The primary focus of the Company was to continue advancing the Crown Mountain coking coal project toward permitting and development.

The Bankable Feasibility Study ('BFS') is well advanced and remains projected for a Q1 2020 completion.

Drafting of the Application for an Environmental Assessment Certificate ('EA Application') remained on track for a Q2 2020 submittal.

Water quality modelling progressed and continues to show promising results from the selenium mitigation strategy developed for Crown Mountain.

In December, strategic partner Bathurst Resources (Canada) Ltd ('Bathurst' or 'BRL') met Jameson's request for the first Tranche Two Option advance payment under the terms of the 2018 Investment Agreement, amounting to C$1.7 million.

As at 31 December 2019, the Top 20 shareholders held approximately 71.17% of the capital of the Company and the Company held A$2.3 million in cash (A$1.36 million in Jameson and A$0.95 million NWP). Jameson remains debt-free.

Overview

The Crown Mountain Coking Coal Project ('Crown Mountain' or the 'Project') continued on the path to permitting and toward development during the reporting period and remains Jameson Resources Limited's ('Jameson' or 'the Company') top priority.

The objective of permitting, building, and operating a low-cost high-quality steel-making open pit coal mine currently is comprised of the soon-to-be-completed Bankable Feasibility Study ('BFS'), followed shortly thereafter by submittal of the Application for an Environmental Assessment Certificate ('EA Application'). Following EA submittal, work will commence on the additional permits required to build and operate an open pit coal mine in British Columbia, Canada. Bathurst's decision to move forward with the first increment of the Tranche Two Option is a testament to their view of, and support for, the Crown Mountain project.

About Jameson Resources Limited

Jameson Resources Limited (ASX:JAL) is a junior resources company focused on the acquisition, exploration and development of strategic coal projects in western Canada. The Company has an 80% interest in NWP Coal Canada Limited ('NWP') which holds a 90% interest in the Crown Mountain coal project, and a 100% direct interest in the Dunlevy coal project located in British Columbia. Jameson's tenement portfolio in British Columbia is positioned in coalfields responsible for the majority of Canada's metallurgical coal exports and are close to railways connecting to export facilities.

About Bathurst Resources Limited

In July 2018, a subsidiary of Bathurst Resources Limited (ASX:BRL) acquired an 8% interest in NWP, with option to increase that interest to 50% subject to certain milestones and additional payments. Bathurst exercised the Tranche One Option in September 2019 and now holds a 20 percent interest in NWP. Bathurst is the largest coal company operating in New Zealand with over 2.2 million tonnes per annum of coal under management. More than 70% of the coal sold is used for steel making, both domestically and for export to Asian coke makers and steel mills. The remainder is sold to domestic users in the agricultural and energy sectors.

In September 2017, Bathurst took control and ownership of three mines from Solid Energy through its 65% joint venture BT Mining. The Bathurst Group of companies now employs almost 500 people in New Zealand. The Bathurst operations are long life assets with extension potential for all operations beyond their current mine life. Bathurst is focussed on low cost, sustainable mining with a strong focus on the local communities and environmental management.

Forward Looking Statements

This announcement contains 'forward-looking statements'. Such forward-looking statements include, without limitation: estimates of future earnings, the sensitivity of earnings to commodity prices and foreign exchange rate movements; estimates of future production and sales; estimates of future cash flows, the sensitivity of cash flows to commodity prices and foreign exchange rate movements; statements regarding future debt repayments; estimates of future capital expenditures; estimates of resources and statements regarding future exploration results and where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to commodity price volatility, currency fluctuations, increased production costs and variances in resource or reserve rates from those assumed in the company's plans, as well as political and operational risks in the countries and states in which we operate or sell product to, and governmental regulation and judicial outcomes. The Company does not undertake any obligation to release publicly any revisions to any 'forward looking statement' to reflect events or circumstances after the date of this release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

Contact:

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