Emmerson Resources (ERM) Q2 2025 TU earnings summary

Executive summary

• Strategic Alliance formed with CuFe Limited and Tennant Minerals to assess a multi-user copper and gold processing facility in Tennant Creek, with a Scoping Study underway and a Pre-Feasibility Study planned.

• 5,000m RC drilling program completed at Nobles Nob West and White Devil, with assay results expected in Q1 CY2025 to support resource updates.

• Pan African Resources acquired JV partner TCMG, assuming all JV commitments and de-risking Emmerson's 6% uncapped gold production royalty.

• Construction of the Nobles CIL gold processing facility is 75% complete, on track for commissioning in Q2 CY2025 and production in Q3 CY2025.

• Strong cash position with $6.4M as of 31 December 2024 and no debt, following a $5M equity placement.

Financial highlights

• Cash reserves of $6.4M at quarter end, boosted by a $5M equity raise.

• Exploration expenditure for the quarter was $1.15M; JV partner contributed $188K for Q1 2025 activities.

• No debt reported.

Outlook and guidance

• Scoping Study for the joint processing facility to be completed in the March 2025 quarter.

• Commercial gold production from the Nobles facility expected to commence in Q3 CY2025.

• Emmerson to receive a minimum royalty equivalent to 3,600oz of gold by May 2026, representing over A$15M at current prices.

• Ongoing exploration and resource updates planned for White Devil and other Tennant Creek assets.