eMetals Limited (ASX:EMT) released its Annual Report for the financial year ended 30 June 2026, outlining exploration activities, financial performance and portfolio developments during the period.

The company reported that its principal activity during FY2026 was mineral exploration across projects located in Uganda and the United States. During the year, eMetals progressed the Acquisition and exploration activities associated with the Mineral Range Tungsten Project in Utah, USA, while also reviewing its broader exploration portfolio.

The FY2026 report highlighted the company’s transition towards advancing the Mineral Range Tungsten Project, including geological mapping, sampling activities, underground reconnaissance and preparation for a planned drilling program. The company also recorded a net loss for the year as exploration activities continued and project expenditure increased.

Company Overview

eMetals Limited (ASX:EMT) is an Australian-listed mineral exploration company focused on identifying and evaluating mineral opportunities. The company’s shares are listed on the Australian Securities Exchange under the ticker code EMT.

During FY2026, the company operated primarily in the mineral exploration sector, with activities centred on projects in Uganda and the United States. The company’s exploration portfolio included the Mineral Range Tungsten Project in Utah, USA, along with gold exploration Assets in Uganda.

The company’s board comprises Mathew Walker as Executive Director, Gary Lyons as Non-executive Chairman and Teck Wong as Non-executive Director.

FY2026 Annual Report Update

eMetals Limited released its Annual Report for the year ended 30 June 2026 on 29 September 2026. emt The company reported a comprehensive loss after income tax of $1.31 million for FY2026 compared with a loss of $1.34 million in FY2025.

The financial results reflected ongoing exploration expenditure and project evaluation activities. The company recorded exploration expenses of $315,431 during FY2026, while Impairment of deferred exploration and evaluation expenditure amounted to $683,624.

At 30 June 2026, eMetals held cash and cash equivalents of $1.79 million compared with $2.77 million at 30 June 2025. Total assets stood at $5.02 million, including deferred exploration expenditure of $3.21 million.

The company’s Operating Activities resulted in net cash used in operations of $856,623 during FY2026. Exploration and evaluation payments totalled $1.15 million during the year, reflecting continued Investment into project activities.

Mineral Range Tungsten Project Update

A major focus during FY2026 was the Mineral Range Tungsten Project in Beaver County, Utah, USA.

On 2 April 2026, eMetals announced an agreement to acquire a 100% interest in 25 mineral claims and 84 mineral claim applications covering approximately 2,072 acres within the Mineral Range Batholith. The project area includes approximately 12 kilometres of strike length with multiple exploration prospects.

During the June quarter, all 84 mineral claim applications were granted. Following the end of the financial year, the company expanded its exploration footprint to 145 mineral claims covering 2,782 acres.

The project area has historical tungsten Mining activity, including past producing mines such as Garnet, Big Pass and Two R’s. The company noted that historical production records provide geological context for exploration activities at the project.

Initial exploration activities included geological and structural mapping, rock chip sampling, underground workings assessment, shortwave ultraviolet scheelite scanning and portable XRF analysis to identify priority drilling targets.

The company collected 42 grab samples from field mapping and underground reconnaissance activities. Several samples returned tungsten grades, including results of 0.74% WO₃, 0.51% WO₃, 0.41% WO₃, 0.36% WO₃ and 0.32% WO₃.

Further underground work was conducted at the historical Garnet Mine, where the company re-entered underground levels and used LiDAR technology to generate three-dimensional models of the workings.

Subsequent channel sampling returned tungsten intersections, including 1.2 metres at 0.76% WO₃, 5.5 metres at 0.18% WO₃ and 1.5 metres at 0.27% WO₃.

The company also completed re-assay work on historical samples using a lithium-borate fusion XRF method. The re-assay results reported higher tungsten values compared with earlier results, with samples returning grades including 3.83% WO₃, 1.91% WO₃, 1.66% WO₃ and 0.95% WO₃.

Uganda Gold Project Portfolio Changes

During FY2026, eMetals also reviewed its Uganda-based gold projects.

The Busia Gold Project, located within the Busia Greenstone Belt in southeastern Uganda, underwent soil sampling activities during the financial year. The company completed a phase two soil sampling program consisting of 482 samples and collected additional rock-chip samples.

Following the reporting period, the company issued a notice of intent to withdraw from the Busia Gold Project.

The company also issued a notice of intent to withdraw from the Mubende Gold Project after the end of the financial year.

Industry Context

The global tungsten market is influenced by Demand from industrial applications, including manufacturing, mining tools, energy and technology-related uses. Exploration companies seeking tungsten deposits typically focus on geological potential, resource definition and project development pathways.

For exploration companies such as eMetals, project advancement depends on geological results, regulatory approvals, funding availability and the ability to define economically viable mineral resources.

The company’s FY2026 activities reflect the exploration stage of its projects, with Mineral Range Tungsten Project activities focused on geological understanding, sampling and preparation for further drilling.

Following the end of FY2026, regulatory approvals were obtained for a 17-hole drilling program at the Mineral Range Tungsten Project, with drilling planned to test the tungsten-mineralised horizon and assess mineralisation continuity.

Risk and Uncertainties

eMetals Limited remains exposed to risks associated with mineral exploration activities, including geological uncertainty, exploration success, funding requirements, regulatory approvals and Commodity market conditions.

The company stated that it has not yet defined a JORC Code-compliant mineral resource on its current projects. Exploration outcomes may change as additional geological information becomes available.

The company also noted that exploration and development activities may require additional funding. There is no assurance that future Capital requirements will be available on suitable terms when required.

Environmental approvals, government regulations, infrastructure availability and operational conditions may also influence project timelines and exploration activities.

Future Outlook

eMetals Limited’s near-term focus remains on advancing exploration activities at the Mineral Range Tungsten Project. The company plans to continue evaluating geological data, progressing drilling activities and assessing exploration potential.

The company also continues to review commercial opportunities within and outside the mining sector.

The next phase of activity will depend on exploration results, project evaluation outcomes and funding requirements as the company progresses its mineral exploration strategy.