Emerald Resources NL (ASX: EMR) ('Emerald' or 'Company') refers to its previous announcements in relation to the recommended and unconditional takeover bid for all of the issued shares of Bullseye Mining Limited (Bullseye) that it does not already own (Offer).

Emerald wishes to advise it has increased its direct equity ownership in Bullseye to 76.50% representing 387,897,247 Bullseye shares of the 507,081,513 Bullseye shares currently on issue following the issue of 24,278,125 fully paid ordinary shares in Emerald to Bullseye shareholders who accepted our Offer.

In accordance with the Takeover Panel Orders (previously announced), the Company has issued a notice to those Bullseye shareholders that have accepted the Offer (other than Xinhe and Au Xingao) to explain that if they dispose of any Emerald shares issued to them as consideration under the Offer they are deemed to have forfeited their withdrawal right. Attached to this announcement is a formal notice under section 654C of the Corporations Act 2001 (Cth) (Corporations Act) in relation to the increase in voting power in Bullseye in excess of 75%. The Offer is unconditional and remains open for acceptance, as such Emerald will continue to receive acceptances from other Bullseye shareholders under the Offer.

The Offer is currently scheduled to close 5.00pm (AWST) on 27 October 2023 (subject to further extensions to be made by Emerald to ensure the Offer remains open until 5:00pm (AWST) on the date that is 10 business days after the date of Bullseye's Supplementary Target's Statement). The Company will update the market regarding further extensions to the closing date of the Offer and exercise of withdrawal rights as soon as the timing for lodgement of the Supplementary Target's Statement (which includes the independent expert's report) is known. Further details regarding the effect of the Takeovers Panel Orders are set out in the Company's announcement dated 9 October 2023.

Emerald encourages all other Bullseye shareholders who are yet to accept the Offer made to them to do so and reminds them they will be issued with their Emerald shares within 10 business days of their acceptance being processed in accordance with the terms of the Offer. Emerald notes that any Bullseye shareholder who accepts the Offer and disposes of any of the Emerald shares issued to them as consideration, is deemed to have forfeited their withdrawal rights

This ASX release was authorised on behalf of the Emerald Board by: Morgan Hart, Managing Director. For further information please contact Emerald Resources NL Morgan Hart Managing Director

Contact:

Tel: +61 8 9286 6300

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 about the industry in which Emerald Resources operates, and 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 or unknown risks, uncertainties and other factors, some of which are beyond the control of the Company, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, which reflect the view of Emerald Resources only as of the date of this announcement. The forward-looking statements made in this release relate only to events as of the date on which the statements are made. Emerald Resources will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority

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