JAMESON RESOURCES LIMITED — AGM Information 2023

Nov 26, 2023

==> picture [457 x 32] intentionally omitted <==

==> picture [119 x 32] intentionally omitted <==

27 November 2023

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

Jameson Resources Limited | Presentation to 2023 Annual General Meeting

Pursuant to Listing Rule 3.13.3, please find attached the Chairman’s and Managing Director’s presentation to shareholders to be given at the Annual General Meeting commencing at 10.00 am (Brisbane time) on 27 November 2023.

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

==> picture [117 x 41] intentionally omitted <==

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

Jameson Resources Limited 2023 Annual General Meeting | 27 November 2023 Chairman’s Address

==> picture [98 x 26] intentionally omitted <==

==> picture [452 x 255] intentionally omitted <==

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

Welcome to
Jameson’s
2023 AGM
Nicole Hollows
----- End of picture text -----

Good morning Ladies and Gentlemen, my name is Nicole Hollows and I am the Chairman of Jameson Resources Limited. I will chair today’s Annual General Meeting.

I would like to begin by acknowledging the traditional owners of the lands on which we meet including the First Nations of British Columbia and pay my respects to their elders, past

On behalf of the Board of Directors, I welcome you to the 2023 Annual General Meeting. In addition to those participating virtually in the meeting, shareholders, represented by proxy have also voted and based on the number of voting members in attendance, I declare a quorum for this meeting.

This meeting is being webcast live and a copy of its recording will be available on our website after the meeting.

Page 1 of 20

Jameson Resources Limited 2023 Annual General Meeting | 27 November 2023 Chairman’s Address

==> picture [98 x 26] intentionally omitted <==

Welcome and Introductions

==> picture [78 x 86] intentionally omitted <==

==> picture [77 x 84] intentionally omitted <==

==> picture [78 x 86] intentionally omitted <==

==> picture [78 x 86] intentionally omitted <==

==> picture [314 x 18] intentionally omitted <==

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

Nicole Hollows Michael Gray Joel Nicholls Steven van Barneveld
Chairman Managing Director Non-Executive Director Non-Executive Director
----- End of picture text -----

==> picture [55 x 15] intentionally omitted <==

I would like to introduce the Directors of Jameson.

The full details of their background and experience are included in the Annual Report and on the Company website.

• Michael Gray, Managing Director

• Joel Nicholls , Non-Executive Director, and

• Steven van Barneveld , Non-Executive Director

We also have Lisa Dalton , our Company Secretary.

I would also like to welcome Marcus Ohm the audit partner at HLB Mann Judd who are the Company’s auditors joining us from Perth.

Finally, welcome to Imesha Fernando , our client relationship partner from Automic, the Company’s share registry.

Page 2 of 20

Jameson Resources Limited 2023 Annual General Meeting | 27 November 2023 Chairman’s Address

==> picture [98 x 26] intentionally omitted <==

==> picture [452 x 255] intentionally omitted <==

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

Chairman’s
Address
Nicole Hollows
----- End of picture text -----

Ladies and Gentlemen, I would like to begin by acknowledging that the regulatory approval process has and is taking time to obtain the relevant approvals.

The Board and management are fully committed to delivering for shareholders and working collaboratively with all stakeholders and regulators to achieve Crown Mountain environmental approvals and in parallel with this process, will look to improve the project economics and continue to look at potential opportunities for future growth.

Michael will shortly take you through his presentation, reflecting that Crown Mountain provides Jameson and its shareholders with a project that has the:

• right project with robust economics

• in the right location within an existing operating steel making coal mine region,

• with the right product, underpinned by robust LT demand and diminishing supply

• Right ESG strategy and process, which the Board takes very seriously. An example of this, is the Audit Risk committee evolving into the Audit, Risk and Sustainability Committee during the year.

I would like to thank Michael and his management team, and my fellow directors for their efforts over the past 12 months. I would also like to thank our shareholders for their support this year.

Page 3 of 20

Jameson Resources Limited 2023 Annual General Meeting | 27 November 2023 Managing Director’s Address

==> picture [452 x 255] intentionally omitted <==

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

Managing
Director’s
Presentation
Michael Gray
----- End of picture text -----

Shareholders – it is a pleasure to provide an overview of the progress that the Company has made in the last twelve months.

It has been a year of challenges for development projects in all jurisdictions but I’m pleased to report that despite those challenges, the Company continues to make substantial progress towards development of the Crown Mountain Hard Coking Coal Project.

With this progress and with the challenges faced by other development projects, we continue to see Crown Mountain as the most advanced premium steelmaking coal project not just in Canada but across other key supplier locations.

