White Devil Gold Deposit Upgraded to 611,400oz with A$890M NPV

A Transformational Quarter for Emmerson Resources

Emmerson Resources Limited has delivered a pivotal update for investors and the mining sector with its June 2025 quarterly report, highlighting a major leap forward at the White Devil gold deposit in the Northern Territory’s Tennant Creek Mineral Field. The recently completed scoping study confirms White Devil’s status as a major mine joint venture (JV) asset, underpinning Emmerson’s 40% contributing interest alongside JV partner Tennant Mining, a subsidiary of Pan African Resources.

The study’s robust findings reveal a high conversion rate of the mineral resource into conceptual mine designs, with an upgraded Mineral Resource Estimate (MRE) of 4.6 million tonnes at 4.2 grams per tonne gold, equating to 611,400 ounces of contained gold. This resource supports a seven-year mine life, combining open pit and underground operations with a projected average annual production of approximately 64,000 ounces.

Financial and Operational Highlights

Financial metrics from the scoping study are compelling. The project’s pre-production capital cost is notably low at A$11.8 million, with peak capital requirements peaking at A$32.8 million in the first year. Operating costs are estimated at around A$2,050 per ounce, positioning White Devil competitively in the current gold market. The base case pre-tax net present value (NPV) at an 8% discount rate is estimated at A$890 million using a conservative gold price of A$5,000 per ounce, with operating free cash flow projected at A$1.27 billion.

Importantly, the study’s sensitivity analysis shows the project remains economically viable even at a gold price of A$4,000 per ounce, more than 20% below current spot prices, underscoring its resilience to market fluctuations. Emmerson’s Managing Director Mike Dunbar emphasised the significance of the nearby Nobles CIL processing facility, owned by Tennant Mining, which commenced commercial production during the quarter. This infrastructure reduces capital intensity and accelerates the path to cash flow.

Advancing Towards Feasibility and Production

Following the positive scoping study, Emmerson has already initiated feasibility study activities, including geotechnical diamond drilling to refine mine designs and support environmental permitting. A 5,000-metre reverse circulation drilling program recently completed aims to extend the resource and enhance confidence in the deposit’s western extensions, with assay results expected soon.

The company’s broader Tennant Creek portfolio has also grown substantially, with the total mineral resource base increasing by 162% to nearly one million ounces of gold. This growth, combined with the strategic alliance between Emmerson, Tennant Minerals, and CuFe Limited, aims to explore shared processing facilities for copper, gold, and critical minerals, potentially revitalising the region’s mining sector.

Corporate Strength and Outlook

Emmerson maintains a strong financial position with A$6.2 million in cash and no debt, providing a solid foundation for ongoing exploration and development. Recent board renewals reflect a streamlined governance structure aligned with the company’s growth phase. The company’s royalty interests in the Small Mines Joint Venture are poised to generate revenue as Tennant Mining ramps up production, with minimum production payments potentially delivering approximately A$18 million in staged payments by mid-2026.

Looking ahead, Emmerson plans to update the White Devil MRE following new drilling results, progress feasibility studies, and advance environmental permitting. Exploration efforts continue across its 100% owned projects, including the Hermitage copper-gold project, supported by the strategic alliance’s collaborative approach.