ASX:EMU - Badja Sale Agreement Milestone Payments

Badja Sale Agreement Milestone Payments

Released 12 Nov 2026 - 9:43 AM

We want to flag some good news about an asset we sold previously.

Back in September 2025, we sold Coruscant Minerals to Badja Gold. Part of that deal included A$2,200,000 in deferred milestone payments, with a clause that accelerated those payments if Badja on-sold Coruscant within five years.

That trigger has now been pulled. Catalina Resources announced on 10 November 2026 that it has signed a binding conditional agreement to acquire Coruscant from Badja, with completion targeted by the end of January 2027.

If that sale completes, which depends on Catalina shareholder approval and the usual government licence approvals being satisfied or waived by 31 January 2027, Emu becomes entitled to the full A$2,200,000 in milestone payments on completion.

It's worth being clear about what this is and isn't. The conditions sit with Catalina and Badja, not with us, so completion isn't in our hands. But if it goes ahead as planned, it brings forward money we might otherwise have waited years to see, tied to production milestones that hadn't yet been reached.

We'll update the market as this progresses toward the January 2027 completion target.

If you have questions about this announcement, you're welcome to raise them through our investor hub.

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