Jameson Resources Crown Mountain project: one of the most advanced new Hard Coking Coal projects

Company Overview: • Jameson Resources (JAL) is an ASX-listed steelmaking coal developer advancing the Crown Mountain Hard Coking Coal project in British Columbia, Canada, with a focus on sustainable development. • Crown Mountain is one of the most advanced new premium Hard Coking Coal projects located in Canada's strategic Elk Valley location adjacent to Glencore’s major HCC mines (former Teck Resources Elkview/Line Creek) in south-east of British Columbia with existing rail/port infrastructure. • Jameson holds an effective ~80% interest in Crown Mountain, with JV partners Bathurst Resources (ASX:BRL) holding ~20%. • Production profile of ~1.9Mtpa of saleable coal - 86% HCC/14% PCI over 15-years produces ~57.5Mt over life of mine is near a US$0.5 billion pa revenue scale project. • Website: https://jamesonresources.com.au/ INTERVIEW SUMMARY: JAMESON RESOURCES – HIGH-QUALITY, LOW-COST PROJECT NEARING APPROVAL 0:10 INTRODUCTION • Sean Sandilands from STK Markets introduces Jameson Coal after prior success in critical minerals (EQ Resources, Southern Cross Gold). • Strategy: invest early in low-cost assets in Tier 1 jurisdictions. 0:40 INVESTMENT THESIS • Coal sector has seen years of underinvestment → tightening supply outlook. • Jameson positioned at an “inflection point” with major de-risking already completed. 1:40 MANAGEMENT STRENGTH • MD & CEO Michael Gray brings 30+ years in coal and strong execution history. • Backed by experienced shareholders and repeat investors. 2:10 MARKET OPPORTUNITY • Steelmaking coal demand remains strong globally. • Limited new supply from key regions (Australia, Canada, US). 3:10 PROJECT LOCATION & QUALITY • Based in British Columbia, Canada, in a long-established coal basin. • Surrounded by major mines (Glencore). • Produces premium low-vol hard coking coal (benchmark quality). 4:00 COMPETITIVE ADVANTAGES • Fully advanced: drilling, PFS, BFS completed. • Low strip ratio (less than 4:1) → strong cost advantage. • Shallow, accessible coal seams → operational efficiency. 5:30 PRODUCTION PROFILE • ~28Mt over 14 years (~2Mt/year). • Smaller “boutique” project but highly profitable due to quality and cost position. 6:20 FUNDING & ECONOMICS • ~$300M capex; ~$5M near-term for approvals. • Strong interest from steelmakers (e.g., Nippon Steel). • Potential for offtake prepayments → reduces equity dilution. 7:00 APPROVALS PROGRESS • Final stage of environmental approvals (EIS submission soon). • Extensive work completed with regulators and First Nations. • Viewed as one of the most advanced undeveloped projects globally. 8:00 SUPPORTIVE MACRO ENVIRONMENT • Canada increasingly pro-development. • Strong export demand to Asia (Japan, Korea, India). • No exposure to US tariffs. 9:50 PROFITABILITY POTENTIAL • BFS based on ~$100/t vs current ~$220/t price. • Significant margin upside → potential hundreds of millions in profit. 11:00 STRUCTURAL SUPPLY GAP • Declining output and rising costs in major basins (e.g., Queensland). • Fewer new projects → growing supply-demand imbalance. 12:00 DEMAND DRIVERS • Steel demand rising from EVs, renewables, infrastructure, and data centres. • Steelmaking coal remains essential (no large-scale substitute yet). 13:00 NEAR-TERM CATALYSTS • Environmental approval. • Offtake agreements with steel mills. • First Nations partnership agreements. • These milestones expected to drive re-rating. 14:00 PROVEN TRACK RECORD • Michael Gray helped grow Macarthur Coal from $170M IPO to $5.4B sale to Peabody. 16:30 ANALYST PERSPECTIVE • Long-term underinvestment + rising demand = bullish outlook. • Security of supply becoming critical for global steel producers. 20:00 PRICE LEVERAGE • Coal prices historically volatile ($100–$600/t). • Low-cost producers benefit most during price spikes. 21:00 CLOSING TAKEAWAY • Early-stage entry before approvals and institutional inflows. • Strong upside potential via production ramp-up or M&A takeover. GENERAL ADVICE WARNING: Being general advice, this email does not take into account your objectives, financial situation or needs. Do not act on or make any investment decisions based upon this interview. We recommend you obtain financial, legal and taxation advice before making any financial investment decision. You should obtain, read and understand all the relevant products disclosure statements or offer documents before investing in any financial product. DISCLOSURE OF INTEREST: The Directors, officers and employees of STK Markets Pty Ltd advise that they and or their associates may have beneficial interests in the financial products mentioned in this interview. Please visit www.stkmarkets.com for other regulatory information.