JAMESON RESOURCES LIMITED — Investor Presentation 2021

Nov 23, 2021

==> picture [69 x 99] intentionally omitted <==

Jameson Resources

Capital Raising Presentation Placement and Share Purchase Plan November 2021

==> picture [99 x 100] intentionally omitted <==

==> picture [513 x 469] intentionally omitted <==

==> picture [114 x 31] intentionally omitted <==

1

Jameson Resources Crown Mountain - a new era in steelmaking coal

==> picture [190 x 128] intentionally omitted <==

==> picture [187 x 140] intentionally omitted <==

• Premium hard coking coal sought after by global steelmakers to help increase blast furnace efficiency and lower carbon emissions

Right Project

• Low strip-ratio open-pit resource with attractive operating margins

• • Small footprint in discrete catchment providing ability to manage water quality, environmental GREENHILLS offsets and advance accelerated rehabilitation

• The Elk Valley steelmaking coalfields is recognised globally for its premium hard coking coal product

• Crown Mountain is a greenfield project in a brownfield environment

• British Columbia has significant historical and current production, transparent regulatory processes and Provincial Government supportive of mining

• Right Location

• Direct access to existing infrastructure with surplus capacity for exports

• Canadian steelmaking coal has continued access to Chinese markets unlike Australian coal and so obtains a substantial premium price to Australian export pricing for sales to China

• Jameson Board with substantial track record of successful greenfield coal development, financing and value creation

Right Team Right Market

• Management team in Australia and Canada with extensive experience in regulatory processes and indigenous and stakeholder engagement

• Steelmaking coal is at unprecedented record prices due to shortage of supply in all producer markets

• Delayed progress of greenfield projects to supplement declining production at existing mines

==> picture [114 x 31] intentionally omitted <==

– Crown Mountain HCC Project the most advanced steelmaking coal project in Canada IEA – Coal 2020

2

Equity raising to progress Crown Mountain HCC ProjectCrown Mountain Overview

• JAL has received binding commitments to raise $2.86m at 7.0c per share via a two tranche share placement:

• Tranche 1 - $2.75m raised by issue of shares to existing shareholders under the Company’s existing 15% placement capacity

• SHARE PLACEMENT • Tranche 2 – the Company’s Chair and Managing Director have also committed to subscribe for shares at 7.0c per share to raise a further approximately $105,000. (The issue of these shares will be subject to shareholder approval at the upcoming AGM)

SHARE PURCHASE PLAN

• JAL is undertaking a Share Purchase Plan (SPP) targeted to raise a further A$250,000 at the same offer price as the Placement, providing the opportunity for all shareholders to participate in the Company's capital raising

USE OF FUNDS

• JAL will contribute 80% pro-rata share of funding of NWP Coal Canada Ltd (NWP), the entity that holds the Crown Mountain tenements* going forward. Remaining 20% to be funded by Bathurst Resources Limited (BRL)

• • Funds raised will be used for: o Continued progression of the Crown Mountain EA Application through Application Review o Further optimisation works to improve project economics and seek opportunities to de-risk project development o Engagement with key target Asian steelmaking customers of Crown Mountain Hard Coking Coal o Continued engagement with project financiers

• NWP administration, project management and corporate overheads and JAL corporate costs

• Current coal market confirms the need for high quality new production to meet continued demand for steelmaking coal

• • August 2021 Yield Optimisation Study further enhances Crown Mountain’s robust outcomes with 25% NPV improvement on BFS and confirmation of position in first cost quartile

SUMMARY

• Premium coal quality, advanced regulatory process, access to adjacent existing infrastructure, attractive economics and location in existing brownfield coal basin confirm Crown Mountain’s compelling case for development

• Continued progress to finalise approvals and development plans will seek to reinforce Crown Mountain as the most advanced steelmaking coal development project in Canada

==> picture [114 x 31] intentionally omitted <==

Crown Mountain represents a compelling opportunity for development of a steelmaking coal project with an attractive operating cost structure and access to infrastructure

