JAMESON RESOURCES LIMITED — Investor Presentation 2021

Aug 18, 2021

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19 August 2021

ASX Market Announcements Australian Securities Exchange 20 Bridge Street Sydney NSW 2000

Dear Sir/ Madam

Jameson Resources Limited | Investor Presentation

Attached is an Investor presentation to be given by Jameson’s Managing Director, Michael Gray, at future investor meetings.

Authorised to be given to ASX by the Board of Jameson Resources Limited.

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Lisa Dalton Company Secretary

Jameson Resources Limited I ABN 89 126 398 294

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

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

Email I admin@jamesonresources.com.au

Phone I +61 8 9200 4473

www.jamesonresources.com.au

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Jameson Resources Investor Presentation August 2021

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About Jameson

Contents

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Crown Mountain Project

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About Steelmaking Coal

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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 (30 July 2021)	A$0.115
maximise enterprise		Mountain Hard Coking Coal Project	Shares Outstanding	303m
value	•	Actively seeking other steelmaking coal opportunities in developed countries that are development ready or close to	Market Capitalisation Trading Range (6 month)	A$34.9m A$0.09 to A$0.125
			Major shareholders
	•	The critical ongoing role of steelmaking coal in global economic development is recognised	Top 20 Shareholders Australian Super Pty Ltd	69.5% 14.9%
	•	Committed to being an ESG leader and	Hillboi Nominees Pty Ltd	6.6%
ESG leadership key to success		engaging with all stakeholders to enable delivery of sustainable outcomes for local and regional communities, customers and	Perth Investment Corporation Ltd 5.6% Subsidiaries NWP Coal Canada Ltd(owns 90% Crown Mountain Project)
		the environment
			• Jameson Resources	80%
	•	Committed target to be among the world’s lowest carbon intensity producers of	• Subsidiary of Bathurst Resources	20%
		steelmaking coal	Dunlevy Energy Inc	100%

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

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Jameson Board of Directors

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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 team with extensive regulatory and First Nations engagement experience

• Project financing, capital markets and M&A

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

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Strategic Roadmap

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

OUR PURPOSE

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

OUR VISION

ENGAGED STAKEHOLDERS

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COMMERCIALLY FOCUSED
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SUSTAINABLE GROWTH
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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

STRATEGIC GOALS

STRONG ENVIRONMENTAL, SOCIAL AND GOVERNANCE OPERATE SAFELY 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

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

We will deliver value through development of our Crown Mountain Project in BC, Canada with the EA Application to be submitted in Dec 21 quarter. 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.

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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 Advanced environmental impact assessment • All comprehensive technical studies required by Regulators for Environmental Assessment (EA) application completed • Extensive First Nations and stakeholder engagement ongoing, with target lodgment of EA application in Dec 2021 quarter
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 • Concurrently with EA approvals, further optimisation of BFS will be undertaken
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 • Concurrently with EA approvals, further optimisation of BFS will be undertaken

GREENHILLS

Source: Google Earth

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

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New investment opportunities to increase shareholder value

• Jameson is seeking to lead a new era for sustainable steelmaking coal opportunities

• In parallel with progress of Crown Mountain HCC Project, other advanced projects will be assessed in both Canada and Australia

• Current cost structures continue to increase due to several contributing factors, that include:

• § Depletion of existing mineable resources and reserves

• § Declining quality of mineable resources and reserves

• § High grading of resources that occurred through previous cycles when the price of metallurgical coal was below the average cost of production

• § Depth of existing open pits and the associated impact on cycle times § Underspend on sustaining capital through periods of low prices

• Increasing cost factors support the potential for stronger than average pricing in the future and the more limited opportunities to bring new operations into production

• Jameson’s focus is on Australia and Canada due to both countries’ mining jurisdictions, high quality resources, established mining infrastructure and high environmental standards

• Projects that are fully permitted or substantially progressed in permitting will be targeted to ensure near term delivery of value for shareholders

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Responsibly evaluating advanced projects for future growth opportunities ...

