Emmerson Resources (ERM) Q4 2025 TU earnings summary

Executive summary

• White Devil Gold Deposit Scoping Study confirms major mine status, with robust economics and high resource conversion rates, positioning it as a significant development opportunity in the Tennant Creek region.

• Updated White Devil Mineral Resource Estimate (MRE) to 4.6Mt @ 4.2g/t gold for 611,400oz, with 87% in the Indicated category, supporting development studies.

• Commercial gold production commenced at the Nobles CIL processing facility, enabling royalty streams and supporting future mine developments.

• Strong cash position of $6.2M as at 30 June 2025, with no debt and funding in place to support operations into 2026.

Financial highlights

• Scoping Study base case (A$5,000/oz gold): pre-tax NPV of A$890M, operating free cash flow of A$1.27B, and payback in 18 months.

• Conservative case (A$4,000/oz gold): pre-tax NPV of A$583M, operating free cash flow of A$852M.

• All-in sustaining cost (AISC) estimated at A$2,050/oz gold.

• Pre-production capital cost of A$11.8M, with peak capital requirement of A$32.8M.

• Quarterly cash reserves of $6.2M, with net cash outflows from operations of $863K for the quarter.

Outlook and guidance

• Feasibility Study for White Devil underway, expected completion in H1FY26.

• Ongoing geotechnical drilling and resource updates to inform mine design and transition to development.

• Minimum production payments from JV expected in 2026 if gold output targets are not met, potentially resulting in ~$18M in staged payments.

• Strategic alliance evaluating a multi-user copper-gold processing facility, with scoping and pre-feasibility studies planned.