• Emmerson Resources invoices joint venture partner TCMG for $10.53M minimum production payment
• Payment to be received in 3 equal instalments in April, May and June 2026
• Similar payment expected for Southern Project Area in late May 2026
• Emmerson to be acquired by Pan African Resources via scheme of arrangement

Emmerson Resources Limited (ASX: ERM) has announced that it has invoiced joint venture partner Tennant Consolidated Mining Group (TCMG), a wholly owned subsidiary of Pan African Resources plc (PAN), an amount of $10.53 million (ex GST) by way of the minimum production payment (MPP) payable in relation to the Northern Project Area of its Small Mines Joint Venture (SMJV). The total MPP is to be received in 3 equal instalments, payable in April, May and June 2026. The MPP for the SMJV covering the Southern Project Area (which is subject to gold price movements) is expected to be for a similar amount and will be invoiced in late May 2026. Emmerson has also announced that it has entered into a scheme implementation deed with PAN, pursuant to which PAN has agreed to acquire 100% of the issued share capital in Emmerson via an Australian scheme of arrangement. Under the terms of the Scheme, Emmerson shareholders will receive 0.1493 PAN shares (in the form of PAN ASX CDIs) for each Emmerson share held as at the applicable record date. The Emmerson board unanimously recommends that Emmerson shareholders vote in favour of the Scheme, in the absence of a superior proposal and subject to the independent expert concluding that the Scheme is in the best interests of Emmerson shareholders.