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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,

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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 20210
Share of Global Steel Production
2000 2020
RoW Asia RoW Asia
Source: World Steel Association 20210
Annual Production (Mt)
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Global demand for steel is projected to increase by more than a third through to 2050

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Steel – the catalyst for a low carbon future

• Iron ore and steelmaking coal are the fundamental building blocks to producing steel in Blast Furnaces which are responsible for more than 70% of global steel production

• Steel will be the foundation on which the transition to a lower carbon future will be built

• Renewable energy infrastructure, sustainable buildings and vehicles will create increased demand for steel consumption in developed countries and in developing economies

• There are currently no economically or technically viable replacements for the use of steelmaking coal in blast furnaces

• The supply of steelmaking raw materials with a lower emission intensity is a major challenge to the steel industry

• The decline and depletion of existing steelmaking coal mines demands the development of new supply of premium steelmaking coal, produced in a sustainable manner and with a lower emissions footprint

• Jameson, with its flagship Crown Mountain Hard Coking Coal Project, is seeking to lead a new era for future sustainable steelmaking coal production

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

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Jameson is seeking to lead a new era for future sustainable steelmaking coal production

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Steelmaking coal - market fundamentals

• Market fundamentals for steelmaking coal are supportive of high prices in both the short and longer term

• Market has showed significant price divergence with CFR China price significantly higher than FOB Australia price due to China’s ban on Australian coal

• Strong fundamentals for the market in both the short term and long term are driven by factors including:

• § Global steel demand boosting blast furnace utilisation

• § Synchronised government stimulus programs resulting in significant infrastructure spend

• § Limited supply response – declining and depleting resources, increasing costs for existing producers and no new projects approved or funded to commence supply

• § China’s declining domestic reserves (and quality of reserves) and demand by Chinese coastal steel mills for premium HCC

• § Indian production targets, continued urbanisation trends and limited scrap availability

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Source: Wood Mackenzie, Teck

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Crown Mountain is uniquely placed to access China with current Australian Coal Bans likely for the medium term

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Jameson – to be an ESG leader in Met Coal Developers

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Planet
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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

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• 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.

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• 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

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• 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.

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

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Environment, Social and Governance (ESG)

• Jameson recognises the critical role of steelmaking coal in global economic development and in improving people’s lives and the vital role of steel materials to enable the global transition to a low carbon economy

• • Jameson sees the opportunity to become an industry leader in Environmental, Social and Governance (ESG) related issues improving the execution and perception of the mining industry especially as the global steelmaking coal (and steel) industry transitions to a lower carbon footprint

• A pro-active approach is required to achieve outcomes consistent with the Paris Accord and many of the objectives Provincial and National governments have committed to around the world in respect to carbon neutrality in 2050 – the mining industry needs to be part of the solution, not seen as part of the problem

• Targeting lower scope 1 and 2 carbon emission per met coal production tonne through use of renewable electricity, low carbon fuels, electric vehicles, regenerative conveyors and partnering with industry to exploit future potential opportunities to ensure the lowest emission per met coal production tonne from operations and alignment to goals set by Provincial and National governments in the relevant jurisdictions

• Jameson will seek to partner with leading steelmaking customers to assess all opportunities to reduce Scope 3 emissions in the steel making process

• JAL also sees the opportunity to accelerate mine rehabilitation by undertaking progressive rehabilitation and consider redistributing a portion of future potential profits during heighted commodity prices to further contribute to accelerate rehabilitation, while working with First Nations and other land user groups.

• Through stakeholder engagement with a focus on being responsible and sustainable growth, we are committed to developing and operating the Crown Mountain Hard Coking Coal Project aligned to the United Nations Sustainable Development Goals (UN SDGs) and delivering long term value creation

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Jameson is committed to developing and operating projects aligned to the UN SDGs and delivering long term value creation

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Jameson with it’s Crown Mountain Project is a compelling opportunity

• LOCATION – A tier one jurisdiction in a high quality coking coal basin with available 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 – Comprehensive 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%

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

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Crown Mountain Project Fundamentals

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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 Advanced environmental impact assessment • All comprehensive technical studies required by Regulators for Environmental Assessment (EA) application completed • Extensive First Nations and stakeholder engagement ongoing, with target lodgment of EA application in Dec 2021 quarter
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 • Concurrently with EA approvals, further optimisation of BFS will be undertaken

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GREENHILLS
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Crown Mountain HCC Project – the most advanced steelmaking coal project in Canada[(IEA][,][Coal2020)]

Source: Google Earth

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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.

