Earnings release
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Emmerson Resources | ASX:ERM Level 2, 43 Ventnor Avenue, West Perth, Western Australia 6005 T: +61 8 9381 7838 | emmersonresources.com.au Page 1 of 13 ASX Announcement 29 January 2026 Quarterly Activities Report For the period ending 31 December 2025 HIGHLIGHTS Northern Territory - Tennant Creek – Gold, Copper White Devil Gold Deposit (TCMG / ERM JV) Tennant Creek - Mineral Resource Growth Continues Mineral Resource Estimate of 4.7Mt @ 4.1 g/t gold for 616,200 oz of Gold completed including: o Indicated Resource of 4.0Mt @ 4.3 g/t gold for 549,100 oz of gold (89%). o Inferred Resource of 0.7Mt @ 3.0 g/t gold for 67,100 oz of gold (11%). White Devil Indicated Resource increased by 18,600 oz of gold. White Devil Feasibility Studies have commenced to determine the preferred development strategy. Total Tennant Creek Resource base increased to 7.0Mt @ 4.4 g/t gold for 992,200 oz of gold. o Total Indicated Resource base of 5.6Mt @ 4.8 g/t gold for 861,000 oz of gold. Tennant Creek Joint Venture Activity Accelerating Exploration JV Committee has approved an exploration work program and budget in Tennant Creek for Q1 2026 of $6.9 million, including: o 8,600m Diamond Drilling (DD) at White Devil and Golden Forty South; 13,900m of Reverse Circulation (RC) drilling and 180km2 Helicopter Magneto telluric (MT) survey over 5 priority targets. Hermitage RC Drilling extends copper and gold mineralisation High grade gold mineralisation and significant wide zones of multi element mineralisation intersected in RC drilling at the Company’s 100% owned Hermitage Project. Corporate – Strong cash position and royalty revenues due to commence $6.45m cash as at 31 December 2025 and no debt. Minimum Production Payments equivalent to 6% royalty on 30,000 oz of gold production under the Northern Project Area Small Mines JV will be invoiced in March 2026 and will be receivable during the June 2026 Quarter. Emmerson Resources Limited (Emmerson or Company ASX: ERM) is pleased to provide an update on its quarterly activities for the period ending 31 December 2025. Emmerson’s Managing Director, Mike Dunbar commented: “The December quarter has capped off an excellent year for the Company. After the initial Resource estimate at White Devil was completed in January 2025, to complete two additional resource updates since, 10,000m of RC drilling into the project and to complete a Scoping Study all in the space of 12 months is an outstanding effort by our dedicated team of employees and key consultants.” “To complete the year with a strong balance sheet, pending minimum production payments, a JV partner who shares our belief in the potential of the Tennant Creek Mineral Field and with an approved exploration budget for the March 2026 quarter of $6.9 million is an enviable position to be in and sets the Company up for an even better 2026.” For personal use only
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ASX Announcement Emmerson Resources | ASX:ERM Level 2, 43 Ventnor Avenue, West Perth, Western Australia 6005 T: +61 8 9381 7838 | emmersonresources.com.au Page 2 of 13 NORTHERN TERRITORY - TENNANT CREEK TCMG / EMMERSON RESOURCES JOINT VENTURE ACTIVITIES White Devil Gold Deposit Mineral Resource Update During the quarter, Emmerson was pleased to advise, as part of the TCMG (a wholly owned subsidiary of PAR) / ERM Northern Project Area (NPA) Joint Venture agreements, the Mineral Resource Estimate (MRE) for the White Devil Gold Deposit within the Tennant Creek Mineral Field (TCMF), Northern Territory (Figure 1) was updated1. The Mineral Resources are reported on a 100% basis and in accordance with the JV agreements it is clear that White Devil is a Major Mine Deposit2. Any major discovery or extension to an existing mine, with a Scoping Study containing >250,000oz of gold, as White Devil does, will be treated as a separate Major Mine Joint Venture (MMJV). Emmerson can elect to either maintain its equity position in the project by contributing 25% or be free carried at 10% to completion of a Definitive Feasibility Study (DFS). Additionally, while ERM is contributing, ERM has the ability to claw back 15% and reestablish its interest at 40% in the Major Mine, subject to several clawback provisions. Emmerson has already informed Tennant Mining of its intention to contribute to ongoing activities at White Devil and will exercise its claw back rights. As a result, the Company will retain a 40% contributing interest in the White Devil Project when it is transferred into a MMJV. The Company also reported that TCMG had met the earn in commitments for the NPA, as