Small Mines JV

Small Mines JV Strategy

The Funding Solution for Developing White Devil

Under the terms of the Emmerson Resources and Tennant Mining JV agreement, any discovery or resource addition can be defined as a Small Mine Deposit (less than 250,000ozs) or a Major Mine Deposit (greater than 250,000ozs) – providing certain conditions are met.

Emmerson is free carried into production and receives an uncapped 6% gross production royalty on gold produced from Small Mines.

• ~$18 million¹ in Minimum Production Payments receivable in H2FY26 (commencing April 26)
• This funds ERM’s 40% Contribution of the White Devil Development & ongoing exploration
• Small Mine Development – Managed and Funded by PAF
• ERM receives an uncapped 6% gross gold production royalty
• PAF quoted JV Probable Mineral Reserves of 1.1Mt @ 5.8 g/t for 200,000oz²
• 6% royalties on JV Reserves worth ~$60 million at the current gold price³