JAMESON RESOURCES LIMITED — Interim / Quarterly Report 2021

Apr 28, 2021

ASX RELEASE

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29 April 2021

QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDING 31 MARCH 2021

Highlights

• Substantial progress was made in the quarter towards the Environmental Assessment Application (“EA Application”) for the Crown Mountain Project. Drafting continued on the EA Application including the completion of air quality modelling and effects assessments of flora and fauna, fish habitat and social and economic impacts. Extensive stakeholder engagement was undertaken with First Nations groups, local community groups and other key stakeholders in relation to the EA Application

• Progress of the EA Application has been delayed due to the impact of the COVID-19 situation in Canada and in particular British Columbia, and neighbouring Alberta. This worsening situation has led to increased community restrictions which has impacted on the Company’s ability to engage in a timely manner with a number of relevant stakeholders. The Company expects the EA Application to be lodged with regulators before the end of June 2021

• In conjunction with the drafting of the EA Application, the Company continued its regular EA Application pre-submittal meetings with all levels of Government

• Sedgman Canada Limited (“Sedgman”) (a member of CIMIC Group), continued work analysing the opportunity to increase the yield from each of the individual pits by increasing the product ash specification as part of the BFS optimisation

• Michael Gray commenced as Jameson’s Managing Director on 1 March. Mr. Gray is an experienced resource executive with over 30 years’ experience in resource and infrastructure development. Mr. Gray’s experience in permitting, capital markets, financing including development and implementation of product marketing and customer development, stakeholder engagement, and mine construction and operations bode well for Jameson’s strategy of becoming an independent, growth oriented metallurgical coal developer focused on delivering sustainable outcomes

• Jameson progressed identification and assessment of potential opportunities that have been sufficiently progressed up the value curve in metallurgical coal in developed countries, with an initial focus on Canada and Australia

• As of 31 March 2021, the top 20 shareholders held approximately 68.6% of the capital of the Company and the Company held A$4.0 million in cash (A$3.1 million in Jameson and A$0.9 million NWP) and remains debt-free.

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

Jameson Resources Limited I ABN 89 126 398 294

Registered Office | Level 4, Deutsche Bank Place 126 Phillip Street, Sydney NSW 2000

Postal Address | PO Box 274, Ashgrove West, Brisbane QLD 4060

Email | admin@jamesonresources.com.au

Phone: |+61 8 9200 4473

www.jamesonresources.com.au

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OVERVIEW

The primary focus of Jameson Resources Limited (“Jameson” or “the Company”) during the reporting period was to continue advancing towards environmental approvals and permitting, for development of the Crown Mountain Coking Coal Project (“Crown Mountain” or the “Project”). The Company’s two projects are located in British Columbia, Canada which are shown in Figure 1 – Project Location Plan below.

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Figure 1 – Project Location Plan

SAFETY PERFORMANCE

During the March quarter and year to date, there have been no recordable injuries at Jameson’s projects and licences. The 12-month rolling Total Recordable Injury Frequency Rate (“TRIFR”) at the end of the March 2021 quarter was 0.

PROJECT SUMMARY

1. CROWN MOUNTAIN COKING COAL PROJECT – ELK VALLEY COAL FIELD, BRITISH COLUMBIA

The Crown Mountain Coking Coal Project is a potential low-cost, high-quality, open cut metallurgical coal mine located adjacent to two existing hard coking coal mines within the Elk Valley in British Columbia. A Bankable Feasibility Study (“BFS”) completed in July 2020 confirmed that Crown Mountain represents a compelling high quality hard coking coal development opportunity with a competitive operating and capital cost structure and access to existing common user rail and port infrastructure.

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The Project is owned by Jameson’s Canadian Subsidiary, NWP Coal Canada Ltd (‘NWP’) that is 78% owned by Jameson and 22% by Bathurst Resources Limited (ASX:BRL).

The Project is currently in the final stages of the evaluation phase, which is comprised of completing optimisation of the BFS and submitting an EA Application. Following the EA Application submittal, work will commence on the additional approvals and permits required to develop and operate the Project.

The Crown Mountain EA Application team, coordinated by Dillon Consulting (Vancouver), is a joint effort of several specialised environmental consultants. The team is developing the EA to meet the requirements detailed in the Application Information Requirements (“AIR”). The key milestones this quarter were stakeholder engagement with First Nations groups and other key stakeholders, completion of the air quality modelling, flora and fauna effects assessments, fish habitat studies, Economic and Socio-Community Assessment along with drafting of the existing conditions and furthering effects assessments sections of the EA application.

NWP views stakeholder engagement as integral to its strategy of operating in an open and transparent manner to achieve engaged stakeholders. During the quarter, NWP representatives undertook extensive engagement with key project stakeholders including First Nations groups, Government representatives, community and recreational groups and the regional community. NWP also produced its first quarterly newsletter and completed an online survey to raise public awareness of the Project and to gain understanding of the specific concerns and interests of local stakeholders in relation to the Project.

The Company continues to monitor the COVID-19 situation in both British Columbia and neighbouring Alberta where the situation has worsened in recent months. The Company has not seen any direct impact on the safety or wellbeing of its staff, however, a number of occurrences have impacted both the communities in which NWP operates and its stakeholders. COVID 19 has impacted review timelines, specifically with First Nations' review of the draft EA sections. Due to increasing infection rates, increased Province-wide restrictions have recently been imposed limiting travel and social interaction.