a result the NPA Joint Venture resulting in a 75% TCMG / 25% ERM Exploration Joint Venture has been formed. The White Devil MRE (reported on a 100% basis) now totals 4.71Mt @ 4.1 g/t gold for 616,200oz of contained gold including 4.0Mt @ 4.3 g/t gold for 549,100oz (89%) in the Indicated Resource category, providing the foundation for feasibility studies which have commenced (see Table 1 and Figure 1 and ASX announcement dated 20 November 2025). Given the results of the July 2025 White Devil Scoping Study (see ASX announcement dated 23 July 2025), the open pit resource has been redefined as material within the $A$4,000 pit shell. This change has resulted in a material increase to the Open Pit MRE, with the new open pit resource of 2.7Mt @ 4.7 g/t gold for 404,400 ounces of contained gold, with 98.4% of the open pit MRE classified as Indicated (an increase from 1.1Mt @ 2.7 g/t gold for 117,000 ounces of contained gold). Importantly while the overall increase in the MRE is modest at 4,800 ounces, the recent RC shallow drilling to the west has resulted in an increase of 18,600 ounces of Indicated Resources (partly by resource growth, but predominately through conversion of previously Inferred Resources to Indicated). This improvement in classification is expected to significantly improve the economics of the early stages of any development and allow a significant amount of the Open Pit MRE to convert to Probable Ore Reserves once further development studies are completed. The updated White Devil MRE incorporates all the results from recent drilling that was not available in April 2025 and results from the July scoping study. See ASX announcement 20 November for details of the updated White Devil Resource. Importantly the Company’s Global Mineral Resource base in the TCMF has increased to 7.0Mt @ 4.4g/t gold for 992,200oz of contained gold, including 5.61Mt @ 4.8g/t gold for 861,000oz of gold (87%) classified as Indicated (see Table 2). 1 ASX Announcement 20 November 2025 – White Devil Gold Deposit Mineral Resource Growth Continues 2 ASX Announcement 16 November 2020 - New Tennant Creek Strategic Alliance to Drive Aggressive Exploration, Production and Royalty Streams For personal use only
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ASX Announcement Emmerson Resources | ASX:ERM Level 2, 43 Ventnor Avenue, West Perth, Western Australia 6005 T: +61 8 9381 7838 | emmersonresources.com.au Page 3 of 13 Table 1: White Devil Mineral Resource Estimate (100% basis) by Classification November 2025 (Open Pit - 0.5g/t Au within scoping study pit shell & Underground - 1.0g/t Au cutoff outside scoping study pit shell) Indicated Resources Inferred Resources Total Resources Resource Area Cutoff Tonnes (Kt) Gold Grade (g/t) Ounces Tonnes (Kt) Gold Grade (g/t) Ounces Tonnes (Kt) Gold Grade (g/t) Ounces Open Pit Resource 0.5g/t 2,630 4.7 397,800 70 2.9 6,600 2,700 4.7 404,400 Underground Resource 1.0g/t 1,376 3.4 151,300 634 3.0 60,500 2,010 3.3 211,800 Total 4,006 4.3 549,100 704 3.0 67,100 4,710 4.1 616,200 Note: Inconsistencies in total tonnage and ounces reporting are due to rounding. No Measured Resources Reported. White Devil is reported on a 100% basis, the project is currently in the Exploration Joint Venture 75% Tennant Mining, 25% ERM, however ultimate ownership structure in a Major Mine Joint Venture is expected to be 60% Tennant Mining, 40% ERM. Table 2: Tennant Creek Project JORC 2012 Mineral Resource Details (SMJV Projects 100% controlled by Tennant Mining with ERM receiving a 6% Gross Production Royalty, Exploration JV projects are 75% Tennant Mining, 25% ERM until development decision) Deposit Indicated Resources Inferred Resources Total Resources Tonnes (Kt) Gold Grade (g/t) Ounces Tonnes (Kt) Gold Grade (g/t) Ounces Tonnes (Kt) Gold Grade (g/t) Ounces Mauretania (SMJV) 159.3 4.8 25,000 97 1.4 4,000 256 3.5 29,000 Chariot (SMJV) 409.1 8.7 114,600 147.1 5.1 24,200 556.2 7.8 138,800 Black Snake (SMJV) 50.9 2.1 3,500 29 1.1 1,000 79.9 1.7 4,500 Golden Forty (SMJV) 706 5 113,200 228.7 2.8 20,700 935 4.5 133,900 Eldorado* 277.5 6.2 55,600 167.2 2.6 14,200 444.7 4.9 69,800 White Devil* 4,006 4.3 549,100 704 3.0 67,100 4,710 4.1 616,200 Total 5,610 4.8 861,000 1,400 3.0 131,200 7,000 4.4 992,200 Notes: Inconsistencies in the table above are due to rounding. Mauretania Open Pit (OP) as reported 6 April 2022 using a 0.5g/t gold cut-off grade and above the 190mRL (within 140m of surface). Chariot Open Pit (OP) is as reported 2 December 2021, using a 1.0 g/t cutoff & Chariot Underground is as reported 2 December 2021, using a 2.0 g/t cutoff and reported below a 180mRL have been combined in