JAMESON RESOURCES LIMITED — Investor Presentation 2012

Oct 23, 2012

==> picture [350 x 120] intentionally omitted <==

INVESTOR PRESENTATION OCTOBER 2012

 POSITIONED IN WORLD CLASS METALLURGICAL COAL FIELDS

Jameson is a pure play coking coal Company and owns coal projects within Canada’s prolific Elk Valley and Peace River coking coal fields

 SIGNIFICANT DEVELOPMENT EXPERTISE ON BOARD

Two highly credentialed coal mining executives : Mr David Fawcett and Mr Art Palm, both mining engineers with proven track records

 MODERN RAIL AND PORT FACILITIES

British Columbia provides excellent infrastructure for coal projects including three deep water ports, an extensive rail system, high quality roads and established power supply

 LONG TERM FUNDAMENTALS REMAIN ATTRACTIVE

Whilst short term demand has softened, geological scarcity and inadequate infrastructure in emerging regions will support prices in the long term

==> picture [228 x 147] intentionally omitted <==

2

==> picture [792 x 127] intentionally omitted <==

----- Start of picture text -----

Corporate Information
----- End of picture text -----

ASX : JAL Share Price (16 October 2012) A$0.27 Market Capitalisation A$42m Trading Range (12 month) A$0.11 to A$0.43 Cash A$5.8m Debt Nil Capital Structure Shares on Issue 155m Options 9.5m Milestone Shares (Dunlevy/Nexx) 22m Directors Performance Shares 10.4m

Major Shareholders Top 20 Shareholders 51% Directors (Fully Diluted) 14% Argyle Group 12% Macquarie Bank Ltd (Metals and Energy) 10%

==> picture [377 x 223] intentionally omitted <==

3

– CANADA Operations

David Fawcett – Chairman

• Mining engineer with over 35 years coal experience in western Canada

• Proven track record for initiating and advancing new coal mine development

• Awarded the 2011 Canadian Institute of Mining, Metallurgy and Petroleum’s Coal Award for his role in reviving the northeast British Columbia coal industry

Art Palm – Executive Director Operations

• Mining engineer with 35 years of experience

• General Manager/Mine Manager of 5 producing underground coal mines in North America

• Extensive experience designing and managing mines (surface and underground) and coal preparation plants

• Lead consultant in the feasibility and construction of BHP Billiton’s San Juan Underground Mine in New Mexico

– AUSTRALIA Corporate

John Holmes – Managing Director

• Geologist with over 22 years of experience in the mineral exploration sector throughout Australasia

• Significant commercial and technical experience in the thermal and metallurgical coal sector in Western Canada

• Founding Director of Jameson Resources Ltd

David Prentice – Non‐Executive Director

Jeff Bennett – Non‐Executive Director

4

• World class infrastructure which includes:

==> picture [534 x 409] intentionally omitted <==

• Deep water sea ports

• Extensive railway

• Quality road networks

• Cheap power supply

• Competitive shipping distance and limited demurrage time when compared to eastern seaboard of Australia

• Low sovereign risk and a mining friendly jurisdiction with an attractive and stable fiscal environment

• Abundance of high quality metallurgical coal

5

==> picture [792 x 127] intentionally omitted <==

----- Start of picture text -----

Metallurgical Coal ‐ An Attractive Commodity
----- End of picture text -----

==> picture [373 x 225] intentionally omitted <==

• A key ingredient in the steel making process

• Metallurgical coal is geologically scarce unlike thermal coal

• Supply is limited by infrastructure

• Threat from substitutes is low

==> picture [408 x 124] intentionally omitted <==

• Industry structure is highly concentrated which positions mining companies strongly

• Goldman Sachs believe the marginal cost of seaborne supply is US$180/t (HCC, FOB basis)

==> picture [408 x 124] intentionally omitted <==

• There is lack of good investment opportunities in the coking coal sector

6

==> picture [792 x 127] intentionally omitted <==

----- Start of picture text -----

Limited Supply of Metallurgical Coal
----- End of picture text -----

==> picture [792 x 360] intentionally omitted <==

----- Start of picture text -----

Russia
8mt
Canada
PRINCE RUPERT
Europe North Asia 24Mt 24mt
54mt
99mt
Mongolia * WESTSHORE USA
SEOUL 29Mt
China NEPTUNE 56mt
27mt TOKYO 12Mt
India SHANGHAI
33mt
[Indonesia ]
DALRYMPLE South America
BAY 8000km
[Mozambique] Australia 22mt
141mt
NEWCASTLE
Exports
Imports
----- End of picture text -----

• [Developing Basin] Trade Flow

==> picture [5 x 5] intentionally omitted <==

==> picture [4 x 5] intentionally omitted <==

==> picture [5 x 5] intentionally omitted <==

==> picture [5 x 4] intentionally omitted <==

==> picture [4 x 4] intentionally omitted <==

==> picture [5 x 4] intentionally omitted <==

Port Capacity

Source: Wood Mackenzie 2011 data

7

• Global Middle Class[1] population increase of 700 million from 1980 to 2009

• Middle Class is projected to grow from 1.8 billion to 4.9 billion by 2030

• The Asia Pacific middle class is forecast to increase from 28% of the world’s middle class in 2009 to 66% by 2030

