JAMESON RESOURCES LIMITED — Investor Presentation 2017

Mar 1, 2017

INVESTOR PRESENTATION March 2017 PDAC - TORONTO

Investment Highlights

POSITIONED IN WORLD CLASS METALLURGICAL FIELDS

PROXIMAL TO INFRASTRUCTURE

KEY PROJECT MOVING FORWARD IN 2017

SIGNIFICANT DEVELOPMENT EXPERTISE ON BOARD

INDUSTRY RECOVERY

Jameson is a pure coking coal Company with its flagship project, Crown Mountain, located within Canada’s prolific Elk Valley coal field.

Crown Mountain is proximal to a road network and an extensive rail system linking to three well established deep water coal ports.

Crown Mountain is completing the formal phase of the EA pre-application process. Capex and Opex savings are being evaluated in an updated PFS.

Jameson’s Board has broad expertise in developing and managing coal mines and processing facilities.

Crown Mountain is being positioned to take full advantage of the recovery in coking coal prices and improved investor sentiment.

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Financial Snapshot

Share Capital	Share Capital
Recent Share Price	A$0.10
Shares Outstanding	223m
Market Capitalisation	A$22m
Trading Range (6 month)	A$0.04 to A$0.12
Cash Reserves
Cash on Hand	A$2.2m
Options and Exchangeable Shares
Options(A$0.105 exercise price)	7.1m
Ownership
Top 20 Shareholders	62.6%
JP Morgan Nominees Australia Limited	13.6%
Hillboi Nominees	5.5%
Resources and Reserves
Reserves	56m tonnes
Resources - Measured & Indicated	75m tonnes*
Resources - Total	99m tonnes*

• Measured and Indicated Resources include noted Reserves

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Highly Experienced Management Team

– Art Palm Chief Executive Officer and Chairman

• Mining engineer with over 40 years of experience

• Engineering, Operations & Executive positions at major US coal producers

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

– Steve van Barneveld Non-Executive Director

• Process engineer with over 28 years experience

• Majority of years spent with Sedgman Limited, ultimately as COO

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• Extensive experience in asset development, design, construction, and operations management

Joel Nicholls - Non-Executive Director

• Over 7 years financial and technical experience in resources industry.

• Chartered Accountant; graduate degree in Mineral Exploration Geoscience.

Suzie Foreman - Company Secretary

• Chartered Accountant with over 17 years of financial and corporate governance experience specialising in mining and exploration.

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Crown Mountain Flagship Canadian Coking Coal Asset

• The Crown Mountain Coking Coal Project is located in southeast British Columbia

• The high quality nature of the North and East Block coking coal is comparable to the best Hard Coking Coal produced in British Columbia

• British Columbia is a first class mining jurisdiction with significant history, numerous producing mines, established workforces and local communities that support mining

• Crown Mountain is proximal to existing infrastructure

• Crown Mountain is situated in the heart of the Elk Valley and Crowsnest coal fields amongst Teck’s existing Coking Coal operations

• Teck is the world’s second largest seaborne exporter of coking coal from its Elk Valley and Crowsnest coal field mines

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• Crown Mountain represents a compelling opportunity for development of a coking coal project with an

attractive operating cost structure

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Exploration

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North Block Geology

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South Block Geology

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Resources and Reserves

• The 2014 PFS determined a total reserve base at Crown Mountain of 56 million tonnes.

• Confidence in the geologic interpretation is high , as nearly 90% of the reserves are in the Proven category .

• Plant yields were estimated based on the summer 2013 exploration program. Average LOM plant yield is 52%. Early years (North Block) is 59%.

• The clean coal strip ratio for the first 4 years averages a low 7.6:1 BCM:t, and 9.9:1 LOM

RESOURCE AREA	Measured (Mt)	Indicated (Mt)	Measured & Indicated (Mt)	Inferred (Mt)	Measured, Indicated & Inferred (Mt)
North Block	8.0	6.0	14.0	0	14.0
South Block	60.9	0	60.9	0	60.9
Southern Extension	0	0	0	23.7	23.7
TOTAL	68.9Mt	6.0Mt	74.9Mt	23.7Mt	98.6Mt

Crown Mountain Resource 2014 (Effective March 11, 2014)

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	7.3	0.7	4.9	1.2
East Pit		3.6	0.5	0	0
South Pit		31.7	5.9	0	0
Sub-Total		42.6	7.1	4.9	1.2
Total Proven & Probable		49.7Mt		6.1Mt
Total		55.8Mt

Run of mine surface mineable reserve summary (Effective May 31, 2014)