Page 4 of 20

Jameson Resources Limited 2023 Annual General Meeting | 27 November 2023 Managing Director’s Address

About Jameson Resources

==> picture [439 x 217] intentionally omitted <==

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

• Jameson is an ASX listed pure steelmaking coal Share Capital
Sustainable developer ASX ticker JAL
growth to • Primary focus is its flagship asset, the Crown Share Price (6 Oct 2023) A$0.051
maximise Mountain Hard Coking Coal (HCC) Project
enterprise • Actively considering steelmaking coal Shares Outstanding 391M
value opportunities in developed countries that are Market Capitalisation A$19.9M
development ready, or close to Cash on Hand (30 Sep 2023) $1.4M
• Engaging with all stakeholders to enable delivery Major shareholders
ESG leadership of sustainable outcomes where possible Top 40 Shareholders 82.6%
key to success • Strong focus on reducing carbon intensity • Oceltip 1 & 2 11.1%
• Australian Super Pty Ltd 5.8%
• Greenfield coal project approvals, development • Hillboi Nominees Pty Ltd 5.2%
Experienced Board and • and operationExtensive regulatory and First Nations • Perth Investment Corporation 4.8%
management engagement experience Subsidiaries
team with • Project financing, capital markets and M&A NWP Coal Canada Ltd (owns 90% Crown Mountain HCC Project)
proven track • Jameson Resources 80%
record • Subsidiary of Bathurst Resources 20%
Dunlevy Energy Inc 100%
Responsibly supplying raw materials essential to improving people's lives...
----- End of picture text -----

The fundamentals of the company remain the same over the last 12 months.

While the primary focus remains of progress of Crown Mountain, we have considered a number of merger and acquisition opportunities which could complement Crown Mountain and add value to shareholders.

To date, we have not identified any opportunity which we consider is worthwhile or at a value which is beneficial to increasing overall shareholder value, and we will continue to assess potential opportunities as they arise.

Over the last twelve months, the share price has unfortunately declined in line with market conditions for development projects. We note that decline has been based on very limited volume and we recognise the continued support of the substantial majority of shareholders who have maintained equity positions in the company.

Page 5 of 20

Jameson Resources Limited 2023 Annual General Meeting | 27 November 2023 Managing Director’s Address

• Right Product Steelmaking Coal Unprecedented Demand and Diminishing Supply

==> picture [434 x 191] intentionally omitted <==

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

• Over the last 2 years, global prices have been at unprecedented levels Global Seaborne Steelmaking Coal Exports
and forward curves indicate long run HCC Price of >USD200/tonne (2013-22)
• The decline and depletion of existing steelmaking coal mines demands the 400
development of new supply of premium steelmaking coal, produced in a 300
sustainable manner and with a lower emissions footprint
200
• Global demand for steel is projected to increase by more than a third
through to 2050 [(1)] 100
• Steel production and demand at record levels due to global post-Covid 0
infrastructure and construction investment 2013 2014 2015 2016 2017 2018 2019 2020 2021
CAN AUS RUS USA CHN Other
• Zero growth in global steelmaking coal supply since 2013 due to:
o declining production in existing operations
Aus Prime Low-Vol Coking Coal Price
o greenfieldinability to secure funding, high capital and/ or operating costsprojects being delayed or abandoned by proponents due to 800700
o only growth in supply was from Russia and now subject to formal and 600
informal sanctions from steelmakers 500
o delayed progress of greenfield projects due to uncertainty over regulatory 400
environment (Alberta), community opposition (Australia). 300
200
• To meet steel demand in 2050, there is a need for 128 Mt of new 100
annual HCC capacity [(2)] 02012 2013 2014 2016 2017 2019 2020 2021 2023 2024
(1) IEA (2020), Iron and Steel Technology Roadmap
(2) Wood Mackenzie Met Coal Outlook Oct 2023
Annual Exports (Mt)
Aus PLV HCC (USD/t)
----- End of picture text -----

==> picture [55 x 15] intentionally omitted <==

Unprecedented demand and diminishing supply to support steelmaking coal production

Before discussion on the specific progress of Crown Mountain, I’d like to discuss some fundamentals of the steel market and the impact on demand for global seaborne steelmaking coal.

Over the last two years with the recovery of global and acceleration of steel production, limited supply of steelmaking coal has led to unprecedented high prices.

Globally, since 2013 there has been zero growth in seaborne steelmaking coal supply compared with an increase in demand due to increased steel production.

At the recent Canadian Coal Conference in Vancouver, Wood Mackenzie noted that in order to meet demand for steel production and replace depleting mines, there will need to be 128Mtpa of new steelmaking coal production capacity by 2050.

