EMMERSON RESOURCES LIMITED — Investor Presentation 2024

Nov 13, 2024

Mike Dunbar – Managing Director

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Important Notice & Disclaimer

Forward-Looking Statements

This document may include forward-looking statements, opinions and projections, all preliminary in nature, prepared by the Company on the basis of information developed by itself in relation to its projects . Forward-looking statements include, but are not limited to, statements concerning Emmerson Resources Limited’s anticipated future events, including future resources and exploration results, and other statements that are not historical facts. When used in this document, the words such as “could”, “estimate”, "plan," "expect," "intend," "may”, "potential," "should," “believe”, “anticipates”, “predict”, “goals”, “targets”, “aims”, “outlook”, “guidance”, “forecasts”, “may”, “will”, “would” or “should” or, in each case, their negative or other variations or similar expressions are forward-looking statements. By their nature, such statements involve risks, assumptions, uncertainties, and other important factors, many of which are beyond the control of the Company, and which may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements.

Forward-looking statements speak only as at the date of this document and the Company does not undertake any obligation to update forward-looking statements even if circumstances or management’s estimates or opinions should change. Forward-looking statements are provided as a general guide only and should not be relied on as an indication or guarantee of future performance. No representation is made that any of these statements or projections will come to pass or that any forecast result will be achieved, nor as to their accuracy, completeness or correctness. Similarly, no representation is given that the assumptions upon which forward looking statements may be based are reasonable. Given these uncertainties, investors should not place undue reliance on forward-looking statements. The Company cautions investors against using this announcement solely as a basis for investment decisions without regard for this disclaimer.

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.

Competent Person Statement

The information in this presentation that relates to Exploration Results is based on information compiled by Mr Mike Dunbar. Mike Dunbar is a Member of the Australasian Institute of Mining and Metallurgy 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 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Mike Dunbar 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.

Information in this report that relates to Exploration Results has been extracted from the following Company ASX announcements:

• ASX: 8 December 2021 – Stunning 117m at 3.38% copper drill hit at the Hermitage Project in Tennant Creek ends in mineralisation

• ASX: 28 March 2022 – Follow up drilling of 116m at 3.4% copper and 0.88g/t gold at Tennant Creek set to commence

• ASX: 17 August 2022 - Further high-grade copper-gold and cobalt-bismuth intersected at Hermitage

• ASX: 17 November 2022 – High Grade Gold and Bismuth at Golden Forty Project in Tennant Creek

• ASX: 12 December 2022 – Bonanza Gold from an emerging new ore zone at Tennant Creek

• ASX: 21 March 2023 – Further High-Grade Precious and Base metal mineralisation at Tennant Creek

The Company confirms that it is not aware of any new information or data that materially affects the information that relates to Exploration Results included in previous market announcements. The Company confirms that the form and context in which the Competent Person’s findings area presented have not been materially modified from the original market announcements.

Information in this report that relates to the Mineral Resources or Ore Reserves has been extracted from the following Company ASX announcements:

• ASX: 6 April 2022 - High Grade Gold Resource for Mauretania at Tennant Creek

• ASX: 22 December 2021 – Chariot high grade gold resource increased by 40%

• ASX: 19 March 2024 – Initial Ore Reserve for Chariot, Mauretania and Black Snake JV Deposits

• ASX: 6 May 2024 – Maiden High-Grade Golden Forty Mineral Resource Estimate

• ASX: 12 June 2024 – Maiden High-Grade Eldorado Mineral Resource

• AIM: PAF 5 November 2024 – Pan African acquires TCMG

The Company confirms that it is not aware of any new information or data that materially affects the information included in previous market announcements and, in the case of estimates of Mineral Resources that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings area presented have not been materially modified from the original market announcements.

The above announcements are available to view on the Company’s website at www.emmersonresources.com.au

Authorised for release by the Managing Director and Chief Executive Officer, Mike Dunbar.

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What Makes Emmerson Different?

