Highlights

• EMC Gold Corporation whose CHESS Depositary Interests trade on the ASX, has released its quarterly report for the.

• The company received A$104,000 during the quarter from the exercise of 3,472,820 options at A$0.

• Payments to related parties totalled A$86,000 in the quarter and related to director fees and salaries, including the.

• On tenure, the Salave investigation permit expires on 10 February 2028, while the main concessions expire between 2037.

EMC Gold Corporation (ASX:EM3) — whose CHESS Depositary Interests trade on the ASX, has released its quarterly report for the period ended 30 September 2026. The company said it continued to assess alternative development pathways for its 100%-owned Salave gold project in Asturias, northern Spain, following a ruling by the High Court of Asturias on 1 April 2026. The report does not describe the outcome of that ruling.

Cash position and spending

EMC Gold had cash of A$4.171m at quarter end, down from A$4.484m at the end of the previous quarter. Operating cash outflow for the quarter was A$367,000, bringing the year-to-date figure to A$1,164,000. Exploration spending was A$183,000 for the quarter and A$455,000 year to date.

The company received A$104,000 during the quarter from the exercise of 3,472,820 options at A$0.03 each, with the remaining options expiring on 14 June 2027. EMC Gold said it has no debt and no other financing facilities in place. On its own calculation, current cash covers about 11.4 quarters at the present rate of spending, which means the additional funding questions in the Appendix 5B were not required. There are 411,809,564 CDIs on issue.

Payments to related parties totalled A$86,000 in the quarter and related to director fees and salaries, including the chief executive's salary.

The Salave project and its resource

Salave is the company's sole asset. The report restates a Mineral Resource estimate prepared by Bara Consulting under the Canadian NI 43-101 standard in March 2025. It comprises:

- Measured: 1.03 million tonnes at 5.59 g/t gold for 0.19 million ounces

- Indicated: 7.18 million tonnes at 4.43 g/t gold for 1.02 million ounces

- Inferred: 3.12 million tonnes at 3.47 g/t gold for 0.35 million ounces

These are previously published figures rather than new results. The report does not mention any drilling activity during the quarter, and no tenements were acquired or disposed of. The company holds no Australian tenements.

On tenure, the Salave investigation permit expires on 10 February 2028, while the main concessions expire between 2037 and 2048.

Leadership changes and incentives

The board has changed in the period. Agne Ahlenius was appointed Chief Executive Officer and Executive Director with effect from 6 July 2026. Mr Lavandeira became Non-Executive Chairman and Mr Roberts became a Non-Executive Director.

Mr Ahlenius's long-term incentive consists of 5,000,000 performance rights in two equal tranches. they vest on a positive formal outcome on the Salave Environmental Impact Assessment and on Urban Planning and Modification Permit approvals from the Tapia municipality. The issue of these rights requires shareholder approval. The structure links his incentive to the regulatory milestones that the project still needs to clear.

Risks and caveats

The central uncertainty for investors is regulatory. Salave's development depends on environmental and planning approvals in Spain, and the company has not told the market in this report how the April court ruling affects its route to those approvals beyond describing a review of alternative pathways. The resource is held in the measured, indicated and inferred categories under NI 43-101, and inferred resources carry lower geological confidence.

Readers should also note some inconsistencies in the filing. The tenement table shows a subtotal of 661.97 hectares but a total of 3,316.97 hectares, without explanation, and parts of the text are garbled.

What to watch

The report does not set specific dates for regulatory decisions. Confirmed items include the shareholder approval needed for the chief executive's performance rights, the 14 June 2027 expiry of the listed options, and the 10 February 2028 expiry of the investigation permit. Any further update on the alternative development pathways for Salave would be the main development to follow.