Emmerson Resources' (ASX:ERM) growing inventory at the Tennant Creek joint venture project in the Northern Territory, combined with access to joint venture partner Pan African Resources's third‐party processing infrastructure, provided both uncapped gross production royalties of 6% and 40% direct production exposure from the White Devil deposit, amplifying the underlying asset value, according to a Friday note by Euroz Hartleys.

The mineral resource estimate for the firm's White Devil gold deposit grew to 616,000 ounces of gold at 4.1 grams per tonne grade of gold. It qualified as a "Major Mine" under the joint venture with Pan African, allowing Emmerson to retain a 40% contributing interest.

On the current 200,000 ounce reserve quoted by Pan African, Emmerson could receive around AU$60 million, based on a gold price of AU$5,000 per ounce, or around AU$85 million, using the current spot gold price of AU$7,000 per ounce. Emmerson is set to receive a minimum production payment of over AU$20 million, with payments commencing in April.

The investment firm maintained its speculative buy rating on Emmerson Resources and raised the price target to AU$0.50 per share from AU$0.40 per share.