• Feasibility update shows significant increases to project economics
• Proven and Probable Reserves remain valid despite cost and price changes
• Project positioned as most advanced steelmaking coal project in Canada

Jameson Resources Limited ('Jameson') has provided an update on the feasibility of its Crown Mountain Hard Coking Coal Project ('the Project'), located in the Elk Valley of British Columbia, Canada. The update was undertaken by leading independent technical advisers to assess the impact of capital and operating cost inflation, as well as changes to coal price and foreign exchange forecasts, on the Project's Reserves and economics. The review confirmed that the Proven and Probable Reserves defined in the 2020 Bankable Feasibility Study (BFS) remain valid. While the update identified a 28% increase in pre-production capital costs and a 15% increase in cash operating costs, the overall impact was a 200% increase in the Project's pre-tax net present value (NPV10) from US$469 million to US$942 million. Jameson's Chair, Nicole Hollows, stated that the Feasibility Update highlights the advanced position of the Project compared to other greenfield developments, and its cost competitiveness relative to current and planned production. The Company will continue to progress regulatory approvals for the Project in parallel with further optimization studies.

The Feasibility Update identified a 28% increase in pre-production capital costs from US$309 million to US$394 million, and a 15% increase in cash operating costs (FOB Vancouver) from US$89.41/t to US$102.79/t. These changes, along with revised coal price forecasts, resulted in a 200% increase in the Project's pre-tax NPV10 from US$469 million to US$942 million.

Jameson will work with its subsidiary NWP Coal Canada Limited to undertake additional studies to further optimize the Bankable Feasibility Study, in parallel with continuing to progress regulatory approvals for the Crown Mountain Hard Coking Coal Project.