EMU NL Identifies Multiple Drill Targets at Yataga, Cash Reserves at $602k

• Yataga Copper Project exploration data aligns with Highland Valley Copper mine characteristics
• Multiple prioritized drill targets identified at Yataga, drilling pending
• Badja Gold Project re-evaluated amid record gold prices and potential resource expansion
• CEO contract terminated; Adrian Griffin appointed as new General Manager
• Ongoing shareholder dispute with Takeovers Panel review delaying EGM resolutions

Exploration Insights at Yataga

EMU NL’s quarterly report for the period ending 31 March 2025 highlights a significant step forward in its Yataga Copper Project in Far North Queensland. The company’s interpretation of 2024 exploration data reveals strong geological and geophysical similarities to the Highland Valley Copper deposit in British Columbia, Canada, the country’s largest open pit copper mine. This comparison underscores the potential scale and quality of the mineralised system beneath the Yataga Igneous Complex.

Geochemical sampling combined with 3D magnetic and chargeability modelling has identified multiple copper-bearing intrusive centres near surface. These targets have been prioritised for systematic drilling, although no field activities were conducted during the quarter. The modelling suggests steeply inward dipping contacts of the host intrusive complex, a hallmark of large-scale porphyry copper systems, which bolsters EMU’s optimism about the project’s potential to become one of Queensland’s most significant copper discoveries in recent years.

Renewed Focus on Badja Gold Project

Meanwhile, EMU has revisited its Badja Gold Project in Western Australia’s Murchison region, driven by a surge in gold prices that have doubled since 2021, now exceeding AUD 5,000 per ounce. The project holds an established resource of approximately 39,400 ounces of gold within 556,000 tonnes at 2.21 g/t, predominantly in Indicated and Inferred categories.

The company’s recent evaluation identified several promising zones adjacent to existing resources, characterized by low drilling density and potential for resource extension or category upgrades. This reappraisal follows EMU’s decision to pause attempts to monetise the asset via sale, citing market offers as undervaluing the project’s potential. A mining consultancy study is underway to explore development pathways that could enhance shareholder value.

Corporate Restructuring and Governance Challenges

On the corporate front, EMU has undergone notable management changes. The company terminated CEO Doug Grewar’s contract during the quarter and appointed Adrian Griffin, a seasoned mining professional, as General Manager shortly after quarter-end. Griffin has taken charge of exploration activities and initiated a comprehensive review of company systems, policies, and stakeholder engagement processes to address identified management gaps.

Simultaneously, EMU faces a shareholder dispute triggered by a Section 249D requisition to replace two directors. The Extraordinary General Meeting originally scheduled for early April has been postponed twice, now set for 14 May, pending a decision from the Takeovers Panel. EMU alleges that the requisitioning shareholders are acting in concert and have made undisclosed acquisitions exceeding 20% voting power, raising concerns about governance and control. The Takeovers Panel initially declined to proceed but has accepted a review submission, leaving the matter unresolved.

Financial Position and Outlook

Financially, EMU reported $141,000 in exploration and evaluation expenditure during the quarter, with no mining production or development activity. The company ended the period with $602,000 in cash and cash equivalents, representing approximately 1.6 quarters of funding at current expenditure levels. EMU is actively negotiating to raise additional capital and holds a Controlled Placement Agreement with Acuity Capital, which could provide further liquidity if activated.

Importantly, no environmental or safety incidents were recorded during the quarter, and the company is progressing reviews of occupational health and safety protocols to support future operations at both Georgetown and Badja projects.

Bottom Line?

As EMU prepares to drill its promising Yataga targets and navigates shareholder tensions, the coming months will be pivotal for its copper and gold ambitions.

Questions in the middle?

• When will EMU commence drilling at Yataga, and what initial results can investors expect?
• How will the Takeovers Panel’s ruling influence EMU’s board composition and strategic direction?
• What are the prospects and timelines for expanding and upgrading the Badja gold resource?