3

About Jameson Resources

	•	Jameson is an ASX listed pure steelmaking	Share Capital
		coal developer	ASX ticker	JAL
Sustainable growth to	•	Primary focus is its flagship asset, the Crown	Share Price (15 Nov 2021)	A$0.086
maximise enterprise		Mountain Hard Coking Coal (HCC) Project	Shares Outstanding	303m
value	•	Will consider other steelmaking coal opportunities in developed countries that are development ready or close to	Market Capitalisation Trading Range (6 month)	A$26.1m A$0.08 to A$0.10
			Major shareholders
	•	The critical ongoing role of steelmaking coal	Top 20 Shareholders	69.5%
		in global economic development is	Australian Super Pty Ltd	14.9%
		recognised	Hillboi Nominees Pty Ltd	6.6%
ESG leadership key to success	•	Seeking to be an ESG leader and engaging with all stakeholders to enable delivery of sustainable outcomes for local and regional communities, customers and the	Perth Investment Corporation Ltd 5.6% Subsidiaries NWP Coal Canada Ltd(owns 90% Crown Mountain HCC
		environment	Project)
	•	Aiming to be among the world’s lowest	• Jameson Resources	80%
		carbon intensity producers of steelmaking	• Subsidiary of Bathurst Resources	20%
		coal	Dunlevy Energy Inc	100%

==> picture [114 x 31] intentionally omitted <==

Responsibly supplying raw materials essential to improving people's lives...

4

Jameson Board of Directors

==> picture [198 x 177] intentionally omitted <==

==> picture [198 x 177] intentionally omitted <==

==> picture [197 x 177] intentionally omitted <==

==> picture [197 x 177] intentionally omitted <==

Nicole Hollows Independent, Non –Executive Chairman

Michael Gray Managing Director

Joel Nicholls Non-Executive Director

Steve van Barneveld Independent, Non-Executive Director

• Greenfield coal project approvals, development and operations

Highly experienced Board and management team with a proven track record

• Mine and Infrastructure development and construction

• Extensive engagement with leading Steelmakers

• On-ground management with extensive regulatory and First Nations engagement experience

• Project financing, capital markets and M&A

==> picture [114 x 31] intentionally omitted <==

Responsibly supplying raw materials essential to improving people's lives...

5

Strategic Roadmap

OUR PURPOSE

OUR VISION

STRATEGIC GOALS

OUR VALUES

Responsibly supplying raw materials essential to improving people's lives...

An independent supplier of raw materials committed to safeguarding the environment and contributing economic and community prosperity

ENGAGED STAKEHOLDERS

COMMERCIALLY FOCUSED

SUSTAINABLE GROWTH

Open and transparent, mutually rewarding relationships with our people, our customers, our shareholders and the communities in which we operate

A focus on long term sustainable development by managing our environmental impact and being able to take advantage of future organic and M&A growth opportunities

A mindset of continuous improvement to be a safe, efficient and low cost producer that optimises the value of our assets

STRONG ENVIRONMENTAL, SOCIAL AND GOVERNANCE OPERATE SAFELY (ESG) LEADERSHIP BE EFFICIENT DEVELOP AND OPERATE SUSTAINABLY CONTINOUSLY IMPROVEE INVEST IN NEW PROJECTS Agility Teamwork Responsibility

OUR PEOPLE MATTER

VALUED COMMUNITY PARTNER DELIVER TO CUSTOMERS

OPTIMISE SHAREHOLDER RETURNS

We will deliver value through development of our Crown Mountain Project in BC, Canada with key components of the EA Application to be lodged with regulators in Dec 21. We will actively explore acquisitive growth opportunities after our EA Application is lodged. We aim to deliver on our vision by being commercially focused with a continuous improvement mindset and safe, responsible operations. We will engage transparently with our stakeholders and communities we operate, and strive to be an ESG leader to achieve sustainable growth.

==> picture [114 x 31] intentionally omitted <==

Responsibly supplying raw materials essential to improving people's lives...

