JAMESON RESOURCES LIMITED — Capital/Financing Update 2020

Jul 19, 2020

Jameson Resources

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CAPITAL RAISING PRESENTATION JULY 2020

Jameson Resources Disclaimer

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This presentation has been prepared by Jameson Resources Limited (the Company ) and is authorised by the Board of Directors of the Company. This presentation has been prepared in relation to a placement of new fully paid ordinary shares in the Company ( Offer ).

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.

INTERNATIONAL OFFER RESTRICTIONS

This presentation does not constitute an invitation or offer of securities for subscription, purchase or sale in the United States or any other jurisdiction in which such an offer would be illegal. The securities referred to in this presentation have not been, and will not be, registered under the U.S. Securities Act of 1933 as amended (the “Securities Act”) or the securities laws of any state or other jurisdiction of the United States and may not be offered or sold in the United States unless the securities have been registered under the Securities Act (which the Company has no obligation to do or procure) or are offered and sold in a transaction exempt from, or not subject to, the registration requirements of the Securities Act and any other applicable securities laws. The distribution of this presentation in jurisdictions outside Australia may be restricted by law and you should observe any such restrictions. Persons who come into possession of this presentation who are not in Australia should observe any such restrictions. Any non-compliance with such restrictions may contravene applicable securities laws

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Jameson Resources Disclaimer

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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.

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 forward-looking 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.

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Jameson Resources Disclaimer

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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 and Bankable Feasibility 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 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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Jameson Resources Corporate Snapshot

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Share Capital	Share Capital	Board of Directors Non-Executive Chair Nicole Hollows Executive Director Joel Nicholls Non-Executive Director Steve van Barneveld 0.00 0.05 0.10 0.15 0.20 0.25 0.30 JAL Share Price	Board of Directors Non-Executive Chair Nicole Hollows Executive Director Joel Nicholls Non-Executive Director Steve van Barneveld 0.00 0.05 0.10 0.15 0.20 0.25 0.30 JAL Share Price	JAL Share Price	JAL Share Price
ASX ticker	JAL
Share Price (15 July 2020)	A$0.155
Shares Outstanding	264m
Market Capitalisation	A$41m
Trading Range (6 month)	A$0.115 to A$0.185
Cash Reserves*
Cash on Hand (30 June 2020)	A$2.6m*
Options
Options (exercisable $0.20 - $0.50)	5.1m
Major shareholders			Board of Directors
Top 20 Shareholders	68.6%		Non-Executive Chair		Nicole Hollows
AustralianSuper Pty Ltd	14.0%		Executive Director		Joel Nicholls
Hillboi Nominees Pty Ltd	6.27%		Non-Executive Director		Steve van Barneveld
Perth Investment Corporation Ltd	6.14%

• Cash on Hand is unaudited and includes JAL $1.3m balance and $1.3m (100%) held in NWP

An independent, growth oriented metallurgical coal developer focused on delivering sustainable outcomes

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Jameson Resources Strategic Overview

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PURE METALLURGICAL COAL PLAY WITH SUSTAINABLE GROWTH FOCUS

• Jameson is a pure metallurgical coal Company with the primary focus on its flagship asset, Crown Mountain Project (CMP)

• Will proactively look for other metallurgical coal opportunities in developed countries with low political risk

• Positioned in world class coking coal fields in British Colombia, Canada

• Bankable Feasibility Study (“BFS”) undertaken 2018-2020

• High Quality metallurgical coal, with 86% Low Volatile (LV) Hard Coking Coal (HCC) and 14% Pulverised Coal Injection (PCI) product mix

PRIMARY FOCUS ON CROWN MOUNTAIN PROGRESSING ALONG THE DEVELOPMENT VALUE CURVE

• BFS reflects a robust project with competitive cost structure based on owner operator model

• FOB cash cost of US$93.17/t (CA$124/t)

• Pre-production capital US$351m (CA$468m), including mobile mining fleet

• • Application for an Environmental Assessment (EA) Certificate on target for submittal in March quarter 2021

• Concurrently with EA approval, will undertake targeted work to further optimise BFS outcomes

• Strategic investment partner, Bathurst Resources Limited (ASX:BRL)

STAKEHOLDER ENGAGEMENT KEY TO SUCCESS

• We will engage with all of our stakeholders to enable delivery of sustainable outcomes

An independent, growth oriented metallurgical coal developer focused on delivering sustainable outcomes

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Jameson Resources Strategic Roadmap

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We will deliver value through development of our Crown Mountain Project (CMP) in BC, Canada and acquisitive growth opportunities after the EA submission for CMP in March 2021 quarter, by implementing strategies with strong stakeholder engagement to achieve growth sustainably . We will be commercial and focused by being focused and agile , with a continuous improvement mindset, working together with all stakeholders to deliver our projects responsibly and sustainably.