The opportunity of participating in part of developing that 128MT of required new production capacity, is the clear focus of Jameson Resources.

Page 6 of 20

Jameson Resources Limited 2023 Annual General Meeting | 27 November 2023 Managing Director’s Address

Steel – essential for growth and decarbonisation

==> picture [415 x 193] intentionally omitted <==

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

Global Metal Production 2022 • Blast Furnace technology is responsible for more than 70% of
2,000 1,898 global steel production (and more than 75% of Asian steel
1,800 production, the fastest growing region)
1,6001,4001,200 • There are currently no economically or technically viable replacements for the use of steelmaking coal in blast furnaces:
1,000 o Green H2 Steel – technical, cost and scale issues and
800 requires exponential development of renewal energy in
600 addition to that require d to replace existing energy
400 generation. The IEA estimates Green Steel likely <5% of steel
200 68 22 13 5 3 production in 2050
0
Steel Al Cu Zn Pb Ni o DRI/EAF – limited volume of scrap steel (particularly in Asia).
Source: World Steel Association 2023 Limitations of use for high quality steel production due to
impurities in scrap steel.
Steel is essential for economic growth and the transition to a low carbon
environment
• Essential for continued urbanisation and lifting global living standards Steel Production – Blast Furnace
• Enables the transition to renewable energy and net zero economy To produce 1,000 kg of crude steel requires the following inputs:
• Critical for infrastructure development, including that required to support • 1,370 kg of iron ore
electrification and decarbonisation • 780 kg of steelmaking coal
• Ideally suited to the circular economy – steel is the most recyclable of all •• 270kg of limestone125kg of scrap steel
major industrial materials (>90% recycle rate) Arcelor Mittal 2023
Annual Production (Mt)
----- End of picture text -----

==> picture [55 x 15] intentionally omitted <==

==> picture [281 x 17] intentionally omitted <==

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

Global demand for steel is projected to increase by more than a third through to 2050
World Economic Forum 2022
----- End of picture text -----

This demand for steelmaking coal is not inconsistent with the global trend of economies seeking to decarbonise.

Steel is essential for economic growth and the transition to a low carbon environment

• Essential for continued urbanisation and lifting global living standards

• Enables the transition to renewable energy and net zero economy

• Critical for infrastructure development, including that required to support electrification and decarbonisation

• Ideally suited to the circular economy – steel is the most recyclable of all major industrial materials (>90% recycle rate) Arcelor Mittal 2023

Page 7 of 20

Jameson Resources Limited 2023 Annual General Meeting | 27 November 2023 Managing Director’s Address

Steel – the critical enabler of decarbonisation

==> picture [427 x 211] intentionally omitted <==

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

• Steel will be the foundation on which the transition to a lower carbon
future will be built given 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 i ncreased steel consumption [(1)]
• Boston Consulting Group concluded that CO2 emissions reductions
enabled by steel outweigh emissions from steel production by 6 to 1 [(2)]
(1) The role of critical minerals in energy transition. IEA2021,
(2) “Steel Contribution to Low-Carbon Europe 2050” BCG
“To reduce CO2 emissions and secure stable
and efficient iron production, it is essential to
procure high quality steelmaking coal supply”
Nippon Steel Nov 2023 Source: World Steel Association 20210
Global demand for steel is projected to increase by more than a third through to 2050
World Economic Forum 2022
----- End of picture text -----

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

Boston Consulting Group concluded that CO2 emissions reductions enabled by steel, outweigh emissions from steel production by 6 to 1[2]

This situation has been highlighted most clearly by Nippon Steel, Japan’s largest steelmaker, in its announcement regarding its investment decision in Teck’s Elk Valley operations.

In that announcement, Nippon Steel advised: “To reduce CO2 emissions and secure stable and efficient iron production, it is essential to procure high quality steelmaking coal supply”

1 The role of critical minerals in energy transition. IEA2021,

2 “Steel Contribution to Low-Carbon Europe 2050” BCG

Page 8 of 20

Jameson Resources Limited 2023 Annual General Meeting | 27 November 2023 Managing Director’s Address

Right Product - The challenges of new supply

==> picture [427 x 142] intentionally omitted <==

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

Despite these challenges, there is a clear demand
Development of new steelmaking coal supply is increasingly for new projects to replace depleting production.
difficult due to:
• regulatory and Government policy uncertainty The critical issue is to progress development of
• community and NGO opposition projects:
• Big Miners' unwillingness to invest in new projects • Right country and location
• Announced partial divestment by BHP and total divestment by • Right coal quality
Teck, the world’s two largest steelmaking coal exporters • Right design and environmental management
• Exit of other explorer/developers (Allegiance, Atrum and Montem) • Right Indigenous engagement
• reduced funding sources • Right decarbonisation plan
•• environmental legacies of historical projectsincreasingly deeper and more complex geology. • Right community engagement
• Right partnerships
• Right legacy.
----- End of picture text -----

