Jameson Resources

Investor Insight

Jameson Resources represents a premier investment opportunity in the steelmaking sector, positioned to capitalize on a stark global supply-demand gap through the rapid development of its cost-competitive and fully permitted flagship Crown Mountain Hard Coking Coal Project in British Columbia, Canada.

Overview

Business analysts note that global infrastructure spending is forecast to climb from US$4.4 trillion in 2024 to US$6.9 trillion in 2050, driving a cumulative investment of US$151.1 trillion.

Metallurgical coal developer Jameson Resources (ASX:JAL) is a steelmaking coal company delivering high-margin outcomes to secure global infrastructure development. Jameson's strategy focuses on maximizing shareholder value by rapidly developing its premium flagship asset, the Crown Mountain Hard Coking Coal Project in British Columbia.

The underlying market dynamics for steel and steelmaking coal present a compelling tailwind for Jameson, characterized by an accelerating supply-demand gap in the medium and long term. In 2026, Jameson is expecting to see the finalization of project environmental approvals and initial development permits.

Company Highlights

• Advanced Steelmaking Flagship Project: The flagship Crown Mountain Hard Coking Coal Project is widely recognized as the world's most advanced steelmaking coal project and sits on a location with infrastructure advantages. Crown Mountain is the only steelmaking coal project to advance through the application review phase of the joint provincial/federal process
• Tier-1 Mining Jurisdiction: British Columbia ranked as the fourth Canadian jurisdiction for investment attractiveness in the 2025 Fraser Mining Institute Survey and is regarded as Canada’s largest metallurgical coal-producing region.
• Premium, Low-Cost Product Offering: Backed by a bankable feasibility study, Crown Mountain is projected to deliver a premium product mix of 86 percent hard coking coal (HCC) and 14 percent pulverised coal injection (PCI) over an initial 15-year mine life, utilizing a significantly lower-cost production profile than Australian peers.
• Well-funded Development: Secured an AU$3 million placement to prepare the final environmental assessment application for the Crown Mountain Project

Key Project

Crown Mountain Hard Coking Coal Project

The Crown Mountain Hard Coking Coal Project is Jameson’s flagship asset, located in southeast British Columbia. Developed through its Canadian subsidiary, NWP Coal Canada Limited (NWP), the property is strategically situated in the world-class Elk Valley metallurgical coal field, approximately 11 kilometers south of Line Creek and 8 kilometers north of Teck Resources' massive Elkview operations. The location provides the project with an infrastructure advantage, including immediate access to a heavy-haul electrical grid, natural gas lines, all-weather commercial roads, and Canadian Pacific's primary rail line, which connects the asset to three deepwater export ports on the west coast of British Columbia.

In July 2020, Jameson released a comprehensive bankable feasibility study (BFS) confirming the exceptional economic and technical viability of the project. Crown Mountain is slated to produce a highly sought-after, premium product mix averaging 86 percent Hard Coking Coal (HCC) and 14 percent Pulverised Coal Injection (PCI) over an initial 15-year mine life. A May 2025 feasibility study also confirmed competitive operating costs and a 100 percent increase in the project’s pre-tax net property value to US$942 million.

Having worked through rigorous environmental and regulatory assessments with both provincial and federal Canadian governments for the past five to six years, the project is approaching a development milestone, with formal notice of environmental application finalization from British Columbia anticipated.

Management Team

Michael Gray – Interim Executive Chairman, President, & CEO/MD

With more than 30 years of extensive experience spanning resource and infrastructure planning, greenfield permitting, project financing and customer development, Gray is a highly accomplished resource executive. He previously served as the Chief Executive Officer responsible for the acquisition, development and operation of the Middlemount Coal Project and has provided strategic development advice to the Bluff PCI project in Central Queensland. He was also a previous director for the Queensland Resources Council, the Wiggins Island Coal Export Terminal and the Dalrymple Bay Coal Terminal, and is currently a director for the Coal Association of Canada. Gray was also an inaugural winner of the Talbot Family Foundation International Company Directors Scholarship.

Steven van Barneveld – Non-Executive Director

Barneveld is a professional process engineer with over 30 years of experience in the mining services sector. He has worked for Sedgman Limited, a leading international designer, builder, and operator of coal handling and processing plants (CHPP), where he held senior management positions that oversaw substantial international expansion and corporate growth.

Mike McDonald – Non-Executive Director

McDonald is of Cree descent, a member of the Peguis First Nation of Manitoba and was appointed Queen’s (now King’s) Counsel in 2017. He previously served as a trusted legal advisor to business and Indigenous leaders across the forestry, energy, mining, and construction sectors. He became a national leader in the development of Impact Benefit Agreements while acting on some of Canada’s largest projects. He was a leading lawyer in the Indigenous Business, Indigenous Law and Governance, and Environmental Law contexts and was ranked nationally by Lexpert for his expertise in Indigenous Law and Mining law.