Salave Project Faces Delay as EMC Gold Pulls Back PIER Bid Amid Regulatory Challenges

Strategic Pause on Salave PIER Application

In a notable regulatory development, EMC Gold Corporation formally withdrew its application for the Salave Gold Project to be declared a Project of Strategic Interest (PIER) in Asturias, Spain. This move, announced in November 2025, allows the company to regroup and submit a more robust application in the future, incorporating additional evidence to underscore the project's value to the local and regional community.

The withdrawal signals a cautious but strategic approach by EMC Gold, aiming to strengthen its case amid evolving stakeholder expectations and regulatory scrutiny. It also reflects the complexities of advancing a major mining project within a sensitive environmental and social landscape.

Community Support and Engagement

EMC Gold’s recent community survey revealed that 63.5% of local residents support the Salave project, contingent on the company fulfilling its environmental and social commitments. This growing local backing is a positive sign for the project’s social licence to operate, which is critical for long-term success in mining ventures.

Such community engagement efforts suggest EMC Gold is prioritising transparent dialogue and responsible development practices, which may ease future regulatory hurdles and foster stronger partnerships with local stakeholders.

Capital Injection from Spanish Investors

Financially, EMC Gold bolstered its position by completing an equity placement that raised approximately €2.64 million from a group of respected Spanish and Asturian high-net-worth investors. The funds, raised at AUD$0.059 per share equivalent, are earmarked for advancing detailed engineering work on the Salave project.

This capital injection not only provides essential funding but also signals confidence from regional investors who are likely familiar with the project's local significance. It also underscores EMC Gold’s commitment to disciplined financial management while progressing technical development.

Exploration and Corporate Updates

Meanwhile, exploration activities at the Ivan Well licence in Western Australia remained dormant during the quarter, indicating a focus on the flagship Salave project for now. The company also completed a corporate rebranding, changing its name from Black Dragon Gold Corporation to EMC Gold Corporation and adopting the new ASX ticker code EM3, effective December 2025.

At quarter-end, EMC Gold held CAD$4.836 million in cash, maintaining a solid liquidity position to support ongoing project development. Related party payments amounted to CAD$97,000, primarily for director fees and salaries, reflecting standard corporate governance costs.

Looking Ahead

With the PIER application withdrawal behind it and fresh capital in hand, EMC Gold is poised to refine its regulatory strategy and advance engineering efforts at Salave. The company’s ability to navigate local community expectations and regulatory frameworks will be pivotal in the coming months.