company.

NOT INVESTMENT ADVICE

Each recipient of the presentation should make its own enquiries and investigations regarding all information in this presentation including but not limited to the assumptions, uncertainties and contingencies which may affect future operations of the Company and the impact that different future outcomes might have on the Company. Information in this presentation is not intended to be relied upon as advice to investors or potential investors and has been prepared without taking account of any person’s individual investment objectives, financial situation or particular needs. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own investment objectives, financial situation and needs and seek legal, accounting and taxation advice appropriate to their jurisdiction. The Company is not licensed to provide financial product advice in respect of its securities.

INVESTMENT RISK

There are a number of risks specific to the Company and of a general nature which may affect the future operating and financial performance of the Company and the value of an investment in the Company, including and not limited to the Company's capital requirements, the potential for shareholders to be diluted, risks associated with the reporting of resources estimates, budget risks, underwriting risk, risks associated with the COVID-19 pandemic and operational risk. An investment in new shares is subject to known and unknown risks, some of which are beyond the control of the Company. The Company does not guarantee any particular rate of return or the performance of the Company

FINANCIAL DATA

All dollar values are in Australian dollars (A$ or AUD) unless otherwise stated. The information contained in this presentation may not necessarily be in statutory format. Amounts, totals and change percentages are calculated on whole numbers and not the rounded amounts presented.

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Disclaimer

FORWARD LOOKING STATEMENTS

This presentation contains forward-looking statements. Wherever possible, words such as “intends”, “expects”, “scheduled”, “estimates”, “anticipates”, “believes”, and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, have been used to identify these forward-looking statements. Although the forward-looking statements contained in this release reflect management’s current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, the Company cannot be certain that actual results will be consistent with these forward-looking statements. A number of factors could cause events and achievements to differ materially from the results expressed or implied in the forwardlooking statements. These factors should be considered carefully and prospective investors should not place undue reliance on the forward-looking statements. Forward-looking statements necessarily involve significant known and unknown risks, assumptions and uncertainties that may cause the Company's actual results, events, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be anticipated, estimated or intended, including those risk factors discussed in the Company’s public filings. There can be no assurance that the forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, prospective investors should not place undue reliance on forward-looking statements. Any forward-looking statements are made as of the date of this presentation, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, unless otherwise required by law. This presentation may contain certain forward looking statements and projections regarding:

• estimated resources and reserves;

• planned production and operating costs profiles;

• planned capital requirements; and

• planned strategies and corporate objectives.

The Company does not make any representations and provides no warranties concerning the accuracy of the projections, and disclaims any obligation to update or revise any forward looking statements/projects based on new information, future events or otherwise except to the extent required by applicable laws.

NO NEW INFORMATION OR DATA

Mineral Resource Estimate, Mineral Reserve Estimate and Bankable Feasibility Study Results

The information in this presentation relating to the Mineral Resource Estimate, Mineral Reserve Estimate, Bankable Feasibility Study Results and Yield Optimisation Study Results of the Company’s Crown Mountain Coal Project are extracted from the ASX Release entitled “Crown Mountain Bankable Feasibility Study” announced on 9 July 2020 and ASX Release entitled Yield Optimisation Results announced on 13 August 2021 is available to view on the ASX website (ASX:JAL), and the Company's website. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, that all material assumptions and technical parameters underpinning the resource and reserve estimates and bankable feasibility study results in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

Coal Quality and Exploration Results

The information in this presentation relating to the Coal Quality and Exploration Results on the Company’s Crown Mountain Coal Project is extracted from the ASX Releases entitled “Crown Mountain Coal/Coke Testing Program Complete: Hard Coking Coal Confirmed (Updated)” announced on 2 August 2019, and “Additional Testing Confirms Crown Mountain as Premium Hard Coking Coal” announced on 23 April 2019, and are available to view on the ASX website (ASX:JAL), and the Company's website. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, that all material assumptions and technical parameters underpinning the coal quality and exploration results in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

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