6

Steelmaking Coal at unprecedented historical record prices

Steelmaking coal is at unprecedented record prices due to:

• Continued high global steel production as key building block for postCovid global commodity economy

• Increasing cost of domestic coking coal production in China and declining production

• Declining production in existing mines in Australia, Canada, USA

• Major global producers unlikely to progress greenfield development due to regulatory, financing and stakeholder challenges

• Financing challenges for new coal developments

• Approval challenges and delays for new projects in all jurisdictions, particularly major production areas of Australia, USA and Canada

• Canadian, US and Russian coal now obtaining a substantial premium above Australian export coals due to ability to access Chinese markets

• • At 22 Oct 2021, Spot Price for Elk Valley PLV HCC to China was US$608/tonne (CFR basis)

• Increasing cost of domestic production in China and declining production result in increased forecast imports of steelmaking coal to China

• Continued political tension between Australia and China may impact on restart of Chinese access for Australian coking coal

==> picture [452 x 387] intentionally omitted <==

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

Global Premium Hard Coking Coal Prices - 2010 to Present
$450
$400
$350
$300
$250
$200
$150
$100
$50
$0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
HIS Markit 2021
Premium Lov-Vol HCC: Australian Export Price Vs China Market Price
800
600
400
200
0
Australian PLV HCC (FOB) China Market PLV HCC (CFR)
Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21Mar-21 Apr-21May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21
Coal Price USD/tonne
Coking Coal Price USD/tonne
----- End of picture text -----

==> picture [114 x 31] intentionally omitted <==

HIS Markit 2021

Steelmaking coal at unprecedented historical record prices

7

Steel – the catalyst for economic development

• Steel is the world’s second largest commodity value chain and the most important building material for engineering, construction and manufacturing

• Steel production, consumption and growth are directly linked to global and regional economic development growth

• In 2000 global steel production was just 850Mt, with less than 40% produced in Asia

• In 2021 steel production is forecast to exceed 1,900Mt, with more than 73% produced in Asia[(1)]

• Global demand for steel is projected to increase by more than a third through to 2050[(2)]

• The growth in steel production and consumption is almost entirely in Asia[(2)]

• (1) worldsteelShort Range Outlook April 2021

• (2) IEA (2020), Iron and Steel Technology Roadmap,

==> picture [427 x 211] intentionally omitted <==

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

Global Steel Production Since 2000
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
2000 2004 2008 2012 2016 2020
Asia RoW
Source: World Steel Association 2021
Annual Production (Mt)
----- End of picture text -----

==> picture [377 x 169] intentionally omitted <==

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

Share of Global Steel Production
2000 2020
RoW Asia RoW Asia
Source: World Steel Association 2021
----- End of picture text -----

==> picture [114 x 31] intentionally omitted <==

Global demand for steel is projected to increase by more than a third through to 2050

8

Supply Risk – delayed progress on new production

	Project	Original Timing	Status	Current Timing
	Eagle Downs	2017	South32 and Aquila abandoned development due to excessive capital cost. Project up for sale	Unknown
	Olive Downs	2019	Project not yet able to secure Mining Leases over full resource area. Land Court process ongoing	Uncertain
	Bluff	Commenced mid 2019, Ceased production Nov 2020	Project placed on care and maintenance due to high operating costs. Has been sold and restart planned for mid-2022	H1 2022
	Grosvenor	Ceased production May 2020	Production ceased in May 2020 due to underground explosion. Restart uncertain	Uncertain
	Grassy Mountain	2020	Approval rejected by both Alberta and Canadian Government. Appeal underway	Uncertain
	Tent Mountain	2022	Project abandoned. Montem now proposing renewable energy development	Uncertain
	Elan Project	Approvals - 2023	Timing of approval unclear due to Alberta Government Coal Policy review and impact of Grassy Mountain rejection	Uncertain

• Greenfield projects to meet the demand for new supply are struggling to be progressed. Projects being delayed significantly or abandoned by proponents due to high capital or operating costs or the inability to secure funding

• Crown Mountain HCC Project continues to progress through development and approval process and increasingly positioned as next premium steelmaking coal project for development

Crown Mountain Hard Coking Coal Project

• ü BFS Completed and optimisation ongoing

• ü Advanced progress of EA Application and engagement with BC and Federal Regulators

• ü Open engagement with Indigenous Nations

• ü Best practice approach to Selenium and water management

==> picture [114 x 31] intentionally omitted <==

Delayed progress of greenfield projects increasing supply risk

9

Jameson – Striving to be an ESG leader in Met Coal Developers

==> picture [293 x 46] intentionally omitted <==

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

Planet
----- End of picture text -----

Minimise Crown Mountain’s carbon footprint whilst ensuring economic outcomes are achieved We are committed to developing the Crown Mountain Hard Coking Coal Project being responsible, sustainable and mindful in our approach to the natural environment

