Emerald Resources NL (ASX: EMR) (Emerald) refers to its announcement dated 6 January 2022 declaring its recommended takeover bid for all of the issued shares of Bullseye Mining Limited (Bullseye) that it does not already own (Offer) free from all conditions.

The Takeovers Panel (Panel) have decided to conduct proceedings with respect to the application made by Hongkong Xinhe International Investment Company Limited to the Takeovers Panel (Panel) in relation to the affairs of Bullseye (Proceedings). In light of the Proceedings, Emerald has provided an undertaking to the Panel that it will not, without the Panel's consent, take any steps to process acceptances of, or issue any shares to accepting Bullseye shareholders under the Offer until the determination of the panel in the Proceedings

Given the Offer is unconditional and remains open for acceptance, Emerald will continue to receive acceptances from Bullseye shareholders during this period. Emerald has today resolved to extend the closing date of the Offer to 5:00pm (WST) on Friday, 28 January 2022.

As at the date of this announcement, Emerald confirms that it now has a relevant interest in 55.85% of the 445,599,851 Bullseye shares currently on issue, comprising: 75,692,283 shares held directly by Emerald and 173,183,529 shares pursuant to acceptances of the Offer by Bullseye shareholders.

Attached to this announcement is a formal notice under section 650D of the Corporations Act 2001 (Cth) (Corporations Act) in relation to the extension of the closing date. Bullseye shareholders that have any questions relating to the Offer or how to accept the Offer made to them, should contact the Company Secretary of Emerald on +61 8 9286 6300, or your professional financial adviser.

Emerald Managing Director Morgan Hart commented 'Whilst it is disappointing that our recommended and unconditional takeover offer has been delayed by an application made to the Takeovers Panel by a single Bullseye shareholder with an equity interest of circa 14%, we have been extremely happy with the significant take up by Australian domiciled Bullseye shareholders. We look forward to the remaining international domiciled Bullseye shareholders joining us.'

This ASX release was authorised on behalf of the Emerald Board by: Morgan Hart Managing Director.

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. This document has been prepared in compliance with the current JORC Code 2012 Edition and the ASX listing Rules. The Company believes that is has a reasonable basis for making the forward-looking statements in this announcement, including with respect to any production targets and financial estimates, based on the information contained in this announcement. Reference is made to ASX Announcement dated 1 May 2017 and 26 November 2019. All material assumptions underpinning the production target or the forecast financial information continue to apply and have not materially changed. 100% of the production target referred to in this announcement is based on Probable Ore Reserves. Emerald has a highly experienced management team, undoubtedly one of the best credentialed gold development teams in Australia with a proven history of developing projects successfully, quickly and cost effectively. They are a team of highly competent mining engineers and geologists who have overseen the successful development of gold projects in developing countries such as the Bonikro Gold Project in Cote d'Ivoire for Equigold NL and more recently, Regis Resources Ltd.

Contact:

Tel: +61 8 9286 6300

Fax: +61 8 6243 0032

Web: www.emeraldresources.com.au

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