EMMERSON RESOURCES LIMITED — Investor Presentation 2021

Jan 28, 2021

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ASX: ERM

Investor Update January 2021 Rob Bills, Managing Director and CEO

Important notice and disclaimer

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This presentation has been prepared by Emmerson Resources Limited ACN 117 086 745 (ASX: ERM ) (the “ Company ”) and is being provided to a limited number of investors for the sole purpose of providing preliminary background information to enable recipients to review the business activities of the Company. It is not intended as an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any securities.

This presentation should not be relied upon as a representation of any matter that a potential investor should consider in evaluating the Company. The Company, nor any of its directors, agents, officers, employees or affiliates does not make any representation or warranty, express or implied, as to or endorsement of, the accuracy or completeness of any information, statements, representations or forecasts contained in this presentation, and they do not accept any liability for any statement made in, or omitted from, this presentation.

Prospective investors should make their own independent evaluation of an investment in the Company.

Nothing in this presentation should be construed as a financial product advice, whether personal or general, for the purposes of Section 766B of the Corporations Act. This presentation consists purely of factual information and does not involve or imply a recommendation or a statement of opinion in respect of whether to buy, sell or hold a financial product. The Company has not considered any of your objectives, financial situation or needs.

This presentation and contents has been made available in confidence and may not be reproduced or disclosed to third parties or made public in any way without the express written permission of the Company.

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Why invest in Emmerson?

Some of Australia’s highest grade Gold, Copper and Cobalt at Tennant Creek

Pathway to grow and realise value from Tennant Creek

Mauretania = 20m at 38.5g/t gold, incl. 4m at 158g/t gold

New strategic Alliance with TCMG (subsidiary of TransAsia)

Edna Beryl = 8m at 157g/t gold incl. 2m at 613g/t gold

Secures large exploration JV and capability to undertake mining and processing

Historic production of +5.5Moz gold and 470kt copper

Track record of discoveries from systematic sciencebased exploration

Highly credentialed and committed Board and Management

Mauretania, Edna Beryl, Goanna discovered in the past five years

Majority have been with Emmerson since 2007

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Creating an emerging gold royalty business

TCMG – a well credentialled partner that has the capacity and capability to fund a new centralised mill in Tennant Creek

Emmerson to receive a low risk 6% gold royalty from each mine

Well funded and poised for further success

Cash of $5.7M and future revenue stream expected from small mines

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Capital structure

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Institutions
Palisade
28%
Evolution Mining
50% Territory Resources
Directors & Mgmt
7%
Other Investors
10%
3%
2%
12 month share price
$0.130 6
$0.120 Volu… 5
$0.110
4
$0.100
3
$0.090
2
$0.080
$0.070 1
$0.060 0
Jan Feb Mar Apr May May Jun Jul Aug Sep Oct Nov Dec Jan
ERM Share Price
Volume (Millions)
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CORPORATE SNAPSHOT

ASX code ERM

Shares on issue

482.85 million

Options*:

Exercise price $0.090 4,900,000 Exercise price $0.140 13,500,000 Exercise price $0.160 58,000,000

Market capitalisation $34.28 million ($0.07/share) Cash (31/12/20) $5.5 million Enterprise value (28/1/21) $28.8 million

Enterprise value (28/1/21)

• $2m at 13c share plus attaching option at 20c (expiring 2025) 65% Premium to 30 Day VWAP

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Board of Directors

Mr. Andrew McIlwain B.Eng (Mining) Non-Executive Chairman

Mining Engineer with more than 25 years’ experience in operational, senior management and executive roles (MIM, WMC, UML & others).

Mr. Robert Bills

B.Sc, M.Sc, FSEG, FAIG Managing Director and Chief Executive Officer

Geologist with over 30 years’ experience in exploration, mining and senior management roles in WMC and BHP. Joined Emmerson in late 2007 as the Managing Director and CEO.

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Dr. Allan Trench B.Sc (Hons), Ph.D, M.Sc, MBA Non-Executive Director

Geologist/geophysicist with extensive experience in strategy, project development and operations within the natural resource sector.

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Tennant Creek, NT – one of Australia’s highest grade goldfields

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Jasper Hills Project)
ERM - Edna Beryl Mine
(ERM – Marnturla JV )
ERM – TCMG JV (if option exercised)
Warrego
Territory Tenements
Au 1 208 064oz @ 11.5g/t
Gecko
Cu 91 500t @ 2.0%
Au 96 968oz @ 1.3g/t ERM 100%
Bi 12 000t @ 0.3%
Cu 93 300t @ 4.1%
Orlando ERM Jasper Hills Project
Au 119 078oz @ 11.5g/t
Cu 4 852t @ 1.8% Proposed Mines
Bi 320t @ 0.1%

Warrego
Mill
Peko
Au 240 523oz @ 3.5g/t
Cu 116 884t @ 4.0%
Bi 7 350t 0.2%
Nobles Nob
Juno
Au 1 134 282oz @ 16.5g/t
Au 862 982oz @ 59g/t
Cu 1 490 @ 0.3%
Bi 2 293 @ 0.6%
GDA94z53
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Mauretania – thick zones of high grade gold