==> picture [285 x 140] intentionally omitted <==

• Seek to meet and exceed environmental management and mitigation strategies for all project activities

• • Target lowest carbon emissions (Scope 1 & 2) of all met coal producers

• Partner with customers to invest in options to reduce emissions in steelmaking (Scope 3)

• Accelerated rehabilitation with reinvestment of profits during high commodity price cycles

People

Our people are central to achieving sustainable outcomes, through opportunities to grow and being inclusive we will build and retain talent; and by working together in an open and transparent manner we seek to be a valued community partner.

==> picture [284 x 142] intentionally omitted <==

• Investing in our people to gain new skills and capabilities to empower them to deliver sustainable solutions.

• Attract a diverse workforce to provide employment opportunities for First Nations and local community members

• Seek opportunities to foster innovation and education of the workforce and the community

Prosperity

We are committed to being a valued community partner through being responsible and addressing, in an open and transparent manner, our social license to operate that will lead to inclusive and sustainable outcomes resulting in long term value creation

==> picture [287 x 139] intentionally omitted <==

• At the local community level, Jameson strives to build and enhance sustainable communities through engagement with stakeholders, being open and transparent about how we operate.

• Jameson will seek to manage risks to minimise environmental, social and cultural impacts while supporting First Nations and local communities through providing opportunities for employment, education and enterprise development.

==> picture [114 x 31] intentionally omitted <==

Jameson is targeting to be an ESG Leader as a sustainable steelmaking coal producer

10

Crown Mountain Hard Coking Coal Project

Located within globally recognised coal basin and first-class mining jurisdiction		• The Elk Valley steelmaking coalfields in British Colombia, Canada which are home to Teck, the world’s second largest coking coal exporter • British Columbia has significant historical and current production, transparent regulatory processes and Provincial Government supportive of mining
World class coal resource • Shallow open-pit resource of 86% Premium Low Volatile Hard Coking Coal (HCC) and 14% Pulverised Coal Injection (PCI) Coal • Small project footprint (<900ha) in discrete self-contained catchment ensures ability to manage water discharge and progress accelerated rehabilitation • Comprehensive technical studies for Environmental Assessment (EA) Application completed • Extensive First Nations and stakeholder engagement ongoing • Key components of the EA Application to be lodged with regulators for preliminary review in late Dec 2021 Best Practice Environmental Management Advanced EA process
Established mining location and infrastructure		• Region is home to experienced and skilled workforce, major equipment suppliers, maintenance providers and supportive communities • Located immediately adjacent to established rail infrastructure with direct access to Canada’s west coast ports and access to renewable electricity
Attractive economics • July 2020 Bankable Feasibility Study (BFS) confirmed 15 year mine life pre-tax NPV10 of USD376M with competitive operating and capital cost structure • August 2021 Product Optimisation Study further enhances project NPV by 25% to NPV10 of USD469M and overall average coal production to 1.96Mtpa
Attractive economics		• July 2020 Bankable Feasibility Study (BFS) confirmed 15 year mine life pre-tax NPV10 of USD376M with competitive operating and capital cost structure • August 2021 Product Optimisation Study further enhances project NPV by 25% to NPV10 of USD469M and overall average coal production to 1.96Mtpa

==> picture [268 x 388] intentionally omitted <==

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

GREENHILLS
----- End of picture text -----

Source: Google Earth

==> picture [114 x 31] intentionally omitted <==

– Crown Mountain HCC Project the most advanced steelmaking coal project in Canada

IEA – Coal 2020

11

Appendix: Project Details

==> picture [402 x 402] intentionally omitted <==

==> picture [114 x 31] intentionally omitted <==

Project Overview

• Shallow open pit development – North, East and South pits

• Life of mine (LOM)

• 15 years

• Product mix: 86% HCC/14% PCI

• Years 1-4: clean coal production:

  • 2.3 Mtpa

• LOM average clean coal production: 1.95 Mtpa

• LOM clean coal strip ratio: 9.5:1

• Coal Handling and Preparation Plant (CHPP) located in close proximity to the North Pit

• Clean coal conveyed ~3km from CHPP to Truck Loadout Bin

• Clean Coal then hauled ~15 kms to the Train Loadout Facility and Clean Coal Stockpile adjacent to Canadian Pacific’s existing rail line

• Coal will then be railed approximately 1,200km to the preferred Westshore Terminal in Vancouver, for global export.