To develop new projects needs a new way of doing business! Jameson’s overarching goal is to create a positive legacy for a new era for steelmaking coal

==> picture [55 x 15] intentionally omitted <==

The development of new supply has been impacted by a range of factors including:

• regulatory and Government policy uncertainty

• community and NGO opposition

• Big Miners' unwillingness to invest in new projects

• Announced partial divestment by BHP and total divestment by Teck, the world’s two largest steelmaking coal exporters

• Exit of other explorer developers (Allegiance, Atrum and Montem)

• reduced funding sources

• environmental legacies of historical projects

• increasingly deeper and more complex geology.

Recognising these challenges, Jameson considers it essential that development of new projects can only be achieved by finding the right projects in the right locations with the right environmental management opportunities and decarbonisation strategy.

To develop those projects, also requires the right social considerations, such as indigenous and community engagement and being an employer of choice.

Development of projects in this way will enable new demand for premium steelmaking coal to be met but with a positive legacy for communities and the environment.

Page 9 of 20

Jameson Resources Limited 2023 Annual General Meeting | 27 November 2023 Managing Director’s Address

Crown Mountain – Right Product

==> picture [425 x 203] intentionally omitted <==

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

Crown Mountain Hard Coking Coal
• High CSR (Coke Strength after Reaction)
• Low volatile matter (VM)
• The Elk Valley and Queensland’s Bowen Basin are
recognised by the world’s leading steelmakers as the
preferred locations for supply of premium low-volatile
hard coking coal
• High CSR hard coking coal improves blast furnace
efficiency and lowers emissions
• Increased residence time in Blast Furnace reduces
overall coal demand and has the ability to result in
lower CO2 per tonne of steel produced.
Access to high quality premium low volatile hard coking coal
----- End of picture text -----

In that context, we are firmly of the view that Crown Mountain meets those strict criteria;

Firstly – Crown Mountain has the right product. High CSR, low volatile hard coking coal. This is the premium product that is sought be steelmakers to help reduce their overall coal demand and improve blast furnace efficiency.

Page 10 of 20

Jameson Resources Limited 2023 Annual General Meeting | 27 November 2023 Managing Director’s Address

==> picture [452 x 255] intentionally omitted <==

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

Crown Mountain – Right Project
• Shallow open pit development – North, East and South pits
o Life of mine (LOM) 15 years
o Product mix: 86% HCC/14% PCI
o Years 1-4: clean coal production: 2.3 Mtpa
o LOM average clean coal production: 1.95 Mtpa
o Years 1-5: clean coal strip ratio 7.2:1
o LOM clean coal strip ratio: 9.5:1
(refer Competent Person Statement)
• Coal Handling and Preparation Plant (CHPP) located
immediately adjacent to North Pit. Reduced haul of ROM
coal and coal reject
• Clean coal conveyed ~3km from CHPP to Truck Loadout Bin
• Clean Coal then hauled ~15 kms to proposed 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.
Crown Mountain is an open pit project with an average LOM clean strip ratio of 9.5:1
----- End of picture text -----

Crown Mountain is the right project in that it is a shallow open-cut resource.

Shallow coal requires less waste removal and as a result less overall footprint of disturbance and less fuel to remove that overburden.

Crown Mountain is in an existing production area and is therefore located close to existing infrastructure removing the need to substantial capital investment in the development of extensive new rail lines, power lines or other infrastructure.

Page 11 of 20

Jameson Resources Limited 2023 Annual General Meeting | 27 November 2023 Managing Director’s Address

