EMU NL (ASX:EMU), a mineral exploration company focused on discovering and developing economic mineral deposits, has announced a non-renounceable rights issue (NRRI) to raise approximately $3.66 million before costs. The funds are earmarked for a significant drill programme at the Yataga Valley Copper Project in North Queensland. The offer comprises one new fully paid ordinary share for every two shares held as of the record date, 5:00 pm (WST) on March 30, 2026, together with one free attaching option for every new share applied for. These options are exercisable at $0.03 each on or before January 31, 2027.
The rights issue follows 24 months of systematic advancement at the Yataga Copper Project, including geological mapping, geochemistry, geophysics, and exploratory drilling. EMU believes the upcoming drill program will test the core of the mineralised system. Previous drilling at Fiery Creek confirmed a broad copper-silver system associated with an intrusive complex, with intercepts including 13 metres at 0.5% copper and 9.7 g/t silver.
The company intends to direct the funds raised towards reverse circulation and diamond drilling at Yataga Valley. The program is designed to test copper anomalies, intersect geophysical chargeability zones, and validate the geological and structural framework. EMU considers the Yataga Valley as the core of the mineralised intrusive complex, supported by copper geochemistry and geophysical responses.
The offer is available to shareholders with an Australian or New Zealand address on the register as of the record date. New shares are offered at $0.025 each. Martin Place Securities Pty Ltd has been appointed as lead broker, and Lazarus Advisory Pty Ltd are advisors to the offer. A prospectus with full details will be dispatched to eligible shareholders on or about March 25, 2026.