NWP was originally required to submit its EA Application under the Provincial guidelines by 26 April 2021, however that timing has been extended to 26 October 2021 as a contingency measure, should it be required, due to potential delays encountered as a result of COVID-19.

BFS OPTIMISATION

During the quarter, optimisation work on the BFS continued with the primary focus on coal quality impacts from higher ash product specification and the impact the higher ash specification has on Coal Handling and Preparation Plant (“CHPP”) yield. The work undertaken included review of coke testing undertaken in late 2020 to assess the quality of various higher ash products and assessment of the ability to optimise ash yield (washability) curves. As outlined in the BFS optimisation opportunities, there is potential to increase the overall CHPP yield by producing a higher ash specification product.

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Hard Coking Coals with a higher ash than benchmark specification may incur a penalty on the price received from end users. There are a number of premium benchmarked hard coking coals sold globally that have published[1] ash specification of up to 10.5%. The results of this yield optimisation study will be finalised in Q2 2021.

Additional BFS optimisation work has been scoped, however has not been committed to at this stage.

2. DUNLEVY PROJECT – NORTH EAST BRITISH COLUMBIA

No activity occurred at Dunlevy, which remains in good standing with the Province, and represents a future opportunity for Jameson. Annual rental fees were paid in December 2020. Dunlevy is not part of NWP and remains 100% owned by Jameson.

CORPORATE

Jameson has 303.3 million fully paid ordinary shares on issue, A$4.0 million in cash and equivalents at quarter’s end, and no debt. NWP, of which Jameson owns 77.8%, holds A$0.9million of this cash balance.

During the quarter Bathurst Resources Limited (“BRL”) and Jameson contributed to furthering the Crown Mountain Hard Coking Coal Project in proportion to their common shareholding in NWP, being 20% and 80% respectively. BRL and Jameson are continuing to fund the Project up until the receipt of permits and Final Investment Decision (“FID”), in proportion to common equity shareholdings.

As outlined in the Appendix 5B for the quarter ending 31 March 2021 (section 6.1), during the quarter approximately $126k in payments were made to related parties and/or their associates including director fees, gross salaries and superannuation. This amount included the back-payment for Executive Director fees to Mr. Joel Nicholls who was appointed Executive Director in March 2020 and returned to his position as Non-Executive Director of the Company on 1 March 2021 following Michael Gray’s commencement as Managing Director.

This announcement is authorised for release to the market by the Board of Jameson Resources Limited.

For further information, please contact:

Michael Gray Managing Director Email: michaelgray@jamesonresources.com.au Phone: +61 417 736 461

1 Specifications guide Metallurgical Coal, S&P Global Platts, April 2020

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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 an 77.8% equity interest in NWP Coal Canada Limited (“NWP”) which holds a 90% interest in the Crown Mountain Coal Project, and a 100% direct interest in the Dunlevy coal project located in British Columbia. Jameson’s tenement portfolio in British Columbia is positioned in coalfields adjacent to existing mines responsible for the majority of Canada’s metallurgical coal exports and are close to railways connecting to export facilities.

To learn more, please contact the Company at +61 8 9200 4473, or visit: www.jamesonresources.com.au

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

About Bathurst Resources Limited

In July 2018, a subsidiary of Bathurst Resources Limited (ASX:BRL) acquired an 8% interest in NWP, with option to increase that interest to 50% subject to certain milestones and additional payments. Bathurst exercised the Tranche One Option in September 2019 and now holds a 20% interest in NWP with an additional 2.2% held as Class B Preference shares.

Bathurst is the largest coal company operating in New Zealand with over 2.2 million tonnes per annum of coal under management. More than 70% of the coal sold is used for steel making, both domestically and for export to Asian coke makers and steel mills. The remainder is sold to domestic users in the agricultural and energy sectors. Bathurst is focussed on low cost, sustainable mining with a strong focus on the local communities and environmental management.

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 .

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Schedule of Mineral Tenements

Jameson Resources Limited provides details of the Company’s consolidated interests in mineral tenements/licenses at the end of the quarter in accordance with Listing Rule 5.3.3 and their relevant percentage change in ownership ending 31 March 2021, which reflects Jameson’s 77.8% interest in NWP Coal Canada Limited which holds a 90% interest and 100% interest in various licences that form part of the Crown Mountain Coal Project, and a 100% direct interest in the Dunlevy coal project located in British Columbia.

Project	Tenement	JAL ownership %	Interest at beginning of Quarter	Acquired/ Disposed	Interest at end of Quarter
Crown Mountain – North Block	418150	77.8%	90%	-	90%
Crown Mountain – South Block	418151	77.8%	90%	-	90%
Crown Mountain – West Crown	418152	77.8%	90%	-	90%
Crown Mountain – Southern Extension	418153	77.8%	90%	-	90%
Crown Mountain – Crown East	418154	77.8%	90%	-	90%
Crown Mountain – Northwest Extension	418966	77.8%	100%	-	100%
Crown Mountain – Northern Extension	419273	77.8%	100%	-	100%
Crown Mountain – Grave Creek	419272	77.8%	100%	-	100%
Crown Mountain – Alexander Creek	419274	77.8%	100%	-	100%
Crown Mountain – Grave Creek West	419275	77.8%	100%	-	100%
Dunlevy	418441	100%	100%	-	100%
Dunlevy	418442	100%	100%	-	100%

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