Emu NL (EMU) AI Stock Analysis

• Market Cap: AU$8.30M
• Dividend Yield: N/A
• Average Volume (3M): 462.26K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.94
• Revenue Growth: N/A
• EPS Growth: 40.21%
• Country: AU
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): >-0.01
• Shares Outstanding: 286,165,560
• 10 Day Avg. Volume: 406,117
• 30 Day Avg. Volume: 462,264
• PEG Ratio: 0.02
• Price to Book (P/B): 24.73
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -1.10
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 42 Neutral
• Price Target: AU$0.03 ▼(-30.00% Downside)

The score is driven primarily by weak financial performance—ongoing losses, cash burn, and a fragile equity position—partially offset by the lack of debt. Technicals add modest support only through oversold readings, but trend and momentum indicators remain negative. Valuation is penalized because the company is loss-making (negative P/E) and no dividend yield is available.

Positive Factors

Debt-free balance sheet

A debt-free balance sheet materially reduces near-term refinancing and interest-cost risk, preserving capacity to raise equity or pursue strategic options. This structural cushion matters while the business navigates ongoing cash burn and negative operating cash flow.

Improving loss trend vs prior years

Reported losses have narrowed relative to 2021–2022, suggesting some operational progress or cost control. If sustained, this reduction in loss magnitude can lower cash burn, extend runway, and make turnaround measures materially more feasible over the coming months.

Debt position is the primary offset to weak results

Management’s lack of debt is cited as the main offset to weak performance, lowering solvency pressure and giving runway to seek equity, partners, or restructuring without immediate interest burdens. That structural flexibility supports survival while operating fixes are pursued.

Negative Factors

Persistent multi-year net losses

Multi-year net losses have eroded shareholder equity (negative in 2024 and only modestly positive in 2025), shrinking the company’s capital buffer. Continued losses constrain internal reinvestment, increase dilution risk, and weaken long-term financial resilience.

Consistent negative operating and free cash flow

Operating and free cash flow are materially negative across reported years and cash burn remained elevated. Persistent negative cash generation forces reliance on external funding, creating structural liquidity risk and limiting ability to fund operations or strategic initiatives internally.

Revenue collapse and volatile top line

Revenue has been highly volatile and collapsed to effectively zero in 2025 after already small levels earlier. Loss of recurring sales undermines the business model and makes it difficult to sustainably reverse losses without restoring stable, repeatable revenue streams.

Emu NL Business Overview & Revenue Model

Company Description

Emu NL engages in the identification, acquisition, and exploration for mineral properties in Australia. The company explores for gold, nickel, copper, and PGE deposits. Its projects include the Gnows Nest project that covers approximately 870 hectares located in Yalgoo, Western Australia; the Viper project located to northeast of the wheatbelt town of Jerramungup; the Sunfire project situated midway between Bridgetown and Manjimup; the Graceland project located to northeast of Lake Grace; and the 8 Mile Dam project located southwest of the township of Menzies in Western Australia. The company was incorporated in 2007 and is based in West Perth, Australia.

How the Company Makes Money

Emu NL generates revenue primarily through the exploration and development of mineral resources. The company's main revenue streams include the sale of extracted minerals, particularly gold and copper, from its mining operations. Additionally, Emu NL may enter into joint ventures or partnerships with other mining companies to share the costs and profits from large-scale mining projects. Licensing and royalty agreements from discovered mineral resources can also contribute to the company's earnings. Emu NL's financial health is significantly influenced by global commodity prices, exploration success, and efficient project management.

Emu NL Financial Statement Overview

Summary

Financial health is weak: persistent multi-year net losses, revenue volatility with revenue effectively near zero in 2025, and consistently negative operating/free cash flow indicate ongoing cash burn and funding dependence. The main offset is a debt-free balance sheet, but equity has been strained (negative in 2024 and only modestly positive in 2025), limiting the capital buffer.

Income Statement

Operating performance remains very weak, with losses in every reported year and no meaningful profitability. Revenue has been highly volatile and effectively collapsed to zero in 2025 (annual), following already small revenue levels in 2021–2024 and a sharp step-down from 2020; this makes the business highly dependent on non-revenue funding. While the scale of losses improved versus 2021 and 2022, the company is still posting multi-million net losses and has not demonstrated a stable path to sustainable margins.

Balance Sheet

Leverage appears low with no reported debt across all periods, which reduces refinancing risk. However, the balance sheet shows meaningful strain from recurring losses: stockholders’ equity was negative in 2024 and is only modestly positive in 2025, implying limited capital buffer. Returns on equity are unfavorable and distorted by the equity swings, reinforcing that shareholder capital is being eroded by ongoing losses despite the lack of debt.

