Emerald Resources NL (ASX: EMR) (Emerald) refers to the Bidder's Statement dated 17 August 2023 and offer in relation to its recommended off-market takeover bid for all of the issued shares of Bullseye Mining Limited (Bullseye) (that it does not already own) (Offer).

As at the date of this announcement, Emerald confirms that it has a relevant interest in 75.54% of the 507,081,513 Bullseye shares currently on issue, comprising: 290,784,766 shares (57.34%) held directly by Emerald and 92,281,328 shares (18.20%) pursuant to acceptances of the Offer by Bullseye shareholders.

The Company has received acceptances from AU Xingao Investment Pty Limited (28,473,635 Bullseye shares) and Hongkong Xinhe International Investment Company Limited (63,807,693 Bullseye shares) representing 18.20% of the issued capital of Bullseye which it has not yet processed in accordance with the directions of the Takeovers Panel interim orders dated 22 August 2023

Offer Now Unconditional

Emerald is pleased to announce that it has declared its Offer free from all the conditions in section 10.7 of Emerald's Bidder's Statement dated 17 August 2023 (Bidder's Statement). Accordingly, the Offer is now unconditional. Attached to this announcement is a formal notice under section 650F of the Corporations Act 2001 (Cth) (Corporations Act) freeing the Offer of the defeating conditions which has been provided to Bullsey

Bullseye shareholders encouraged to accept the Offer

Emerald urges all Bullseye shareholders who have not yet accepted the Offer made to them to ACCEPT the Offer. The Offer is currently scheduled to close 5.00pm (AEST) on 22 September 2023 (unless extended). If Emerald acquires a relevant interest in Bullseye of 90% or more, Emerald intends to proceed with compulsory acquisition of any outstanding Bullseye shares under Part 6A of the Corporations Act. 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. 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 forwardlooking 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, 26 November 2019 and 31 August 2023. 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

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