Table 2 above. Black Snake Open Pit Resource reported 19 March 2024, using a 0.5 g/t cutoff. Golden Forty Resource reported 6 May 2024 using a 0.5g/t cut-off. Eldorado Resource reported 12 June 2024 using a 0.5g/t cut-off for shallow portion and 1.0g/t at depth. White Devil Resource (in this report) using 0.5g/t cut-off within the Scoping Study open pit shell and 1.0g/t at depth. SMJV Deposits held in Small Mines JV where TCMG / PAR are managers and 100% owners and ERM receive a 6% gross production royalty on precious metals. *Deposits held in Exploration JV until development studies completed. Deposits >250Koz may be subject to JV approval, transferred to a Major Mine JV (75% PAR / 25% ERM contributing with ERM retaining claw back rights to 40% subject to a number of provisions of the agreements), Deposits <250Koz progress to the SMJV, where PAR gain 100% control and ERM receives a 6% gross production royalty once development studies are completed. For personal use only
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ASX Announcement Emmerson Resources | ASX:ERM Level 2, 43 Ventnor Avenue, West Perth, Western Australia 6005 T: +61 8 9381 7838 | emmersonresources.com.au Page 4 of 13 Figure 1: Emmerson’s Tennant Creek Project highlighting the White Devil MRE showing the location of Emmerson’s Deposits, the area covered by the Exploration JV and Emmerson’s 100% owned projects (White call out boxes are SMJV deposits which are 100% controlled by TCMG, with ERM receiving a 6% Gross Production Royalty) Note: 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, For Chariot mine and Malbec West mine, quoted production from Giants Reef Mill Reconciled Production to end of month September 2005 (Giants Reef internal reporting). Minimum Production Payments to Commence from June Quarter As previously highlighted, under the Joint Venture agreements with TCMG (a 100% owned subsidiary of Pan African Resources), TCMG have committed to produce and pay royalties on a minimum of 60,000oz of gold from the Small Mines Joint Venture tenements within 5 years of entering into the Joint Venture. This is broken into two commitments, the first of 30,000oz of production from the Northern Joint Venture area by 15 March 2026 (Northern Project Area Calculation Date) and the second 30,000oz of production from the Southern Joint Venture tenements by 24 May 2026 (Southern Project Area Calculation Date) (see ASX announcements: 16 November 2020 & 1 June 2021 for details). Should the agreed minimum production not be achieved, then the minimum production payment for any shortfall must be made in three equal instalments (30, 60 and 90 days after the relevant Calculation date) at the 12 month average gold price preceding the relevant Calculation Date. The minimum production commitment for the Northern and Southern Areas is imminent, as a result the gold pricing mechanism has commenced for the Northern and Southern area minimum production payment. The gold price used to calculate the payment is the average of the last quoted LBMA gold price of each trading day converted For personal use only
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ASX Announcement Emmerson Resources | ASX:ERM Level 2, 43 Ventnor Avenue, West Perth, Western Australia 6005 T: +61 8 9381 7838 | emmersonresources.com.au Page 5 of 13 into Australian dollars (A$) at the daily Reserve Bank of Australia exchange rate for the 12 months preceding the Calculation Date. The average gold price from commencement of the calculation period to 31 December 2025 is A$5,535.40 for the Northern Area and $5,689.69 for the Southern Area. The Northern Project Area Minimum Production Payment will be invoiced in March 2026 and receivable in the June quarter. Tennant Creek JV Exploration Work Program and Budget Approved Following the completion of the exploration earn in phase of the Tennant Creek Joint Venture Project on 15 September 2025, the Exploration Joint Venture has commenced. The Exploration JV interest is held 75% Tennant Mining (a 100% owned subsidiary of Pan African Resources) and 25% Emmerson. This JV has been focused on planning for the ongoing exploration efforts within the ~1,800km2 tenure package and prioritising targets. During the December 2025 quarter, a budget of $6.9 million for the March 2026 quarter was presented to the Exploration JV management committee and subsequently approved3. The exploration plan includes the following activities: 8,600m of Diamond drilling, including: o White Devil: Four x 750m diamond holes targeting depth extensions to the known high-grade 616,200oz deposit and geophysical targets o White Devil: Four x 300m diamond