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

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

• Coal Resources of 90.2Mt are well understood and defined

• More than 70% of Resource is at Measured & Indicated status

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

RESOURCES (Mt)	Measured	Indicated	Measured & Indicated	Inferred	Measured, Indicated & Inferred
North Block	10.1	3.0	13.1	0	13.1
South Block	41.0	12.4	53.4	0	53.4
Southern Extension*	0	0	0	23.7	23.7
TOTAL	51.1Mt	15.4Mt	66.5Mt	23.7Mt	90.2Mt

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 in the Proven category

• The Run of Mine Coal Reserves support a 15 year mine life

• Crown Mountain will produce 86% Hard Coking Coal and 14% Pulverised Coal Injection (PCI) over the life of mine (LOM).

Run of Mine Coal RESERVES (Mt)	PROVEN	PROVEN	PROVEN	PROBABLE	PROBABLE
	COKING		PCI	COKING	PCI
North Pit	9.6		0.4	3.9	1.1
East Pit	2.3		0.1	0.5	0.0
South Pit	28.0		3.2	4.8	3.5
Sub-Total	39.8		3.7	9.3	4.6
Total Proven & Probable		43.6Mt		13.9Mt
Total		57.5Mt

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

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

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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

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Access to high quality premium low volatile hard coking coal

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World-class opencut Reserves Crown Mountain Geology

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Section A-A
Section B-B
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Section D-D
Section C-C
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Opportunity for extension of South Pit subject to further in-fill exploration

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Mining and Production Crown Mountain Mine Scheduling

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• 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

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

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Rail infrastructure

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• § Crown Mountain is located immediately adjacent to existing Canadian Pacific Railway line that is currently used by Teck’s operations to rail coal for export via Vancouver

• § Access to the rail line is legislated via the Canadian Transportation Act and is therefore a common user rail line, with latent capacity and annually published tariff rates (i.e. Jameson would pay the same rate as Teck)

• § The rail cars used by Canadian Pacific Railway will be the same size and configuration as those used by Teck’s nearby mines at 152 rail cars and 16,000 tonnes per train

• § The common user rail links the Elk Valley Coal Fields with three deep water ports on the west coast of British Columbia, with the Westshore Terminal in Vancouver, the preferred option

• § The round trip from Crown Mountain Coking Coal Project to the port is 5 days (approximately 2,400km round trip)

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Direct access to existing common user rail infrastructure linking to three deep water Western Canadian ports

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Infrastructure – Port Capacity

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Westshore Terminals Exports
40
35
30
25
Thermal
20
Steel-Making
15
Capacity
10
5
0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Coal Exports (Mt)
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• The common user rail links the Elk Valley Coal Fields with three deep water ports on the west coast of British Columbia - Westshore, Ridley and Neptune

• Westshore Terminal, in Vancouver, the largest coal export facility in North America, is Jameson’s preferred option

• Teck, Westshore’s largest customer, has recently announced its intention to reduce shipments through the terminal by two thirds from 2021 as it relocates exports to the Neptune Terminal

Source: Westshore Terminals Investment Corporation 2021

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• The relocation of a portion of Teck’s exports and reduced thermal coal exports from US based mines will create unused capacity at Westshore which can be utilised by the Crown Mountain Hard Coking Coal Project

• Existing port capacity comfortably meets current export requirements

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Existing port capacity to meet export requirements

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Environmental Assessment and Management

• Jameson has adopted a proactive transparent approach to the regulatory process and has sought close engagement with all key stakeholders including First Nations, Provincial and Federal regulators

• Since 2014, extensive database of baseline monitoring has been carried out on all ecological, geological, hydrological aspects of project’s local and regional environment

