Emmerson Resources (ERM) investor relations material

Executive summary

• Mineral Resource Estimate at White Devil updated to 4.7Mt @ 4.1g/t gold for 616,200 oz, with 89% in Indicated category, supporting feasibility studies and future development.

• Total Tennant Creek Resource base increased to 7.0Mt @ 4.4g/t gold for 992,200 oz, with 87% classified as Indicated.

• Strong cash position of $6.45M at 31 December 2025 and no debt, with minimum production royalty payments to commence in June 2026 quarter.

Financial highlights

• Cash reserves at quarter end were $6.45M, up from $4.21M in the previous quarter.

• Net cash from operating activities for the quarter was $(990)K, with exploration expenditure of $565K and corporate/operating costs of $425K.

• $3.25M raised from the exercise of unlisted options during the quarter.

• Estimated 6.5 quarters of funding available at current expenditure rates.

Outlook and guidance

• Approved exploration budget of $6.9M for Q1 2026, including 8,600m diamond drilling, 13,900m RC drilling, and 180km² geophysical survey.

• Minimum production payments equivalent to a 6% royalty on 30,000 oz of gold to be invoiced in March 2026 and receivable in June 2026 quarter.

• Ongoing feasibility and development studies at White Devil and other Tennant Creek deposits.