Crown Mountain – Right Project

==> picture [439 x 211] intentionally omitted <==

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

• Bankable Feasibility Study completed in July 2020 by Stantec Consulting as Study Manager, with key contributors
Sedgman Canada Limited (a member of CIMIC Group) and SRK Consulting (Opex and capex at +/-15% level of
accuracy)
• Product Optimisation Study completed in Aug 2021 by Sedgman and Stantec identified the substantial uplift in
product yield by increasing target product ash levels from 9.5% to 10.5% for North and East pits product, and 9.5%
PROJECT ECONOMICS to 11.0% for South Pit product
• The study determined an increased Life-of-Mine product yield of 52.9% resulting in an 8.4% increase in average
annual product coal sales to the BFS from 1.8 to 1.96Mtpa
• The reduced production cost and increased sales volume resulted in an overall 25% increase in pre-tax NPV10 to
US$469m, compared with that in the BFS.
• Low strip ratio open pit resource with attractive operating margins
PRODUCTION • Small footprint in self-contained water catchment
• Located in existing brownfield coal operations providing more than 90% of Canadian steelmaking coal exports
COMPETITIVE OPERATING • Average LOM FOB Vancouver cash cost US$89.14/tonne (Optimisation Study Aug 2021)
AND CAPITAL COSTS • Pre-production capital of US$351m (CA$468m), including mobile mining fleet
• Bathurst Resources Limited (ASX: BRL) has committed CA$14.1m to date, gaining 22% ownership of Jameson’s
STRATEGIC PARTNER • subsidiary NWP Coal Canada LtdBRL has an option to invest up to C$107.4m (CA$121.5m in total) to increase ownership to 50%, where Crown
Mountain would become a 50/50 JV.
Crown Mountain represents a compelling opportunity for development of a coking coal
project with an attractive operating cost structure and access to infrastructure
----- End of picture text -----

Crown Mountain is the Right Project due to its attractive economics.

The BFS completed in 2020 and Product Optimisation Study completed in 2021 concluded that due to its low strip ration and attractive location, the project has an NPV of more than USD450M.

These studies concluded that average LOM operating costs were approx. USD90/tonne FOB Vancouver. While there has likely been some inflation since that time, it is noted that coal price forecasts have also risen substantially since those studies were completed.

Jameson will continue to refine the BFS and look to further optimisation, as the project progresses toward approvals.

Page 12 of 20

Jameson Resources Limited 2023 Annual General Meeting | 27 November 2023 Managing Director’s Address

Crown Mountain – Right Country and Right Location

==> picture [447 x 216] intentionally omitted <==

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

TECK – Fording River Mine Greenfield Project - Brownfield Location
• GREENHILL Asian steelmakers are seeking secure supply from stable locations S
TECK – Green Hills Mine • The Elk Valley mines have been operating for >40 years
and have established a market position for premium hard
coking coal with leading steelmakers. Home to Teck - the
world’s #2 steelmaking coal exporter behind BHP
TECK – Line Creek Mine
• Canadian environmental standards are the highest in the
world and that accreditation is keenly sought by
steelmakers as they look to maximise the ESG credentials
of all raw materials supply
Crown Mountain Project • Provincial Government is strongly supportive of the
mining industry and has established a transparent
regulatory system to enable comprehensive impact
assessment and environmental management of projects
TECK – Elkford Mine • 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
Source: Google Earth
Crown Mountain – a greenfield Project in a brownfield area
IEA – Coal 2020
----- End of picture text -----

Crown Mountain is in the Right Country and in the Right Location.

The Elk Valley is regarded as one of the premier basins for premium low vol hard coking coal alongside the Bowen Basin in central Queensland. Current production in the Elk Valley is approx. 22.5Mt so Crown Mountain therefore represents a relatively small Greenfield Development in an existing Brownfield area.

As an existing production area, the Elk Valley has established infrastructure, contractors, suppliers and workforce with substantial experience in mine development and production and communities and municipalities that are supportive of ongoing mining development and operations.

Canada has some of the highest environmental standards in the world and so steelmakers seek that accreditation as they look to maximise the ESG credentials of raw materials supply and has a competitive royalty regime. The largest steelmaking coal basin in the world is the Bowen Basin, Queensland and the Qld Government has increased the Govt Royalty Levy substantially and is now the highest in the world, reducing margins for these mines.

Page 13 of 20

Jameson Resources Limited 2023 Annual General Meeting | 27 November 2023 Managing Director’s Address

– Right Location Proposed Glencore Acquisition of Teck Coal Assets

==> picture [439 x 216] intentionally omitted <==

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

• On 14 Nov 2023, Glencore announced that in partnership with Nippon
Steel and POSCO it had reached agreement with Teck Resources to Teck - Elk Valley Production
acquire Teck’s Elk Valley Resources’ mines for US$9 Billion 4035 GREENHILLS
• Nippon Steel is acquiring 20% of Elk Valley Resources for US$ 1.34 Billion. 30
POSCO has secured 3% equity interest though vending in minority stake 25
in Line Creek Mine. Nippon Steel and POSCO will secure long-term coal offtake rights 201510
• Nippon Steel statement on acquisition: 5
0
“To reduce CO2 emissions and secure stable and efficient iron 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
production, it is essential to procure high quality steelmaking
coal supply”
• Crown Mountain premium low-vol HCC is from the from same coal seams Teck - Elk Valley Coal Price and Annual Profit
as Teck’s prime Elkview product $500 $8,000
• Teck operations averaged 60% profit margin throughout the price cycle $400$300 $6,000
over the last ten years $200 $4,000
• Crown Mountain July 2020 BFS targets FOB production costs similar to $100$0 $2,000$0
current Teck cost structure 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
• It is reported that other Japanese and Indian steelmakers were also Average Coal Price Operating Profit
seeking equity and offtake as part of Teck divestment process
Crown Mountain – located in the Elk Valley, one of the world’s premier steelmaking coal basins
Annual Exports (Mt)
Millions)
Average Coal Price US$/t Operating Profit (US$
----- End of picture text -----

