Highlights

  • EMC Gold assessed alternative Salave development routes following an April court ruling, without announcing a revised plan or timetable.
  • The company appointed Spain-based Agne Ahlenius as chief executive and executive director from July, alongside other board role changes.
  • Proposed executive performance rights depend on shareholder approval and specified Salave environmental and municipal outcomes that have not yet occurred.
  • EMC closed September with A$4.171 million cash, no debt facilities and no new drilling results or development decision.

Salave’s development route remains unresolved as EMC Gold Corporation (ASX:EM3) changes its leadership and continues stakeholder discussions in Spain. The September 2026 quarterly report follows an April High Court of Asturias ruling and records assessment of alternative pathways. It announces no revised development plan, financing event or investment decision, with cash closing at A$4.171 million.

Salave Approvals Remain Central

The wholly owned gold project lies in Asturias, northern Spain. After the High Court ruling on 1 April 2026, EMC continued engagement with stakeholders and reviewed possible development routes.

The report does not define the consequences through a revised plan or dated schedule. Environmental assessment and municipal planning outcomes remain among the objectives ahead.

Agne Ahlenius became chief executive and executive director on 6 July following the 3 July announcement. He is based in Spain and has more than 35 years of mine development, operations and stakeholder engagement experience.

Mr Lavandeira became non-executive chairman, while Mr Roberts moved from executive chairman to non-executive director.

Resources and Incentives Have Different Conditions

The company cites a NI 43-101 resource estimate dated 31 March 2025. Measured material comprises 1.03 million tonnes at 5.59 grams per tonne gold, containing approximately 190,000 ounces.

Indicated material totals 7.18 million tonnes at 4.43 grams per tonne for around 1.02 million ounces. Inferred material is 3.12 million tonnes at 3.47 grams per tonne for approximately 350,000 ounces.

EMC says it is unaware of new information materially affecting the estimate. The categories describe resources rather than reserves, with Inferred carrying the lowest geological confidence.

The chief executive’s proposed five million performance rights are split into two equal tranches and require shareholder approval. Vesting is linked to a positive formal Environmental Impact Assessment outcome and Tapia municipal urban planning and modification permits. Neither approval outcome has been achieved.

Cash Position Supports Ongoing Assessment

Net operating cash outflow was A$367,000. Cash declined from A$4.484 million at the start of the quarter to A$4.171 million, held entirely in bank balances.

Option exercises supplied A$104,185 before costs. On 28 September, the company issued 3,472,820 CDIs at A$0.03 each; the exercised options have a stated expiry of 14 June 2027.

EMC has no debt or credit facilities and estimates approximately 11.4 quarters of funding at the current spending rate. That calculation would change with increased activity. Related-party payments for director fees and salaries were A$86,000.

No tenements were acquired or disposed of during the period, and the company holds none in Australia. Its Salave investigation permit expires on 10 February 2028.

The outstanding objectives are stakeholder engagement, evaluation of alternative routes, environmental and municipal approvals and shareholder approval of the performance rights. None is assigned a completion date. The company has no revenue and continues relying on existing cash.