==> picture [475 x 377] intentionally omitted <==

==> picture [114 x 31] intentionally omitted <==

Crown Mountain is an open pit project with an average LOM clean strip ratio of 10.3:1

13

Bankable Feasibility Study – July 2020Crown Mountain Overview

• The BFS was undertaken by Stantec Consulting’s (Vancouver Office) as Study Manager, with key contributors Sedgman Canada Limited (a member of CIMIC Group) and SRK Consulting, assessing: • Geology and resource development

• BANKABLE FEASIBILITY STUDY (BFS) JULY 2020 • Mine planning and scheduling • Coal processing and handling

• (Opex and capex at +/-15% level of • Site infrastructure accuracy) • Surface water management • Geotechnical evaluation • Project economic evaluation •

• COMPETITIVE OPERATING AND CAPITAL Average LOM FOB cash cost US$93.17/tonne (CA$124/t) COSTS • Pre-production capital of US$351m (CA$468m), including mobile mining fleet

• • Baseline studies and modelling completed including pre-submittal meetings with Regulators to discuss

• ENVIRONMENTAL ASSESSMENT (EA) the approach to the EA Application and effects assessments APPLICATION PROGRESSING • EA Application being finalized with key components to be lodged with Provincial and Federal Regulators for preliminary review in late Dec 21

• • Bathurst Resources Limited (ASX: BRL) has committed CA$14.1m to date, gaining 22% ownership of Jameson’s subsidiary NWP Coal Canada Ltd

• STRATEGIC PARTNER • BRL has an option to invest up to C$107.4m (CA$121.5m in total) to increase ownership to 50%, where Crown Mountain would become a 50/50 JV.

==> picture [114 x 31] intentionally omitted <==

Crown Mountain represents a compelling opportunity for development of a coking coal project with an attractive operating cost structure and access to infrastructure

14

Crown Mountain Overview Product Optimisation Study – August 2021

PRODUCT OPTIMISATION STUDY August 2021

==> picture [130 x 32] intentionally omitted <==

==> picture [143 x 86] intentionally omitted <==

• The Product Optimisation Study identified the substantial uplift in product yield by increasing target product ash levels from the Project by increase the ash from 9.5% to 10.5% for North and East pits product, and 9.5% to 11.0% for South Pit product

• The study confirmed increased product ash levels enable increased processing yield which results in a direct increase in product coal tonnages and export sales

• Additional coke oven testing was undertaken to confirm that increased ash levels did not negatively impact on the critical coke-making characteristics of the Crown Mountain hard coking coal

• The study determined an increased Life-of-Mine product yield of 52.9% compared with 48.8% in the BFS resulting in an 8.4% increase in average annual product coal sales from 1.8 to 1.96Mtpa

• The increased yield and increase in saleable export product results in a 4% reduction in cash operating costs (FOB Vancouver) to USD89.41/tonne further enhancing the project’s attractive position on the cost curve.

• The reduced production cost and increased sales volume resulted in an overall 25% increase in pre-tax NPV10 to US$469m compared with that in the BFS

==> picture [114 x 31] intentionally omitted <==

Product Optimisation Study improved Crown Mountain’s BFS NPV by c. 25%

15

Additional BFS Optimisation Opportunities

• The BFS identified a number of opportunities for optimisation of the Project to further enhance economic return, reduce development and production risk

• The first of the BFS optimisation activities has delivered outstanding improvement in both resources and reserves and economic outcomes for the Crown Mountain Coking Coal Project

Optimisation Opportunities	Status/Timing
Production of Higher Ash Product	Completed August 2021
Capital Optimisation • Modular CHPP options • Build-Own-Operate options	Review commenced
Leasing Mining Equipment	Engaging with OEM and funders
Automated Trucking Opportunities	Discussion with OEMs
De-Rocking Alternatives	Review commenced
Contract Mining	Early 2022
South Pit Extension	Drilling 2023
Increased coal recovery	2023