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Coal Quality

	Crown Mountain Coking Coal1	Crown Mountain Coking Coal1	Canadian NEBC HCC2	Canadian SEBC HCC2	Central Alberta2
	North and East Blocks	South Block
Total Moisture (% as received)	8 - 9	8 - 9	8 - 9	8 - 9	8 - 9
Volatile Matter (% dry)	20.5	18	23 - 24.5	21 - 27	17 - 27
Ash Content (% dry)	9	9	8.3 - 8.6	8.5 - 9.6	8.5 – 9.5
Sulphur Content (% dry)	0.6	0.6	0.45 - 0.55	0.35 - 0.75	0.45 - 0.5
Free Swelling Index (FSI)	7 - 8	4 - 5	7 - 8	6 - 8	5 - 7
Vitrinite Reflectance RoMax (%)	1.45	1.59	1.15 - 1.25	1.10 - 1.35	1.10 – 1.60
Maximum Fluidity (ddpm)	30	5	150 - 300	40 - 300	15 - 700
Phosphorus in Coal (% dry)	0.060	0.100	0.008 - 0.040	0.010 - 0.065	0.016 – 0.050
Base/Acid Ratio of Ash	0.07	0.05	0.12 - 0.18	0.07 - 0.10	0.11
CSR (Coke Strength after Reaction)	75	67	58 - 60	68 - 72	58 - 60

Quality Comparison of Crown Mountain Coal with Other Canadian Export Coking Coals Notes:

1 Results are based on laboratory scale washing and testing of exploration samples.

• 2 Results are based on full washing plant under operating conditions. Data source: Kobie Koornhof Associates

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PROJECT FACILITIES

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Crown Mountain 2014 PFS Mining Options and Outcomes

• The Crown Mountain PFS was executed by Norwest Corporation of Calgary, Alberta, Canada and focused only on the Measured and Indicated resources identified by Norwest.

• The PFS was completed in August 2014, confirming Crown Mountain to be a technically robust project with outstanding economics .

2014 PFS scenarios considered (with financial outcomes detailed in the chart at right) :

• Base Case - assumes all construction and start-up expenses are capitalized.

• Lease Major Mining Equipment : all mining equipment is leased, balance of project is capitalized.

• Lease Equipment and Plant : all equipment that can be leased is leased, and the plant is built and operated by a contractor under a fee arrangement.

• PFS assumed coal prices of USD $170/t for coking coal (increasing to USD $190/t in year 5), and USD $113/t for PCI (increasing to USD $126/t in year 5).

• PFS assumed CAD:USD exchange rate of 0.92.

NOTE: Infrastructure, which includes roads, power lines, natural gas supply, water supply, the shop, office and supporting facilities, rail loop and clean coal loadout, is assumed to be capitalized in all cases.

2014 PFS Parameter (All Scenarios)	Unit	Value
ROM Reserves (Proven and Probable) Mt 56
Annual Production (Clean Coal)	Mtpa	1.5-2
Mine life	years	17
Product Mix	%	84% HCC; 16% PCI
Internal Rate of Return (After Tax)	%	26-50
After-tax Payback Period (base case)	years	2.7
CAPEX	$USD M	123-339
OPEX (FOB)	$USD/t	100-117
NPV10 (After Tax)	$USD M	224-263

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CAD:USD Devaluation Provides Potentially Large Operating Cost Savings

• A significant devaluation of the CAD:USD has occurred since the completion of the 2014 PFS leading to

potentially large operating cost savings under all scenario’s considered in the 2014 PFS as shown in the chart (right)

• These cost savings resulting from the CAD:USD devaluation are anticipated to significantly enhance project economics

• The company is considering additional cost savings (not shown in the chart to the right), both Capex and Opex in nature, that will lead to an optimisation of project economics to be outlined in the PFS update

2014 PFS Base Case FOB Costs (Pre-Tax Basis)

• PFS assumed CAD:USD exchange rate of 0.92.

• Current exchange rate is 0.76

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• All costs are FOB Vancouver.

• All costs are in USD.

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CAD:USD Devaluation Impact on Met Coal Pricing Requirements

	2014 PFS Assumed Coal Prices (CAD:USD 0.92)	2014 PFS Assumed Coal Prices (CAD:USD 0.92)	2014 PFS Assumed Coal Prices Update (CAD:USD 0.76)	2014 PFS Assumed Coal Prices Update (CAD:USD 0.76)
	Year 1-4	Year 5 onwards	Year 1-4	Year 5 onwards	Current Benchmark Pricing (FOB Australia) Q1 2017
HCC FOB Vancouver (US$/t)	170	190	140	157	285
PCI FOB Vancouver (US$/t)	113	126	93	104	133

• The devaluation of the CAD:USD that has occurred since the completion of the 2014 PFS has resulted in the required (to equal PFS results) US dollar per ton HCC and PCI prices falling as detailed in the table above.