holes targeting geophysical targets to the southwest of the White Devil deposit o Golden Forty South: Eight x 500–650m diamond holes targeting two geophysical targets between the Golden Forty and Nobles deposits 13,900m of Reverse Circulation (RC) drilling, including: o 4,500m at TC8 Mine Extensions o 7,440m at the Comstock Prospect (to the southeast of Nobles Mine corridor) o 1,970m at shallow White Devil targets 180km2 Helicopter Magneto telluric (MT) survey planned over 5 priority targets HERMITAGE (100% ERM) COPPER / GOLD AND CRITICAL METALS PROJECT Assay results were returned4 during the quarter for an extensional RC drill programme of 1,500m which was completed at the Company’s 100% owned Hermitage Copper, Gold and Critical Metals Project in June (Figure 2). A total of 8 holes were completed with the aim to extend the mineralisation along strike to the east and west. Best results included: 17m @ 1.23% CuEq, (0.72% Cu, 0.10% Co) from 101m in HERC026. Incl. 12m @ 1.51% CuEq, (0.91% Cu, 0.12% Co) from 106m 16m @ 0.74% CuEq, (0.34% Cu, 0.08% Co) from 129m in HERC026 Incl. 2m @ 1.72% CuEq, (1.57% Cu, 0.02% Co) from 141m 53m @ 0.90% CuEq, (0.26% Cu, 0.10% Co, 0.05 Bi) from 77m in HERC027 Incl. 4m @ 1.47% CuEq, (0.56% Cu, 0.18% Co) from 91m 3 ASX Announcement 23 December 2025 – Significant Increase in Tennant Creek JV Exploration Activities and Expenditure 4 ASX Announcement 1 December 2025 – Hermitage RC Drilling Extends Copper and Gold Mineralisation For personal use only
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ASX Announcement Emmerson Resources | ASX:ERM Level 2, 43 Ventnor Avenue, West Perth, Western Australia 6005 T: +61 8 9381 7838 | emmersonresources.com.au Page 6 of 13 Incl. 3m @ 2.35% CuEq, (0.07% Cu, 0.35% Co, 0.11% Bi, 2.43g/t Ag, 0.33g/t Au) from 116m Incl. 2m @ 5.84% CuEq, (0.40% Cu, 0.51% Co, 1.10% Bi, 12.67g/t Ag, 0.89g/t Au) from 122m 9m @ 13.0 g/t Au from 140m in HERC027 Incl. 2m @ 42.1 g/t gold from 140m 14m @ 0.68% CuEq, (0.35% Cu, 0.07% Co) from 96m in HERC029 Incl. 4m @ 1.08% CuEq, (0.53% Cu, 0.12% Co) from 102m These intersections have extended the mineralisation at depth to the west and shallowly to the east. Moreover, the most important resultant mineralisation was intersected shallowly in HERC027 indicating that there is still shallow mineralisation yet to be tested. To the east HERC029 intersected the mineralisation and remains open up-plunge. Further work will need to determine its full thickness near surface. Additionally, the multi element assay results have highlighted that there is a very significant quantity of potential byproducts contained within the zones of copper and gold mineralisation as a result the intervals are reported as CuEq grades (see disclaimers for details of calculation of CuEq grades). Grades of up to 18,290 ppm or 1.83% bismuth, and 6,751 ppm or 0.67% cobalt and up to 18.5 g/t silver are extremely encouraging and suggest that there is potential for multiple revenue streams from the project. Figure 2: Hermitage Project Recent Significant Drill Results with collars and drill traces on Satellite Image For personal use only
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ASX Announcement Emmerson Resources | ASX:ERM Level 2, 43 Ventnor Avenue, West Perth, Western Australia 6005 T: +61 8 9381 7838 | emmersonresources.com.au Page 7 of 13 STRATEGIC COPPER AND GOLD ALLIANCE BETWEEN EMMERSON, TENNANT MINERALS LIMITED AND CUFE LIMITED The Tennant Creek Alliance comprises Tennant Minerals Limited (TMS), CuFe Ltd (CUF) and Emmerson Resources Ltd (ERM) (“the Companies” & “the Alliance”) (Figure 3). Since formation of the Alliance in October 2024, the Companies have been collaborating to evaluate the viability of a multi-user facility for processing of copper-gold-critical mineral resources from the Companies tenure in the region. The stated objectives of the Alliance includes the joint evaluation by completion of initial development studies, to be followed by a pre-feasibility study (PFS), of processing options including a multi-user facility based in the Tennant Creek region. Current gold and copper prices, as well as rises in the price of the critical minerals including bismuth and cobalt, combined with global demand trends, strongly support the ongoing evaluation of a shared processing facility model. The “stronger together” concept behind the Alliance is expected to allow the re-establishment of copper mining and processing in the region. This will be of immediate benefit to the Alliance stakeholders, the Barkly region and the Northern Territory. Figure 3: Tennant Creek District showing the location of CuFe’s, Tennant Minerals’ and 100% Emmerson’s Projects and area covered by Emmerson’s Exploration JV (EEJV) with TCMG Note: See CUF: ASX Announcement dated 24 November 2025 and TMS: ASX Announcement dated 28 October 2025 for resource details. NSW Projects – Large Scale Porphyry Projects Hunting for large copper-gold porphyry deposits While the focus during the quarter was at Tennant Creek, no on ground activities were completed at our three NSW Projects. For personal use only
