Proposed acquisition of Emmerson Resources and strategic stake in CuFe
The acquisition of Emmerson consolidates the Pan African Resources’s position in the prospective Tennant Creek mineral field in the Northern Territory, Australia. The successful conclusion of the transaction will deliver 100%-ownership of a strategic asset and eliminates the complexity associated with the existing joint venture arrangements.
As part of the transaction, Pan African will also undertake an Australian Securities Exchange (ASX) listing, reflecting its long-term commitment to the Australian market.
The Scheme Meeting of Emmerson shareholders to approve the Scheme will be held on Monday, 15 June 2026. Subject to the conditions of the Scheme being satisfied, or waived (as permitted), the Scheme is expected to be implemented on Wednesday, 1 July 2026. This date is indicative only and subject to change. Any changes will be announced and will be available under Pan African’s and Emmerson’s profiles on their relevant exchanges.
On 19 May 2026, the Group acquired a 15% strategic investment in ASX-listed CuFe for ~A$15.35 million. CuFe’s advanced Gecko and Orlando projects have synergies with the Group’s Warrego project, which is the largest copper and gold resource in Tennant Creek and with historical production from these projects previously having been processed jointly.
In connection with the Group’s investment, CuFe has committed to form a technical working group, comprising representatives of Pan African, to investigate (amongst other things) potential synergistic benefits associated with the development of these projects.
Cobus Loots, Pan African’s chief executive officer, commented: It has been an exceptional year for Pan African Resources, with the Group set to achieve its record gold production target, increasing gold output by some 40% year-on-year. Financially, the Group has never been in a stronger position, with the growth in gold production achieved in a sustained high gold price environment, allowing us to accumulate a projected US$220 million of cash on the balance sheet by financial year end, despite the significant investments into production growth and dividends paid to shareholders. Our very robust financial position will allow us to continue our considered growth trajectory, executing into initiatives to expand annual gold output to 300,000oz and beyond, while also further increasing cash returned to shareholders.
The strong operational performance from our South African portfolio offset the slower-than-anticipated production ramp-up from Tennant Mines. In the next financial year, we expect a much improved performance from Tennant Mines, with a full year of mining from the high-grade White Devil deposit, and a clear pathway to growing Australian gold production to ~100,000oz per annum in the next three years. In addition, we anticipate increasing gold production from MTR in the next years, with the Soweto Cluster DFS now nearing completion.
The conclusion of the Emmerson transaction will see Pan African consolidate the Tennant Creek goldfield, and we look forward to welcoming the Emmerson shareholders onto our register as we also complete our listing on the Australian Stock Exchange, subject to the implementation of the transaction.”