• Commanding Land Position in one of Australia’s HighestGrade Goldfields with Compelling Copper Opportunities

• • JV Partner - Tennant Mining HAS COMMENCED CONSTRUCTION of a CIL Processing Facility

• Joint Venture sees the Company FUNDED to cashflow from uncapped 6% Gross Production Royalty

• Additional Strategic Copper and Gold Alliance with other Tennant Creek explorers / developers

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Capital Structure

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31%
53%
5%
9%
2%
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Institutions 31% Transasia Private Capital 5% Evolution Mining 9% Directors & Mgmt 2% Other Investors 53%

Corporate Snapshot
ASX Code	ERM
Ordinary Shares	544.7 million
Unlisted Options¹	41.0 million
Market Capitalisation	$33.3 million
($0.06/share – 11/11/24)
Cash (30/09/24)	$3.3 million
Enterprise Value (18/09/24)	$30 million
Directors & Management

Mr. Andrew McIlwain – Non-Executive Chairman Mr. Michael Dunbar – Managing Director and CEO Dr. Allan Trench – Non-Executive Director Mr Alan Tate – Non-Executive Director Mr Rob Bills – Non-Executive Director Mr. Rod Wheatley – Company Secretary & CFO

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1. Exercise price range from $0.095 to $0.20 • 4 |

Highlights

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High-Grade Mineral Resource

• 2.27Mt @ 5.2g/t gold for 376,600oz

Initial Ore Reserve

• 540,000t @ 4.7g/t Gold for 79,140oz

An emerging gold royalty business

Centralised CIL mill in Tennant Creek Under Construction

Emmerson to receive a free carried 6% gold royalty from each JV mine

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The right address

Tennant Creek, NT – one of Australia’s richest mineral fields

Macquarie Arc, NSW – hosts large deposits and attracting exploration investment by majors

Growth pathway

~$6M of exploration funding available for projects

Potential to introduce a farm-in partner into the NSW assets

$

Funded Exploration

Exploration and mining JVs in place for majority of Tennant Creek

Emmerson retains 100% of the area containing Hermitage, Jasper Hills and Edna Beryl

A Strategic Copper and Gold Alliance

Collaborative approach to investigating a single multi-user copper and gold processing facility in Tennant Creek

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Emmerson is Focused on Two Main Regions

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Tennant Creek (Au + Cu) NSW Projects (Au + Cu)

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Emmerson holds ~500km² in Macquarie Arc in NSW

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Dubbo
Tomingley EL8463
1.1Moz Au
Wellington


EL8766
Kadungle / Fifield Northparkes Copper Hill
2.8Moz Au &  0.9Moz Au &
2.7Mt Cu 0.3Mt Cu
Parkes
Cowal Orange
9.6Moz Au
Cadia
36Moz Au & 8.1Mt Cu  

Marsden

1.1Moz Au & 0.40Mt Cu
Cowra
McPhillamys
2.02Moz Au
EL8590
Kiola

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NSW Projects (Au + Cu)

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EMMERSON RESOURCES LTD

NEWMONT LIMITED EVOLUTION MINING (COWAL) PTY LTD NEWMONT EXPLORATION PTY LTD EVOLUTION MINING (NORTHPARKES) PTY LTD FMG RESOURCES PTY LTD SANDFIRE RESOURCES LIMITED ALKANE RESOURCES LTD GOLD AND COPPER RESOURCES PTY LTD

MAGMATIC RESOURCES

REGIS RESOURCES LIMITED IMPACT MINERALS

RIMFIRE PACIFIC MINING LIMITED

GODOLPHIN TENEMENTS PTY LTD CLIMAX AUSTRALIA PTY LIMITED

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KINCORA COPPER AUSTRALIA PTY LTD; RAREX LIMITED

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Tennant Creek in the Northern Territory

An exploration hotspot Rio, BHP, Newmont, South 32, + many juniors - Emmerson has been in Tennant Creek since 2007 and holds the best ground (~1,800km[2] )

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Under Cover Exploration =
-
High Risk Exploration
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Map of exploration licences and application in the Barkly Tableland, showing the distribution of tenure. Most licenses in the Georgina Basin were applied for since 2019.

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The Challenge and Opportunity of Tennant Creek

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DEPOSIT
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Warrego
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Nobles Nob

Gecko

White Devil

Juno

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CROSS Historical Production
PLAN SECTION
6.9Mt @
200m 200m
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6.9Mt @ 8.7 g/t Au + 2.0% Cu 1.46 Moz Au and 172.5 Kt Cu

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• 1.14 Moz Au 2.14Mt @ 16.1 g/t Au

3.0Mt @ 1.2 g/t Au + 4.0% Cu 257 Koz Au and 320 Kt Cu

• 761 Koz Au 1.7Mt @ 14.6 g/t Au

• 864 Koz Au 0.46Mt @ 57.0 g/t Au

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Quoted production from major historical deposits after Ahmad, M. and Munson, T.J. (2013). Geology and mineral resources of the Northern Territory, Special Publication 5

