JAMESON RESOURCES LIMITED — Interim / Quarterly Report 2011

Jan 30, 2012

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Level 2, 79 Hay Street Subiaco WA 6008 West Perth WA 6872

Telephone +61 8 9200 4473 Facsimile +61 8 9200 4463 www.jamesonresources.com.au

31 January 2012

The Manager Australian Securities Exchange Companies Announcement Centre 20 Bridge Street Sydney NSW 2000

ACTIVITIES REPORT FOR DECEMBER QUARTER 2011

Highlights

• Jameson has completed the acquisition of Dunlevy Energy Inc. and its asset, the Dunlevy coal project along with the acquisition of the Graham River, Peace Reach and Carbon East coal projects from Nexx Coal Inc. All projects located in the Peace River coalfields in North East British Columbia, Canada

• Canadian based coal mining executive David Fawcett has been appointed as Chairman

• A placement raising A$1,344,000 and a fully underwritten entitlements issue raising A$1,775,481 were completed in conjunction with the Dunlevy and Nexx acquisitions

• Following completion of the Dunlevy acquisition, the Company has also agreed to place 30,000,000 shares at A$0.20 to sophisticated and institutional investors including Macquarie Bank Limited to raise approximately A$6,000,000. Tranche 1, comprising $3.4 million, has been raised to date.

• Jameson entered into a Sale and Option Agreement with Saturn Minerals Inc. to acquire an initial 10% interest with an option to earn up to a further 50% interest in the Red Earth coal project located in Saskatchewan, Canada

• At 31 December 2011 the Top 20 shareholders held approximately 59% of the capital of the Company and the Company had a cash balance of $6.3 million

Overview

Jameson has completed the acquisition of Dunlevy Energy Inc. (“Dunlevy”) which includes the Dunlevy coal project (“Dunlevy Project”). In addition the Company has acquired certain assets of Nexx Coal Inc. (“Nexx”) which includes the Graham River, Peace Reach and Carbon East coal projects (“Nexx Projects”) located in northeast British Columbia, Canada (Figure 1).

In conjunction with the acquisition of the Dunlevy Project and the Nexx Projects (“the Projects”), the Company has strengthened its management team with the appointment of Canada-based coal mining executive Mr. David Fawcett as Non-Executive Chairman of the Company.

During the quarter, Jameson also entered into a sale and option agreement with Saturn Minerals Inc. (“Saturn”) to acquire an initial 10% interest with an option to earn up to a further 50% interest in the Red Earth coal property (“Red Earth Project”) located in eastern Saskatchewan, Canada.

The Red Earth Project lies in an area where new coal discoveries have occurred since 2008 as first reported by Goldsource Mines Inc. (“Goldsource”) at their large Border project. Coal finds reported by Goldsource, Saturn and others in the region are typically relatively thick seams of sub-bituminous coal.

Jameson is well funded to undertake proposed exploration and baseline environmental studies on all its projects following receipt of regulatory approvals.

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Figure 1 –Location Plan- Metallurgical Coal Projects

Project Summary

Crown Mountain Project - Elk Valley Coalfields, British Columbia

The Crown Mountain Project is located in south-eastern British Columbia, within the Elk Valley Coalfield (Figure 2). Together with the Crowsnest Coalfield, these coalfields are home to five of Canada’s twenty three producing coal mines. These five coalmines produce over 21 million tonnes per annum of export quality metallurgical and thermal coal, over 70% of Canada’s total coal exports , making the Elk Valley coalfields the most fertile in the nation. The Crown Mountain Project sits in the heart of this lucrative production hub in close proximity to two significant metallurgical coal mines, Line Creek which is 20km to the north, and Elkview which is 8km to the southwest.

The Company has experienced delays in obtaining the relevant regulatory approvals for the proposed drilling program which are now anticipated in the March quarter. As per the Company’s existing schedule, drilling is expected to commence as soon as weather conditions permit in mid-2012. Other exploration and planning activities are proposed to commence in January 2012.

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Figure 2 – Crown Mountain Project - Location Plan

Dunlevy and Nexx Projects - Peace River Coalfields, British Columbia

The Projects overlie the northwest extension of the Peace River Coal Fields District of northeast British Columbia (Figure 3). Some of Canada’s major coking coal and PCI coal mines (Willow Creek, Brule, Wolverine, and Trend) are located along strike from the property. Major resource projects including Cardero Resource Corp’s Carbon Creek Project and Canadian Kailuan Dehua’s Gething Project are located within 15 km of the Dunlevy Project area.

