JAMESON RESOURCES LIMITED — Capital/Financing Update 2015

Mar 29, 2015

30 M AR CH 2015

P ositiveEconomicU pdate Crow nM ountainCokingCoalP roject

FastFacts AS X :JAL

Highlights

S	hareP riceR ange(6mths)	$0.06-$0.14
S O M	haresonIssue ptions($0.16-$0.20) arketCapitalisation	206,465,619 16,300,000 ~$12M

M ajorS hareholders (asatM arch27,2015)

M	acquarieM etals& Energy	9.7%
R	obertJDevereux	5.4%

Directors& M anagement

ArtP alm (CEO & ActingChairman) JeffBennett(N onExecutiveDirector) S tevevanBarneveld(N onExecDirector)

KeyP rojects

Crow nM ountainCokingCoalP roject ElkValleyCoalField,Canada DunlevyM etallurgicalCoalP roject P eaceR iverCoalField,Canada

• S everaleconomic measuresof the Crow n M ountain project have become more favourable due to ahost ofpositive macroeconomic factors.

• Coupled w ith an ongoing P FS review by contract mining companies and miningconsultantsthatindicatesseveralareasofupside forthe project,the economicbenefitsofthe P FS can likely be obtained at significantlylow ercoalsalesprices.

• T hefallingexchangeratetoacurrent levelof0.80 CAD/U S D,results inprojectedFO B costsofU S $70.91/tonneduringtheinitial4 yearsof operation (U S $87.28/tonne life ofmine)versusthe P FS estimatesof U S $88.64 during the initial 4 years of operation (and U S $100.38/tonnelifeofmine).

• Additional upsides identified by contractor/consultant review s indicate the potentialforanumberofsignificant enhancementsto flow throughtheP FS onanO P EX andCAP EX basis.

• Contractmining/w ashingw ould eliminatealarge(over$200 million) amountofup-frontcapitaltoarevisedCAP EX (P FS )of$123 m.

InvestmentHighlights

• P ositionedinw orldclassmetallurgical coalfields

• S ignificantdevelopmentexpertiseon boardw ithsuccessfultrackrecord

• M odernrailandportfacilities

• S trongfinancialposition

N ew sflow /Catalysts

O verview

Crow nEA w orkgroups	Q 2 2015e
Crow nP FS enhancements Crow npermitprogress	ongoing ongoing

ContactDetails

O verview Australia S uite5,62 O rdS treet W estP erth,W A 6005 P +61 (8)9200 4473 F +61 (8)9200 4463 E admin@ jamesonresources.com .au

Canada

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

S ince releasing resultsofthe Crow n M ountain Coking CoalP roject (“ Crow n M ountain” ,the“ P roject” )prefeasibility study (P FS )inAugustof2014,Jameson R esources(“ Jameson” ,the “ Company” )hasbeen diligently review ing allP FS assumptions/parameters. T hisreview hasincluded participation by contract miningandminingconsultingentities.

T he Company hasgained ahigh levelofconfidence in itsstated position that the P FS appearsto contain significantupside w ith respectto the basicmining assumptions.

In addition,globalmacroeconomic eventssince the P FS w asreleased have resulted in severalfavourable effects. S pecifically,foreign exchange rates, low eroilprices,low erequipmentprices,and alooseningin thelabourmarket areallpositiveinfluencesonCrow nM ountaineconomics.

BasedonJameson’sevaluationoftheupsidestotheP FS ,andtheinfluencesof macroeconomic factors,the Company believesCrow n M ountain to be w ell suited to emergeasoneoftheearliestnew producersoncethemarketturns, and continuesto fast-tracktheP rojectthrough theenvironmentalassessment (“ EA” )process.

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ECO N O M IC FACT O R S

T heP FS assumedanexchangerateof0.92 CAD/U S D. T hecurrentexchangerateis0.80.

• T heP FS projectedlife-of-mineFO B costsforCrow nM ountainofU S $100.38pertonne. Duringtheinitial4 yearsofprojectlife,theFO B w asmuchlow er: $88.64/tonne. Adjusting thesefiguresforthecurrentexchangerateyieldsalife-of-mineFO B ofU S $87.28,andan initial4 yearaverageofU S $70.91.

• EvenattherecentbenchmarkpriceofU S $109.50,Crow nM ountainstillexhibitsmargins rangingfrom 54% (initial4 years)to25% (life-of-mine). Atatimew henmanyoperationsare inthered,theP rojectoffersattractivemarginsthatw illonlygrow asthemarketrecovers.