OUR PURPOSE

An independent, growth oriented metallurgical coal developer focused on delivering sustainable outcomes

STRATEGIC GOALS

KEEP US FOCUSED ON WHAT WE NEED TO DELIVER TO ACHIEVE OUR PURPOSE

OUR VALUES

ARE THE FOUNDATION OF HOW WE WORK

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COMMERCIAL GROW STAKEHOLDERS
AND FOCUSED SUSTAINABLY ENGAGED
OPERATE SAFELY OPTIMISE ASSETS OPEN AND TRANSPARENT
FOCUS AND MANAGE BUILD AND RETAIN TALENT OUR PEOPLE MATTER
COSTS
DEVELOP AND OPERATE VALUED COMMUNITY
BE EFFICIENT SUSTAINABLY PARTNER
CONTINOUSLY IMPROVE INVEST IN NEW PROJECTS DELIVER TO CUSTOMERS
INNOVATE MANAGE OUR FOOTPRINT OPTIMISE SHAREHOLDER
RETURNS
Focused Being Working
and agile responsible together
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An independent, growth oriented metallurgical coal developer focused on delivering sustainable outcomes

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Jameson Resources Equity raising to progress Crown Mountain

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15% PLACEMENT

• JAL is undertaking a placement of 39.565m new shares at 12c to raise ~A$4.74m (before placement costs) under the Company’s existing 15% placement capacity to raise funds to continue to progress Crown Mountain

• JAL will contribute up to 80% share of pro-rata funding of NWP Coal Canada Ltd (NWP), the entity that holds the CMP tenements* going forward.

• Funds raised will be used to fund:

USE OF FUNDS

• Progression of the EA Application for submission in the March quarter 2021

• o BFS optimisation works

• Continue discussions with end-users interested in the Crown Mountain coal

• Commence CMP mine permitting after submission of EA Application

• NWP General administration, project and corporate overheads

• o JAL corporate costs

PRO-RATA FUNDING OF CROWN MOUNTAIN COSTS

• Bathurst Resources Limited (BRL) has advised Jameson of their intention to pro-rata fund project costs from 30 June 2020, rather than sole funding under the remaining Tranche Two Option Advance (C$2.4m). The pro-rata funding provided will be outside of the remaining funds from the Tranche Two Option Advance. Given this was not considered in the original Investment Agreement between the parties dated 28 June 2018 (released to the ASX on 29 June 2018), a determination of the best mechanism to deal with this funding scenario will be finalised and announced in due course.

SUMMARY

• The recently released BFS results delivered robust outcomes and identification of optimisation opportunities that will be assessed with the potential to enhance already robust economics, and allows the focus on the CMP to turn to finalisation of the EA Application, readying for permitting and development focused activities.

• *Robert Morris holds a 10% undivided interest in Crown Mountain that receives an annual payment of C$100,000, NWP has the option to buy out the undivided interest for C$2m.

Crown Mountain represents a compelling opportunity for development of a coking coal project with an attractive operating cost structure and access to infrastructure

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Jameson Resources Crown Mountain Project BFS Outcomes

• Average Life of Mine (LOM) Clean coal product mix 86% LV HCC and 14% PCI

HIGH QUALITY METALLURGICAL COAL

• High quality LV HCC, with a high relative Coke Strength after Reaction (CSR)

COMPETITVE COST STRUCTURE (Opex and capex at +/-15% accuracy)

• Average LOM Free on Board (FOB) cash cost of US$93.17/tonne (CA$124/t), based on owner operator

• Pre-production capital of US$351m (CA$468m), including mobile mining fleet

ROBUST NPV AND IRR BASED ON OWNER OPERATOR

• NPV(10) pre-tax of US$376m (CA$502m) and after-tax of US$217m (CA$289m)

• • IRR of 36.4% pre-tax and 27.2% post-tax

SUMMARY OF BFS ECONOMIC OUTCOMES (See Appendices for further details)

Economic Outcome Unit Exchange Rate CAD:USD 0.75 LT HCC Low Vol, Premium Benchmark (FOB Vancouver) US/t 164 Key Financial Metrics NPV(10) (pre-tax) US$m 376 NPV(10) (post-tax) US$m 217 IRR (pre-tax) % 36.4 IRR (post-tax) % 27.2 Payback period (pre-tax) Years 2.0 Payback period (post-tax) Years 2.4 Pre-production capital expenditure US$m 309 Life-of-Mine sustaining capital expenditure US/t 7.48 Crown Mountain net cashflow (pre-tax) US$m 1,029 Crown Mountain net cashflow(post-tax) US$m 652 Operating and capital costs have been converted from CAD to USD at 0.75 **

• **excludes contingency, owners costs and reclamation security

Crown Mountain represents a compelling opportunity for development of a coking coal project with an attractive operating cost structure and access to infrastructure