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ASX Announcement Emmerson Resources | ASX:ERM Level 2, 43 Ventnor Avenue, West Perth, Western Australia 6005 T: +61 8 9381 7838 | emmersonresources.com.au Page 8 of 13 CORPORATE Funding in place to support growth and future exploration programs During the quarter the Company received $3.25M on the issue of the following shares upon the exercise of unlisted options: 15,384,615 shares upon the exercise of 15,384,615 unlisted options exercisable at $0.20 per share. 2,000,000 shares upon the exercise of 2,000,000 unlisted options exercisable at $0.088 per share. Furthermore, during the quarter, 993,963 shares were issued as a result of the cashless exercise of 1,833,333 unlisted options exercisable at $0.115 per share. Quarterly Cashflow Report The Quarterly Cashflow Report (Appendix 5B) for the period ending 31 December 2025 is attached to this report and provides an overview of the Company’s financial activities. Significant items in the Appendix 5B include: Cash Reserves: $6.45M cash as at 31 December 2025 and no debt. Shared Expenditure: Exploration expenditure for the reporting period of $565,000. Corporate and other operating expenditure, net of other income, totalling $425,000. Governance: Total amount paid to directors of the entity in the period (item 6.1 of the Appendix 5B) of $116,000 which includes salary, consultancy fees, directors’ fees and superannuation. Key Activities and News Flow Expected in March 2026 Quarter Northern Territory – TCMG / ERM JV Activities: o 8,600m of Diamond drilling, including: White Devil: Four x 750m diamond holes targeting depth extensions to the known high-grade 616,200oz deposit and geophysical targets. White Devil: Four x 300m diamond holes targeting geophysical targets to the southwest of the White Devil deposit. Golden Forty South: Eight x 500–650m diamond holes targeting two geophysical targets between the Golden Forty and Nobles deposits. o 13,900m of Reverse Circulation (RC) drilling, including: 4,500m at TC8 Mine Extensions. 7,440m at the Comstock Prospect (to the southeast of Nobles Mine corridor). 1,970m at shallow White Devil targets. o 180km2 Helicopter Magneto telluric (MT) survey planned over 5 priority targets. Northern Territory – 100% ERM Exploration Projects: o Detailed targeting and initial resource assessment for Hermitage. o Strategic Alliance Study for a Joint Processing Facility. For personal use only
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ASX Announcement Emmerson Resources | ASX:ERM Level 2, 43 Ventnor Avenue, West Perth, Western Australia 6005 T: +61 8 9381 7838 | emmersonresources.com.au Page 9 of 13 Announcements During the Quarter 24 Dec 2025 Application for quotation of securities - ERM 24 Dec 2025 Notice under Section 708A(5)(e) 23 Dec 2025 Significant Increase in TC JV Exploration Expenditure 15 Dec 2025 Application for quotation of securities - ERM 15 Dec 2025 Notice under Section 708A(5)(e) 10 Dec 2025 Appendix 3Y – M Dunbar 10 Dec 2025 Appendix 3Y – M Connelly 10 Dec 2025 Appendix 3Y – A Tate 8 Dec 2025 Notification regarding unquoted securities - ERM 8 Dec 2025 Notification regarding unquoted securities - ERM 2 Dec 2025 Application for quotation of securities - ERM 2 Dec 2025 Notice under Section 708A(5)(e) 1 Dec 2025 Hermitage RC Drilling Extends Copper and Gold Mineralisation 20 Nov 2025 Results of Meeting 20 Nov 2025 White Devil Gold Deposit Mineral Resource Growth Continues 13 Nov 2025 Application for quotation of securities - ERM 11 Nov 2025 Application for quotation of securities - ERM 11 Nov 2025 Notice under Section 708A(5)(e) 30 Oct 2025 Quarterly Activities/Appendix 5B Cash Flow Report 21 Oct 2025 IMARC Conference Presentation 14 Oct 2025 Letter to Shareholders / Notice of AGM / Proxy Form Further information will be released as soon as available. This release has been authorised by the Board of Emmerson Resources Limited For further information, please contact: Mike Dunbar Managing Director and CEO E: mdunbar@emmersonresources.com.au T: +61 8 9381 7838 Investor Relations: Fiona Marshall, White Noise Communications E: fiona@whitenoisecomms.com T: +61 400 512 109 For personal use only