• The Crown Mountain HCC Project is being assessed by:

• Province of British Columbia ( Environmental Assessment Act 2002): Environmental Assessment Application (EA) is being prepared to satisfy the Application Information Requirements (AIR) that was issued by the BC EAO in April 2018

• Canadian Federal Government ( Canadian Environmental Assessment Act 2012): EA being prepared to meet the Environmental Impact Statement (EIS) Guidelines issued by the Impact Assessment Agency of Canada (IAAC) in August 2019

• BC’s transparent regulatory process includes significant public and Indigenous engagement presubmission with technical working groups to review and guide studies, modelling and mitigation prior to the Environmental Assessment being lodged with regulators

• Early engagement in the process with input from Federal and Provincial regulators and stakeholders has shaped the Project to address areas of concern and minimise impacts

• In parallel, extensive ongoing engagement has been undertaken with First Nations groups and other key stakeholders in relation to project design, environmental management plans and maximising opportunities for employment and economic and social benefits

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Engagement with key stakeholders through the pre-submittal process to ensure the EA studies, modelling and mitigations are understood

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World’s Best Practice Environmental Assessment and Management

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• In order to ensure the most thorough assessment process, Jameson has sought to engage with all key stakeholders to ensure the potential environmental effects and benefits are well understood

• Jameson has actively participated in the Elk Valley Cumulative Effects Assessment Framework (EV CEMF), a joint initiative of the Province of British Columbia and the Ktunaxa Nation Council, to provide a framework to assess the cumulative environmental effects of industry in the Elk Valley.

• Detailed Effects Assessments have been carried out by leading technical experts and project plans developed and refined to ensure potential adverse impacts on environmental value components are eliminated and/or mitigated

• Crown Mountain has exceeded minimum standards required by regulators to ensure technical studies are robust, defensible and address emerging issues, Examples include:

• Commencing fish population studies pre-submission to understand seasonal use and migration of the Westslope Cutthroat trout

• Occupancy modelling for terrestrials, ungulates, carnivores in the Elk Valley, South-East BC and into Alberta to more accurately understand migration pathways well beyond just the footprint of Crown Mountain

• Adjusting designs and the Project footprint as studies provide information and included extensive consultation with relevant stakeholders where appropriate

• All technical studies were completed in June 2021 and EA document is due for submission to EAO and IAAC in the Dec quarter 2021

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Jameson is committed to upholding the highest Environmental Management Standards in developing the Crown Mountain Hard Coking Coal Project

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Selenium Mitigation Strategy

Role of plant refuse layers:

• Retain moisture

• Jameson has sought to progress proactive bioremediation approach to mitigate and prevent potential Selenium runoff generated from the project

• Supply carbon

• Generate anaerobic zones

• Retard oxygen diffusion

• Design and testing program undertaken by two firms with extensive expertise in this subject: SRK and Enviromin

• Mine designed to use ‘Layer-cake’ approach to spoil dump design rather than conventional dump design.

Waste Rock Management: Layered Approach

• Layer-cake creates anerobic environment which promotes permanent sequestration of Selenium within dump

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Conceptual Model:
• Decrease oxygen diffusion (A)
• Decrease or inhibit oxygen advection (B) – along
valley fill
• Limit water infiltration (C)
• Promote selenium sequestration (D)
• Lower volumes of seepage for management (E)
B
A C
Diversion ditches to convey clean
water around the mine rock
management area, where possible
D
Final Cover
E
Coal Rejects
Mine Rock
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• Phase I involved modelling to successfully demonstrate potential for significant reductions in nitrate and selenium release using the “layer cake” approach versus conventional spoil dumps in the local area.

• Phase II involved exposing representative samples of overburden and plant reject to varying atmospheres to evaluate bioremediation activity. The desired outcome of Selenium reduction was achieved in the first set of column cells. Further validation work is ongoing.

• Detailed modelling of the water quality for the EA was undertaken based on the proposed design and the results from Phase I & II.

