JAMESON RESOURCES LIMITED — Capital/Financing Update 2014

Apr 30, 2014

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ASX RELEASE
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1 M ay2014

FastFacts ASX:JAL

S harePriceRange(6mths)	$0.16 -$0.28
S hareson issue	189,665,619
O ptions($0.15 -$0.20)	10,976,390
M arketCapitalisation	~$35M
M ajorShareholders
(asatApril30,2014)
M acquarieBank	10.5%
Pershing AusNom P/L	5.0%

Directors& M anagement

DavidFaw cett(Chairman) ArtPalm (ExecutiveDirector& CEO ) JeffBennett(Non ExecutiveDirector) S tevevan Barneveld(Non ExecDirector)

KeyP rojects

Crow nM ountainCoalP roject Elk Valley Coalfield,Canada DunlevyCoalP roject PeaceRiverCoalField,Canada

InvestmentHighlights

• Positionedin w orldclassmetallurgical coalfields

• S ignificantdevelopmentexpertiseon boardw ith successfultrack record

• M odern railandportfacilities

• S trong financialposition

N ew sflow /Catalysts

Dunlevy NoW approval Q 2 2014e Crow n PFS completion Q 2/Q 3 2014e Crow n EA activitiescommence Q 2 2014e Dunlevy exploration starts Q 3 2014e O verview Dunlevy initialexplresults Q 3 2014e

P rojectandCorporateUpdate

Highlights

• TheCrow nM ountainprefeasibilitystudyisadvancingontrack.

• Governmentalreview oftheDunlevyN oW isprogressing.

• Jamesonhashelddiscussionsw ithgovernmentalagenciesregarding theinitiationoftheenvironmentalassessmentprocessforCrow n M ountainandintendstocommencethatactivitythisquarter.

• AdvancementoftheCrow nM ountainandDunlevyprojectsw ill continueashasbeenpreviouslyannounced.

• Jamesonhaselectedtodropitsow nershipoftheRedEarthsubbituminouscoalprospectinSaskatchew an,toreduceholdingcosts andcontinuetofocusonitsw esternCanadiancokingcoalassets.

• TheCompanyhasachievedsignificantcostreductionsin administrativecategoriesandremainsdebt-freew ithacashbalance of$3.5million.

Jameson Resources Ltd (“Jameson”,the“Company”)is pleased to providethis projectandcorporateupdate.

T he Company continues to focus on its tw o main coking coalprojects,Crow n M ountain and Dunlevy,and remains firmly committed to advancing them on schedule.

Execution of the Crow n M ountain prefeasibility study (PFS ) continues. Completion remains on track forJune/July. Preparation forsubmittal of a Project Description, a precursor for the Environmental Assessment (EA) process,w illcommencethisquarter. Concurrently,governmentalreview ofthe Dunlevy exploration permit application (Notice of W ork, or NoW ) is progressing: theCompany now expects exploration to commenceon Dunlevy thissummer.

ContactDetails

Australia

L2,79 Hay S treet,S ubiacoW A,6008 P +61 (8)9200 4473 O verview F +61 (8)9200 4463 E admin@ jamesonresources.com .au

Jameson, in conjunction w ith its JV partnerS aturn M inerals, has elected to relinquish thecoalleases held on theRed Earth projectin S askatchew an. Red Earth is asub-bituminous thermal coal prospect in a very early stage of evaluation. Releasing Red Earth w ill conserve cash and allow Jameson to continuetofocuson itsw estern Canadian coking coalassets.

Canada

S 8,1199 W estHastings,Vancouver P +1 (604)629-8605

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www.jamesonresources.com.au

Discussion

T he Company is pleased w ith the progress being made w ith the PFS at Crow n M ountain, and believes thelong-aw aitedDunlevy drilling campaign should commencethis summerfollow ing NoW approval. T hesetw oprojectsrepresentthefutureofJameson,andremain ashigh priorities.

Despite adifficultmarketw ith respectto commodities,and coking coalin particular,the Company intendstoposition itselftobeabletobring production on-lineasmarketsimprove. T othatend,itis Jameson’s intent to continue to fast-track Crow n M ountain,and diligently pursue exploration at Dunlevy assoon asregulatory approvalsandon-siteconditionsallow .

Jameson is keenly aw areoftheneedtocontrolcosts in thecurrentmarketenvironment. W ehave reduced ourofficecosts by approximately 40 percent. T hevacancy created by theresignation ofa non-executive Director(David Prentice) w illnot be filled forthe short term, creating additional savings. Finally,releasing theRedEarth project(ofw hich Jameson helda20% minority interest)w ill conserve funds as w ellw ithout compromising Jameson’s long-term objectives. W ith $3.5 million cash-on-handandnodebt,Jameson isw ellpositionedtocontinuetoexecuteitsassetstrategy.

T he Company remains firmly committed to advancing its projects forw ard in a sensible and economicmannerw hilekeeping corporatecosts to aminimum. W ebelievethis strategy w illmake Jameson astrongerlong-term playerin thecoking coalmarketplace.

O n BehalfoftheBoardofDirectors,

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ArtP alm ChiefExecutiveO fficer

AboutJamesonResourcesLimited

Jameson Resources Limited (AS X:JAL)is ajuniorresources company focused on the acquisition,exploration anddevelopmentofstrategiccoalprojectsin w estern Canada. T heCompany hasa90% interestin theCrow n M ountain coal project, and a100% interest in the Peace Rivercoal projects located in British Columbia. Jameson’s tenement portfolio in British Columbiais positioned in coalfields responsible forthe majority of Canada’smetallurgicalcoalexportsandareallclosetorailw aysconnecting toexportfacilities.

T olearn more,pleasecontacttheCompany at+61 89200 4473,orvisit: w w w .jamesonresources.com.au

Forw ardLookingStatements

This announcement contains “forward-looking statements”. Such forward-looking statements include, without limitation: estimates of future earnings, the sensitivity of earnings to commodity prices and foreign exchange rate movements; estimates of future production and sales; estimates of future cash flows, the sensitivity of cash flows to commodity prices and foreign exchange rate movements; statements regarding future debt repayments; estimates of future capital expenditures; estimates of resources and statements regarding future exploration results; and where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to commodity price volatility, currency fluctuations, increased production costs and variances in resource or reserve rates from those assumed in the company’s plans, as well as political and operational risks in the countries and states in which we operate or sell product to, and governmental regulation and judicial outcomes. For a more detailed discussion of such risks and other factors, see the Company’s Annual Reports, as well as the Company’s other filings. The Company does not undertake any obligation to release publicly any revisions to any “forward looking statement” to reflect events or circumstances after the date of this release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.