JAMESON RESOURCES LIMITED — Interim / Quarterly Report 2016

Jul 28, 2016

Jameson Resources, ABN 34 225 891| Level 2, 79 Hay Street, Subiaco WA 6005 | info@jamesonresources.com.au |+61

ASX RELEASE

29 July 2016

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

ACTIVITIES REPORT FOR JUNE QUARTER 2016

Highlights

• Pre-application activities in the Environmental Assessment (“EA”) process for the flagship Crown Mountain coking coal project proceeded as planned in the quarter, with two key activities nearing completion.

• Significant administrative cost reductions continue to be realized; costs totaled $112,000 and were approximately 20% below those incurred in the same quarter in 2015.

• As at 30 June 2016 the Top 20 shareholders held approximately 58% of the capital of the Company and the Company held A$1.9M in cash

www.jamesonresources.com.au

Jameson Resources I ABN 34 225 891 | Suite 5, 62 Ord Street, West Perth WA 6005 | admin@jamesonresources.com.au |+61 8 9200 4473

Overview

Jameson Resources Limited (“Jameson” or “the Company”) continued to progress the pre-application phase of the EA process at the Crown Mountain coking coal project. Two key EA activities neared completion.

Other than EA-related tasks at Crown Mountain, the Company continues to review field work performed with respect to the deposit along with the changing economic environment.

Ongoing cost reductions were realized in the administrative area, as the Company strives to preserve capital.

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Figure 1 – Project Location Plan

www.jamesonresources.com.au

Jameson Resources I ABN 34 225 891 | Suite 5, 62 Ord Street, West Perth WA 6005 | admin@jamesonresources.com.au |+61 8 9200 4473

Project Summary

Crown Mountain Project - Elk Valley Coal Field, British Columbia

Crown Mountain continues in the pre-application stage of the EA process. Two governmental entities are involved: the Canada Environmental Assessment Agency (“CEAA”) and the British Columbia Environmental Assessment Office (“EAO”).

Two important and comprehensive documents are nearing completion: The Valued Components Document (“VCD”) and the Application Information Requirements (“AIR”).

In late May an open house was held with respect to the VCD, with a concurrent 30-day public comment period. Public comments have been addressed, and a revised VCD will soon be submitted to the Environmental Assessment Office (EAO) for review. Management anticipates the VCD will be finalized during the September quarter.

The AIR has been revised for EAO comments, and is now under review by the governmental working group and First Nations. Comments are expected within 4-8 weeks, after which a revised AIR will be submitted for EAO acceptance. The AIR should be completed early in the December quarter.

Spending on Crown Mountain reached a multi-year low during the March quarter, but rose in the current (June) quarter due to expenses associated with the VCD and AIR, including site visits, open house, consultant charges, and completion of some in-progress field activities unrelated to the VCD and AIR. September quarter spending will continue to be influenced by finalizing the VCD and AIR; subsequent quarters will see significantly lower project spending.

The Company is focused on positioning Crown Mountain for a coking coal market recovery while minimizing ongoing costs. The weather station on site has been removed and placed in storage to reduce ongoing monitoring costs. Water monitoring activities have shifted from monthly to quarterly and will remain so until field activities (ie: exploration) resume.

A gap analysis will be executed (internally) on the project once the AIR and VCD are complete: additional field work and permit application preparation, other than in-house efforts, will be deferred until the coal market recovery progresses further.

Dunlevy Project – North East British Columbia

Jameson did not complete any work on Dunlevy during the quarter. Annual rent on the exploration licenses has been paid and the project remains in good standing.

Application is pending at the province for a refund of the Dunlevy reclamation bond. The Company performed the necessary reclamation work in late 2014 following completion of the exploration program. A site visit by Jameson and Ministry of Mines personnel occurred on July 5 as part of the bond release process.

Jameson anticipates resuming exploration/evaluation work when market forces warrant such action.

www.jamesonresources.com.au

Jameson Resources I ABN 34 225 891 | Suite 5, 62 Ord Street, West Perth WA 6005 | admin@jamesonresources.com.au |+61 8 9200 4473

Corporate

As at 30 June 2016 the Company had A$1.9 million in cash and equivalents, no debt, and 208,565,619 fully paid ordinary shares on issue.

The Company continues to maintain a balance between progressing Crown Mountain and preserving cash. This is a dynamic process.

Management is evaluating other opportunities in coal, and select other commodities as well, as potential projects of interest present themselves.

On Behalf of the Board of Directors,

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Art Palm

Chief Executive Officer and Acting Chairman

www.jamesonresources.com.au

Jameson Resources I ABN 34 225 891 | Suite 5, 62 Ord Street, West Perth WA 6005 | admin@jamesonresources.com.au |+61 8 9200 4473

About Jameson Resources Limited

Jameson Resources Limited (ASX:JAL) is a junior resources company focused on the acquisition, exploration and development of strategic coal projects in western Canada. The Company has a 90% interest in the Crown Mountain coal project, and a 100% interest in the Dunlevy coal project located in British Columbia. Jameson’s tenement portfolio in British Columbia is positioned in coalfields responsible for the majority of Canada’s metallurgical coal exports and are all close to railways connecting to export facilities. To learn more, please contact the Company at +61 89200 4473, or visit: www.jamesonresources.com.au

Forward Looking Statements

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.

www.jamesonresources.com.au

Jameson Resources I ABN 34 225 891 | Suite 5, 62 Ord Street, West Perth WA 6005 | admin@jamesonresources.com.au |+61 8 9200 4473