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Jameson Resources BFS Assumptions

• Long term benchmark price for Low Volatile (LV), Premium Hard Coking Coal (HCC) of US$164/t and PCI coal of US$115/t FOB Vancouver at CAD:USD exchange rate of 0.75, with expected pricing discounts for quality in South Pit

• Three open pit, mountain top mining development areas – North, East and South pits delivering a total of 58 Mt ROM coal mined, producing approximately 86% HCC and 14% PCI over a 15 year LOM

• LOM average 1.7 mtpa production clean coal, with up to 2.3mtpa clean coal in years 1-4

• Average LOM Run of Mine (ROM) strip ratio of 4.7:1 BCM:ROM tonnes and 10.3:1 BCM:Clean tonnes, with average LOM processing yield of 48.7%.

• Lower clean coal strip ratio in years 1-4 in the North and East pits (7.4:1 BCM:Clean tonnes)

• Clean coal conveyed ~3km from CHPP to Truck Loadout Bin and then hauled ~15 kms to the Train Loadout Facility/ Clean Coal Stockpile, planned to be loaded at a rail load out (figure 8 formation) just off Canadian’s 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 three development areas being mined, with an average LOM clean strip ratio of 10.3:1 , expected to produce a average of 1.7 mtpa

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Jameson Resources

Crown Mountain BFS Operating Costs

	BFS Operating Costs*	Unit	Years 1-4	LOM
	Operating Costs – clean coal Waste	US/t	22.12	31.94
	ROM Coal Production	US/t	4.76	6.77
	Preparation Plant	US/t	8.06	10.02
	Clean Coal Handling	US/t	2.16	2.34
	Reclamation & Minor Equipment	US/t	0.88	1.14
	Free on Rail (FOR) Cost	US/t	37.98	52.22
	Marketing and Corporate Administration	US/t US/t	1.01 4.65	1.01 5.90
	Rail and Port Charges	US/t	29.25	29.25
	Royalty	US$/t	4.18	4.79
	Free on Board (‘FOB’) Cost	US$/t	77.07	93.17
	Sustaining Capital	US$/t	10.90	7.48
	All-In Sustaining Cost	US$/t	87.97	100.65

• BFS operating costs have increased from the 2017 PFS Update that was completed during a low price cycle for Metallurgical Coal

• Since that time the average All In Sustaining Cash Cost (FOB) per clean coal tonne produced in South East British Columbia has increased approximately 38% due to the upswing experienced in the market cycle post the release of the PFS Update.

• The BFS LOM AISC operating costs are up only 16% compared with the updated PFS

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*operating costs have been converted from CAD to USD at 0.75

Costs per tonne clean coal have increased from 2017 Updated PFS to 2020 BFS predominantly in relation to:

• Escalation – fuel prices now include a carbon tax and have risen as a result, wages have risen on average 5-7%

• Selenium mitigation strategy increased waste costs due to the placement of waste, longer hauls and therefore cycle times

• Coal Production costs have increased due to backhaul of the plant reject to the dumps to support the selenium mitigation strategy

• • Rail and port charges have increased US$3.75/t overall.

Crown Mountain has a competitive operating cost structure

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Jameson Resources Pre-production Capex and Strategic Partner

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Owner Operator Fully Capitalised Scenario Pre-production Capital

• Owner operator scenario assumes all equipment is purchased new to support the development and construction of the mine

• Includes all costs for mine and process infrastructure design, supply and construction

• Pre-stripping and Haul Roads are capitalised

• Contingency of ~10% included in US$351m

COMPETITIVE PREPRODUCTION CAPITAL OF US$351M (CA$468M) INCLUDING MOBILE EQUIPMENT (estimated accuracy of +/-15%)

• Total Capex US$351m, being US$206/t annual production

	Pre-production Capital Expenditure*	Unit	Purchased Equipmen t	Leased
	Mine Infrastructure Plant and Coal Handling Facilities Mobile Mining Equipment Pre-Strip Indirect Total	US$m US$m US$m US$m US$m US$m	75 102 92 11 29 309	75 102 20 11 29 237
	Owners Costs	US$m	9	9
	Reclamation Security	US$m	2	2
	Contingency	US$m	31	31
	Total Pre-production Capital inc. Contingency	US$m	351	279

Owner Operator Leasing Scenario

• Assumes the majority of major and minor mining fleet are leased, with a leasing term of 5 years at 5.5% financing rate

• Total Capex of US$279m (CA$372m), being US$164/t annual production.