Emmerson holds 1,800km² in the Tennant Creek

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Tennant Mining* & Emmerson Joint Venture includes:

• Exploration JV – Tennant funds $10.5 million of exploration ( ~$3.0m remaining )

• • Mining and Processing JV where Emmerson receives an uncapped 6% gross production royalty plus

• • Minimum Production Hurdles

Our JV partner has,

• Permitted and financed the project and

• COMMENCED CONSTRUCTION of an 840Ktpa CIL Processing Facility (~55% complete)

• Tennant Mining currently being takeover by Pan African Resources an AIM Listed ~$1.2B ~200,000oz gold producer

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Initial Ore Reserve & Royalties - Just the Start

• Ore Reserve of 79,140oz is currently worth ~$19 million in Royalties

• Resource base is rapidly growing + 200,000oz added in the last 6 months

• Golden Forty Deposit – 935Kt @ 4.5 g/t gold for 133,900oz of Gold

  • Including 77Koz @ 9.3 g/t from one recently identified zone

• Eldorado Deposit – 445Kt @ 4.9 g/t for 69,800 oz of Gold

  • Including 34.5Koz @ 67.1 g/t from two zones below the historical workings

• 200,000oz of gold @ 4.6 g/t in Resource added in last 6 months, with 168,800 oz of gold @ 5.3g/t classified as Indicated

• These High-Grade Resources are yet to be incorporated into the Ore Reserves and initial royalty valuation

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How is Construction Progressing?

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When will the JV Deposits be Mined and Royalties Received?

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Current Mining and Milling	Current Mining and Milling	Current Mining and Milling	Current Mining and Milling
Schedule years 1 to			5
Source	Month		Month
	(Start)		(End)
Crown Pillar Stockpile	1			29
Smaller open pit areas
(Rising Sun, Nobles, Weabers Find, Black	4			13
Snake and Eldorado)
Eldorado Underground	16			25
Juno Underground	17			53
Golden Forty Underground	30			57
Chariot Underground	39			66
Nobles North Tailings	29			39
Source: PAN AIM Release 5 Nov 2024
ERM Deposits
			14

Source: PAN AIM Release 5 Nov 2024

Exploration and Resource Upside Remains

• Significant exploration potential remains untapped within Tennent Creek Mineral Field (TCMF)

• Deposits in the TCMF generally start small and grow over time AFTER mining commences

• White Devil Mine

  • started with limited Reserves (40,000t) and produced over 760,000oz at ~15g/t gold before closing in 1999.

  • Mineralization remains open at depth.

  • US$ Gold Price has increased 10-fold since closure

• Numerous historical mines in the field have not been evaluated in the last 20 years

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Emmerson holds 1,800km² in the Tennant Creek

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White Devil – Significant Upside Remains

• Shallow extension to the east was never tested due to infrastructure constraints and operational limitations

• 350m long extension remains poorly tested from surface to ~100m,

• Drilling to commence in the next two weeks

• Resource estimation underway – expected to be completed late November

350 m

100 m		Drill Target Zone MINE PRODUCTION 1.6Mt @ ~15g/t Au for 760,000oz	Long section - looking South

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White Devil – Significant Upside Remains

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Photo of White Devil during operations looking NW – highlighting infrastructure to the east of the pit

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Strategic Copper and Gold Alliance

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Alliance with Tennant Minerals, CuFe and Emmerson provides a collaborative approach to development of our Copper and Gold Projects in Tennant Creek. The alliance aims to:

Assess the development options including the viability of a single multi-user processing facility in the high-grade Tennant Creek region including:

• The optimal processing plant configuration and location

• Mine scheduling

• Final products to be produced

• Infrastructure requirements including workforce, travel, power, water, accommodation, transportation, logistics, services and supply of reagents

• Environmental requirements and considerations including permits and approvals

• • General logistics

Scoping Study underway – PFS to follow

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Hermitage Project (100% ERM) | A High-Grade Cu & Au Opportunity

