Jameson Resources Limited · ASX:JAL
Jameson Resources — Investor Presentation (February 2026)
28 slides from Jameson Resources's investor presentation, Feb 19, 2026
Slide 1: Jameson Resources – Crown Mountain Project
Jameson Resources Crown Mountain Project A new era in steelmaking coal Major Milestones Toward Permitting February 2026 1
Slide 2: Major Milestones toward permitting and project development
Major Milestones toward permitting and project development Project Progress toward Permitting and Development • Feasibility Study Update confirms competitive operating cost and 100% GREENHILLS May 2025 increase in the project pre-tax NPV10 to US$942M • Completion of additional field work and finalis
Slide 3: About Jameson Resources
About Jameson Resources • Jameson is an ASX listed pure steelmaking coal Share Capital Sustainable developer ASX ticker JAL growth to • Primary focus is its flagship asset, the Crown Share Price (16-Feb-2026) A$0.073 maximise Mountain Hard Coking Coal (HCC) Project • Actively considering steelmaking
Slide 4: Crown Mountain – Right Location
Crown Mountain – Right Location EVR – Fording River Mine Greenfield Project - Brownfield Location • The Elk Valley mines have been operating for >60 years and haveS established a market position for premium hard GREENHILL coking coal with leading steelmakers. EVR – Green Hills Mine • Area is home to
Slide 5: Steelmaking Coal – Right Commodity
Steelmaking Coal – Right Commodity Increasing Demand and Diminishing Supply Global supply and demand for seaborne steelmaking coal • Wood Mackenzie forecast shortfall of supply of seaborne steelmaking coal of 61Mt per annum by 2040, which is a shortfall equivalent to: • 35% of Australian 2025 export
Slide 6: Crown Mountain – Right Cost Structure
Crown Mountain – Right Cost Structure Crown Mountain has key competitive advantages compared to Australian and other global production ➢ Low Strip ratio – Life-of-mine product ratio <9.5:1 ➢ Lower labour costs - Elk Valley labour approx. 20% cheaper than comparable Bowen Basin labour costs) ➢ Lower
Slide 7: Milestone Progress towards Project Approval
Crown Mountain – Milestone Progress towards Project Approval • The BC Environmental Assessment Office (EAO) has advised that it has determined that the Application Review process for the Crown Mountain Environmental Assessment is now complete • The EAO has advised it will issue the final Section 27
Slide 8: Crown Mountain – Right Indigenous Engagement
Crown Mountain – Right Indigenous Engagement • Jameson is committed to the United Nations Declaration of the Rights of Indigenous Peoples (UNDRIP) • Crown Mountain is within ʔakanuxunik ʔamakʔis, the unceded ancestral lands of the Yaq̓it ʔa·knuqⱡi ‘it First Nation (YQT) • Consistent with UNDRIP, Jam
Slide 9: Increased Government Support
Crown Mountain – Increased Government Support • In response to the threat of 25% tariffs by the USA, the British Columbia Government has announced a detailed program to protect the Provincial economy • More than 95% of Canadian Steelmaking Coal is exported to Asian markets and none to the USA and so
Slide 10: Project development milestones completed 2025
Crown Mountain – Project development milestones completed 2025 • Confirmation of Project Reserve Statement May-25 • Project Feasibility Update May-25 • Engagement with key Japanese, Korean and Indian steelmakers in relation GREENHILLSto coal Jul-25 quality, project timing and long-term supply opport
Slide 11: Jameson Resources - a new era in steelmaking coal
Jameson Resources - a new era in steelmaking coal Crown Mountain – the right project to meet demand for premium steelmaking coal ✓ The Right • Steel - the critical enabler of a low carbon future - infrastructure, renewables, electric vehicles Commodity • Steelmaking coal - strong long term price for
Slide 12: Appendix – Crown Mountain Project Overview
Appendix Crown Mountain Project Overview
Slide 13: Crown Mountain – Right Location
Crown Mountain –Right Location EVR – Fording River Mine Greenfield Project - Brownfield Location • Asian steelmakers are seeking secure supply from stable locations GREENHILLS • The Elk Valley mines have been operating for >40 years and EVR – Green Hills Mine have established a market position for p
Slide 14: World-class opencut Reserves
World-class opencut Crown Mountain Reserves Geology Section A-A Section B-B Section C-C Section D-D Opportunity for extension of South Pit subject to further in-fill exploration 14