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• Greenfields discovery made by Emmerson in 2015

• System remains open to the north and west

• Shallow gold mineralisation ideal for ultra high grade open pit

• Untested primary gold potential at depth (often linked to shallow copper)

• Drilling to resume ASAP after the wet season

• Advanced pre-mining studies underway

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Mauretania Drilling – MTDD009 & 10 Mauretania – thick zones of high grade gold

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–
MTDD00 MTDD009 HOLE SUMMARY
9 (214m depth)
51.1 m from collar - weathered zone
sandstone - siltstone
36.9m of intermittent jasper -
hematite ironstone, vuggy hematite,
sooty hematite, and puggy clay
(OXIDIZED ZONE) from 51.1m
19m clay zone (from 88m) - base of
oxidation
24.5m talc-hematite, chlorite
alteration (from 107m) – Transition
zone
58.5m of magnetite - hematite -
quartz ironstone (PRIMARY ZONE)
from 131.5m
16m of dark green chlorite (chlorite
rock) with intermittent magnetite-
hematite - quartz ironstone and
hematite-magnetite stringers from
214m 190m (FOOTWALL)
EOH
8m hematite shale from 206m
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Edna Beryl – the first high-grade mine

• Opened in 2017 and operated intermittently on a campaign basis

• ≈

• Low tonnage and high grade ( 30g/t Au) mine…further drilling required

• New generation of hematite hosted, Tennant Creek style mineralisation…and there will be others!

• Emmerson has received 12% gross gold revenue with no exposure to mining or processing costs

Key metrics from small scale trial mining in 2018-2019

$420k

2,107t Ore tonnes produced

29g/t Au

Average head grade

Royalties payable to ERM

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Edna Beryl – small mine, big potential

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• Nobles Nob produced +1.1Moz and was the highest grade gold mine in Tennant Creek (average grade +17g/t)

• Supergene 31g/t gold grade contours (blue outline) from Nobles Nob superimposed on Edna Beryl

• Potential not realised at Nobles Nob until underground development and drilling was completed

• Further definition drilling to infill current gold mineralisation planned for 2021

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Re-assayed Jasper Hills drill holes:

Jasper Hills JV…seen no modern exploration

NSDH101 : 28m at 5.83g/t gold, 0.17% emmerson cobalt and 8.52% copper (fromresources108 to 136m) and includes:

• 2m at 50.1g/t gold and 10.5%

• copper

• NSDH547: 23m at 0.14% cobalt and 7.04% 95 to and copper (from 118m)

• includes:

• 4m at 0.37% cobalt and 10.2% copper

• and 1.35g/t gold

• NSDH488: 14m at 6.72g/t gold, 0.28% cobalt and 2.17% 284 to copper (from

• :

• 298m) and includes

• 5m at 16.6g/t gold

• 2m at 1.32% cobalt and 2% copper

• NSDD110: 15m at 7g/t gold (from 295 to 310m) and includes:

• 6m at 14.9g/t gold

29/01/2021

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6% gross revenue Gold Royalties from NPA

emmerson resources

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14 NSR Royalties of Producing Mines & Mines in Development
(Gold and/or base metals)
Edna Beryl
12
10
8
6 Mauretania
+ other
4
Small Mines
2
0
1 41 81 121 161
NSR Royalty %
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Source from Arum Analytics: x –axis = Franco-Nevada Corporation, Wheaten Precious Metals Corp., Royal Gold Inc., Osisko Gold Royalties Ltd, Sandstorm Gold Ltd.

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Macquarie Arc, NSW – an exploration hotspot

Macquarie Arc of NSW: a world class copper-gold province – Cadia, Northparkes, Cowal and Boda…

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• Projects selected in 2016 from utilising machine learning and data analytics

• Emmerson holds five projects with similar geological attributes to the known major deposits

• Systematic exploration underway combining both traditional and new cutting edge techniques (from University of Tasmania ARC Linkage project)

• Very limited historic exploration and drilling within these projects

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Kadungle – 1,700m of drilling just completed (assays in 3 - 4 weeks)

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Kadungle is part of the Strategic Alliance with Longreach Minerals (sharing equal costs of this drilling, if successful will be a 60/40 JV)