Geological reconnaissance was conducted on the Dunlevy coal project during the quarter. Work involved preliminary geological and structural mapping, examining access to the property from all current road networks, and spotting drill holes for the planned drill program. Structural data collected from the southern half of the project area has confirmed the coal seams have relatively shallow dips and may extend over a larger area. The north eastern part of the Dunlevy project area also shows an extensive area with shallow dips

The Company plans to commence drilling and other exploration activities as soon as regulatory approvals are in place. Meetings with the Ministry of Mines and the Halfway River First Nation are scheduled for early 2012.

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Figure 3 – Dunlevy and Nexx Projects - Location Plan

Red Earth Coal Project - Saskatchewan

The Company entered into a sale and option agreement with Saturn Minerals Inc. (“Saturn”) to acquire an initial 10% interest with an option to earn up to a further 50% interest in the Red Earth coal property (“Red Earth Project”) located in eastern Saskatchewan, Canada.

The Red Earth Project lies in an area where new coal discoveries have occurred since 2008 as first reported by Goldsource Mines Inc. (“Goldsource”) at their large Border project. Coal finds reported by Goldsource, Saturn and others in the region are typically relatively thick seams of sub-bituminous coal.

Initial exploration undertaken by Saturn over the Red Earth Project area has resulted in the identification of several targets that display similar characteristics to the existing Manville Group coal discoveries in the region.

The Red Earth Project, which includes six granted Coal Prospecting Permits (“CPPs”) is 4,608 hectares in size and comprised predominantly of farmland. It is located approximately 30 km from the town of Carrot River, Saskatchewan, approximately 25 km from rail and immediately adjacent to paved provincial Highway 55.

The Red Earth Project was acquired by Saturn in 2008 based on the underlying trend of Mannville Group sediments which, since 2009, have been proven by Saturn and other area operators to host previously unknown coal seams of unusual thickness. Westcan Goldfields Inc. has conducted a drilling program to the east of the Red Earth Project and reported several coal intersections. No drilling has been performed todate on the Red Earth Project prospect.

Since 2010 Saturn has completed over 241 line-km of airborne GeoTEM and 744 line-km of airborne gravity survey over the Red Earth Project property to assess coal exploration potential with respect to throughfaulting and karstification-related geological settings favourable for development of long-lasting coalforming paleo-environments. These airborne surveys have identified several geophysical anomalies on the Red Earth Project property that display characteristics similar to the latest Mannville Group coal discoveries that indicate advanced exploration is merited, including drilling.

Jameson will be preparing a first phase exploratory program for the Red Earth Project to test these anomalies during the coming exploration season. Pending weather conditions and rig availability, drilling may commence as early as the March quarter.

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Corporate

During the quarter the Company raised a total of $6.5 million via the following:

• $1.34 million via a placement of 11.2 million fully paid ordinary shares at $0.12 each;

• $1.78 million from a fully underwritten entitlements issue to existing shareholders at $0.10 each; and

• $3.4 million as part of a tranche 1 placement to sophisticated and professional investors at $0.20 per share. The second part of the placement ($2.6 million) is subject to shareholder approval at an Extraordinary General Meeting to be held on 9 February 2012.

In conjunction with the acquisition of the Dunlevy Project and the Nexx Projects (“the Projects”), the Company is very pleased to announce the appointment of Canada-based coal mining executive David Fawcett as Non-Executive Chairman of the Company. Mr Fawcett is a highly regarded coal mining engineer, developer and executive credited with playing a major role in reviving the coal industry in northeast British Columbia.

Mr Jeff Bennett has resigned as Chairman of the Company and will remain on the Board as a Non-Executive Director. The Board wishes to thank Mr Jeff Bennett for his role as Chairman since the Company was founded in December 2007.

Project Generation

The Company continues to be active in its evaluation on several other metallurgical and thermal coal opportunities in Canada.

Yours faithfully,

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John Holmes

Managing Director

For further information please contact:

Tel: +61 8 9200 4473 Fax: +61 8 9200 4463 Web: www.jamesonresources.com.au

The information pertaining to the technical content of this report has been reviewed by Mr John Holmes, who is a member of the Australian Institute of Geoscientists. Mr. Holmes is employed by Jameson Resources Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Holmes consents to the inclusion in the report of the technical information in the form and context in which it appears.