The JV has to the end of 2025 to process 60,000oz and pay ERM 6%...

The JV has to the end of 2025 to process 60,000oz and pay ERM 6% or they have to pay the equivalent which is roughly $10m
From the 2023 Annual report:
Our emerging gold royalty business in Tennant Creek, is underpinned by a strategic alliance with our
partner, Tennant Consolidated Mining Group (TCMG). This alliance consists of both Exploration (EEJV)
and Mining Joint Ventures (SMJV), with the mining and processing within the SMJV areas undertaken
by TCMG in return for Emmerson receiving a free carried, 6% royalty on production. TCMG has
purchased a CIL mill and has stated it is on schedule to relocate it to the TCMF in 2023. Under the terms
of the SMJV, the minimum production royalty is a guaranteed 6% of 60,000oz of gold production, or the
equivalent cash payment of any shortfall at the expiration of the five year earn-in period.
Under the EEJV, Emmerson is the manager and operator and TCMG must complete exploration funding
of $10.5m over a five-year period across the project area to earn a 75% interest. In addition, Emmerson
can earn a direct 40% equity interest in any major mine discovery within the SMJV areas (Major Mine
discovery is defined as >250,000oz gold equivalent)