In discussing the Elk Valley, it is relevant to note the recent announcement that Glencore in partnership with Nippon Steel and POSCO, it was acquiring Teck Resources’ Elk Valley Resources’ mines for US$9 Billion.

This acquisition confirms the substantial importance of the Elk Valley (and the premium coal produced) to leading steelmakers and also the world’s largest publicly owned coal miner.

Nippon Steel’s commitment to invest USD1.34B highlights importance to steelmakers of securing reliable long term supply of premium steelmaking coal.

Page 14 of 20

Jameson Resources Limited 2023 Annual General Meeting | 27 November 2023 Managing Director’s Address

Crown Mountain – Right Indigenous Engagement

• Jameson is commi+ed to the United Na1ons Declara1on of the Rights of Indigenous Peoples (UNDRIP)

• Crown Mountain is within ʔakanuxunik ʔamakʔis, the unceded ancestral lands of the Yaq̓it ʔa·knuqⱡi ‘it First Na1on

• Consistent with UNDRIP, Jameson has established a landmark Environmental Assessment Process and Consent Agreement with Yaq̓it ʔa·knuqⱡi ‘it

• Under the Agreement, Yaq̓it ʔa·knuqⱡi ‘it will act as a regulator and reviewer of the Project and in so doing will fully engage in the Environmental Assessment of the Project for the purpose of providing or withholding Free, Prior and Informed Consent to the Project following comple1on of the Environmental Assessment

• This Agreement paves a new era of rela1onship building with Indigenous Na1ons throughout the EA process and for the life1me of the Project garnering a mutual respect partnership between both par1es

• Con1nuing to engage with other Indigenous Na1ons to ensure comprehensive assessment of Project EA.

==> picture [55 x 15] intentionally omitted <==

==> picture [181 x 210] intentionally omitted <==

In Canada, like in Australia, projects can only be developed with the right engagement with Indigenous Nations.

Jameson recognises the critical importance of engagement and partnership with Indigenous Nations and is committed to the United Nations Declaration of the Rights of Indigenous Peoples (UNDRIP).

To formalise that commitment and to ensure a rigorous assessment of the impact of the project on Aboriginal rights and title, Jameson executed a landmark Environmental Assessment Process and Consent Agreement with Yaq̓it ʔa·knuqⱡi ‘it First Nation in January this year.

This Agreement paves a new era of relationship building with Indigenous Nations throughout the EA process and for the lifetime of the Project garnering a mutual respect partnership between both parties.

Jameson also continues to engage with other Indigenous Nations to ensure comprehensive assessment of the EA.

Page 15 of 20

Jameson Resources Limited 2023 Annual General Meeting | 27 November 2023 Managing Director’s Address

Crown Mountain – Right Environment Strategy

==> picture [452 x 217] intentionally omitted <==

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

Crown Mountain has been designed to represent a new benchmark in environmental
management. Key features:
• Shallow coal seams ensures less waste rock minimising total disturbance area
• Cumulative Effects Assessment to ensure the Project’s contribution to existing cumulative
effects in the Elk Valley is essentially unmeasurable
• Commitment to strict environmental conditions and substantial offsets program to
remediate fish habitat in the Elk Valley which has been degraded by historical mining and
forestry activities
• Active engagement and involvement of Indigenous Nations in project design, assessment
and monitoring
• Accelerated rehabilitation – reclamation commences in Year 2 of operations
• CHPP located immediately adjacent to pits – no additional transport of waste
• Layer cake waste dump design to provide permanent source control of Selenium. No
ongoing management required or legacy issues following mine closure
• 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.
Engagement with stakeholders through EA development ensured all studies and modelling are understood
and all design op6ons for environmental management and mi6ga6on have been considered
----- End of picture text -----

Given increased awareness of environmental issues and the legacies of past projects, it is essential that only projects with a reduced environmental footprint are considered for development.