==> picture [114 x 31] intentionally omitted <==

Potential to further improve Crown Mountain HCC Project economics

16

World-class opencut Resources and Reserves Crown Mountain Resources and Reserves

•	Coal Resources of 90.2Mt are well understood and defined	RESOURCES (Mt)	Measured	Indicated	Measured & Indicated	Inferred	Measured, Indicated & Inferred
•	More than 70% of Resource is at	North Block	10.1	3.0	13.1	0	13.1
	Measured & Indicated status	South Block	41.0	12.4	53.4	0	53.4
•	The July 2020 BFS confirmed a total Run of	Southern Extension*	0	0	0	23.7	23.7
	Mine Reserve at Crown Mountain of 57.5	TOTAL	51.1Mt	15.4Mt	66.5Mt	23.7Mt	90.2Mt

• The July 2020 BFS confirmed a total Run of Mine Reserve at Crown Mountain of 57.5 million tonnes

Crown Mountain Resource 2020 (Effective July 8, 2020)

• Southern Extension resource estimate is from the March 11, 2014 PFS report. No additional work has completed on this portion of the Crown Mountain deposit since 2014.

•	Confidence in the geologic interpretation
	is high, as nearly 76% of the Reserves are	Run of Mine Coal		PROVEN				PROBABLE
	in the Proven category	RESERVES (Mt)	COKING		PCI		COKING		PCI
•	The Run of Mine Coal Reserves support a	North Pit	9.6		0.4		3.9		1.1
	15 year mine life	East Pit	2.3		0.1		0.5		0.0
•	Crown Mountain will produce 86% Hard Coking Coal and 14% Pulverised Coal	South Pit Sub-Total	28.0 39.8		3.2 3.7		4.8 9.3		3.5 4.6
	Injection (PCI) over the life of mine (LOM).	Total Proven & Probable		43.6Mt				13.9Mt
		Total				57.5Mt

Run of mine surface mineable reserve summary (Effective July 8, 2020)

==> picture [114 x 31] intentionally omitted <==

Crown Mountain BFS outcomes can be further optimised through targeted focus areas

17

Coking Coal Quality – CSR and Volatile Matter

• Crown Mountain Hard Coking Coal Ø High CSR (Coke Strength after Reaction)

• Ø Low volatile matter (VM)

• • High CSR and low VM are critical cokemaking characteristics that determine demand and relative market position for coking coals

• • Crown Mountain’s North Pit Hard Coking Coal comparable with the established global Premium Low Vol Hard Coking Coals brands: • BHP’s Peak Downs and Saraji

• • Warrior Coal’s Blue Creek, and

• • Teck’s Elkview

==> picture [584 x 370] intentionally omitted <==

==> picture [114 x 31] intentionally omitted <==

Access to high quality premium low volatile hard coking coal

18

Mining and Production Crown Mountain Mine Scheduling

==> picture [451 x 190] intentionally omitted <==

• Mine scheduling sees mining start in the low strip ratio North and East pits for years 1-4

• From year 5 – 15 the South Pit is mined from South to North, commencing in the lower strip ratio South end of the South Pit mining exposed coal seams moving North into the higher strip ratio coal as Crown Mountain is approached.

• Future expansion options for extension of the South Pit subject to further infill drilling

Pit	Waste MBcm	ROM Coal Mt	Strip Ratio Bcm/t ROM	Product Coal Mt	Strip Ratio Bcm/t Saleable
North & East	73.6	18.0	4.1	10.3	7.2
South	196.5	39.5	5.0	18.2	10.8
Total	270.1	57.5	4.7	28.5	9.5

==> picture [417 x 273] intentionally omitted <==

==> picture [114 x 31] intentionally omitted <==

Crown Mountain has low strip ratio and higher production in North Pit for its initial years

