Key Highlights

  • Five holes totalling 321 metres intersected three garnet-rich skarn horizons, and scheelite was seen under ultraviolet light in all three.
  • SK2 averaged 13.9 metres downhole, about 10 metres estimated true thickness, and SK1 averaged 5.5 metres downhole.
  • Cash of $1.54 million at 30 September gave an estimated 6.26 quarters of funding, but drilling will lift spending.
  • The company holds 145 claims over about 1,125 hectares, covering roughly 12 kilometres of strike.

eMetals (ASX:EMT) is a Perth-based explorer that now focuses on the Mineral Range Tungsten Project in Beaver County, Utah. Maiden diamond drilling began in early October 2026. In a drilling update on 21 October, the company reported that five holes from its first drill pad, totalling 321 metres, had intersected three garnet-rich skarn horizons. Scheelite, the main tungsten mineral, was seen under ultraviolet light in all three.

No assays have been reported yet. The company's September quarter report, released on 29 October 2026, said core samples were being prepared for dispatch to ALS in Reno, Nevada. The results will indicate whether the visual observations translate into meaningful tungsten grades. Until then, the drilling confirms the presence and thickness of the host rocks, but not their grade.

What the drilling has shown

The company says the first two horizons, SK1 and SK2, had been identified from fieldwork and historical records before drilling. Both proved thicker than expected. SK1 averaged 5.5 metres downhole (about 4.0 metres estimated true thickness) and SK2 averaged 13.9 metres (about 10.0 metres). A third horizon, SK3, was hidden by shallow cover and averaged 10.5 metres downhole. eMetals stresses that these are geological intervals from core logging, not assay intervals, and that the true widths are preliminary. Drilling from a second pad was under way at the time of the October update.

Before drilling, the company re-entered the historical Garnet mine. Channel samples there included 1.2 metres at 0.76% tungsten trioxide (WO₃), and selective underground grab samples returned up to 3.83% WO₃. Grab samples are selective and are not representative of a deposit's average grade. A 1957 government report recorded small-scale historical production in the district, including 634 tonnes at 0.64% WO₃ from Garnet. The project has no Mineral Resource.

During the quarter eMetals added 36 claims north of the Garnet mine. It now holds 145 claims over about 1,125 hectares, covering roughly 12 kilometres of strike along the Mineral Range Batholith.

Capital structure and cash

The company completed a one-for-ten share consolidation, approved by shareholders on 26 June 2026. It announced completion on 8 July, leaving about 97.5 million shares on issue, and normal trading resumed on 9 July.

According to the September quarter Appendix 5B, eMetals held $1.54 million at 30 September. Net operating outflows were $183,000, comprising $54,000 on staff and $130,000 on administration and corporate costs. A further $63,000 was spent on capitalised exploration. The company estimates 6.26 quarters of funding. However, that figure is based on a quarter before drilling began. The October diamond programme means December quarter spending is likely to be considerably higher, which would shorten the runway.

Sector context and risks

Interest in tungsten has grown because most global Supply comes from China and western governments are seeking alternative sources. Even so, skarn deposits can be irregular, and small historical mines do not guarantee a deposit large enough to develop. eMetals' main risks are assay outcomes, rising exploration costs and possible future dilution.

The Annual General Meeting will be held at 9:00am (WST) on 19 November 2026 in Subiaco. Resolutions include re-electing director Mathew Walker, approving a 10% Placement mandate under Listing Rule 7.1A and renewing proportional Takeover provisions. Assay results from the first drill pad are the next technical milestone, but the company has not given a date.