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Jameson is committed to upholding the highest Environmental Management Standards

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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:
BANKABLE FEASIBILITY STUDY (BFS) JULY 2020	• •	Geology and resource development 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
ENVIRONMENTAL ASSESSMENT (EA) APPLICATION PROGRESSING	•	Baseline studies and modelling completed including pre-submittal meetings with Regulators to discuss the approach to the EA Application and effects assessments
	•	EA Application is substantially complete pending further stakeholder engagement. Submission in Dec Qtr
	•	Bathurst Resources Limited (ASX: BRL) has committed CA$14.1m to date, gaining 22% ownership of
STRATEGIC PARTNER	•	Jameson’s subsidiary NWP Coal Canada Ltd 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.

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

26

Product Optimisation Study – August 2021 Crown Mountain Overview

PRODUCT OPTIMISATION STUDY

• 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

August 2021

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• 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

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

27

Additional BFS Optimisation Opportunities

Potential to further improve Crown Mountain HCC Project economics 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 • 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

28

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 adopts 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

EA approval is critical path towards project development Development timeline adopts 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

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Potential to further improve Crown Mountain HCC Project economics

29

About Steelmaking Coal

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Steelmaking Coal and the Steel Making Process

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Coal is rock formed over time when abundant plant material is covered by sediments

There are two primary types and uses of coal:

• energy coal

• steelmaking coal

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Steel is the world's most important engineering and construction material. It is used in cars and construction products, refrigerators and washing machines, cargo ships, surgical scalpels and wind turbines

Steel can be readily recycled over and over again without loss of property

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31

Opportunity | Increasing Demand for Steelmaking Coal

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

Global Seaborne Steelmaking Coal Demand Global Seaborne Steelmaking Coal Supply
450 450
400 400
350 350
300 300
250 250
200 200
150 150
100 100
50 50
0 0
2015 2016 2017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E 2015 2016 2017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E
Other Brazil Taiwan Sth Korea EU Japan India China AUS USA CAN RUS MOZ Mongolia Others Forecast supply shortfall
Steelmaking Coal Imports (Mt) Steelmaking Coal Exports (Mt)
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Source: Goldman Sachs 2021 (Imports incl Mongolia to China)

• Seaborne steelmaking coal market likely to exceed 350Mt in 2021

• Strong demand growth forecast in major markets due to steel demand growth. Largest relative growth to 2025 in India, Brazil, Vietnam and South-east Asian markets

• Canada is the third largest Metallurgical coal exporter behind Australia and the United States

• Canada currently exports approximately 28mt of metallurgical coal annually

• Growth in steelmaking coal supply limited due to:

• Depleting resources and increasing operating costs at existing operations

• Reduced exploration expenditure

• Lack of capital and project funding for new projects

• Regulatory challenges

• Forecast supply shortfall of >20Mtpa by 2025

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Steelmaking Coal market fundamentals: Demand Growth exceeds Supply Growth

32

Global Steel Markets – China and India dominate

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• China, through its Supply Side Reforms, relocation of steel capacity and Belt and Road Policy, and India, with ‘Make in Steel, Make in India,’ have been the dominant drivers of metallurgical coal demand and growth

• China’s Supply Side Reforms have had a marked impact on the steel market and global seaborne metallurgical coal market

• Within China there has been a concerted effort to relocate existing steel capacity, expand and develop greenfield steel works (e.g. Shandong Steel’s Rizhao and Liusteel Fangcheng) to coastal locations near ports to enable procurement of high quality seaborne raw materials required for the operation of the large BOF’s being developed and minimising environmental pollution

• These large coastal blast furnaces will require high CSR, low sulphur coal such as Crown Mountain will produce

• China’s Belt and Road Policy will generate long term demand for steel and seaborne metallurgical coal with large commitments to develop infrastructure throughout Eurasia

• The Indian Government has set a target of increasing steel production capacity from 122mt (2016) to 300mt by 2030-31. India currently imports ~85% of its metallurgical coal needs

• Indian metallurgical coal demand is forecast to grow from currently 60-70Mtpa to 140-160Mtpa by 2030 (Coal India, 2018)

