White Devil Gold Resource Grows to 616,200oz with 89% Indicated Classification

• White Devil Mineral Resource Estimate updated to 4.7Mt at 4.1 g/t gold for 616,200oz
• Indicated resources now represent 89% of total, increasing by 18,600oz
• Open pit resource redefined at 2.7Mt at 4.7 g/t gold for 404,400oz
• Feasibility studies commenced to determine development strategy
• Tennant Creek total resource base grows to 7.0Mt at 4.4 g/t gold for 992,200oz

White Devil Resource Update

Emmerson Resources has released an updated Mineral Resource Estimate (MRE) for its White Devil gold deposit located in the Tennant Creek Mineral Field, Northern Territory. The new estimate totals 4.7 million tonnes grading 4.1 grams per tonne gold, containing 616,200 ounces of gold. Notably, 89% of this resource is classified as Indicated, reflecting a significant upgrade in confidence and supporting future development plans.

The open pit portion of the resource has been redefined within a scoping study pit shell, now estimated at 2.7 million tonnes at 4.7 grams per tonne gold, equating to 404,400 ounces. This represents 66% of the global resource and is predominantly Indicated, which is critical for advancing feasibility and reserve estimation.

Strategic Implications and Joint Venture Structure

Emmerson holds a 40% contributing interest in the White Devil project through a joint venture with Tennant Consolidated Mining Group (TCMG), a subsidiary of Pan African Resources. The updated resource and classification improvements come after extensive drilling, 90 reverse circulation holes drilled over 2024 and 2025, and reflect the company’s strategy to expand its high-grade resource base while increasing resource confidence.

Managing Director Mike Dunbar emphasised the rapid progress made in less than a year, from discovery to multiple resource updates and a scoping study, calling White Devil a “game changer” for the company and its JV partner. The conversion of nearly 19,000 ounces from Inferred to Indicated category, especially in shallow zones, is expected to enhance the economics of early mining stages and facilitate the estimation of a maiden Probable Ore Reserve.

Broader Tennant Creek Resource Growth

The White Devil update contributes to a broader increase in the Tennant Creek Mineral Field resource base, which now stands at 7.0 million tonnes grading 4.4 grams per tonne gold for 992,200 ounces. This includes 5.6 million tonnes at 4.8 grams per tonne gold classified as Indicated, underscoring the district’s high-grade potential and Emmerson’s dominant land position.

The deposit’s geology is well understood, supported by a dense drilling database and historical mining records. The mineralisation remains open down dip and along strike, suggesting further upside potential. The deposit sits on a granted mining lease with heritage clearances in place, and proximity to the Nobles Gold Plant owned by the JV partner offers logistical advantages for processing.

Next Steps and Development Outlook

Feasibility studies have commenced to determine the preferred development strategy for White Devil, including metallurgical testing, geotechnical analysis, and cost reviews. The company’s focus will be on converting the Indicated resource into Probable Ore Reserves, a critical milestone for project financing and development decisions.

While the overall increase in contained ounces is modest, the improved classification and open pit resource expansion mark meaningful progress. Emmerson’s ability to claw back to a 40% interest in the major mine joint venture further strengthens its position as the project advances.

Bottom Line?

As feasibility studies progress, Emmerson’s White Devil project is poised to transition from resource growth to development, with market eyes watching closely.

Questions in the middle?

• How will the feasibility study outcomes impact the timing and scale of White Devil’s development?
• What are the potential cost and capital requirements to bring White Devil into production?
• Could further drilling extend the resource beyond current limits, especially down dip and along strike?