19

Development Timeline

ACTIVITY	2021	2021	2021	2021	2022	2022	2022	2022	2023	2023	2023	2023	2023	2024	2024	2024	2024	2025	2025	2025	2025	• EA approval is critical path towards project development • Development timeline estimated on conservative approach to regulatory approvals greater than minimum statutory timelines • Jameson has undertaken extensive pre-submission engagement with regulators, First Nations groups and other stakeholders to seek support in approval process • Timeline assumes no commitment to pre-development capital until after Final Investment Decision • Opportunities exist to compress timetable and bring forward first production subject to progress with offtake partners and project funding (Accelerated timeline shown – in dashed boxes) • Discussion with customers and funders will be progressed following submission of EA	• EA approval is critical path towards project development • Development timeline estimated on conservative approach to regulatory approvals greater than minimum statutory timelines • Jameson has undertaken extensive pre-submission engagement with regulators, First Nations groups and other stakeholders to seek support in approval process • Timeline assumes no commitment to pre-development capital until after Final Investment Decision • Opportunities exist to compress timetable and bring forward first production subject to progress with offtake partners and project funding (Accelerated timeline shown – in dashed boxes) • Discussion with customers and funders will be progressed following submission of EA
	Mar Qtr	Jun Qtr	Sep Qtr	Dec Qtr	Mar Qtr	Jun Qtr	Sep Qtr	Dec Qtr	Mar Qtr	Jun Qtr	Sep Qtr	Dec Qtr		Mar Qtr	Jun Qtr	Sep Qtr	Dec Qtr	Mar Qtr	Jun Qtr	Sep Qtr	Dec Qtr
EA Application and Submittal	ü	ü
EA Regulatory Review and Approval
Mine Permit Prep Submittal & Approval
Update BFS and LOM Plan
Project Financing
Final Investment Decision
FEED Engineering & Detailed Design
Project Construction
Production Commences

==> picture [114 x 31] intentionally omitted <==

Potential to further improve Crown Mountain HCC Project economics

20

Crown Mountain Project The most advanced steelmaking coal project in Canada IEA – Coal 2020

• LOCATION – A tier one jurisdiction in a high quality coking coal basin with skilled workforce, supportive community and Government

• RESOURCE – Shallow open-pit resource of 86% Premium Low Volatile Hard Coking Coal, sought after by major Asian steelmakers

• INFRASTRUCTURE – Existing access road, established rail infrastructure adjacent to Project with direct access to Canadian west coast ports

• LOW CARBON POWER – Ability to utilise power provided by BC Hydro where 97% of power is produced via Hydro and Renewable sources

• PERMITTING – Technical studies completed and extensive First Nations and stakeholder engagement ongoing, progressing in a well established Provincial and Federal permitting framework

• STRONG MARKET FUNDAMENTALS – Premium Low-Vol HCC, a commodity with strong fundamentals driven by strong demand growth, supply side risks and access to Chinese market as well as other key Asian steelmakers

• EXPERIENCED TEAM – Proven Management and Board successful track record of developing greenfield projects and generating outstanding returns for shareholders

• ATTRACTIVE ECONOMICS – July 2020 BFS confirmed competitive operating and capital cost structure. August 2021 Product Optimisation Study further enhances project NPV by >25%

==> picture [376 x 379] intentionally omitted <==

==> picture [114 x 31] intentionally omitted <==

An independent developer of steelmaking coal assets that in partnership with our stakeholders enhances economic and social growth while safeguarding the environment

21

==> picture [80 x 78] intentionally omitted <==

Disclaimer

DISCLAIMER

This presentation has been prepared by the Company based on information from its own and third party sources and is not a disclosure document. No party other than the Company has authorised or caused the issue, lodgement, submission, despatch or provision of this presentation, or takes any responsibility for, or makes or purports to make any statements, representations or undertakings in this presentation.

Except for any liability that cannot be excluded by law, the Company and its related bodies corporate, directors, employees, servants, advisers and agents (together, Affiliates ) disclaim and accept no responsibility or liability for any expenses, losses, damages or costs incurred by you relating in any way to this presentation including, without limitation, the information contained in or provided in connection with it, any errors or omissions from it however caused, lack of accuracy, completeness, currency or reliability or you or any other person placing any reliance on this presentation, its accuracy, completeness, currency or reliability.

