Emmerson Resources (ERM) H2 2024 earnings summary

Executive summary

• Focused on high-grade copper, gold, cobalt, and bismuth exploration at Tennant Creek (NT) and Macquarie Arc (NSW), with a growing royalty business model through joint ventures.

• Major advances include new mineral resource estimates at Golden Forty and Eldorado, and the first Ore Reserve in Tennant Creek in 20 years.

• Construction of the Nobles CIL gold processing facility by JV partner TCMG is underway, targeting commercial production by September 2025.

Financial highlights

• Net loss for FY24 was $2.94 million, compared to a $2.59 million loss in FY23.

• Revenue and other income decreased to $433,000 from $930,000 year-over-year, mainly due to lower interest and consulting fees.

• Cash balance at 30 June 2024 was $2.7 million, down from $5.3 million at prior year-end.

• Exploration expenditure was $1.46 million, down from $1.76 million in FY23.

Outlook and guidance

• Ongoing exploration and development at Tennant Creek and NSW projects, with a focus on identifying commercial resources.

• Nobles CIL facility expected to unlock value from stranded high-grade gold deposits, with commercial production targeted for Q3 2025.