• The 2014 PFS assumed coal prices of USD $170/t for coking coal (increasing to USD $190/t in year 5), and USD $113/t for PCI (increasing to USD $126/t in year 5).

• The devaluation of the CAD:USD from 0.92 in August 2014, to CAD:USD 0.76 today has resulted in those prices being adjusted down to USD $140/t for coking coal (increasing to USD $157/t in year 5), and USD $93/t for PCI (increasing to USD $104/t in year 5)

• Spot prices currently remain above the levels cited in the bullet item above, being reportedly in the USD $150 - $160 range (for HCC).

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PFS Update Items

• Jameson’s Crown Mountain project is one of the most advanced development assets in the region, with a PFS completed in August 2014 and now nearing completion of the formal pre-application phase of the Environmental Assessment process.

• A PFS update is underway incorporating not only the aforementioned change in exchange rate, but a number of identified potential Capex and Opex reductions that may provide considerable upside to the existing project economics, including:

• Potential for using idled/used equipment.

• Lower material costs

• Lower equipment unit costs

• Optimized fleet

• Modified plant design

• Evaluation of a Contract Mining scenario.

• Current exchange rate

• Potential for blending North/South pit products

• Pre-strip alternatives

• Haul road alternatives

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• It is anticipated that the PFS update will be complete late Q1 2017

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Environmental Studies

• In addition to having successfully the completed the PFS in 2014, the company has been progressing the pre-application stage of environmental permitting process over the past two years while the met coal market has been in a downturn.

• Extensive environmental baseline studies are required prior to submitting an Environmental Assessment (‘EA’) Application, including:

• Surface water

• Hydrology

• Groundwater

• Geochemistry

• Meteorology

• Terrestrial Habitat (wildlife, TEM, plants)

• Fish and Fish Habitat

• Studies on many of these topics were initiated early in project life concurrent with exploration as a result of consultation with First Nations and other entities. As a result a large amount of environmental work has already been completed , with the balance to be determined by a gap analysis once the formal preapplication phase is completed.

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EA Progress To-Date and Timing

• The company has continued to progress the preapplication stage of the EA process, with the Application Information Requirements (‘AIR’) expected to be completed and accepted in Q2-17.

• The AIR is essentially the blueprint for preparing the Application for an EA Certificate.

• This is a significant milestone for the company.

• Once the AIR is approved it has a three year life , during which time the EA application must be lodged.

• The EA Certificate is a pre-requisite for all other minerelated permits.

• Once granted, the EA certificate is good for five years with the allowance for one renewal

• The mine permit can be submitted concurrent with the EA application, or subsequent to it.

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Investment Highlights

POSITIONED IN WORLD CLASS METALLURGICAL FIELDS

PROXIMAL TO INFRASTRUCTURE

KEY PROJECT MOVING FORWARD IN 2017

SIGNIFICANT DEVELOPMENT EXPERTISE ON BOARD

INDUSTRY RECOVERY

Jameson is a pure coking coal Company with its flagship project, Crown Mountain, located within Canada’s prolific Elk Valley coal field.

Crown Mountain is proximal to a road network and an extensive rail system linking to three well established deep water coal ports.

Crown Mountain is completing the formal phase of the EA pre-application process. Capex and Opex savings are being evaluated in an updated PFS.

Jameson’s Board has broad expertise in developing and managing coal mines and processing facilities.

Crown Mountain is being positioned to take full advantage of the recovery in coking coal prices and improved investor sentiment.

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Disclaimer

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 presentation 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.

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Competent Persons Statement

Competent Person Statements

Mineral Reserves and Pre Feasibility Study Results

The information in this presentation relating to the Mineral Reserve Estimate and Pre Feasibility Study Results of the Company’s Crown Mountain Coal Project are extracted from the ASX Release entitled “Prefeasibility study confirms Crown Mountain coking coal project will enjoy outstanding economics” announced on 11 August 2014 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 reserve estimates and pre 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.

Mineral Resource

The information in this presentation relating to the Mineral Resource estimate on the Company’s Crown Mountain Coal Project is extracted from the ASX Release entitled “Positive Property-Wide Coal Quality, Crown Mountain Coking Coal Project” announced on 14 March 2014 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 estimates 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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