Cash Flow

Cash generation is consistently negative, with operating cash flow and free cash flow materially below zero in every year shown, indicating the company is consuming cash to run the business. Free cash flow in 2025 (annual) worsened versus 2024, and cash burn has remained elevated over multiple years, despite some year-to-year improvement at times. Cash flow broadly tracks net losses, underscoring that reported losses are translating into real cash outflows rather than being driven by non-cash accounting effects.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	18.71K	42.43K	22.92K	52.72K
Gross Profit	-7.82K	-7.82K	18.71K	27.53K	-10.76K	27.00K
EBITDA	-2.82M	-2.81M	-2.03M	-1.97M	-3.29M	-5.86M
Net Income	-2.82M	-2.82M	-2.03M	-1.99M	-3.32M	-5.89M
Balance Sheet
Total Assets	382.34K	382.34K	201.96K	1.21M	895.95K	1.83M
Cash, Cash Equivalents and Short-Term Investments	188.69K	188.69K	158.17K	1.15M	784.96K	1.75M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	253.57K	253.57K	235.66K	213.71K	261.66K	220.55K
Stockholders Equity	128.77K	128.77K	-33.69K	996.93K	634.29K	1.61M
Cash Flow
Free Cash Flow	-2.89M	-2.89M	-2.00M	-2.00M	-2.96M	-4.04M
Operating Cash Flow	-2.86M	-2.86M	-1.94M	-1.90M	-2.85M	-2.50M
Investing Cash Flow	-32.50K	-32.50K	-57.51K	-87.89K	-77.42K	-1.50M
Financing Cash Flow	2.92M	2.92M	1.00M	2.35M	1.95M	4.18M

Emu NL Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.04
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Positive
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:EMU, the sentiment is Negative. The current price of 0.04 is above the 20-day moving average (MA) of 0.03, above the 50-day MA of 0.04, and above the 200-day MA of 0.03, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 22.27 is Positive, neither overbought nor oversold. The STOCH value of 63.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:EMU.

Emu NL Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
M2R	47 Neutral	AU$6.80M	―	-16.88%	―	―	73.55%
AKN	45 Neutral	AU$15.60M	-1.15	-71.65%	―	―	―
SER	44 Neutral	AU$10.03M	-3.23	-29.77%	―	―	-19.23%
GES	44 Neutral	AU$4.70M	-3.45	-63.22%	―	―	-7.41%
EMU	42 Neutral	AU$8.30M	-1.73	-5925.89%	―	―	40.21%
ENT	37 Underperform	AU$5.98M	―	-46.74%	―	-100.00%	-42.86%

Emu NL Corporate Events

Emu NL Advances Georgetown Drilling as It Targets District-Scale Copper-Gold System

Emu NL has reported solid progress at its Georgetown copper-gold project for the December quarter, highlighted by the maiden reverse circulation drilling campaign at the Fiery Creek prospect, where visible copper sulphide mineralisation was logged in 12 holes totalling 1,978 metres. Results from this program are now guiding a follow-up diamond drilling campaign at Fiery Creek and preparations for a maiden drilling program at the high-priority Yataga Valley prospect in 2026, while historical high-grade gold results of up to 224 g/t within the broader district are driving a renewed focus on defining drill-ready gold targets across the project area. The company’s 12–18 month strategy is to advance Yataga Valley to drilling, complete and integrate RC and diamond drilling data from Fiery Creek, and systematically re-evaluate historic gold prospects, with the aim of moving beyond isolated prospects toward defining a coherent, district-scale copper-gold system that could enhance the project’s scale and appeal for investors and potential partners.

The most recent analyst rating on (AU:EMU) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on Emu NL stock, see the AU:EMU Stock Forecast page.

Emu NL Intersects Visible Copper Sulphides at Fiery Creek Drilling Program

Emu NL has reported that its ongoing reverse circulation drilling program at the Fiery Creek prospect in North Queensland has intersected visible primary copper sulphides in three drill holes, with mineralisation occurring as disseminated and banded chalcopyrite, bornite, and secondary cuprite along structures mapped at surface and confirmed at depth. The company is using a portable XRF unit to assist geological logging, has submitted one-metre samples from key holes for full multi-element analysis at Intertek Laboratories, and expects assay results in late January, a development that could clarify the copper and gold potential of Fiery Creek and influence Emu NL’s exploration strategy and project valuation.

Takeovers Panel Declines Unacceptable Circumstances Declaration for Emu NL

Emu NL, listed on the Australian Securities Exchange (ASX: EMU), recently faced scrutiny regarding a placement conducted shortly before its Annual General Meeting (AGM). The Takeovers Panel reviewed an application concerning this placement, which was announced two weeks prior and executed one week before the AGM, where board composition was to be discussed. Despite concerns about the timing of the placement, the Panel concluded it did not influence control and found no sufficient evidence of an association. Consequently, the Panel decided against declaring the circumstances as unacceptable, stating it was not against the public interest.

Emu NL Clarifies Historical Corporate Actions

Emu NL has clarified its announcement regarding historical corporate actions between November 2024 and October 2025. The company is investigating past transactions, including a loan facility with Northmead Holdings, the termination of CEO Douglas Grewar’s services, and the proposed grant of options to key personnel. No allegations of wrongdoing have been made, and this clarification aims to provide transparency to stakeholders.