Above capital estimates are estimated to a level of accuracy of +/-15%

*Capital expenditure has been converted from CAD to USD at 0.75

STRATEGIC PARTNER

• Bathurst Resources Limited (ASX: BRL) has committed CA$14.1m to date, gaining 22% ownership of Jameson’s subsidiary NWP Coal Canada Ltd

• BRL 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 estimated pre production capital is competitive at US$351m, based on owner operator fully capitalised scenario

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Jameson Resources Potential BFS Optimisation Scenarios

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Potential Optimisation Description Areas

• Increased • Increased utilisation of CHPP hours, if can match with increased ROM production volumes Product Coal • Improved yield with production of higher ash product (10% or 10.5%) with expected corresponding ash penalty of c.1.5% price discount for every 1% ash above 9.5% Ash benchmark. Additional work is required to

• and Revenues understand any potential implications on coal quality measures as a result of a higher ash product.

• Lower Capital • Reduce CHPP capital costs by assessing either lower cost Chinese steel sourcing for the current design, or Costs alternately a modular pre-assembled plant design also incorporating lower cost steel supply and reducing the potential impact of higher capital costs of anti-dumping tariffs

• Contract mining or leasing mobile equipment, workshop, wash bays and associated facilities to reduce upfront capital and mitigate the execution risk associated with bringing a new project into production, which would likely result in increased operating costs

• Build Own Operate Transfer for the CHPP and associated infrastructure, similar to the contract miner scenario, whereby capital would be reduced at the expense of operating costs however allows for a more appropriate transfer of risk

• Increased ROM • Mine planning focused to optimize ROM production Coal •

• Increased ROM tonnes via increasing geological confidence in Southern Extension current inferred resource of 23.7mt through additional exploration and coal quality test work, which is currently excluded from the BFS

The Company cautions that there can be no certainty that further exploration and coal quality test work will result in any inferred mineral resources being upgraded to indicated or measured mineral resources or that an extension to the ROM tonnes itself will be realized

Crown Mountain BFS outcomes can be further optimised through targeted focus areas

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Jameson Resources Crown Mountain Timeline

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ACTIVITY		2019	2019	2019	2019	2020	2020	2020	2020	2021	2021	2021	2021	2022	2022	2022	2022	2023	2023	2023	2023
		Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Environmental Baseline		✓	✓	✓	✓	✓	✓
EA Application Preparation and Submittal		✓	✓	✓	✓	✓	✓
EA Regulatory Review and Approval
Mine Permit Preparation, Submittal & Approval
FEED Engineering & Detailed Design
Project Financing
Construction
Production Commences

Above timing assumes all critical path items (including regulatory approvals) are executed on schedule, selenium mitigation strategy is proven viable in a timely manner, market conditions enable financial investment decision with funding available as required.

Crown Mountain is being progressed along the development curve with current focus submitting the EA Application in March quarter 2021

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Jameson Resources

Crown Mountain Resources and Reserves

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• The BFS confirmed a total reserve base at Crown Mountain of 57.5 million tonnes

• Confidence in the geologic interpretation is high, as nearly 76% of the reserves are in the Proven category

RESOURCE AREA	Measured (Mt)	Indicated (Mt)	Measured & Indicated (Mt)	Inferred (Mt)	Measured, Indicated & Inferred (Mt)
North Block	10.1	3.0	13.1	0	13.1
South Block	41.0	12.4	53.4	0	53.4
Southern Extension*	0	0	0	23.7	23.7
TOTAL	51.1Mt	15.4Mt	66.5Mt	23.7Mt	90.2Mt

Crown Mountain Resource 2020 (Effective July 8, 2020)

• Southern Extension resource estimate is from the March 11, 2014 PFS report. No additional work has completed on this

• portion of the Crown Mountain deposit since 2014.

• The Run of Mine Coal Reserves support a 15 year mine life

• Crown Mountain will produce 86% Hard Coking Coal and 14% Pulverised Coal Injection (PCI) over the life of mine (LOM).

RESOURCE AREA	ASTM Group	Run of Mine Coal Reserves	Run of Mine Coal Reserves	Run of Mine Coal Reserves	Run of Mine Coal Reserves
		(Mt)
		Proven		Probable
		COKING	PCI	COKING	PCI
North Pit	Bituminous	9.6	0.4	3.9	1.1
East Pit		2.3	0.1	0.5	0.0
South Pit		28.0	3.2	4.8	3.5
Sub-Total		39.8	3.7	9.3	4.6
Total Proven & Probable		43.6Mt		13.9Mt
Total		57.5Mt

Run of mine surface mineable reserve summary (Effective July 8, 2020)

Crown Mountain Run of Mine Coal Reserves support a 15 year mine life

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For further information, please contact Joel Nicholls Executive Director joel.nicholls@jamesonresources.com.au www.jamesonresources.com.au

AUSTRALIAN OFFICE (Corporate) Suite 5, 62 Ord Street, West Perth Western Australia 6005 T: +61 (8) 9200 4473 E: admin@jamesonresources.com.au

CANADIAN OFFICE Suite 810, 789 West Pender Street Vancouver, BC V6C 1H2 T: +1 (604) 629-8605