Pan African to buy Emmerson in $219M all-share deal

Staff Writer | March 9, 2026 | 6:03 am Markets Regulatory Issues Africa Australia Gold

White Devil deposit, located in central Northern Territory, Australia. (Image courtesy of Emmerson Resources.)

South african gold miner Pan African Resources (JSE: PAN)(LON: PAF) will acquire Australia’s Emmerson Resources (ASX: ERM) in an all-share transaction valuing the company at about A$311 million ($219M).

Emmerson shareholders will receive 0.1493 new Pan African shares for each Emmerson share they hold, issued as CHESS Depositary Interests (CDIs) so the foreign-listed shares can trade on the Australian Securities Exchange. The acquisition will proceed through an Australian court-approved scheme of arrangement and requires approval from at least 75% of votes cast by Emmerson shareholders at a meeting expected in mid-to-late June 2026.

The transaction consolidates Pan African’s control of the Tennant Creek mineral field in Australia’s Northern Territory, where the companies already operate a joint venture in which Pan African holds 75% and Emmerson owns the remaining 25%. Pan African entered the partnership when it acquired the Tennant Consolidated Mining Group in 2024.

Pan African chief executive Cobus Loots said the acquisition is a logical next step that will allow the company to optimize project sequencing and capital allocation across Tennant Creek.

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Emmerson chairman Mark Connelly noted the deal provides access to the Nobles processing facility while aligning both companies’ shareholders in developing the mineral field. He said the transaction offers investors an immediate value realization event at an attractive premium and exposure to a larger, more diversified and better-capitalised gold producer.

Emmerson’s board has unanimously recommended the scheme. Shareholders representing about 26% of the company’s issued shares, including Noontide Investments with about 19.1% and TA Private Capital Security Agent with roughly 6.9%, have already indicated they intend to vote in favour of the proposal.

As part of the deal, Pan African will seek a foreign exempt listing on the Australian Stock Exchange, allowing Emmerson investors to trade their Pan African CDIs on the ASX after completion. The company’s primary listings on the London Stock Exchange and Johannesburg Stock Exchange will remain unchanged.