Emmerson Resources (ERM) Investor presentation summary

Transaction overview

• Acquisition by Pan African Resources for A$311 million via Scheme of Arrangement, offering A$0.45 per share, representing an attractive premium for shareholders.

• Shareholders to receive 0.1493 PAN shares (in the form of ASX CDIs) for each share held, with major holders representing ~31% indicating support, subject to conditions.

• Scheme subject to shareholder approval in mid-June 2026 and other customary conditions, with implementation expected soon after.

• Immediate value realization and ongoing exposure to Tennant Creek JV and a robust gold producer post-transaction.

Corporate and financial snapshot

• Share price at A$0.38 (as of 1 May 2026), market cap of A$253 million, and cash balance of A$5.4 million as of 31 March 2026.

• 665 million ordinary shares on issue and enterprise value of A$247 million.

• Major shareholders include Noontide Investments (19%), Konwave Gold Fund (9%), Patronus Resources (8%), and others.

Pan African Resources profile

• Diversified gold producer with operations in South Africa and Australia, targeting production above 275koz in FY26.

• Holds large-scale gold resources (~43Moz) and reserves (~13Moz), with a strong track record of investor returns and sector-leading dividends.

• Operates high-margin, long-life mines with a robust balance sheet and experienced management.