14 Jan

Managing Directors Address to AGM

www.jamesonresources.com.au Jameson Resources Limited I ABN 89 126 398 294 Registered Office | Level 4, Deutsche Bank Place? 126 Phillip Street, Sydney?NSW?2000? Postal Address | PO Box 274, Ashgrove West, Brisbane QLD 4060 Email | admin@jamesonresources.com.au Phone: |+61 8 9200 4473 1 4 January 202 2 Company Announcements Office Australian Stock Exchange Limited Level 40, Central Park 152 - 158 St Georges Terrace PERTH WA 6000 Jameson Resources Limited | Presentation to 202 1 Annual General Meeting Pursuant to Listing Rule 3.13.3, p lease find attached the Managi ng Director’s presentation to shareholders to be given at the Annual General Meeting commencing at 11 .30 am ( Brisbane time) on 14 January 2022. Authoris ed to be given to ASX by the Board of Jameson Resources Limited. Lisa Dalton Company Secretary For further information, please contact: Michael Gray Managing Director Email: michaelgray@jamesonresources.com.au Phone: +61 417 736 461 1 Jameson Resources Limited Managing Director’s Address Annual General Meeting 14 January 2022 Good Morning Ladies and Gentlemen. My name is Michael Gray and I am the Managing Director of Jameson Resources Limited. Today I would like to give you a short presentation on Jameson and the work we have been doing progressing our strategy and developing our Crown Mountain Project in British Columbia. It has been both a challenging and exciting year for Jameson and I’m pleased to confirm that despite those challenges, Jameson has continued to progress the Crown Mountain Project to be what is recognised as the most advanced steelmaking coal project in Canada . Today I want to provide a brief overview of the company, the progress we have made and the exciting opportunity that lies ahead for the company. We will be happy to take questions at the end of the presentation. 2 Jameson Resources Limited Managing Director’s Address Annual General Meeting 14 January 2022 It has been a challenging year globally due to continued impacts of the Covid - 19 pandemic and a challenging year for the coal industry with increased opposition to the development of new projects and in particular substantial challenges for new projects in Alberta, Australia and elsewhere . I’m pleased to report that despite these challenges and Covid restrictions, Jameson has been largely able to continue to engage with key stakeholders to progress the EA process for Crown Mountain, albeit with some time delays and restricted ability to undertake site visits . I note the emergence of Omicron variant which has substantially increased infection rates in Canada . The impact that has on our employees, our consultants, regulators and stakeholders remains unknown at this time . The Company recognises the continued demand for premium hard coking coal and the lack of advanced quality projects that are able to supply to meet that demand . The Company also recognises that new projects need to be developed in a manner which minimises carbon emissions, ensure protection of key environmental values and maximises engagement of indigenous nations and local communities . The Board and I are confident that we have the Right Project, in the Right Location and the Right Market to meet the challenge and opportunity for new steelmaking coal supply . Critically, we also believe that the skills and experience of the Jameson board and management both in Australia and in Canada provide the Right Team to position both Crown Mountain and the company to be a leader of a new era of steelmaking coal supply . Jameson Resources Crown Mountain - a new era in steelmaking coal 3 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 Jameson Resources Limited Managing Director’s Address Annual General Meeting 14 January 2022 3 Corporate Profile • Cash on hand (at 31 - Dec - 21) $3.3m • Additional cash of: • $285,000 to be received from Share Purchase Plan • $105,000 from Director share subscription (if approved by shareholders at AGM) 4 Jameson Resources Limited Managing Director’s Address Annual General Meeting 14 January 2022 About Jameson Resources 3 Share Capital ASX ticker JAL Share Price ( 13 Jan 2022 ) A$ 0.073 Shares Outstanding (post Nov 2021 Capital Raise) 343m Market Capitalisation A$25.0 m Trading Range (6 month) A$0.07 to A$0.10 Cash on Hand (31 Dec 2021) $3.3M* 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 * Cash on Hand is unaudited and includes cash held by JAL and held in NWP Jameson is confident that the Crown Mountain Project is the most advanced steelmaking project in Canada . Good projects remain just projects without the right management team to progress them through to development . Jameson has sought to establish a Board and Management team with substantial expertise in Greenfield coal development to maximise the opportunity for development and operation of the project . My fellow Directors and I have extensive experience in the successful development of new projects and in the development of close relationships with local communities, project partners, financiers and importantly key Asian steelmakers . Our management team in Canada has extensive experience in regulatory approvals and in particular in engagement with indigenous nations and other key community and government stakeholders . We are confident that we have the right team to maximise the opportunity for development of Crown Mountain and maximise value for shareholders . 