This presentation is not a prospectus, disclosure document or other offering document under Australian law or under any other law. It is provided for information purposes and is not an invitation nor offer of shares or recommendation for subscription, purchase or sale in any jurisdiction. This presentation does not purport to contain all the information that a prospective investor may require in connection with any potential investment in the Company. Each recipient must make its own independent assessment of the Company before acquiring any shares in the Company.

NOT INVESTMENT ADVICE

Each recipient of the presentation should make its own enquiries and investigations regarding all information in this presentation including but not limited to the assumptions, uncertainties and contingencies which may affect future operations of the Company and the impact that different future outcomes might have on the Company. Information in this presentation is not intended to be relied upon as advice to investors or potential investors and has been prepared without taking account of any person’s individual investment objectives, financial situation or particular needs. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own investment objectives, financial situation and needs and seek legal, accounting and taxation advice appropriate to their jurisdiction. The Company is not licensed to provide financial product advice in respect of its securities.

INVESTMENT RISK

There are a number of risks specific to the Company and of a general nature which may affect the future operating and financial performance of the Company and the value of an investment in the Company, including and not limited to the Company's capital requirements, the potential for shareholders to be diluted, risks associated with the reporting of resources estimates, budget risks, underwriting risk, risks associated with the COVID-19 pandemic and operational risk. An investment in new shares is subject to known and unknown risks, some of which are beyond the control of the Company. The Company does not guarantee any particular rate of return or the performance of the Company

FINANCIAL DATA

All dollar values are in Australian dollars (A$ or AUD) unless otherwise stated. The information contained in this presentation may not necessarily be in statutory format. Amounts, totals and change percentages are calculated on whole numbers and not the rounded amounts presented.

==> picture [114 x 31] intentionally omitted <==

22

==> picture [80 x 78] intentionally omitted <==

Disclaimer

FORWARD LOOKING STATEMENTS

This presentation contains forward-looking statements. Wherever possible, words such as “intends”, “expects”, “scheduled”, “estimates”, “anticipates”, “believes”, and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, have been used to identify these forward-looking statements. Although the forward-looking statements contained in this release reflect management’s current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, the Company cannot be certain that actual results will be consistent with these forward-looking statements. A number of factors could cause events and achievements to differ materially from the results expressed or implied in the forward-looking statements. These factors should be considered carefully and prospective investors should not place undue reliance on the forward-looking statements. Forward-looking statements necessarily involve significant known and unknown risks, assumptions and uncertainties that may cause the Company's actual results, events, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be anticipated, estimated or intended, including those risk factors discussed in the Company’s public filings. There can be no assurance that the forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, prospective investors should not place undue reliance on forward-looking statements. Any forward-looking statements are made as of the date of this presentation, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, unless otherwise required by law. This presentation may contain certain forward looking statements and projections regarding: • estimated resources and reserves;

• planned production and operating costs profiles;

• planned capital requirements; and

• planned strategies and corporate objectives.

The Company does not make any representations and provides no warranties concerning the accuracy of the projections, and disclaims any obligation to update or revise any forward looking statements/projects based on new information, future events or otherwise except to the extent required by applicable laws.

NO NEW INFORMATION OR DATA

Mineral Resource Estimate, Mineral Reserve Estimate and Bankable Feasibility Study Results

The information in this presentation relating to the Mineral Resource Estimate, Mineral Reserve Estimate, Bankable Feasibility Study Results and Yield Optimisation Study Results of the Company’s Crown Mountain Coal Project are extracted from the ASX Release entitled “Crown Mountain Bankable Feasibility Study” announced on 9 July 2020 and ASX Release entitled Yield Optimisation Results announced on 13 August 2021 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 and reserve estimates and bankable 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.

Coal Quality and Exploration Results

The information in this presentation relating to the Coal Quality and Exploration Results on the Company’s Crown Mountain Coal Project is extracted from the ASX Releases entitled “Crown Mountain Coal/Coke Testing Program Complete: Hard Coking Coal Confirmed (Updated)” announced on 2 August 2019, and “Additional Testing Confirms Crown Mountain as Premium Hard Coking Coal” announced on 23 April 2019, and are 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 announcements and, that all material assumptions and technical parameters underpinning the coal quality and exploration 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.

==> picture [114 x 31] intentionally omitted <==

23