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

Today, the Takeovers Panel issued their final determination regarding proceedings in relation to the application made by Hongkong Xinhe International Investment Company Limited dated 28 February 2022 in respect of Emerald's recommended and unconditional takeover offer for Bullseye (Orders).

As a result, the Company will comply with the Orders and issue a supplementary bidder's statement which provides for: (a) offering withdrawal rights1 to those Bullseye shareholders that have accepted the Offer to date; (b) the ability for Bullseye shareholders to confirm in writing to the Company that they do not wish to exercise the further withdrawal right, in which case the Bullseye shareholder's acceptance may be processed by the Company as soon as practicable and (c) explains to shareholders the effect of the Panel's declaration and orders, discloses whether the Company has any intentions in relation to accepting the Xingao bid and, if so, what those intentions are and includes details of how to and when they can exercise the right of withdrawal offered or if they do not wish to exercise this right, how to and when they can confirm they do not wish to exercise the further withdrawal right.

Emerald's Managing Director, Morgan Hart, commented: 'Emerald's 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 tenements alongside our own highly profitable Okvau Gold mine and advanced exploration opportunities in Cambodia to create further value for our shareholders. 'As set out in our original bidder's statement, Emerald's intention is to gain control of Bullseye and to utilise our highly credentialed gold project development team to add significant value to Bullseye's assets and operations with a view to maximising the future prospects of Bullseye for the benefit of all shareholders. 'We are pleased that those Bullseye shareholders who now wish to receive their Emerald shares can do so by advising us in the Acceptance/Withdrawal Form to be sent to them shortly. They will be issued with their Emerald shares within 2 business days of their acceptance being processed and in the order we receive their confirmation. 'For those who wish to wait to the end of the withdrawal period, we will issue their Emerald shares as soon as practicable and in the order they accepted our Offer.'

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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