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

IEA October 2020

33

Blast furnace steelmaking dominates global production

• Blast Furnaces or Basic Oxygen Furnaces (BOF) currently account for 72% of global steel production. Electric Arc Furnaces (EAF) account for just 28%

• In Asia, the proportion of steel produced in blast furnaces is even higher due to higher demand for primary steel and limited scrap steel available for recycling. EAF has reduce ~~d ability to produce high quality steel~~ (vehicles, high speed rail, precision equipment) due to alloys and impurities in scrap steel

• Metallurgical coal plays a critical role in the modern blast furnaces that cannot be easily replicated or replaced. Metallurgical coal, provides:

• § A source of heat raising the temperature in the furnace to >2,000 ° C

• § A chemical reducing agent in the form of carbon monoxide that removes the oxygen from the iron ore leaving liquid metallic iron

• § Internal structural support to the furnace and the materials inside and provide permeability for gas and liquid flow

• § Carbon dissolved in hot metal reduces melting temperature, provides strength to the finished steel and provides fuel for the steelmaking furnace

• Premium hard coking coal like that to be produced at Crown Mountain, is required to produce high strength metallurgical coke needed to operate BOF’s at lower coke rates

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BOF v EAF By Region
BOF EAF
China
APAC
EU
CIS and Other Europe
India
North America
South America
Middle East and Africa
0% 20% 40% 60% 80% 100%
Source: worldsteel
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Source: BHP
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• Lower coke rates allow both the reduction of cost and carbon emissions

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72% of global steelmaking occurs in Blast Oxygen Furnace, while 28% is produced from Electric Arc Furnace

34

The current global average age of furnaces is 13-14 years of a typical useful life of 40-50 years

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Source: IEA – Iron and Steel Technology Roadmap, October 2020

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The young age of furnaces (and integrated steel making facilities), and sunk capital (>US$1 trillion) in existing blast furnaces are an incentive for steel producers to adopt BOF + CCUS

35

Limited steel products can be manufactured via EAF

• One of the cited paths to lowering carbon emissions in the steel making process is to produce more steel via the Electric Arc Furnace (EAF) and Direct Reduced Iron (DRI)), however there are a number of practical considerations and limitations associated with the use of the EAF

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Impurities in recycled steel produced via EAF
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• Electric Arc (or Induction) Furnaces ~~differs to the BOF where the feedstock is steel scrap or~~ Direct Reduction Iron (DRI) that is already converted into its metallic form – only 100Mt of DRI is produced globally each year of a total global production of c.2Bt of finished steel

• Steel produced from EAF using scrap is lower quality due to the inability to remove impurities, additionally a shortage of scrap in many developing regions, limits the ability to recycle large quantities of steel

Source: Nippon Steel

• This lower quality steel cannot be used in steel produced for end products including automobiles, precision equipment and construction steel sheet

Impurity thresholds for high grade steel products

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Source: Nippon Steel
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• EAF and DRI represent a much smaller proportion of global steel production due to their finite nature – availability of scrap is dependent on end of life and obsolete steel stock and DRI requires Fe grading ~67% Fe which is significantly higher than the most commonly traded benchmark of 62% Fe

• Productivity of EAF is lower than that of BOF – BOF oxygen jets are far more productive compared with natural convection in EAF coupled with long melting times for DRI or steel scrap; as the EAF is attempted to be scaled up this will only pronounce these inefficiencies further

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c.100Mt of finished steel is produced via DRI of a total c.2Bt of global production

36

Steel is integral to the decarbonisation process, BOF (+ CCUS) is likely to remain the dominant production method in the medium term

• § Blast Oxygen Furnaces (BOF) requiring metallurgical coke (from coking coal) and iron ore with Carbon Capture Usage and Storage (CCUS) are likely to dominate the production mix of global reduced carbon steel production

• § The challenges of moving to solely Electric Arc Furnace (recycled steel and DRI) (see slide 40), the use of Hydrogen (H2) to produce DRI or steel produced via coke being replaced in the BOF with H2 (see slide 43) have been significantly understated

