Ann: Presentation Mining the Territory-ERM.AX, page-6

ERM has a market cap of $m50 and an exploration budget of $m15.
ERM has a very prospective 2,500 square kilometres of land
which has previously produced many tons of gold.
The earlier exploration was only to a shallow depth.
I reckon that before ERM proves up much more gold the company will be taken over by EVN.
EVN has shown it has the ability to quickly raise huge
amounts of cash and is keen to grow by acquiring while the targets are cheap.
EVN already owns 13% of Emerson.
If Evolution offered 40 cents per share it would cost them about $m130.