Key Highlights

  • Jameson Resources is raising up to A$5 million through a 1-for-5.5 accelerated non-renounceable entitlement offer at A$0.035 per share.
  • The Offer Price represents a 22.2% discount to the last closing price of A$0.045 and an 18.9% to 19.1% discount to the 5-day and 15-day VWAPs.
  • Key Shareholder King George Investments and new strategic investors including M Resources and Tribeca Global Natural Resource fund have committed to the institutional component, expected to raise approximately A$4 million of the total.
  • All Company Directors have confirmed participation in the entitlement offer, with proceeds directed toward finalising environmental approvals and Indigenous Partnership agreements for Crown Mountain.

Jameson Resources Limited (ASX:JAL) has announced a proposed Equity raising of up to A$5 million, before costs, to accelerate the Company's progress toward Crown Mountain Steelmaking Coal Project approvals. The raising will be conducted via a 1-for-5.5 non-underwritten accelerated non-renounceable entitlement offer of new shares to eligible shareholders, at an offer price of A$0.035 per share.

The offer price represents a discount of 22.2% to the last closing price of A$0.045 per share on 1 September 2026, a 19.1% discount to the 5-day Volume weighted average price of A$0.043, and an 18.9% discount to the 15-day VWAP of A$0.043. The offer comprises an accelerated institutional component expected to raise approximately A$4 million and a retail component expected to raise approximately A$1 million.

Support From Existing and New Investors

The company reported strong support from key shareholders and strategic investors, with more than A$3.6 million of the expected A$4 million institutional component already committed. This includes a commitment from key existing shareholder King George Investments, significantly in excess of its entitlement, along with commitments from new strategic investors including Matt Latimore-led M Resources and the Tribeca Global Natural Resource fund. All of the Company's Directors have also confirmed participation in the entitlement offer.

Managing Director Michael Gray said the Crown Mountain Project has achieved key milestones toward final environmental approval, and that Jameson is working with Indigenous Nations and regulators to expedite the process. He said the investments from King George Investments and M Resources underline the project's status as one of the world's most advanced greenfield premium steelmaking coal projects, and its potential to Supply high-quality coking coal to Asian steelmakers.

Entitlement Offer Structure and Timetable

The entitlement offer will issue up to 144,208,654 new fully paid ordinary shares to raise up to A$5 million before costs. Eligible shareholders are invited to subscribe for one new share for every 5.5 existing shares held at the Record Date of 7:00pm on 4 September 2026. Entitlements will not be tradeable on the ASX or otherwise transferable, and shareholders who do not take up their full entitlement will not receive any payment for those entitlements and will be diluted.

The Institutional Entitlement Offer is being conducted from 2 September 2026 to 11:00am on 3 September 2026, with shares expected to recommence trading on 4 September 2026 following its completion. The Retail Entitlement Offer is anticipated to open on 9 September 2026 and close at 5:00pm on 18 September 2026, with new shares under that component expected to be issued on 25 September 2026.

Use of Funds

Proceeds from the entitlement offer will primarily fund completion of preparation of the Final Environmental Assessment Application for the Crown Mountain Steelmaking Coal Project, which Jameson expects to finalise by the end of 2026. Funds will also support continued engagement with Indigenous Nations in relation to the environmental assessment process, including finalisation of long-term partnership agreements such as the proposed Shared Prosperity Agreement with the Yaq̑it ʔa·knuqⱡi'it First Nation.

Additional funding uses include further engagement with steelmakers regarding offtake and funding opportunities, Crown Mountain Resources administration and project management costs and overheads, Working Capital and Jameson corporate costs, and costs associated with the entitlement offer itself.

Project Economics Context

The company noted that steelmaking coal prices are currently trading at around 2026 highs, which it said reinforces the project economics outlined in Jameson's 2025 Crown Mountain Feasibility Update. Jameson holds a 78.2% equity interest in Crown Mountain Resources Limited, which in turn holds a 90% interest in the Crown Mountain Coal Project. The company's tenement portfolio in British Columbia is positioned in coalfields adjacent to existing mines responsible for the majority of Canada's steelmaking coal exports, close to railways connecting to export facilities.

PAC Partners Securities Pty Ltd is acting as Lead Manager and Bookrunner to the offer. Jameson will issue one unlisted Alignment Option for every five new shares issued under the Institutional Entitlement Offer, excluding shares issued to King George Investments, M Resources, Tribeca Global Funds and Crocodile Capital Funds, to PAC Partners at an exercise price of $0.053 per option with a three-year exercise period.

Conclusion

Jameson Resources has launched a A$5 million entitlement offer, priced at a discount of more than 20% to its last close, to fund the final stages of environmental approval and Indigenous partnership work required to advance the Crown Mountain Steelmaking Coal Project. The offer has attracted commitments well in excess of entitlement from existing shareholder King George Investments and new strategic investors including M Resources and the Tribeca Global Natural Resource fund, with full participation from the Company's own Board. With the Final Environmental Assessment Application targeted for completion by the end of 2026 and steelmaking coal prices currently near 2026 highs, the raising is structured to carry the project through its remaining approval milestones toward a potential development decision.