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ASX Announcement Emmerson Resources | ASX:ERM Level 2, 43 Ventnor Avenue, West Perth, Western Australia 6005 T: +61 8 9381 7838 | emmersonresources.com.au Page 10 of 13 About Emmerson Resources Tennant Creek Emmerson has a commanding land position and is exploring the Tennant Creek Mineral Field (TCMF), one of Australia’s highest-grade gold and copper fields that has produced over 5.5Moz of gold and 470,000t of copper from deposits including Warrego, White Devil, Orlando, Gecko, Chariot, and Golden Forty. These high-grade deposits are highly valuable exploration targets, and to date, Emmerson’s discoveries include high-grade gold at Edna Beryl and Mauretania, plus copper-gold at Goanna and Monitor and these were found utilising new technology and concepts and are the first discoveries in the TCMF for over two decades. The rush of new tenement applications by major and junior explorers in the Tennant Creek district, not only highlights the prospectivity of the region for copper and gold but also Emmerson’s strategic ~1,800km2 land holding. New South Wales Emmerson is actively exploring two early-stage gold-copper projects in NSW, identified from the application of 2D and 3D predictive targeting models. The highly prospective Macquarie Arc in NSW hosts >80Moz gold and >13Mt copper with these resources heavily weighted to areas of outcrop or limited cover. Emmerson’s exploration projects contain many attributes of the known deposits within the Macquarie Arc but remain underexplored due to historical impediments, including overlying cover (farmlands and younger rocks) and a lack of effective historic exploration. Competency Statement The information in this release on Exploration Results is based on information compiled by Mr Paul Frawley, who is a Member Australian Institute of Geoscientists. Mr Frawley has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which they are 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 Frawley is a full-time employee of the Company and consents to the inclusion in this report of the matters based on information in the form and context in which it appears. Information in this announcement that relates to Exploration Results, Mineral Resources and Ore Reserves has been extracted from the following Company ASX announcements: ASX: 2 December 2021 – Chariot High Grade Gold Resource increased by 40% ASX: 6 April 2022 – High-Grade Gold Resource for Mauretania at Tennant Creek ASX: 19 March 2024 - Initial Ore Reserve for Chariot, Mauretania and Black Snake ASX: 6 May 2024 – Maiden High-grade Golden Forty Mineral Resource Estimate ASX: 12 June 2024 - Maiden High-grade Eldorado Mineral Resource Estimate ASX: 29 January 2025 – White Devil Expands Tennant Creek Mineral Resource to 866koz ASX: 15 April 2025 - White Devil Mineral Resource Grows by 25% to 611Koz ASX: 6 May 2025 – White Devil Exploration Update ASX 23 July 2025 – Completion of White Devil Scoping Study ASX 1 Dec 2025 - Hermitage RC Drilling Extends Copper and Gold Mineralisation ASX 20 Nov 2025 - White Devil Gold Deposit Mineral Resource Growth Continues The Company confirms that it is not aware of any new information or data that materially affects the information that relates to Exploration Results, Mineral Resources or Ore Reserves 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. Announcements are available to view on the Company’s website at www.emmersonresources.com.au For personal use only
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ASX Announcement Emmerson Resources | ASX:ERM Level 2, 43 Ventnor Avenue, West Perth, Western Australia 6005 T: +61 8 9381 7838 | emmersonresources.com.au Page 11 of 13 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 announcement 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. Cautionary Statement and 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 known and unknown 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. Copper Equivalent Calculation The conversion to Copper Equivalent (CuEq) takes into account the expected plant recovery/payability and commodity price for each Metal. Approximate recoveries are difficult to determine where no metallurgical testwork has been completed on Hermitage. Therefore, payabilities and recoveries are conservative, based on comparable deposits previously mined around the TCMF. It is in the Company’s opinion that all elements included in the metal equivalent calculation have a reasonable potential to be recovered. The prices used in the calculation are based on current (27/11/25) spot pricing for Cu, Au, Ag sourced from the website kitcometals.com, whilst price estimates for Bismuth and Cobalt are from other sources for their current price (SMM for Bi, LME for Co). Where AUD spot price was not quoted FOREX exchange rate of 0.65USD was used. The table below shows the prices, process recoveries and factors used in the conversion of the poly metallic assay information into an equivalent Copper Equivalent (CuEq) grade percent. Metal Price AUD Recovery Factor - $/oz $/t % - Cu $16,742.32 80 1 Au $6,364.05 80 1.22 Ag $81.13 80 0.02 Bi $25,647.57 80 1.53 Co $78,457.67 80 4.69 CuEq This table can also be represented by the equation: CuEq = Cu + (1.22*Au) + (0.02*Ag) + (1.53*Bi) + (4.69*Co) For personal use only
