White Devil Gold Project Confirmed at 611,400oz; Emmerson Retains 40% Interest

White Devil Elevated to Major Mine Status

Emmerson Resources (ASX, ERM) and its joint venture partner Tennant Mining have reached a significant milestone by confirming the White Devil Gold Project as a Major Mine under their joint venture agreements. The deposit, located roughly 35 kilometres northwest of Tennant Creek in the Northern Territory, boasts a substantial mineral resource of 611,400 ounces of gold. This classification triggers the formation of a Major Mine Joint Venture (MMJV), with Emmerson electing to contribute and retain a 40% interest, while Tennant Mining holds 60%.

The White Devil deposit has a rich history, having previously produced over 760,000 ounces of gold from underground mining. Recent exploration efforts, including extensive drilling and resource updates, have reinforced the deposit's potential, culminating in a scoping study completed in July 2025 that confirmed its major mine status. An updated Mineral Resource Estimate (MRE) is anticipated in October, which will underpin a Pre-Feasibility Study (PFS) managed by Tennant Mining, with a full Feasibility Study expected before the end of the year.

Golden Forty Transitions to Small Mines JV with Royalty Benefits

In parallel, the Golden Forty Gold Project, containing 133,900 ounces of gold, has been transferred into the Small Mines Joint Venture (SMJV). Under this arrangement, Tennant Mining assumes full control of development and operations, while Emmerson secures an uncapped 6% gross production royalty on any gold produced. This structure allows Emmerson to benefit from a low-risk income stream without bearing development or operating costs.

Golden Forty, located approximately 14 kilometres east of Tennant Creek, is characterised by high-grade gold mineralisation and proximity to the Nobles CIL processing facility. Initial development studies suggest the deposit is well-suited for underground mining, with further detailed mine planning and geotechnical drilling underway. Subject to permitting and final mine design, production could commence within the next few years, providing Emmerson with steady royalty returns.

Strategic JV Framework and Future Outlook

The joint venture between Emmerson and Tennant Mining, a wholly owned subsidiary of Pan African Resources, was established through a series of agreements dating back to 2020 and 2021. Tennant Mining committed significant exploration funding to earn a majority interest, with provisions to classify discoveries as either Small or Major Mines, triggering different JV structures and ownership stakes.

Emmerson’s decision to contribute to the White Devil MMJV at 40% reflects confidence in the deposit’s economic viability and growth potential. The upcoming resource update and feasibility studies will be critical in defining the project’s development pathway. Meanwhile, the royalty arrangement on Golden Forty offers a complementary revenue stream with minimal capital exposure.

Managing Director Mike Dunbar highlighted the rapid progress achieved through aligned JV partner efforts, underscoring the potential for both projects to contribute meaningfully to Emmerson’s portfolio and shareholder value.