24 Nov

Investor Presentation

1 Jameson Resources Capital Raising Presentation Placement and Share Purchase Plan November 2021 Jameson Resources Crown Mountain - a new era in steelmaking coal 2 Crown Mountain HCC Project – the most advanced steelmaking coal project in Canada GREENHILL S Right Project • Premium hard coking coal sought after by global steelmakers to help increase blast furnace efficiency and lower carbon emissions • Low strip - ratio open - pit resource with attractive operating margins • Small footprint in discrete catchment providing ability to manage water quality, environmental offsets and advance accelerated rehabilitation Right Location • 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 • 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 Right Market • 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 IEA – Coal 2020 • Jameson Board with substantial track record of successful greenfield coal development, financing and value creation • Management team in Australia and Canada with extensive experience in regulatory processes and indigenous and stakeholder engagement Right Team Crown Mountain Overview 3 SHARE PLACEMENT 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 • 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) • 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 • 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 SUMMARY 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 o NWP administration, project management and corporate overheads and JAL corporate costs Crown Mountain represents a compelling opportunity for development of a steelmaking coal project with an attractive operating cost structure and access to infrastructure Equity raising to progress Crown Mountain HCC Project SHARE PURCHASE PLAN • JAL is undertaking a Share Purchase Plan (SPP) targeted to raise a further A$250,000 at the same offer price as the Placement , providing the opportunity for all shareholders to participate in the Company's capital raising About Jameson Resources 4 Share Capital ASX ticker JAL Share Price ( 15 Nov 2021 ) A$ 0.086 Shares Outstanding 303m Market Capitalisation A$26.1 m Trading Range (6 month) A$0.08 to A$0.10 Major shareholders Top 20 Shareholders 69.5% Australian Super Pty Ltd 14.9% Hillboi Nominees Pty Ltd 6.6% Perth Investment Corporation Ltd 5.6% Subsidiaries NWP Coal Canada Ltd (owns 90% Crown Mountain HCC Project ) • Jameson Resources 80% • Subsidiary of Bathurst Resources 20% Dunlevy Energy Inc 100% Responsibly supplying raw materials essential to improving people's lives... Sustainable growth to maximise enterprise value • Jameson is an ASX listed pure steelmaking coal developer • Primary focus is its flagship asset, the Crown Mountain Hard Coking Coal (HCC) Project • Will consider other steelmaking coal opportunities in developed countries that are development ready or close to ESG leadership key to success • The critical ongoing role of steelmaking coal in global economic development is recognised • 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 environment • Aiming to be among the world’s lowest carbon intensity producers of steelmaking coal Jameson Board of Directors 5 Nicole Hollows Independent, Non – Executive Chairman Michael Gray Managing Director Joel Nicholls Non - Executive Director Steve van Barneveld Independent, Non - Executive Director Highly experienced Board and management team with a proven track record • Greenfield coal project approvals, development and operations • 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 Responsibly supplying raw materials essential to improving people's lives... 6 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. Strategic Roadmap STRATEGIC GOALS OUR VALUES OUR PURPOSE A mindset of continuous improvement to be a safe, efficient and low cost producer that optimises the value of our assets COMMERCIALLY FOCUSED 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 SUSTAINABLE GROWTH Open and transparent, mutually rewarding relationships with our people, our customers, our shareholders and the communities in which we operate ENGAGED STAKEHOLDERS OPERATE SAFELY BE EFFICIENT CONTINOUSLY IMPROVEE STRONG ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) LEADERSHIP DEVELOP AND OPERATE SUSTAINABLY INVEST IN NEW PROJECTS OUR PEOPLE MATTER VALUED COMMUNITY PARTNER DELIVER TO CUSTOMERS OPTIMISE SHAREHOLDER RETURNS OUR VISION Agility Teamwork Responsibility 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 Responsibly supplying raw materials essential to improving people's lives... Steelmaking Coal at unprecedented historical record prices 7 Steelmaking coal is at unprecedented record prices due to : • Continued high global steel production as key building block for post - Covid 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 Steelmaking coal at unprecedented historical record prices $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Coal Price USD/tonne Global Premium Hard Coking Coal Prices - 2010 to Present 0 200 400 600 800 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Coking Coal Price USD/tonne Premium Lov - Vol HCC: Australian Export Price Vs China Market Price Australian PLV HCC (FOB) China Market PLV HCC (CFR) HIS Markit 2021 HIS Markit 2021 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 850 Mt, with less than 40 % produced in Asia • In 2021 steel production is forecast to exceed 1 , 900 Mt, 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 ) 8 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2000 2004 2008 2012 2016 2020 Annual Production (Mt) Global Steel Production Since 2000 Asia RoW Source: World Steel Association 2021 2000 RoW Asia 2020 RoW Asia Share of Global Steel Production Source: World Steel Association 2021 (1) worldsteel Short Range Outlook April 2021 (2) IEA (2020), Iron and Steel Technology Roadmap, Global demand for steel is projected to increase by more than a third through to 2050 Supply Risk – delayed progress on new production 9 • 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 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 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 Delayed progress of greenfield projects increasing supply risk Jameson – Striving to be an ESG leader in Met Coal Developers • 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 • 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 • 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 . 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. 