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eMetals Limited
(Sydney:EMT)
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Rating:47Neutral
Price Target:
AU$0.03
▼(-32.00% Downside)
Action:Reiterated
Date:09/30/26
The score is primarily held back by weak financial performance—unstable revenue, continued operating losses, and ongoing cash burn—despite the benefit of having no debt. Technical indicators also lean soft (negative MACD and below the 50-day average), while valuation is not supportive due to negative earnings and no dividend.
Positive Factors
Debt-free balance sheet
No debt reduces fixed financial obligations and insolvency exposure, giving the company greater flexibility while it advances exploration activities. This conservative capital structure is a durable advantage because it avoids interest burdens and leaves fewer contractual claims on future proceeds or asset monetisation.
Negative Factors
Unstable revenue base
The absence of a stable top line makes financial performance difficult to predict and leaves the company without demonstrated recurring revenue support. Revenue falling to effectively zero limits internal funding for exploration and increases dependence on successful discoveries or future capital raising.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet
No debt reduces fixed financial obligations and insolvency exposure, giving the company greater flexibility while it advances exploration activities. This conservative capital structure is a durable advantage because it avoids interest burdens and leaves fewer contractual claims on future proceeds or asset monetisation.
Read all positive factors
eMetals Limited (EMT) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$3.71M
Dividend YieldN/A
Average Volume (3M)84.63K
Price to Earnings (P/E)―
Beta (1Y)1.70
Revenue GrowthN/A
EPS Growth3.80%
CountryAU
Employees2
SectorBasic Materials
Sector Strength58
IndustryOther Precious Metals
Share Statistics
EPS (TTM)-0.01
Shares Outstanding97,500,114
10 Day Avg. Volume153,515
30 Day Avg. Volume84,632
Financial Highlights & Ratios
PEG Ratio0.04
Price to Book (P/B)1.21
Price to Sales (P/S)0.00
P/FCF Ratio-5.06
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
eMetals Limited Business Overview & Revenue Model
Company Description
eMetals Limited is an Australian mineral exploration company, headquartered in Subiaco and incorporated in 2010. Formerly known as Corizon Limited until its name change in January 2020, the company actively seeks a variety of minerals across Austr...
eMetals Limited Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
64
Positive
Cash Flow
28
Negative
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 98.56K | 0.00 | 0.00 | 0.00 |
| Gross Profit | 0.00 | 98.56K | 0.00 | 0.00 | 0.00 |
| EBITDA | -960.95K | -525.94K | -561.18K | 101.53K | -1.27M |
| Net Income | -1.31M | -1.34M | -5.71M | 3.77M | -1.93M |
Balance Sheet | |||||
| Total Assets | 5.02M | 3.97M | 5.27M | 10.98M | 7.08M |
| Cash, Cash Equivalents and Short-Term Investments | 1.79M | 2.77M | 4.57M | 9.69M | 4.80M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 1.45M | 87.05K | 43.34K | 90.22K | 34.29K |
| Stockholders Equity | 3.57M | 3.89M | 5.23M | 10.89M | 10.89M |
Cash Flow | |||||
| Free Cash Flow | -856.62K | -993.97K | -539.85K | -835.53K | -835.53K |
| Operating Cash Flow | -856.62K | -519.64K | -487.73K | -572.43K | -572.43K |
| Investing Cash Flow | -115.62K | -339.33K | -52.13K | 221.07K | 221.07K |
| Financing Cash Flow | -7.26K | 0.00 | 0.00 | 0.00 | 4.72M |
eMetals Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | AU$14.24M | -25.00 | -6.76% | ― | ― | 95.60% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
47 Neutral | AU$3.71M | -2.59 | -35.33% | ― | ― | 3.80% | |
47 Neutral | AU$5.53M | -2.11 | -8.75% | ― | ― | -132.95% | |
44 Neutral | AU$6.55M | -0.37 | -94.75% | ― | ― | -15.66% | |
43 Neutral | AU$10.49M | -9.73 | -5.68% | ― | -100.00% | 2.60% | |
42 Neutral | AU$4.48M | -2.82 | -10.97% | ― | ― | 55.68% |
* Basic Materials Sector Average
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eMetals Limited
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eMetals Limited Corporate Events
eMetals Confirms Multiple Scheelite-Bearing Skarn Horizons at Utah Tungsten Project
Oct 20, 2026
eMetals Limited has completed the first phase of diamond drilling at its Mineral Range Tungsten Project in Utah, where it is testing high-grade tungsten mineralisation in carbonate-skarn units adjacent to the Mineral Range Batholith. Five holes fr...