5 Jameson Resources Limited Managing Director’s Address Annual General Meeting 14 January 2022 Given the advanced status of Crown Mountain, the attractive market outlook for steelmaking coal and other commodities, the Board has spent considerable time assessing how our strategy can best fit with maximising returns and outcomes for shareholders . To provide focus for the company, employees and stakeholders, the Board has adopted a Strategic Roadmap to outline how Jameson sees itself delivering value through the Crown Mountain Hard Coking Coal Project and potential acquisitions . The continued demand for raw materials and the increased focus on the environmental sustainability of the extraction and use of those materials provides Jameson with an opportunity to position itself as an independent supplier of raw materials committed to safeguarding the environment and contributing economic and community prosperity . To deliver upon that Vision, the Board is ensuring that the company position itself to align with three core strategic goals of : • Commercially Focused • Sustainable Growth • Engaged Stakeholders The how we achieve these goals and the overarching Vision in a challenging and evolving environment, is important . Our Values represent how we do business, and form the foundation of Jameson, where we will operate with Agility, Teamwork and Responsibility . 6 Jameson Resources Limited Managing Director’s Address Annual General Meeting 14 January 2022 Fundamental to Jameson’s strategy is a key understanding of the steel market and the critical importance of steel production, consumption and growth to global and regional economic development growth . Continued economic growth in Asia and continued global economic recovery from the Covid slowdown will require continued growth in steel production, particularly in North, SE and South Asia . Despite increased focus on the impact that the steel industry has on global carbon emissions, it is apparent that there is no short and medium . term replacement of the requirement for steelmaking coal for the production of steel in blast furnaces . There is much attention on the development of green steel and other replacement technologies but it is clear that the development of such technology at a commercial scale is at a very early stage and that the substantial majority of new steel will be produced in blast furnaces using coke produced from steelmaking coal for at least two to three decades . (Financial Times Commodities Asia Summit – Nov 2021 ) . Notwithstanding this likely slow development of green steel, there is substantial progress made by raw material suppliers and steelmakers to reduce the carbon impacts of steelmaking . 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 Blast Furnace efficiency, biomass reductants, Carbon Capture Use and Storage, increased scrap utilisation and new technologies . 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 ) 7 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 Jameson Resources Limited Managing Director’s Address Annual General Meeting 14 January 2022 7 The rapid growth in demand for steel and steelmaking coal from post - Covid economic recovery and the challenges of developing new supply to meet that demand has led to unprecedented record prices for seaborne steelmaking coal . Pressure from stakeholders has reduced the ability of major producers to undertake greenfield projects and the regulatory environment for new projects is getting increasing challenging in Australia, Canada, the USA and other key steelmaking coal basins . The ongoing diplomatic issues between Australia and China has provided an opportunity for Canadian, US and Russian coals to obtain a premium above Australian coals due to the ability to access Chinese markets . IN Oct/Nov 2021 , the price of the Elk Valley, of similar quality to that of Crown Mountain, was over USD 600 /tonne . Whilst the current price has retreated from that high, it is still approx . USD 400 /tonne, substantially above prior record pricing 8 Jameson Resources Limited Managing Director’s Address Annual General Meeting 14 January 2022 As noted on Slide 6 , the steel industry and raw material suppliers are critical to progressing opportunities to decarbonise the steel industry as well as build the infrastructure and goods required to enable economies to become net carbon zero . Jameson is strongly committed to ensuring that steelmaking coal industry is part of the solution and is looking to develop the Crown Mountain project to be an ESG leader amongst new project developers . As part of this strategy, Jameson is keen to ensure it can : • Seek to meet and exceed environmental management and mitigation strategies for all project activities • Produce coal with Target lowest carbon emissions (Scope 1 & 2 ) of all steelmaking coal producers • Partner with customers to invest in options to reduce emissions in steelmaking (Scope 3 ) • Commit to accelerated rehabilitation with reinvestment of profits during high commodity price cycles . Jameson believes it can work with the broader industry and there is a continued need for high quality steelmaking coal . We note that there is much attention on the development of green steel and other replacement technologies but it is clear that the development of such technology at a commercial scale is at a very early stage and that the substantial majority of new steel will be produced in blast furnaces using coke produced from steelmaking coal for at least two to three decades . (Financial Times Commodities Asia Summit – Nov 2021 ) . For mor detail on this topic, I refer shareholder to our corporate presentation of August 2021 in which we included an assessment of green steel developments, the increasing proportion of global steel produced in blast furnaces and the likely slow transition away from traditional blast furnace technology . 