Emu NL has spent FY2026 sharpening its focus onto a single, high-conviction target: the Yataga Copper Project in North Queensland.

The maiden drilling programme at Fiery Creek, our first systematic test of this ground, confirmed copper-silver mineralisation extending well below surface, including intervals of 13 metres at 0.49% Cu and 9.7 g/t Ag, and 3 metres at 0.60% Cu and 13.3 g/t Ag. More importantly, it changed how we understand the system: Fiery Creek now looks like part of a much larger structural-intrusive complex, rather than an isolated vein. That reinterpretation is what has drawn our attention to Yataga Valley itself, seen as the potential core of that system.

We backed this with two capital raisings during the year, a placement and a rights issue, together raising approximately $4.2 million, and simplified our balance sheet by selling the Badja Gold Project for up to $3.51 million in total consideration ($1.31 million received on completion, the rest tied to future gold production milestones). Cash at year end stood at $3,154,265, up from $188,691 twelve months earlier. Net loss for the year was $1,880,523, down from $2,817,077 in FY2025, though this reflects the one-off profit on the Badja sale rather than a change in our underlying spend.

Drilling at Yataga itself began in July 2026, after year end, and is ongoing. It's designed to test whether the mineralisation seen at Fiery Creek forms part of a substantially larger system. Assay results will come through progressively and we'll continue to update the market as they do.

As always with exploration, results are not guaranteed and the company's ability to fund future work depends on ongoing access to capital.

If anything here raises a question, we'd genuinely like to hear it, there's a box on this page for exactly that.