Annual Report ML 30177 North Star 15 April 2014 to 14 April 2015

Abstract

During the reporting period no exploration activities were conducted due to corporate reasons, which entailed the seeking of a Joint Venture (JV) Partner or further funds to continue exploration in the Tennant Creek area and more specifically ML 30177. Emmerson succeeded in securing Evolution as a Joint Venture Partner who has committed to spend $25M over the next 5 years. Following the formation of this JV, Emmerson has commenced exploration activities and will evaluate the prospectivity and then rank work for the title as per its prospectivity in comparison to the other 476 titles Emmerson explores in Tennant Creek. The North Star title contains the historical Northern Star open pit and clearly identified anomalous zones warranting further exploration and detailed follow-up and also non JORC compliant resources that require further work to increase their confidence and promote them to JORC compliant and eventual mining and production. Giants Reef detailed the non JORC compliant resource estimates at Jasper Hill, Katherine Star and Hermitage; Jasper Hill - 7,573oz Au @ 15.1g/tAu, 12,930t Cu @ 4.75%Cu, Hermitage - 19,290oz Au @ 5g/t Au, 3,600t Cu @ 3%Cu, Katherine Star - 2,878oz Au @ 1.2g/t Au, 3,961t Cu @ 5.3%Cu. Emmerson considers the title to be of high value for its identified insitu resources and further exploration potential, but future exploration will be dependent on future access granted by Traditional Owners. Currently the group has a number of excluded areas, but Emmerson will continue to operate with best practices within the areas we can work and continue consultation and dialogue with the Traditional Owners with the aim of gaining full access in the future. Further to this and following the success and leaps in knowledge acquired from the 'Proof of Concept' drilling at Gecko the North Star title requires re-evaluation with the aim of identifying further drill targets for testing and evaluation.