Global Middle Class population forecast:

==> picture [715 x 230] intentionally omitted <==

----- Start of picture text -----

6,000
5,000
4,000
3,000
2,000
1,000
0
2009 2014 2019 2024 2029
North America Europe Central and South America Sub‐Saharan Africa Middle East and North Africa Asia Pacific
Population (millions)
----- End of picture text -----

Source: OECD, Jan 2010

Note: 1) Global Middle Class defined as households with daily expenditures between US$10 and US$100 per person

8

==> picture [792 x 510] intentionally omitted <==

----- Start of picture text -----

Global Steel Demand
Historical and Forecast Global Steel Demand:
2,500
2,000
Requires ~500 million
tonnes more coking
coal
1,500
1,000
500
0
1980 1990 2000 2010 2020F 2030F
(million tonnes)
----- End of picture text -----

Source: Teck Resources 2012,

9

All projects close to infrastructure in coking coal fields responsible for Canada’s metallurgical coal exports

Crown Mountain Project

• 90% interest in Project

• Located in the Elk Valley coal field

• • and close to some of Canada’s major operating HCC mines

Peace River Projects

• 100% of Dunlevy and Nexx Projects

• • (Graham River, Peace Reach and Carbon East)

• Located in the Peace River coal

• • field and along strike from several operating HCC/PCI coal mines

==> picture [497 x 418] intentionally omitted <==

10

Crown Mountain Project – Strategic Location	Crown Mountain Project – Strategic Location
•	Jameson has 90% ownership with option to
•	acquire remaining 10% for C$2m All five coal licenses granted in May 2012
•	and cover an area of 2,588 hectares Situated in the Elk Valley, British Columbia’s
•	most prolific coking coal field Teck is currently producing 24Mtpa in this
•	region at a cash cost of US$114/t Line Creek and Elkview HCC coal mines within 15km of Crown Mountain

11

Mining

• Targeting three major coking coal seams which are potentially amenable to open‐pit mining at low strip ratios

Processing

 Coal seams interpreted to be the 8, 9 and 10 seams currently being mined at Teck’s Line Creek HCC operation located just 10km to the north

Transport

Located only 15km by road from the main CP  rail connecting to the deep water ports at Vancouver. This existing rail and port infrastructure has spare capacity

==> picture [410 x 457] intentionally omitted <==

12

==> picture [792 x 510] intentionally omitted <==

----- Start of picture text -----

Crown Mountain Project – Cross Sections
----- End of picture text -----

13

• Phase 1 and 2 drilling programs completed ahead of

• • schedule with a total of 37 holes drilled for 5,317m

• Structure and coal seam thickness compares

• • favourably with historical data

Three major coal bearing seams with 7 separate • members ranging in thickness up to 12m

• Coal quality results from first round of drilling expected

• • by mid‐November

• Norwest Corporation to finalise JORC compliant

• • resource by end of 2012

Preliminary Economic Assessment study proposed • following completion of resource estimation

==> picture [299 x 449] intentionally omitted <==

14

100% ownership of Dunlevy and Nexx projects (Carbon East, Peace Reach, • Graham river) with metallurgical coal potential within the Peace River coal field

Coal license applications cover 46,000 • hectares of prospective ground

Projects along strike from four operating • coal mines and a number of resource projects under development

High level of corporate activity within • Peace River coal field in past 18 months – Walter Energy, Xstrata, Anglo Coal, Cardero

==> picture [434 x 423] intentionally omitted <==

15

==> picture [792 x 580] intentionally omitted <==

----- Start of picture text -----

Recent M&A Activity in Peace River Coal Field
Anglo American
----- End of picture text -----

16

==> picture [792 x 127] intentionally omitted <==

----- Start of picture text -----

Dunlevy – Key Success Factors
----- End of picture text -----

==> picture [343 x 349] intentionally omitted <==

Mining

Potential for significant resources , with simple geology relative to existing mines

Coal measures in the southern half of the project occur in a gently dipping syncline with the western limb extending over some 10km x 4km

Processing

 Coal interpreted to be north extension of the coal bearing Gething Formation being mined by Walter Energy and providing HCC/PCI products

Transport



Located near the CN rail line connecting to the deep water port at Ridley Terminals

Potential for barge route down Williston Lake to rail as being pursued by Cardero Resource Corporation

==> picture [349 x 95] intentionally omitted <==

17

Construction of forestry roads has exposed multiple coal • seams up to 3.5m in thickness

Exploration to date has included field reconnaissance and • trenching in 2009, and geological mapping in 2011

Staged drilling program with the first phase including up to 20 holes to commence on receipt of regulatory approvals