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ASX Announcement Emmerson Resources | ASX:ERM Level 2, 43 Ventnor Avenue, West Perth, Western Australia 6005 T: +61 8 9381 7838 | emmersonresources.com.au Page 12 of 13 Mining Tenements Held at 31 December 2025 (Northern Territory, Australia) Tenement Name Acquired Interest During the Quarter Disposed Interest During the Quarter Interest % Tenement Name Acquired Interest during the Quarter Disposed Interest during the Quarter Interest % EL9403 Jess 751 251 HLDC56 Warrego No. 5 100 EL9958 Running Bear 75 1 25 1 HLDC58 Wiso Line No. 6 100 EL10114 McDougall 751 251 HLDC59 Warrego No. 6 100 EL10124 Speedway 751 251 HLDC94 Warrego No. 4 100 EL10313 Kodiak 751 251 HLDC95 Warrego No. 3 100 EL10406 Montana 751 251 HLDC96 Wiso Basin 100 EL23285 Corridor 2 751 251 HLDC97 Wiso Basin 100 EL23286 Corridor 3 75 1 25 1 HLDC99 Wiso No.3 pipe 100 EL23905 Jackie 751 251 HLDC101 Sally No Name 100 EL26594 Bills 751 251 MA23236 Udall Road 751 251 EL26787 Rising Ridge 751 251 MA30798 Little Ben 751 251 EL27011 Snappy Gum 751 251 MCC9 Eldorado 751 251 EL27408 Grizzly 751 251 MCC55 Mondeuse 751 251 EL27537 Chappell 751 251 MCC56 Shiraz 751 251 EL27538 Mercury 751 251 MCC57 Mondeuse 751 251 EL28601 Malbec 751 251 MCC66 Golden Forty 751 251 EL28602 Red Bluff 751 251 MCC67 Golden Forty 751 251 EL28603 White Devil 751 251 MCC203 Galway 751 251 EL28618 Comstock 751 251 MCC211 Shamrock 751 251 EL28760 Delta 751 251 MCC212 Mt Samuel 85 EL28761 Quartz Hill 751 251 MCC239 West Peko 751 251 EL28775 Trinity 751 251 MCC240 West Peko 751 251 EL28776 Whippet 751 251 MCC308 Mt Samuel 85 EL30167 Dolomite 751 251 MCC316 The Trump 751 251 EL30505 Golden East 751 251 MCC317 The Trump 751 251 EL30584 Juno North 75 1 25 1 MCC334 Estralita Group 75 1 25 1 EL30748 Battery Hill 751 251 MCC340 The Trump 751 251 EL31832 Russell 751 251 MCC341 The Trump 751 251 EL31833 Prosperity 751 251 MCC344 Mt Samuel 751 251 EL31834 Colombard 751 251 MCC364 Estralita 751 251 EL31835 Bishops Creek 751 251 MCC365 Estralita 751 251 EL31919 Billy Boy 751 251 MCC366 Estralita 751 251 EL32030 Grey Bluff East 751 251 MCC524 Estralita 751 251 EL32213 Golden Slipper 751 251 MCC925 Brolga 751 251 ELA27539 Telegraph 751 251 MCC926 Brolga 751 251 ELA27902 Lynx 751 251 ML22284 Billy Boy 751 251 ELA30123 Mosquito Creek 100 ML23216 Chariot 1002 02 ELA30746 Mule 751 251 ML30096 Malbec 1002 02 ELA30747 Power of Wealth 100 ML30177 North Star 100 ELA30749 Mary Anne 751 251 ML30322 Verdot 751 251 ELA31355 Mt Samuel 751 251 ML30620 Kia Ora 751 251 HLDC37 Warrego No. 1 100 ML30623 Pinnacles South 75 1 25 1 HLDC39 Warrego Min 100 ML30716 Comstock 751 251 HLDC40 Warrego No. 2 100 ML30742 Black Cat 751 251 HLDC41 Warrego No. 3 100 ML30743 True Blue 751 251 HLDC42 Warrego S7 100 ML30870 Rising Star 751 251 HLDC43 Warrego S8 100 ML30872 The Extension 751 251 For personal use only
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ASX Announcement Emmerson Resources | ASX:ERM Level 2, 43 Ventnor Avenue, West Perth, Western Australia 6005 T: +61 8 9381 7838 | emmersonresources.com.au Page 13 of 13 Tenement Name Acquired Interest During the Quarter Disposed Interest During the Quarter Interest % Tenement Name Acquired Interest during the Quarter Disposed Interest during the Quarter Interest % HLDC44 Warrego No. 2 100 ML30893 Troy 751 251 HLDC45 Warrego No. 1 100 ML30909 Archmedes 751 251 HLDC46 Warrego No. 1 100 ML30911 Wolseley 751 251 HLDC55 Warrego No. 4 100 ML30912 Ivanhoe 751 251 ML30938 EXP195 751 251 ML31123 Gibbet 1 751 251 ML30945 Metallic Hill 751 251 ML31651 White Devil 751 251 ML31074 Rocky Range 751 251 ML32214 Mauretania 1002 02 ML33960 Riesling 751 251 MLC48 Tinto 751 251 ML33965 Carraman / Klond 75 1 251 MLC49 Mt Samuel 75 1 251 ML33978 Mulga 751 251 MLC53 Gold Forty 1002 02 ML34011 Peko 751 251 MLC176 Chariot 1002 02 ML34012 Brolga 751 251 MLC177 Chariot 1002 02 ML34014 Golden Forty 1002 02 MLC342 Tinto 751 251 ML34025 Eldorado 75 1 25 1 MLC520 Great