The White Devil project is currently an Exploration Joint Venture comprising 75% Tennant Mining (TCMG), a wholly owned subsidiary of Pan African Resources, and 25% Emmerson Resources Limited (ERM). The anticipated ownership structure for a Major Mine Joint Venture is 60% TCMG and 40% ERM.
Any major discovery or extension to an existing mine with a Scoping Study containing more than 250,000 oz of gold, as at White Devil, will be treated as a separate Major Mine Joint Venture. Emmerson may either maintain its equity by contributing 25% or elect to be free carried at 10% through completion of a Definitive Feasibility Study (DFS). While contributing, ERM may claw back 15% to re-establish a 40% interest in the Major Mine, subject to certain conditions. Emmerson has advised Tennant Mining of its intention to contribute to ongoing activities at White Devil and to exercise its clawback rights. Accordingly, the Company will retain a 40% contributing interest in the White Devil Project.

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