9 Jameson Resources Limited Managing Director’s Address Annual General Meeting 14 January 2022 This AGM has been delayed from the normal timing due to covid timing and travel restrictions . It is now more than six months since the end of the FY 21 reporting period but it is worth reviewing the achievements made by the company in the 18 month period since July 2020 . We completed the BFS in July 2020 which confirmed the technical and commercial attractiveness of the project . In August 2021 we completed the first optimisation project of the BFS which involved seeking to increase product yield by increasing product ash levels to that of standard benchmark products . That study confirmed reduced production costs and increased product sales resulting in a 25 % increase in project NPV without the requirement for any additional capital expenditure . Further optimisation projects are ongoing . Throughout 2020 and 2021 , the various baseline and technical studies required for the EA have been completed . Engagement with indigenous nations and other stakeholders has been impacted by Covid travel restrictions but we are pleased to confirm that during 2021 , extensive engagement was completed including site visits with a number of indigenous nations and other stakeholder groups . A number of First Nations and Metis nations have completed review of the draft EA chapters and those comments and feedback are being incorporated into the final EA . A number of key EA chapters have been submitted to Provincial and Federal regulators for preliminary review . This review will greatly assist finalisation and progress of the final EA when formally submitted this quarter . Over the last 18 months, we successfully undertook two equity raises to continue to support the company’s activities at Crown Mountain . We are grateful for the ongoing support of existing shareholders and welcome new shareholders Finally, the Company has seen additional experienced senior management join the team to lead the continued progress of Crown Mountain towards development . More details regarding the Project can be found in our Annual Report and website . 10 Jameson Resources Limited Managing Director’s Address Annual General Meeting 14 January 2022 I would also like to take this opportunity to briefly summarise the key priorities for the company for 2022 calendar year . With the successful completion of the BFS and Product Optimisation Study, the key focus of activities is on the Project’s Environmental Assessment and the regulatory process . The EA is being finalised to incorporate feedback and comment from indigenous nations and preliminary review by regulators . Once finalised the EA will be formally submitted to regulators for screening review and the commencement of the formal Application Review . This process will involve extensive further engagement with community and other stakeholders and the response to any requests for further information . In parallel with the progress of the EA, JAL will engage with key target Asian steelmaking customers to provide an update on the project progress and also continue to engage with potential project financiers . A number of smaller project optimisation opportunities will be advanced to seek to further enhance project economics and re - risk project development . Apart from Crown Mountain, Jameson will also review and assess potential project acquisition options to identify opportunities which support the company’s vision to become an independent supplier of raw materials committed to safeguarding the environment and contributing economic and community prosperity 2022 – the year ahead… 11 An independent supplier of raw materials committed to safeguarding the environment and contributing economic and community prosperity GREENHILL S 2022 KEY PRIORITIES • Finalisation of Crown Mountain EA incorporating feedback and comment from review by Indigenous Nations and Provincial and Federal Regulators • Submission of final EA and commencement of formal Application Review • Engagement with key target Asian steelmaking customers and project financiers for Crown Mountain Hard Coking Coal • Further optimisation works to improve project economics and seek opportunities to de - risk project development o Capital optimisation for CHPP through consideration of modular design and Build - Own - Operate options o Cost optimisation through leasing mining equipment and contract mining reviews o Options to further increase coal recovery • Review and assessment of potential acquisition opportunities Jameson Resources Limited Managing Director’s Address Annual General Meeting 14 January 2022 11 We continue to consider the development timetable in light of delayed timing for EA Application and more extensive engagement with stakeholders. This updated development timeline reflects the EA approval being the critical path towards project development with a conservative approach to regulatory approvals . There is opportunity to bring the timing for first production earlier if there is support with offtake partners and financiers to support commitment for pre development capital . 12 Jameson Resources Limited Managing Director’s Address Annual General Meeting 14 January 2022 Our main focus is on progressing Crown Mountain . Crown Mountain, with other new coal developments has experienced delays . Crown Mountain Project has continued to progress towards approvals to be ready for future development that has access to existing and available rail and port capacity . Crown Mountain can differentiate itself from other projects for regulatory approvals, given it has a small project footprint, ability to use low carbon power and will operate in a tier one mining jurisdiction which has Government and community support . In closing, Jameson has progressed the project in a prudent manner to ensure that the key issues are thoroughly assessed and investigated . As a result, the project with its excellent coal quality and shallow resource, close proximity to existing established infrastructure, completed BFS and completed EA technical studies is now the most advanced steelmaking coal project in Canada . 13 Jameson Resources Limited Managing Director’s Address Annual General Meeting 14 January 2022 14 Jameson Resources Limited Managing Director’s Address Annual General Meeting 14 January 2022 15 Jameson Resources Limited Managing Director’s Address Annual General Meeting 14 January 2022 16 Jameson Resources Limited Managing Director’s Address Annual General Meeting 14 January 2022

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