Member Info for viable

It probably remains a buy even if Au drops a bit more. CL's calcs are consistently based at circa ~$4k/oz and mine programme plans are based on a reasonable payback term. We may only see a £2 target when White Devil and Mogale expansion get going.

. . . roadshow downunder starts within days. Locals are showing interest. Gecko, Orlando and Warrego generally are the next link in the chain. Au and Cu separation and processing technology deserve study.

Treading water.

Bearing in mind the CuFe video was in December 25 the story has moved along since. Relevance is @ circa 19 mins although the whole Nt segment is worth noting. The PAF connec5ion was already well established.

https://www.youtube.com/watch?v=wePSKo8_PyE&t=1073s

The 14:58 m/mx report looks about right and corresponds with my Poplar/Egoli/Rolspruit enquiry outcome. An open-pit restart at Poplar looked favourable but CL once again shows a cool head. Also Tennant Minerals (TMS) has just released a promo vid on its ops featuring Bluebird. Babbler immediately on its southern flank looks even more promising. However, the TCMG loose association together with existing CIL setup is so complex it is best bypassed for the present. Hendrik P's guidance is to the fore around Barkly.

Company management will be busy in Sydney and onsite in July. The story is ongoing..

@ 10:52 - CL's capex signals were reasonably clear. Expenditure will be tailored and adjusted according to FY2026 results . . . effectively a policy of one step at a time. I don't see any danger of overreach. Presentation well worth a second hearing. It had a lot of detail in it.

@ 10:32 - correction / next Oz update of any significance will be in July.

Bustard - next major Oz news in August. UK analysts have been briefed. And there's a lot going on. Evidence suggests funds/instis are very busy. First week of trading on ASX should be an indicator. (Au climbing back to $5,000/oz would help, of course.)

. . . the detail

https://wcsecure.weblink.com.au/pdf/CUF/03101428.pdf

https://www.msn.com/en-au/money/general/15m-investment-places-cufe-tennant-creek-projects-on-fast-track/ar-AA23whOD

Https://stockhead.com.au/resources/cufe-scales-up-gecko-copper-gold-resource-confidence/

Yes, I have had positive stuff on NT: we will get at least two updates by August. My impression is the weight of near-term progress will be from the 1,800 sq km.

Note received from ERM - "Emmerson is pleased to announce that the Supreme Court of Western Australia (Court) has today made orders approving the Scheme.

Emmerson intends to lodge an office copy of the Court's orders with the Australian Securities and Investments Commission on Monday, 22 June 2026, at which time the Scheme will become legally Effective. Emmerson expects that ASX will suspend Emmerson Shares from trading on ASX with effect from the close of trading on Monday, 22 June 2026."

I may write to PAF at some point . . . . advised extra SA staff have been added to NT ops)

The key dates and times for the implementation of the Scheme are in the Indicative Timetable included in the announcement linked below.

@ 14h00 tomorrow

Expecting news on Evander basin incl Poplar, Egoli and Rolspruit plus Mogale expansion. Downunder following strengthened SA management team knowhow Warrego/Gecko/Orlando developments are anticipated together with White Devil hurry-up.

(Also worth revisiting Harmony history on Evander basin acquisition which Jan Nelson got over the line in 2012 for R1.7bn. See https://www.har.co.za/09/res_res_evander.htm)

Summary, at the Scheme Meeting:

• 78.7% of Emmerson Shareholders present and voting at the Scheme Meeting (in person or by proxy, attorney or corporate representative) were in favour of the Scheme Resolution; and

• 90.81% of the total number of votes cast by Emmerson Shareholders at the Scheme Meeting were in favour of the Scheme Resolution.

Impressive stuff. Big future ahead esp when Karo (24k ha) gets over the line.

Https://www.panafricanresources.com/wp-content/uploads/2026/06/Pan-African-Resources_Investor-Presentation_June-2026c.pdf

Plenty to absorb. Poplar project included (hadn't realised 100koz pa ambition)

Https://www.panafricanresources.com/wp-content/uploads/2025/09/Barberton-Mines.pdf

(https://www.panafricanresources.com/mining-operations/fairview/)

Https://www.bing.com/videos/riverview/relatedvideo?q=pan+african+gold+news&mid=D87617EC33FC3C39A907D87617EC33FC3C39A907&churl=&FORM=VIRE

I heard Poplar is still very much on the table, and further confirmed in the Stockbox interview. Au @ $4k is a bit of a downer but not fazing the company calcs. $200m in the kitty . . . pressing ahead with NT programme . . . White Devil and Orlando results and updates to come.

In view of invaluable BIOX tech ihttps://www.panafricanresources.com/mining-operations/fairview/ntroduced at Fairview and mining ops' knowhow @ 2.4 km depth I do not believe PAF will remain a Tier 2 outfit for long.

Https://www.miningweekly.com/article/rome-resources-starts-north-american-critical-metals-exploration-programme-2026-06-09

More detail to be found above on Mt Pleasant

Https://www.msn.com/en-za/news/other/sa-mining-sector-jolted-by-government-chrome-tax-beneficiation-proposals/ar-AA25cXIH?ocid=BingNewsSerp

. . . consequences uncertain. Hoping for some clarity.

Https://www.listcorp.com/asx/cuf/cufe-ltd/news/orlando-mineral-resource-estimate-update-3329471.html

As the project looks to be pretty well nailed on the link above should be kept as a reference. It will shortly be updated. The analysis is comprehensive.

(Whereto the gold price !)

A stone's throw from White Devil on the Peko road, all three within a straight-line 20 km of one another See commentary @.

ttps://stockhead.com.au/resources/copper-crunch-puts-juniors-in-the-deal-room/

I have had info in past two days although it doesn't include anything on Poplar. There's a hurry-up underway.

CuFe cash injection could be a gamble but SA team must be seeing promise in the modelling at three sites. Cu assays especially could be high grade.