• Emmerson Resources entered into a Scheme Implementation Deed with Pan African Resources to acquire 100% of the issued share capital
• Emmerson shareholders to receive 0.1493 PAN shares (in the form of PAN ASX CDIs) for each Emmerson share held
• The Emmerson Board unanimously recommends that shareholders vote in favour of the Scheme

Emmerson Resources entered into a binding Scheme Implementation Deed with the parent company of its Tennant Creek Joint Venture partner, Pan African Resources plc (PAN), under which PAN will acquire 100% of the issued and outstanding share capital in Emmerson by way of an Australian scheme of arrangement. Under the terms of the Scheme, Emmerson shareholders would be entitled to receive 0.1493 new PAN shares (in the form of PAN ASX listed Chess Depositary Interests (CDIs)) for each Emmerson share held at the Scheme Record Date, representing an implied offer price of A$0.45 for each Emmerson share. The Scheme Consideration values Emmerson at a fully diluted equity value of approximately A$311 million as at 6 March 2026. The Emmerson Board unanimously recommends that 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. Emmerson shareholders representing approximately 31% of Emmerson shares have provided intention statements to vote in favour of the Scheme, subject to no superior proposal emerging and subject to the independent expert concluding that the Scheme is in the best interests of Emmerson shareholders.