eMetals Sets November AGM to Approve Capital Mandate and Governance Measures
Oct 19, 2026
eMetals Limited has called its annual general meeting for 19 November 2026 in Subiaco, Western Australia, setting 17 November 2026 as the record date for shareholders eligible to vote. The agenda includes receiving the 2026 annual financial statem...
eMetals Shifts AGM Communications and Voting to Digital Channels
Oct 19, 2026
eMetals Limited has called its Annual General Meeting for 19 November 2026 at 9:00 a.m. Perth time, to be held in Subiaco, Western Australia, with shareholders able to participate in person, by proxy, or via authorised representatives. The company...
eMetals Highlights Utah Tungsten Exploration and Reaffirms Disclosure Caution
Oct 5, 2026
eMetals Limited has released an investor presentation outlining its district-scale tungsten exploration activities in the Mineral Range of Utah, highlighting the region’s potential as part of a growing hub for critical mineral production. Th...
eMetals Begins Drilling at Mineral Range Tungsten Project in Utah
Oct 2, 2026
eMetals Limited has started a diamond core drilling program at its Mineral Range Tungsten Project in Beaver County, Utah, aiming to test high-grade tungsten mineralisation across 109 claims spanning about 2,072 acres and 12 kilometres of strike. T...
eMetals Lodges Appendix 4G and Updates Corporate Governance Statement
Sep 29, 2026
eMetals Limited has lodged its Appendix 4G with the ASX for the year ended 30 June 2026, confirming that its latest corporate governance statement is available on its website and current as of 29 September 2026. The filing indicates the company ha...
eMetals Updates Governance Framework in Line with ASX Principles
Sep 29, 2026
eMetals Limited has released its updated Corporate Governance Statement as at 29 September 2026, outlining how it applies the ASX Corporate Governance Council’s fourth edition principles. The statement confirms the adoption of a detailed Boa...
eMetals Limited Confirms Governance Structure in 2026 Annual Report
Sep 29, 2026
eMetals Limited is an Australian-listed company whose shares trade on the Australian Securities Exchange under the code EMT. The company is based in West Perth, Western Australia, and operates from its principal place of business on Ord Street, wi...
eMetals prepares maiden drilling campaign at Utah tungsten project
Sep 10, 2026
eMetals Limited has completed earthworks and logistical preparations for its maiden drilling campaign at the Mineral Range Tungsten Project in Utah, targeting high-grade tungsten mineralisation across its extensive claim package. The planned progr...
eMetals boosts Mineral Range tungsten grades with revised assay method
Aug 31, 2026
eMetals has reported new assay results from eight underground grab samples at the historic Garnet Mine within its Mineral Range Tungsten Project in Utah, after re-testing using a lithium-borate fusion XRF method. The re-assays show markedly higher...
eMetals Tightens Executive Director Terms Ahead of Key Tungsten Push
Aug 28, 2026
eMetals Limited has revised the remuneration arrangements for Executive Director Mathew Walker, effective 1 September 2026, in a move that clarifies his ongoing terms with the company. Under the updated package, Walker will receive $12,000 per mon...
eMetals Expands Mineral Range Tungsten Tenure in Utah Ahead of Drilling
Aug 17, 2026
eMetals Limited has expanded its Mineral Range Tungsten Project in Utah by securing 36 additional mineral claims, adding 718 acres of tenure north of the historic Garnet mine. The new claims cover garnet-rich skarn zones, regarded as the most prod...
eMetals Secures Approvals and Readies 17-Hole Drilling at Utah Tungsten Project
Aug 5, 2026
eMetals Limited has secured all regulatory approvals for a 17-hole HQ diamond core drilling program at its Mineral Range Tungsten Project in Utah, targeting high-grade tungsten mineralisation within metasomatized carbonate-skarn beds adjacent to t...
Glossary
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