• T hecurrentmarketforequipment,labouravailabilityandfuelpricesisconsiderablymore favourablethanw hentheP FS w ascompleted. A largevolumeofequipmenthasbecome availableduetotheglobalslow dow ninminingactivity. Comparativelythelabourmarketis considerablymorefavourable.

• Crow nM ountainisoneofthemoreadvancedprojectsinW esternCanadaandshouldbe positionedtoreapthebenefitsoflow erequipmentandfuelcosts.

• M anycontractminingcompaniesnow haveanabundanceofidledequipment: thecostof contractmininghasbecomesignificantlymoreattractiveonanO P EX andmoreimportantly CAP EX basis.

R EVIEW O FP FS M IN IN G AS S U M P T IO N S

• T heamountofout-of-seam dilutionassumedintheP FS ishigherthanthecontractorsand consultantsinvolvedinthereview believecanbeachievedinpractice. P lantrecoveryand yieldsw ouldbehigherandminingcosts(onacleanbasis)low ershouldthisassessment provecorrect.

• Coallostinthepit(pitloss)duringtheminingprocesslooksgreaterthanw ouldbeexpected. T hiscouldleadtohighertotaltonnesminedoverthelifeofmine.

• T heP FS -assumedminimum miningthicknessof0.5metersexcludessomethinnerseamsthe contractorsandconsultantsbelievemayberecoverable. Ifachievedinthefield,totalmined tonnescouldincreaselife-of-mine.

• Equipmentproductivitiesare,overall,low erthanthoseexperiencedbythereview ersunder comparableconditions. O peratingcosts,onaverage,arehigher.

O nbalance,P FS operatingcostandcapitalassumptionsshow room forimprovement. O ncethe CompanyhascompletedidentifyingandevaluatingpotentialchangestotheP FS ,theP FS w illbe updatedandre-stated. U ntilthattime,theP FS remainsinitsoriginalform asthemostrecent independentevaluationoftheP roject.

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S O U T HER N EX T EN S IO N

JamesonhasmaintainedthattheS outhernExtension,notincludedintheP FS ,presentsconsiderable upsidepotential.

• T heareacontains23.7milliontonnesofinferredresource,perthe2013 T echnicalR eport.

• Initialindicationsshow thatthisareahasafavourablestripratio.

• S houldadditionalexplorationdeterminereservesofattractivequalityexist,thelifeofmine couldbeextendedbyperhapsseveralyearsand/ortheminingsequenceoftheP FS couldbe favourablyaltered.

• T heCompanyhasanapprovedexplorationprogram forthistargetarea,w hichisonhold pendingimprovedmarketconditions.

CO N CL U S IO N

Follow ing the review s conducted by Jameson and third parties, and considering current macroeconomicevents,Jamesonhasgained confidenceinitsassessmentofCrow nM ountainasan attractiveandpotentiallylow costsupplyofqualityhardcokingcoal.

T hereview and opinionsoffered by thecontractminingand consultingfirmshavebeen performed atno costtoJameson,andasaresultlackthelevelofengineeringdetailthatw ould berequiredto run an economicanalysisand re-state the P FS . N evertheless,they offeran informative lookinto w hatupsidesmay existin the P FS ,and lead Jameson to believe low ercapitaland low eroperating costsare achievable versusthe P FS . T he impact oflow erexchange ratesalone ismassive before consideringtheimpactoftheP rojectreview bycontractors/consultantsandtheeffectofothercited macroeconomicfactors.

T heCompany w illcontinuetoevaluatealternativesforimprovingtheCrow nM ountainproject,and atanappropriatefuturepointintimeanticipatesrollingtheidentifiedmodificationsintoare-stated P FS and ultimately adefinitive feasibility study. T hisw illlikely occur afterthe Environmental Assessment (EA)isw elladvanced,asthe potentialexistsforchangesto the current mine plan to emergefrom theEA process.U ntiltheP FS isupdatedorreplaced,theP FS remainsthemostrecent independentevaluationofCrow nM ountain.

O nBehalfoftheBoardofDirectors,

ArtP alm ChiefExecutiveO fficer

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ASX RELEASE
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M ineralR eservesandP refeasibilityS tudyR esults

T he information in thisannouncement relating to the M ineralR eserve Estimate and P re-Feasibility S tudy R esultsof the Company’sCrow n M ountain CoalP roject are extracted from the AS X R elease entitled “ P refeasibility study confirmsCrow n M ountain coking coal project w ill enjoy outstanding economics” announced on 11 August 2014 and isavailable to view on the AS X w ebsite (AS X :JAL )and the Company's w ebsite. T heCompany confirmsthatitisnotaw areofany new informationordatathatmaterially affectsthe information included in the originalmarket announcement and that allmaterialassumptionsand technical parametersunderpinning the reserve estimatesand prefeasibility study resultsin the relevant market announcementcontinuetoapply andhavenotmaterially changed. T heCompany confirmsthattheform and contextin w hich theCompetentP erson’sfindingsarepresented havenotbeen materially modified from the originalmarketannouncement.