The Crown Mountain Project, in its location and design has many attributes that Jameson considers can establish a new benchmark in environmental management. Some of these features include:

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

• Commitment to strict environmental conditions and substantial offsets program to remediate fish habitat in the Elk Valley which has been degraded by historical mining and forestry activities

• Accelerated rehabilitation – reclamation commences in Year 2 of operations

• CHPP located immediately adjacent to pits – no additional transport of waste

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

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

Page 16 of 20

Jameson Resources Limited 2023 Annual General Meeting | 27 November 2023 Managing Director’s Address

Crown Mountain – Right Decarbonisation Plan

==> picture [55 x 15] intentionally omitted <==

• Crown Mountain coal seams are shallow, cleated and subcrop extensively. As a result it is expected to have very low fugi=ve methane emissions similar to other Elk Valley resources

• • The Project loca=on and design provides extensive opportuni=es to further reduce Scope 1 and Scope 2 emissions

• • Decarbonisa=on Plan to include: o 100% use of electricity from renewables (BC is 95% Hydro power) o Mine designed to maximise downhill dumping reducing fuel consumpBon

• o Engagement with OEMs to consider all opBons for electrified and baFery fleet

• o Hyperbaric coal drying – no requirement for gas dryers o RegeneraBve breaking for product coal haulage from site to rail loadout (14km haul with 450m elevaBon change)

• o Use of alternaBve fuels for rail haulage (Canadian Pacific Rail is soon to commence trials of a Hydrogen fuel train for coal from Teck’s Elk Valley operaBons haulage)

• o 14 year mine life. Project will be completed and fully rehabilitated by 2050.

• British Columbia Coal Production – the world’s lowest GHG emissions intensity

Crown Mountain coal seams are shallow, cleated and subcrop extensively. As a result, it is expected to have low fugitive methane emissions similar to other Elk Valley resources.

The Project location and design provides extensive opportunities to further reduce Scope 1 and Scope 2 emissions.

Jameson is currently reviewing the potential GHG emissions for the project with aim of benchmarking the project and developing a Decarbonisation Plan in the future. This plan will include:

• 100% use of electricity from renewables (BC is 95% Hydro power)

• Mine designed to maximise downhill dumping reducing fuel consumption

• Engagement with OEMs to consider all options for electrified and battery fleet

• Hyperbaric coal drying – no requirement for gas dryers

• Regenerative breaking for product coal haulage from site to rail loadout (14km haul with 450m elevation change)

• Use of alternative fuels for rail haulage

• 14-year mine life. Project will be completed and fully rehabilitated by 2050.

Page 17 of 20

Jameson Resources Limited 2023 Annual General Meeting | 27 November 2023 Managing Director’s Address

Crown Mountain – Right Regulatory Process

• Crown Mountain Project is the most advanced project undergoing joint assessment by the Impact Assessment Agency of Canada (IAAC) and the British Columbia Environmental Assessment Office (EAO)

• • Comprehensive Environmental Assessment (EA), to meet BC requirements, and Environmental Impact Study (EIS), to meet Federal requirements, have been prepared following four years of data collection and impact assessment

• • Following input from Indigenous Nations, IAAC and EAO released Joint Assessment and Engagement Plan (JAEP) in July 2023 confirming EA/EIS assessment process and timelines

• • Based on review and comments from IAAC, EAO and Indigenous Nations, Jameson is submitting the EIS to IAAC for Conformity Review by the end of 2023. Following review, formal Technical Review expected to commence in early 2024

• • In advance of Review, IAAC, EAO and Indigenous Nations have undertaken site visit in mid-Sep

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

==> picture [251 x 184] intentionally omitted <==

==> picture [55 x 15] intentionally omitted <==

Crown Mountain Project is the most advanced project undergoing joint assessment by the Impact Assessment Agency of Canada (IAAC) and the British Columbia Environmental Assessment Office (EAO).

A comprehensive Environmental Assessment (EA), to meet BC requirements, and Environmental Impact Study (EIS), to meet Federal requirements, have been prepared following four years of data collection and impact assessment. These EA/EIS amount to more than 25,000 pages of detailed technical assessment.

Following input from Indigenous Nations, IAAC and EAO released a Joint Assessment and Engagement Plan (JAEP) in July 2023 confirming EA/EIS assessment process and timelines. Based on review and comments from IAAC, EAO and Indigenous Nations, Jameson is submitting the EIS to IAAC for Conformity Review before the end of 2023 and anticipates formal Technical Review expected to commence in early 2024.

In advance of Review, IAAC, EAO and Indigenous Nations have undertaken extensive site visits during August and September 2023.