==> picture [415 x 248] intentionally omitted <==

==> picture [328 x 457] intentionally omitted <==

18

• Geological mapping undertaken over Peace

• • River Projects August ‐ September 2012

• Significant section of Gething Formation

• • outlined within Carbon East and Peace Reach projects

• Initial helicopter supported reconnaissance

• • shows coal bearing stratigraphy in forestry road cuttings

• Maps and report of findings anticipated

• • November 2012

==> picture [194 x 130] intentionally omitted <==

==> picture [185 x 130] intentionally omitted <==

19

  Licenses Issued – Crown Mountain

 Regulatory approvals for exploration program – Crown Mountain

  Geological mapping and reconnaissance – Peace River Project

  Drilling programs with coal quality test work – Crown Mountain

 Regulatory approvals for exploration program – Dunlevy

• Drilling programs with coal quality test work – Dunlevy

• Resource estimation

20

 Canada

 Exploring for Metallurgical Coal

 Projects

 Management Team

 Opportunities

==> picture [192 x 135] intentionally omitted <==

21

==> picture [350 x 120] intentionally omitted <==

Level 2, 79 Hay Street Subiaco, WA +61 (8) 9200 4473

Suite 800, 1199 West Hastings St Vancouver, BC V6E 3T5 +1 (604) 629‐8605

www.jamesonresources.com.au

==> picture [794 x 89] intentionally omitted <==

CARBON AND ENERGY CONTENT OF COAL

MOISTURE CONTENT OF COAL

==> picture [595 x 229] intentionally omitted <==

----- Start of picture text -----

Low Rank Coal Hard Coal
47% 53%
Peat/Bog Lignite Sub-Bituminous Bituminous Anthracite
17% 30% 52% 1%
Thermal Metallurgical
Steam Coal Soft Coking Hard Coking
----- End of picture text -----

Power Generation Power Generation Power Generation Iron & Steel Clean Heating Cement Manufacture Cement Manufacture Smokeless Fuel Industrial Industrial Anode Paste Carbon Source

23

Three main categories of metallurgical coal

1 Hard coking coal

• Forms high‐strength coke

Metallurgical coal is less abundant than thermal coal and is primarily used in the production of coke which is an important part of the integrated steel mill process.

• Low, mid, high‐volatile (20 – 35%)

• FSI/CSN : 6 or higher

• Ash ‐ < 9%

• Sulfur < 0.8%

When making steel, two of the key raw ingredients are iron ore and coke. Coke is used to convert the iron ore into molten iron. Coke is made by heating coking coal to about 2000°F (1100°C) in the absence of oxygen in a coke oven.

2 Semi‐soft coking coal

• Produces coke of lesser quality

3 PCI

Semi‐soft and PCI coals normally have lower sales values compared to hard coking coal due to the relative availability of these products.

• Used primarily for its heat value and is injected into a blast furnace to replace expensive coke

• FSI/CSN : 0 to 3

• Ash ‐ <12%

==> picture [792 x 128] intentionally omitted <==

Source : Grande Cache

24

This document has been prepared as a summary only, and does not contain all information about the Jameson Resources Limited’s (the “Company”) assets and liabilities, financial position and performance, profits and losses, prospects and the rights and liabilities attaching to the Company’s securities. This document should be read in conjunction with any public announcements and reports (including financial reports , third party studies and disclosure documents) released by the Company. The securities issued by the Company are considered speculative and there is no guarantee that they will make a return on the capital invested, that dividends will be paid on the Shares or that there will be an increase in the value of the Shares in the future.

Further details on risk factors associated with the Company’s operations and its securities are contained in the Company’s prospectuses and other relevant announcements to the Australian Stock Exchange.

Some of the statements contained in this release are forward‐looking statements. Forward looking statements include but are not limited to, statements concerning estimates of coal tonnages, expected costs, statements relating to the continued advancement of the Company’s projects and other statements which are not historical facts. When used in this document, and on other published information of the Company, the words such as “aim”, “could”, “estimate”, “expect”, “intend”, “may”, “potential”, “should” and similar expressions are forward‐looking statements.

Although the company believes that its expectations reflected in the forward‐looking statements are reasonable, such statements involve risk and uncertainties and no assurance can be given that actual results will be consistent with these forward‐looking statements. Various factors could cause actual results to differ from these forward‐looking statements include the potential that the Company’s projects may experience technical, geological, metallurgical and mechanical problems, changes in product prices and other risks not anticipated by the Company or disclosed in the Company’s published material.

The Company does not purport to give financial or investment advice. No account has been taken of the objectives, financial situation or needs of any recipient of this document. Recipients of this document should carefully consider whether the securities issued by the Company are an appropriate investment for them in light of their personal circumstances, including their financial and taxation position.

25

Exploration or technical information in this presentation to which this statement is attached that relates to exploration results is based on information compiled by Mr John Holmes, who is a member of the Australian Institute of Geoscientists. Mr. Holmes is a full time employee of 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 matters based on his information in the form and context in which it appears.

26