Emmerson Resources (ASX:ERM) has completed a Scoping Study for its White Devil Project in the Northern Territory, indicating a significant mine development opportunity. Emmerson Resources is a Perth-based explorer with an emerging gold royalty business. The company holds a large tenement package in the Tennant Creek Mineral Field in the Northern Territory.
The study suggests that White Devil is relatively insensitive to gold price fluctuations. The project qualifies as a major mine under the joint venture agreement with Tennant Mining, allowing Emmerson to retain a 40% contributing interest. The study outlines a low pre-production capital cost of $11.8 million, with peak capital requirements reaching $32.8 million by month 12 of operations.
The White Devil project anticipates a seven-year mine life, processing 650,000 tonnes per year through the existing Nobles carbon-in-leach facility. Average annual production is projected at 64,000 ounces. The study demonstrated a high conversion rate of the project’s mineral resources into viable mine designs. White Devil’s resource comprises 4.2 million tonnes at 4.2 grams per tonne of gold, totalling 611,400 ounces.
Managing Director Mike Dunbar noted that the project progressed from initial resource identification to a completed Scoping Study in under six months. Dunbar highlighted the potential for strong financial returns, stating that the base case, using a gold price of $5,000 per ounce, resulted in substantial operating free cash flow and a competitive operating cost of around $2,050 per ounce. Emmerson and its joint venture partner, Pan African Resources, are fast-tracking the Feasibility Study, with completion expected in the first half of FY26.