Slide 15: World-class opencut Resources and Reserves
World-class opencut Resources and Reserves Crown Mountain Resources and Reserves • Coal Resources of 90.2Mt are well Measured & Measured, Indicated understood and defined RESOURCES (Mt) Measured Indicated Indicated Inferred & Inferred • More than 70% of Resource is at Measured North Block 10.1 3.0 1
Slide 16: Crown Mountain Mining and Production
MiningCrown andMountain Production Mine Scheduling Waste ROM Coal Strip Ratio Product Strip Ratio Pit MBcm Mt Bcm/t ROM Coal Mt 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 • Mine scheduling sees mining start in the low strip ratio N
Slide 17: Premium Coal Quality
Crown Mountain - Premium Coal Quality Crown Mountain Low Vol Hard Coking Coal North Blend South Blend Total Moisture (% as received) 9 9 Volatile Matter (% dry) 19.5 - 20.5 18 - 19 Ash Content (% dry) 10.5 10.5 Sulphur Content (% dry) 0.60 0.60 Free Swelling Index (FSI) 7 4-5 Vitrinite Reflectance R
Slide 18: Project Feasibility Update
Project Feasibility Update Time Study Capex Production Cost Post-tax NPV10 March 2015 Pre-Feasibility Study US$281M US$ 85.28/tonne $267 N July 2020 Bankable Feasibility Study US$309M US$ 93.17/tonne $217 M August 2021 Yield Optimisation Study US$309M US$ 89.41/tonne $276 M May 2025 Feasibility Upda
Slide 19: 2025 Feasibility Update Overview – Capital and Operating Costs
2025 Feasibility Update Crown Mountain Overview– Capital and Operating Costs BFS July 2020 Feasibility Update 2025 Change Source Mobile Mining Equipment US$92M US$111M 20% Komatsu/SMS CAPITAL COST Wash Plant and Coal Handling US$102M US$131M 28% Sedgman (pre-production capital excl Infrastructure (r
Slide 20: 2025 Feasibility Update – Operating Costs
2025 Feasibility Update – Operating Costs Production Costs (USD FOB Vancouver) $140 1st 4 years Average = US$86.84/t $120 Production Cost FOB US$/t $100 $80 $60 $40 $20 $- Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Axis Title Waste ROM Coal
Slide 21: 2025 Feasibility Update – Economic Outcome
2025 Feasibility Update – Economic Outcome • 100% increase in NPV10 from 2021 Yield Study to 2025 Update 21
Slide 22: Steelmaking Coal – Global Consolidation
Steelmaking Coal – Global Consolidation • Due to the lack of new supply, major miners are seeking growth through consolidation • In 2024, there was >US$20 billion in M&A activity in the steelmaking coal sector with increasing project valuations and implied long term pricing forecasts Acquirer Sam Ch
Slide 23: Crown Mountain – Project History
Crown Mountain – Project History Project Progress toward Development • Project owned and explored by Shell and Teck but not progressed as considered too small for 1980-2010 those proponents GREENHILLS • Jameson acquired Crown Mountain in partnership with Robert Morris pioneer Elk Valley 2012 geologi
Slide 24: Right ESG Strategy: Environment
Crown Mountain – Right ESG Strategy: Environment Crown Mountain has been designed to represent a new benchmark in environmental management. Key features: • Shallow coal seams ensures less waste rock minimising total disturbance area • Cumulative Effects Assessment to ensure the Project’s contributio
Slide 25: Right ESG Strategy
Crown Mountain – Right ESG Strategy • Selenium and Nitrate runoff is a major legacy issue from historical and current mining activity in the Canadian Rockies • Crown Mountain is adopting a proactive bioremediation approach to mitigate and prevent potential Selenium runoff • Mine designed to use ‘Lay
Slide 26: Right ESG Strategy: Social Partnerships
Crown Mountain – Right ESG Strategy: Social Partnerships The challenge of building new coal projects means that projects can only be developed in partnerships with all stakeholders to maximise opportunities for mutual benefit and sustainable positive legacy. Jameson seeking to forge partnerships wit
Slide 27: Steelmaking Coal – Global Consolidation
Steelmaking Coal – Global Consolidation • Due to the lack of new supply, major miners are seeking growth through consolidation • In 2024, there was >US$20 billion in M&A activity in the steelmaking coal sector with increasing project valuations and implied long term pricing forecasts Acquirer Sam Ch
Slide 28: Disclaimer
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,
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