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WSW ENE
Ironstone
outcrop
Surface 119m @ 3.30% Cu & 0.87g/t
• Incl. 33m @ 6.77% Cu & 2.84g/t Au
94.4m @ 2.74% Cu & 5.58g/t Au
• Incl. 21.6m @ 4.11% Cu & 25.91g/t Au
19m @ 1.42% Cu
30m @ 0.8% Cu
24m @ 1.03% Cu • Incl. 9m @ 1.4% Cu
51.1m @ 0.8% Cu
• Incl. 20m @ 1.1% Cu
11m @ 4.1 g/t Au
4m @ 1.8% Cu
OPEN 20m @ 1.5% Cu & 0.6 g/t Au
• Incl. 7m @ 2.2% Cu & 1.0 g/t Au
52.5m @ 1.03% Cu & 1.36g/t Au
• Incl. 29m @ 1.72% Cu & 1.45g/t Au
34.8m @ 1.0% Cu
10m @ 1.62g/t Au & 0.65% Cu
15m @ 0.48% Cu (below fault)
39m @ 1.03% Cu & 0.29g/t
Au & 25m @ 4.72g/t Au 29m @ 3.86g/t Au & 3.33% Cu
?
9.6m @ 1.2% Cu, 0.9 g/t Au 9m @ 2.6g/t Au & 0.17% Cu (below fault)
• Incl. 3.9m @ 2.1% Cu, 2.2 g/t Au 9m @ 12.78g/t Au
(below fault) 100m
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• High-grade copper, gold, cobalt and bismuth deposit

• Typical Tennant Creek ironstone-hosted deposit

• Significant drill intersections include:

• 119m @ 3.30% copper and 0.87g/t gold

• 94.4m @ 2.74% copper and 5.58g/t gold

• 29m @ 3.33% copper and 3.86g/t gold

• 20m @ 1.50% copper and 0.6g/t gold

• 52.5m @ 1.03% copper and 1.36g/t gold

• Deposit remains open laterally and at depth below a late-stage low angle fault

• Follow-up drilling planned for FY 2025

• Will form part of the Strategic Alliance development plans 20 |

Summary

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Unlocking value of High-Grade Copper and Gold deposits in Tennant Creek via Exploration and Mining JVs

Multiple exploration targets across JV and 100% owned projects

Minimum Production payment of $14.4 million by May 2026 at the current gold price

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Emerging royalty business – 6% Gross Production Royalty on Gold produced from Mining JV

Well-funded with ~$6m in exploration funding available (before Royalties)

A Strategic Copper and Gold Alliance working Collaboratively investigating multi-user copper and gold processing facility

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Contact
Mike Dunbar
Managing Director & CEO
Emmerson Resources Limited
+61 8 9381 7838
mdunbar@emmersonresources.com.au
www.emmersonresources.com.au
ASX: ERM
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Mineral Resources

Deposit	Indicated Resources	Indicated Resources	Indicated Resources	Inferred Resources	Inferred Resources	Inferred Resources	Total Resources	Total Resources	Total Resources
	Tonnes (t)	Gold Grade (g/t)	Ounces	Tonnes (t)	Gold Grade (g/t)	Ounces	Tonnes (t)	Gold Grade (g/t)	Ounces
Chariot(OP)	64,500	18.1	37,600	8,200	14.4	4,000	72,700	17.7	41,400
Chariot(UG)	344,600	7.0	77,000	138,900	4.6	20,400	483,500	6.3	97,400
Mauretania	159,000	4.8	25,000	97,000	1.4	4,000	256,000	3.5	29,000
Black Snake	50,900	2.1	3,500	29,000	1.1	1,000	79,900	1.7	4,500
Golden Forty	706,000	5.0	113,200	229,000	2.8	20,700	935,000	4.5	133,900
Eldorado	277,500	6.2	55,600	167,200	2.6	14,200	444,700	4.9	69,800
TOTAL	1,602,800	6.1	312,000	669,200	3.0	64,600	2,272,000	5.2	376,600

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Ore Reserves

Deposit	Proved Ore Reserves	Proved Ore Reserves	Proved Ore Reserves	Probable Ore Reserves	Probable Ore Reserves	Probable Ore Reserves	Total Reserves	Total Reserves	Total Reserves
	Tonnes (t)	Gold Grade (g/t)	Ounces	Tonnes (t)	Gold Grade (g/t)	Ounces	Tonnes (t)	Gold Grade (g/t)	Ounces
Chariot	-	-	-	420,000	4.1	55,000	420,000	4.1	55,000
Mauretania	-	-	-	67,300	9.9	21,400	67,300	9.9	21,400
Black Snake	-	-	-	36,900	2.3	2,740	36,900	2.3	2,740
TOTAL	-	-	-	524,000	4.7	79,140	524,000	4.7	79,140

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