Emmerson Resources (ERM) Corporate presentation summary

Corporate overview and capital structure

• Market capitalization stands at $80 million with $6.4 million in cash and an enterprise value of $73.6 million as of April 2025.

• Major shareholders include Noontide Investments (39%), Patronus Resources (19%), and Transasia Private Capital (15%).

• Board and management team led by Mark Connelly (Chairman) and Mike Dunbar (Managing Director & CEO).

Tennant Creek project highlights

• Focused on high-grade gold and copper exploration and royalty projects in Tennant Creek, with significant resource growth since 2012.

• Resource base has grown to over 1 million ounces, with recent management changes and a new JV partner, TCMG.

• TCMG, now owned by Pan African Resources, has nearly completed a gold plant, with first gold expected in Q2 2025.

JV structure and royalty business

• JV structure includes ERM holding 25% after $10.5 million exploration spend, with a 6% uncapped gross production royalty from small JV mines.

• Minimum production payments expected to deliver ~$18 million by mid-2026 based on current gold prices.

• ERM is free carried into production and receives royalties, with strong financial backing for ongoing exploration.