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 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 10 Planet Prosperity People Objective How Jameson is targeting to be an ESG Leader as a sustainable steelmaking coal producer Crown Mountain Hard Coking Coal Project Crown Mountain HCC Project – the most advanced steelmaking coal project in Canada GREENHILL S Source: Google Earth 11 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 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 NPV 10 of USD 376 M with competitive operating and capital cost structure • August 2021 Product Optimisation Study further enhances project NPV by 25 % to NPV 10 of USD 469 M and overall average coal production to 1 . 96 Mtpa IEA – Coal 2020 • Small project footprint (< 900 ha) 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 Appendix: Project Details Project Overview 13 • 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 ~ 3 km 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 , 200 km to the preferred Westshore Terminal in Vancouver, for global export . Crown Mountain is an open pit project with an average LOM clean strip ratio of 10.3:1 Crown Mountain Overview 14 BANKABLE FEASIBILITY STUDY (BFS) JULY 2020 (Opex and capex at +/ - 15% level of accuracy) 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 • Mine planning and scheduling • Coal processing and handling • Site infrastructure • Surface water management • Geotechnical evaluation • Project economic evaluation 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 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 • 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. STRATEGIC PARTNER COMPETITIVE OPERATING AND CAPITAL COSTS • Average LOM FOB cash cost US $ 93 . 17 /tonne (CA $ 124 /t) • Pre - production capital of US $ 351 m (CA $ 468 m), including mobile mining fleet Crown Mountain represents a compelling opportunity for development of a coking coal project with an attractive operating cost structure and access to infrastructure Bankable Feasibility Study – July 2020 Crown Mountain Overview 15 PRODUCT OPTIMISATION STUDY August 2021 • 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 Product Optimisation Study improved Crown Mountain’s BFS NPV by c. 25% Product Optimisation Study – August 2021 Additional BFS Optimisation Opportunities Potential to further improve Crown Mountain HCC Project economics 16 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 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 • 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). 17 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 Run of Mine Coal RESERVES (Mt) PROVEN 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 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. Run of mine surface mineable reserve summary (Effective July 8, 2020) Crown Mountain BFS outcomes can be further optimised through targeted focus areas World - class opencut Resources and Reserves Crown Mountain Hard Coking Coal Ø High CSR (Coke Strength after Reaction) Ø Low volatile matter (VM) • High CSR and low VM are critical coke - making 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 Coking Coal Quality – CSR and Volatile Matter 18 Access to high quality premium low volatile hard coking coal Crown Mountain Mine Scheduling 19 • 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 Crown Mountain has low strip ratio and higher production in North Pit for its initial years Mining and Production Development Timeline Potential to further improve Crown Mountain HCC Project economics 20 • 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 ACTIVITY 2021 2022 2023 2024 2025 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 Crown Mountain Project The most advanced steelmaking coal project in Canada 21 An independent developer of steelmaking coal assets that in partnership with our stakeholders enhances economic and social growth while safeguarding the environment • 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 – T echnical 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 % IEA – Coal 2020 Disclaimer DISCLAIMER This presentation has been prepared by the Company based on information from its own and third party sources and is not a dis clo sure 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, ser vants, 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 rel iab ility. This presentation is not a prospectus, disclosure document or other offering document under Australian law or under any other la w. 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 in ves tor 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 present ati on 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 inte nde d 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, pro spe ctive investors should consider the appropriateness of the information having regard to their own investment objectives, fina nci al situation and needs and seek legal, accounting and taxation advice appropriate to their jurisdiction. The Company is not lice nse d 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 financi al 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, budge t r isks, underwriting risk, risks associated with the COVID - 19 pandemic and operational risk. An investment in new shares is subjec t to known and unknown risks, some of which are beyond the control of the Company. The Company does not guarantee any particular r ate 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 presentati on may not necessarily be in statutory format. Amounts, totals and change percentages are calculated on whole numbers and not th e rounded amounts presented. 22 Disclaimer FORWARD LOOKING STATEMENTS This presentation contains forward - looking statements. Wherever possible, words such as “intends”, “expects”, “scheduled”, “esti mates”, “anticipates”, “believes”, and similar expressions or statements that certain actions, events or results “may”, “coul d”, “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 ce rtain 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 fact ors 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 act ual 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 fa cto rs discussed in the Company’s public filings. There can be no assurance that the forward - looking statements will prove to be acc urate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, prospecti ve 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, unl ess 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 disc lai ms 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 Feasibilit y S tudy 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 Optimisa tio n 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 ori ginal 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 materiall y c hanged. 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 Coa l P roject 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” an nounced 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 ori ginal 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 confir ms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. 23

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