Northern 75 1 25 1 ML34026 Eldorado 751 251 MLC522 Aga Khan 751 251 ML34027 Eldorado 751 251 MLC524 Susan 751 251 ML34028 Comet 751 251 MLC527 Mt Samuel 751 251 ML34030 Traminer 75 1 25 1 MLC528 Dingo, Eldorado 75 1 25 1 ML34031 Lone Star 751 251 MLC555 Curlew 751 251 ML34032 Lone Star 751 251 MLC558 New Hope 751 251 ML34035 Lone Star 751 251 MLC599 Mt Samuel 85 ML34037 TC8 Lease 751 251 MLC617 Mt Samuel 50 ML34038 TC8 Lease 751 251 MLC619 True Blue 85 MLA29527 Wiso 100 MLC644 Enterprise 751 251 MLA29528 Wiso 100 MLC645 Estralita 751 251 MLA29529 Wiso 100 MLC654 TC8 Lease 751 251 MLA29530 Wiso 100 MLC683 Eldorado 751 251 MLA29532 Wiso 100 MLC692 Warrego Mine 100 MLC18 West Gibbet 751 251 MLC705 Apollo 1 100 MLC38 Memsahib East 751 251 Mining Tenements Held at 31 December 2025 (New South Wales, Australia) Tenement Name Interest % EL8463 Wellington 90 EL8464 Fifield 90 EL8590 Kiola 90 EL8766 Greater Kadungle 100 EL8999 Kadungle 89 Notes: 1 Joint Venture earn-in obligation completed on 15 September 2025. Exploration Joint Venture formed resulting in 75% TCMG and 25% ERM ownership. The Transfer of ownership is going through customary process with NT Government and is still ongoing. 2 Joint Venture earn-in obligation completed on 15 September 2025. Small Mines Joint Venture formed resulting in 100% TCMG ownership, ERM retains 6% gross production royalty for gold and precious metals and a 2% royalty on other materials. The Transfer of ownership is going through customary process with NT Government and is still ongoing. For personal use only
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Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity Emmerson Resources Limited ABN Quarter ended (“current quarter”) 53 117 086 745 31 December 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 1. Cash flows from operating activities - - 1.1 Receipts from customers 1.2 Payments for (565) (2,491) (a) exploration & evaluation (b) development - - (c) production - - (d) staff costs (257) (536) (e) administration and corporate costs (226) (401) 1.3 Dividends received (see note 3) - - 1.4 Interest received 43 97 1.5 Interest and other costs of finance paid (5) (10) 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - 173 1.8 Other (provide details if material) - Proceeds received from farmee for exploration - Other - 20 124 37 1.9 Net cash from / (used in) operating activities (990) (3,007) 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment - (5) (d) exploration & evaluation - - (e) investments - - For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 (f) other non-current assets - - 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets 15 15 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities 15 10 3. Cash flows from financing activities - - 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options 3,253 3,253 3.4 Transaction costs related to issues of equity securities or convertible debt securities (25) (25) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (Payments for principal portion of lease liabilities) (14) (27) 3.10 Net cash from / (used in) financing activities 3,214 3,201 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 4,207 6,242 4.2 Net cash from / (used in) operating activities (item 1.9 above) (990) (3,007) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 15 10 For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 4.4 Net cash from / (used in) financing activities (item 3.10 above) 3,214 3,201 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period 6,446 6,446 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 4,144 818 5.2 Call deposits 2,302 3,389 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 6,446 4,207 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 116 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (990) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - 8.3 Total relevant outgoings (item 8.1 + item 8.2) (990) 8.4 Cash and cash equivalents at quarter end (item 4.6) 6,446 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 6,446 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 6.5 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 29 January 2026 Authorised by: the Board (Name of body or officer authorising release – see note 4) For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 6 + See chapter 19 of the ASX Listing Rules for defined terms. Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter , how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee] ”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity , and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. For personal use only