M ineralR esource

T he information in thisannouncement relating to the M ineralR esource estimate on the Company’sCrow n M ountainCoalP rojectisextractedfrom theAS X R eleaseentitled“ P ositiveP roperty-W ideCoalQ uality,Crow n M ountain Coking CoalP roject” announced on 14 M arch 2014 and isavailable to view on the AS X w ebsite (AS X :JAL )and theCompany'sw ebsite. T heCompany confirmsthatitisnotaw areofany new information or datathat materially affectsthe information included in the originalmarket announcement and that all materialassumptionsand technicalparametersunderpinning the resource estimatesin the relevant market announcementcontinuetoapply andhavenotmaterially changed. T heCompany confirmsthattheform and contextin w hich theCompetentP erson’sfindingsarepresented havenotbeen materially modified from the originalmarketannouncement.

CompetentP ersonS tatement

Post-PFS Review Process

T he information in the announcement to w hich thisstatement isattached that relatesto the review ofP FS resultsisbased on information compiled by M r.ArtP alm P .Eng.,aCompetentP erson w ho isaM emberofa R ecognised P rofessionalO rganisation (R P O )included in alistthatisposted on the AS X w ebsite from time to time,beingtheAssociationofP rofessionalEngineersandGeoscientistsofBritishColumbia. M r.P alm isafull time employee ofJameson R esourcesL imited and hassufficient experience that isrelevant to the style of mineralisationandtypeofdepositunderconsiderationandtotheactivity w hichheisundertakingtoqualify as aCompetent P erson asdefined in the 2012 Edition ofthe ‘Australasian Code forR eporting ofExploration R esults,M ineralR esourcesandO reR eserves’. M r.P alm consentstotheinclusioninthereportofthematters basedonhisinformationintheform andcontextinw hichitappears.M r.P alm holdsthefollow ingsecuritiesin JamesonR esourcesL imited:1,350,000 O rdinaryS haresand3,000,000 performancerights.

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AboutJamesonR esourcesL imited

Jameson R esourcesL imited (AS X :JAL )isajuniorresourcescompany focused on the acquisition,exploration anddevelopmentofstrategiccoalprojectsinw esternCanada. T heCompany hasa90% interestintheCrow n M ountain coalproject,and a100% interest in the P eace R ivercoalprojectslocated in British Columbia. Jameson’stenement portfolio in British Columbiaispositioned in coalfieldsresponsible forthe majority of Canada’smetallurgicalcoalexportsandareallclosetorailw aysconnectingtoexportfacilities.

T olearnmore,pleasecontacttheCompanyat+61 89200 4473,orvisit: w w w .jamesonresources.com.au

Forw ardL ookingS tatements

T hisannouncementcontains“ forw ard-lookingstatements” .S uchforw ard-lookingstatementsinclude,w ithout limitation:estimatesoffutureearnings,thesensitivity ofearningsto commodity pricesand foreign exchange rate movements;estimatesoffuture production and sales;estimatesoffuture cash flow s,the sensitivity of cash flow sto commodity pricesand foreign exchange rate movements; statementsregarding future debt repayments;estimatesoffuturecapitalexpenditures;estimatesofresourcesandstatementsregardingfuture exploration results;and w heretheCompany expressesorimpliesan expectation orbeliefasto futureevents orresults,such expectation orbeliefisexpressed in good faith and believed to have areasonable basis. How ever,forw ard lookingstatementsaresubjectto risks,uncertaintiesand otherfactors,w hich could cause actualresultsto differmaterially from futureresultsexpressed,projected orimplied by such forw ard-looking statements. S uch risksinclude,but are not limited to commodity price volatility,currency fluctuations, increased production costsand variancesin resource orreserve ratesfrom those assumed in the company’s plans,asw ellaspoliticaland operationalrisksinthecountriesand statesinw hichw eoperateorsellproduct to,andgovernmentalregulationandjudicialoutcomes. Foramoredetaileddiscussionofsuchrisksandother factors,see the Company’sAnnualR eports,asw ellasthe Company’sotherfilings. T he Company doesnot undertakeany obligationtoreleasepublicly any revisionstoany “ forw ardlookingstatement” toreflectevents orcircumstancesafterthedateofthisrelease,ortoreflecttheoccurrenceofunanticipatedevents,exceptas mayberequiredunderapplicablesecuritieslaw s.

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