Page 18 of 20

Jameson Resources Limited 2023 Annual General Meeting | 27 November 2023 Managing Director’s Address

Crown Mountain - Development Timeline

==> picture [440 x 185] intentionally omitted <==

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

Crown Mountain Coking Coal Project - Key Milestones • EA approval is critical path towards
Mar Qtr Jun Qtr2023 [Sep ] Qtr Dec Qtr Mar Qtr Jun Qtr2024 [Sep ] Qtr Dec Qtr Mar Qtr Jun Qtr2025 [Sep ] Qtr Dec Qtr Mar Qtr Jun Qtr2026 [Sep ] Qtr Dec Qtr Mar Qtr Jun Qtr2027 [Sep ] Qtr Dec Qtr • project developmentEA assessment is being coordinated by a
Engagement unique Joint Assessment and
IAAC Completenss and Conformity Reviews Engagement Plan (JAEP) developed by
EA/EIS Accepted as Submitted by IAAC Provincial and Federal Government in
conjunction with Indigenous Nations
EA/EIS Public Review and Comment Period
Regulator & Technical Committee Review • Development timeline estimated on
NWP Responses to Information Requests reasonable estimate approach to
regulatory approvals greater than
Draft Assessment Report and Conditions minimum statutory timelines specified in
EA Certificate Received JAEP
Permit Application Development
• Timeline assumes no commitment to
Permit Review and Engagement
pre-development capital until after Final
Permits Received Investment Decision
Review and Update BFS
Project Finance • Opportunities exist to compress
timetable and bring forward first
FID - Owner Approval production subject to progress with
FEED Engineering and Detailed Design offtake partners and project funding
Site Preparation and Construction • Accelerated timeline shown – in dashed
Plant Commissioning & Early Production boxes
Commercial Production/ Operation
----- End of picture text -----

==> picture [55 x 15] intentionally omitted <==

==> picture [267 x 17] intentionally omitted <==

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

Potential to further improve Crown Mountain HCC Project economics
----- End of picture text -----

On the basis of the Joint Assessment and Engagement Plan issued by IAAC and EAO, Jameson has updated the forecast timeline for project development.

That timeline is based on Technical and Public Review of the EA/EIS commencing in early 2024. Following that review, Jameson will be required to respond to requests for any additional information. Based on the JAEP and subject to the timing of the response to those Information Requests or any further queries, Jameson anticipates potential approval of the EA/EIS in mid 2025.

Jameson is currently focussed only on the permitting and approval of the project and has prudently deferred any commitment to detailed engineering or pre-development capital until after approval is obtained.

Opportunities exist to compress timetable and bring forward first production subject to progress with offtake partners and project funding.

Page 19 of 20

Jameson Resources Limited 2023 Annual General Meeting | 27 November 2023 Managing Director’s Address

Jameson Resources Crown Mountain - a new era in steelmaking coal

==> picture [445 x 214] intentionally omitted <==

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

• Steel: the criOcal enabler of a low carbon future - infrastructure, renewables, electric vehicles
The Right Product •• Steelmaking coal: greenfield projects Premium low-vola5le hard coking coal: through increased blast furnace efficiencyunprecedented record prices due to declining producOon and lack of advanced sought by global steelmakers to accelerate decarbonisaOon GREENHILLS
The Right •• Bankable Feasibility Study completed - July 2020, optimised Aug 2021 (Low strip-ratio open-pit resource with attractive operating margins NPV10 US$469 million pre-tax )
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
• Mine plan designed to enable accelerated rehabilitation from Year 2 of production
• Strategy to establish net environmental benefit through regional vegetation and habitat offsets
The Right • Substantial opportunities for decarbonisation and reduction of Scope 1 and 2 GHG emissions through
ESG Strategy use of hydro electricity and utilisation of EVs and low-emission equipment options
• Commitment to meaningful engagement and detailed assessment of cumulative effects
• Comprehensive EA Application and EIS completed and drafts submitted to regulators for preliminary
review. Formal Technical Review expected to commence in Dec-2023 quarter
• 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.
Crown Mountain HCC Project – the most advanced steelmaking coal project in Canada
----- End of picture text -----

In conclusion, the Board of Jameson is pleased to confirm ongoing progress of Crown Mountain which supports its assessment by the International Energy Agency as the most advanced steelmaking coal project in Canada.

The Company maintains that the fundamental demand and supply imbalance and the lack of premium advanced projects position the company for substantial opportunity to progress Crown Mountain toward development with a substantial benefit of shareholders.

We look forward to detailed engagement with indigenous nations, community and regulators during the technical review of the EA/EIS and will keep shareholders closely informed about the progress of that process.

Thank you.

Page 20 of 20