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–
EL8999 Kadungle Location Map KDD018 and
KDD019
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DA
M
DA
M
KDD018
completed
951m
DA
M
KDD019
Just complted
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12m @ 7.73 g/t Au, 0.12% 1m @ 7.20 g/t Au from 17m
2m @ 5.4 g/t Au, 0.15% Cu from 6m Cu from 62m (KDD002) (KDD002) KDD018 – HOLE SUMMARY
(PL3)
3m @ 7.14 g/t Au, 0.34% Cu
2m @ 3.57 g/t Au from 12m (PL3)
from 115m (KRC019) (951.8m depth)
2m @ 1.25 g/t Au from 17m (KDD015)
1.1m @ 2.78 g/t Au from 35.7m KDD01 23.7m marl, fossiliferous, with dine grained
(KDD015) 8 disseminated pyrite, galena, sphalerite and chalcopyrite
2m @ 1.96% Cu, 0.92 g/t Au (from 41.7m)
from 104m (PL2)
3m @ 2.56 g/t Au, 0.15% Cu 8.1m mineralized zone, hydrothermal breccia, with
from 170m (KDD002) chalcedonic grey quartz matrix. chalcopyrite ± pyrite
disseminations, blebs, fracture fills and stringers hosted
112.8m @ 0.15% Cu
from 23.4m in chlorite-hematite ± ?kfeldspar altered volcanic rock
(KDD015) (from 355m)
6m @ 1.1 % Cu from 10.5m of thin Feldspar-phyric dikes, pervasive hematite
560m (KDD013)
dusting and chlorite alteration, with disseminated pyrite
(from 534.4m)
Shoshonites
10m hydrothermal breccia, cut by ~10cm quartz-calcite-
chlorite-pyrite-chalcopyrite as breccia fill (from 685m)
17m Feldspar-phyric intrusion, pervasive hematite
dusting and chlorite alteration
Elevated White Mica Crystallinity
33m hydrothermally brecciated syenite intrusion, quartz-
XRF/Wholerock analysis
chalcedonic breccia matrix with up to 20% pyrite (from
Chlorite – mineral geochemistry
892m), vuggy quartz veins noted loc
Pyrite – mineral geochemistry
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KDD019 – second drill hole completed
2m @ 5.4 g/t Au, 0.15% Cu from 6m 2m @ 4.1 g/t Au, 165ppm As from 40m (KRC009)
(PL3)
2m @ 3.57 g/t Au from 12m (PL3) 2m @ 3.25 g/t Au, 128ppm As from 54m
KDD01 (KRC009)
9 2m @ 1.3 g/t Au, 90ppm Mo from 90m (KRC009)
2m @ 1.5g/t Au from 188m
(KDD003)
10m @ 1.16 g/t Au, 48ppm Mo,
522ppm As from 228m (KDD003)
Target 1
Elevated White Mica
Crystallinity
Chlorite – mineral geochemistry
Epidote – mineral geochemistry
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KDD019 – second drill hole completed

Kiola Project – follow-up drilling in mid 2021

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• Lies within the highly prospective Molong Volcanic Belt (similarities with Newcrest's Cadia deposits)

• Prolific gold and copper mineralisation seen in rock chip sampling, historic drilling and old mine workings

• First pass ~1,000m diamond drill program just completed and all holes intersected copper sulphides

• 3D geophysical survey (MIMDAS) underway

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An exploration and royalty growth story

New Strategic Alliance to realise the significant value of ERM’s dominant landholding in one of Australia’s highestgrade gold and copper districts

Emerging gold royalty business - aims to generate multiple future royalty streams Defined project milestones and penalties if not achieved

Early mover position in the Molong Belt of NSW which is yielding major new discoveries

Drilling just completd at Kadungle (NSW) and reafter the wet season at Mauretania (Tennant Creek)

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Emmerson to continue to drive district-wide exploration and building the resource pipeline

Experienced Board and Management with strong balance sheet to execute business plan and fund future exploration

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Contact

Rob Bills Managing Director & CEO Emmerson Resources +61 8 9381 7838 rbills@emmersonresources.com.au www.emmersonresources.com.au

ASX: ERM

mines Royalty streams from ERM

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Net Smelter Return Royalties (NSR) Based on the proceeds paid by a smelter or refinery to the miner for the mining production from the property less certain smelting and refining costs as defined in the royalty agreement. This type of royalty provides cash flow that is free of any operating or capital costs and liabilities.

Net Profit Interest or Net Proceeds Royalties (NPI or NPR) Based on the profit made after deducting costs related to production, which are specifically set out in the royalty agreement. NPI or NPR payments begin after payback of capital costs. Although the royalty holder is not responsible for providing capital, covering operating losses or environmental liabilities, increases in production costs will affect net profit and royalties payable. Note however ERM has oversight on the processing and mining costs.

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Competent person statement

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The information in this report is based on information compiled by Dr Ana Liza Cuison, MAIG, MSEG. Dr Cuison is a Member of the Australian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which she is undertaking to qualify as a Competent Person as defined in the 2004 edition and the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Cuison is a full-time employee of the Company and consents to the inclusion in this report of the matters based on her information in the form and context in which it appears.

Forward-Looking Statements

This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Emmerson Resources Limited’s planned exploration program and other statements that are not historical facts. When used in this document, the words such as "could," "plan", "expect," "intend," "may”, "potential," "should," and similar expressions are forward-looking statements. Although Emmerson believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that further exploration will result in the estimation of a Mineral Resource.

Regulatory Information

The Company does not suggest that economic mineralisation is contained in the untested areas, the information contained relating to historical drilling records have been compiled, reviewed and verified as best as the Company was able. As outlined in this presentation the Company is planning further drilling programs to understand the geology, structure and potential of the untested areas. The Company cautions investors against using this announcement solely as a basis for investment decisions without regard for this disclaimer.

Authorised for release by the Managing Director, Mr Rob Bills.

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