** Shares of Australia's Emmerson Resources ERM.AX rise as much as 16.7% to A$0.385, their biggest intraday gain since September 8, 2025

** The mineral explorer says it agrees to be acquired by Pan African Resources PAFR.L, parent company of co's joint venture (JV) partner, Tennant Creek

** Co says under the deal, Emmerson shareholders will receive 0.1493 new PAN shares for each Emmerson share, valuing the deal at nearly A$311 million ($217.02 million)

** The deal, at an implied offer price of A$0.45 per share, marks a 36.4% premium, as of the company's last close

** The company's board unanimously recommends that shareholders vote in favour of deal

** The stock is up 38.9% YTD, including the day's moves

($1 = 1.4331 Australian dollars)

(Reporting by Aamir Sheik Khalid in Bengaluru)

((Aamir.SheikKhalid@thomsonreuters.com))