GOLD, page-3

ROYALTY PORTFOLIO
Penny’s Find Royalty
Empire is entitled to royalty payments [3] on gold produced from the Penny’s Find Gold Mine
to the extent of 5% of gold recovered up to 50,000 oz and 2.5% on gold produced above that
amount. Empire is also entitled to milestone payment obligations:
Mining commencement payment of $200,000
First gold pour payment of $200,000
Now owned by Horizon Minerals Ltd (ASX:HRZ), the Penny’s Find Gold Mine is located
approximately 45km northeast of Kalgoorlie in the Eastern Goldfields of Western Australia.
On 29 April 2024, Horizon Minerals reiterated their commitment to delivering a Pre-Feasibility
Study (PFS) for the Penny’s Find Gold Mine [1]
. The PFS is expected to include a maiden Ore
Reserve, with a financial investment decision (FID), pending favourable study results, made
thereafter.
This progress towards feasibility study, Ore Reserves and FID at Penny’s Find Gold Mine
comes on the back of an updated JORC 2012 compliant Resource at the Penny’s Find Gold
Mine of 429kt @ 4.57g/t Au for 63,000oz reported by Horizon in December 2023 [2]
. The
December 2023 Resource update represents a 46% increase in global ounces and of
significance, contains 305kt @ 5.19g/t Au for 51,000oz within an Indicated Resource
category.
In its April 2024 quarterly report, Horizon Minerals commented that Penny’s Find presents an
early underground development and production opportunity to generate cash [1]
. Horizon
states that the development of the Penny’s Find Gold Mine would commence following
development of their Cannon Project.
Empire is pleased with the progress Horizon Minerals has made so far and looks forward to
development of the Penny’s Find Gold Mine.
Gnaweeda Royalty
Empire retains a 1% gross revenue royalty on tenement E51/1995 owned by Great Boulder
Resources (ASX:GBR). Empire notes that Great Boulder have been particularly active in the
region at their Side Well Gold Project which is proximal to E51/1995.
Empire looks forward to seeing progress at Gnaweeda under the stewardship of Great
Boulder’s accomplished exploration team.
Diversity Royalty
Empire retains a 1% net smelter royalty on tenement E57/1202 owned by Diversity Resources
Pty Ltd (Diversity). The tenement forms a part of Diversity’s Youanmi Lithium Project. Empire
looks forward to seeing progress on tenement E57/1202 under Diversity’s stewardship.