• § Numerous practical and technical challenges exist to produce the scale of steel needed to decarbonize via solely Electric Arc Furnace (EAF) and production of Green H2 to produce Direct Reduction Iron (DRI) or for direct injection into the Blast Furnace:

• EAF requires scrap, scrap availability in developing nations is poor

• Scrap introduces contaminants (e.g. Copper) and Nitrogen contamination from the air that preclude EAF produced steel being used in high-grade steel

• Productivity of EAF is lower than that of BOF, as the EAF is attempted to be scaled up this will only pronounce these inefficiencies further

• ~100mt of Direct Reduction Iron (DRI) produced annually (steel market is c.2Bt pa) and DRI requires high grade 67% Fe (v commonly traded benchmark 62% Fe)

• There is significant risk associated with the engineering scale up from Hydrogen (H2) injection pilot to simulate the large scale blast furnace that is hundreds of times larger than the experimental (or pilot scale) blast furnace resulting in less uniform gas flow, heat distribution, sticking of ore and melt flow

• H2 as a replacement for coke as a reducing agent causes an endothermic reaction whereas coke as the reducing agent causes and exothermic reaction thereby requiring pre-the heating of H2 and the development of technology to inject large amount of hot flammable gas into a blast furnace

• Increased use of H2 in the BOF leads to less coke support, leading to less gas permeability and inferior reactions in the BOF, while reduced contact with high temperature gas results in challenging melting conditions

• § It is likely given the challenges of Green H2, (cost and renewables consumption required per unit of production), the properties and the associated volume challenges of DRI/EAF and the sunk capital of >US$1Tn in existing furnaces with an average age of 13-14 years (useful life of 40-50 years) that BOF + CCUS be the dominant production technique of reduced carbon steel.

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Significant challenges to produce large volumes of high quality steel without the use of hard coking coal

37

The steel industry has made significant commitments in order to reduce carbon emissions

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

Source: BHP
Source: ArcelorMittal
Source: Rio Tinto
Source: ArcelorMittal
Source: Rio Tinto
Source: worldsteel
In the last 50 years, the steel industry has reduced its energy consumption per tonne of steel produced by 61%. Further improvement is
needed with commitments being made to BOF efficiency, biomass reductants, CCUS, scrap utilisation and new technologies
Source: worldsteel
Source: Noble Group
Source: Reuters
Source: worldsteel
Source: worldsteel
Source: BHP
Source: CSPA
Source: BHP
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38

Green H2 production…possible but widespread bulk production not imminent

• § Green hydrogen (H2) or carbon neutral H2 can only be produced via the electricity intensive electrolysis of water and requires large volumes of renewable energy

• § It is expected that the capital cost of electrolysers would need to reduce c.75% and the cost of renewable energy (wind and solar – both established industries) reduce by c.50% to make this energy production process cost competitive

• § Green H2 can be used in the following ways in steel production:

• § Alternative injection material to PCI to improve the performance of conventional blast furnaces, and while this does reduce the carbon emissions coking coal is still required; and

• § Hydrogen can be used as an alternative reductant to produce Direct Reduction Iron that can further be produced into steel using an Electric Arc Furnace.

• § The current reduction with carbon is an exothermic process, whereas the proposed reduction with H2 is endothermic requiring the heating of H2 and the development of technology to inject large amount of hot flammable gas into a blast furnace

• § Increased use of H2 in the BOF leads to less coke support, leading to less gas permeability and inferior reactions in the BOF, while reduced contact with high temperature gas results in challenging melting conditions

• § It is likely given the challenges of Green H2, (cost and renewables required per unit of production), the properties and the associated volume challenges of DRI/EAF means that CCUS will play an increasingly important role in the production of greener steel

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Expected Steel Production Techniques 2019 - 2050
Source: Teck Resources, IEA
H2 injection causes gas permeability challenges
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Source: Nippon Steel
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“To put the size of the challenge in perspective a single 2Mt per annum, hydrogen based DRI plant requires an 800 megawatt electrolyser and the renewable energy supply equivalent to that of a small nuclear power station” - BHP

39

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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.

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40

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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.

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41