Emerald Resources NL – Recommended Unconditional Takeover Bid for Bullseye

Emerald Resources NL (ASX: EMR) (“Emerald”) refers to its previous announcements regarding its recommended unconditional tender offer for all issued shares of Bullseye Mining Limited (Bullseye) that he does not already have (Offer).

Emerald can confirm that it has been advised by Bullseye’s board of directors that Bullseye has received a notice of intent to make an off-market takeover bid from At Xingao Investment Pty Ltd (Xingao). Bullseye indicated that Xingao’s proposal is highly conditional and does not constitute or give rise to an offer likely to be accepted by its shareholders. Thus, the unanimous recommendation of the Emerald Offer remains unchanged.

As of the date of this announcement, Emerald confirms that it holds a relevant interest in 55.87% of the 445,599,851 Bullseye shares currently outstanding, comprising: 75,692,283 shares held directly by Emerald and 173,250,196 shares following the acceptance of the Offer by Bullseye shareholders

CEO of Emeraude, Morgan Hartcommented: “The Emerald offer remains open for acceptance and we look forward to Bullseye shareholders joining us and participating in the growth of Bullseye’s highly prospective gold exploration properties alongside our own development opportunities. advanced exploration in Cambodia create more value for our shareholders.

“We are very proud of our highly skilled gold project development team who have delivered an operating Okvau gold mine on time and on budget, generating substantial cash flow, creating a new industry for Cambodia and bring opportunities and benefits to the populations of Cambodia.

“These highly skilled and motivated mine builders and operators, with many years of experience and a proven history of developing gold projects successfully, quickly and profitably, are eager to maximize the opportunities presented by the Goofy range greenstone belt.’

This ASX release was licensed on behalf of the Emerald Board by: Morgan HartGeneral manager.

Contact:

Morgan Hart

Tel: +61 8 9286 6300

Fax: +61 8 6243 0032

Web: www.emeraldresources.com.au

On Emerald Resources NL

Overview Emerald is a gold project developer and explorer. In particular, Emerald focused on the development and commissioning of its most advanced project, the Okvau gold mine in Cambodia which saw its first production in June 2021. Since the start of production in June 2021, Emerald has now poured over 1,000 kg of gold bullion from its operations. Emerald also owns a number of other projects in Cambodia which consist of a combination of granted mining licenses (100% owned by Emerald) and joint venture agreements. Together, Emerald’s interest in its Cambodian projects covers a combined area of ​​1,239 km2.

Forward-looking statement

This document contains certain forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company’s current expectations, estimates and projections regarding the industry in which Emerald Resources operates, as well as beliefs and assumptions regarding the Company’s future performance. Words such as “anticipates”, “expects”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “potential” and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors, some of which are beyond the Company’s control, are difficult to predict and could cause actual results differ materially from those expressed or anticipated. in forward-looking statements, which reflect the views of Emerald Resources only as of the date of this announcement. Forward-looking statements made in this release relate only to events as of the date the statements are made.

Emerald Resources undertakes no obligation to publicly release revisions or updates to these forward-looking statements to reflect unforeseen events, circumstances or developments occurring after the date of this announcement, except as required by law or any applicable regulatory authority. ‘required. This document has been prepared in accordance with the current JORC Code 2012 Edition and ASX Listing Rules. The Company believes that it has a reasonable basis for making the forward-looking statements contained in this announcement, including with respect to production targets and financial estimates, based on the information contained in this announcement. Reference is made to the ASX announcements of the May 1, 2017 and November 26, 2019. All material assumptions underlying the production target or forecast financial information continue to apply and have not changed materially. 100% of the production target mentioned in this announcement is based on probable ore reserves. Emerald has a highly experienced management team, arguably one of the best accredited gold development teams in the Australia with a proven history of developing projects successfully, quickly and affordably. It is a team of highly skilled mining engineers and geologists who have overseen the successful development of gold projects in developing countries such as the Bonikro Gold Project in Ivory Coast for Equigold NL and more recently, Regis Resources Ltd.