Emmerson Resources (ERM) Investor presentation summary

Strategic partnerships and project development

• Entered a joint venture with Pan African Resources, a financially robust gold producer, accelerating development at Tennant Creek and de-risking royalty streams.

• Pan African acquired the JV partner for US$54.2M, bringing a market cap of ~A$1.4B and five gold operations.

• Pan African is constructing a gold plant, 80% complete, with commissioning set for Q2 CY25 and first gold in July 2025.

• Emmerson retains 100% of Edna Beryl and Hermitage, with a 6% uncapped gross production royalty from small JV mines.

• Strategic alliance in place to assess development options for 100% owned Tennant Creek assets, including a multi-user processing facility.

Resource growth and project portfolio

• Added ~700koz to Mineral Resources in 12 months, with White Devil’s maiden resource at ~490koz and total Tennant Creek resources at 866koz.

• White Devil’s resource remains open, with an update expected in March 2025 following new drilling.

• Small Mines resource base more than doubled in 7 months, with high-grade additions at Golden Forty (133.9koz) and Eldorado (69.8koz).

• Recent Ore Reserve for Small Mines JV is 79,140oz, with a royalty value of $20.8M at current gold prices.

• Significant high-grade copper and gold intersections at Hermitage, with follow-up drilling planned for FY2025.

Financials and royalty structure

• Market capitalisation at $58.5M, with $6.4M cash and $52.1M enterprise value as of January 2025.

• Emmerson is free carried on Small Mines, receiving a 6% gross production royalty, with a minimum 60koz production hurdle by May 2026.

• Royalty on initial Small Mines JV Ore Reserve alone valued at $20.8M, with additional resources discovered since initial reserve.

• Pan African funds $10.5M of exploration (with ~$2.5M remaining) for 75% of JV areas.

• Strong financial position with ~$9M in exploration funding, including JV and cash.