Emu NL Ordered to Pay Costs in Unacceptable Circumstances Case

Emu NL and its former directors have been ordered by the Takeovers Panel to pay a portion of the costs incurred by Wayburn Holdings Pty Ltd in connection with proceedings related to a declaration of unacceptable circumstances. The Panel’s decision requires Emu NL and the directors to jointly pay a total of $41,712, excluding GST, covering costs from the application date to the declaration date and subsequent period. This decision reflects the Panel’s enforcement of fair practices in corporate governance and may impact Emu NL’s financial obligations and reputation.

Emu NL Announces Board Changes and Interim CEO Appointment

Emu NL has announced recent changes in its board, including the appointment of Mr. Peter Swiridiuk as a director on October 27, 2025. The company has complied with its disclosure obligations regarding director-related security movements and has policies in place to ensure continuous compliance. Emu NL has also appointed Mr. Swiridiuk as interim Managing Director and CEO with specific remuneration terms and the flexibility for either party to terminate the arrangement with a 14-day notice. These interim arrangements are set to last until December 31, 2025, unless extended or replaced.

Emu NL Shareholders Meeting Results: Key Resolutions Passed

Emu NL, an Australian company listed on the ASX, held a General Meeting of Shareholders where several resolutions were voted on. Resolutions 3, 5, and 11 were passed, while Resolution 4 was withdrawn due to a director’s decision not to seek re-election. The remaining resolutions did not pass. The board expressed gratitude to Mr. Davies and Mr. Griffin for their service.

Emu NL Strengthens Leadership with New Non-Executive Director Appointment

Emu NL has appointed Corey Nolan as a new non-executive director, bringing over 25 years of experience in mining and resource project development. Nolan’s expertise, particularly in the acquisition and expansion of lithium projects, is expected to strengthen Emu NL’s strategic positioning and operational capabilities.

Emu NL Announces Results of General Meeting Resolutions

Emu NL, a company listed on the Australian Securities Exchange, held a General Meeting of Shareholders where several resolutions were considered. Resolutions 3, 5, and 11 were passed, while others were not carried. Resolution 4 was withdrawn due to Mr. Davies’ decision not to seek re-election. The board expressed gratitude to Mr. Davies and Mr. Griffin for their service.

Emu NL Announces Director Ian Davies’ Departure Post-AGM

Emu NL announced that Ian Davies will not stand for re-election as a Director, ending his tenure at the conclusion of the 2025 Annual General Meeting. Davies joined the board to address short-term challenges, including improving governance and securing financing for further drilling in the Yataga asset. With these challenges resolved, Davies decided not to seek re-election, leading to the withdrawal of the resolution for his re-election. The company expressed gratitude for his contributions, and all other AGM business will proceed as planned.

Emu NL Launches Maiden Drilling Program at Yataga Copper Project

Emu NL has mobilized a drilling rig and support vehicles to commence its maiden drilling program at the Yataga Copper Project in Queensland. The program involves approximately 2500 meters of reverse circulation drilling within the Fiery Creek prospect, with an expected completion in December, weather permitting. This initiative marks a significant step in Emu NL’s exploration efforts, potentially enhancing its position in the copper mining sector.

Emu NL Faces Takeovers Panel Inquiry Over Alleged Improper Placement

Emu NL is facing scrutiny as a shareholder and former director, Mr. Oliver Douglas, has submitted an application to the Takeovers Panel regarding recent corporate actions. The application challenges the legitimacy of a $1.4 million institutional placement, alleging it was conducted for improper purposes despite previous statements of financial sufficiency. Concerns are raised about undisclosed relationships among shareholders and advisors, potentially influencing board control. The applicant seeks interim and final orders to address these issues, including preventing share issuance and voting rights until a resolution is reached.

Emu NL Initiates Investigation into Past Corporate Actions

Emu NL has announced an investigation into its historical corporate transactions and actions from November 2024 to October 2025. The company’s board has decided to appoint professional services firms to ensure transparency and plans to complete the investigation by the end of 2025, aiming to clarify past corporate actions and maintain stakeholder trust.

Emu NL Issues 39 Million New Shares in Compliance with Corporations Act

Emu NL has announced the issuance of 39,000,000 fully paid ordinary shares, as part of its compliance with the Corporations Act 2001. The company confirms that it has adhered to the necessary legal provisions and that there is no undisclosed information that investors would need for an informed assessment of the company’s financial position or the rights attached to the securities.

Emu NL Announces Quotation of 39 Million Securities on ASX

Emu NL has announced the quotation of 39,000,000 ordinary fully paid securities on the Australian Securities Exchange (ASX) as of November 21, 2025. This move is part of previously announced transactions and could impact the company’s market presence by increasing its liquidity and potentially attracting more investors.

Emu NL Announces Changes in Substantial Holders

Emu NL has announced that several parties, including Mayfair Communications Pty Ltd, Oakmount Nominees Pty Ltd, Farris Corporation Pty Ltd, Blackannie Pty Ltd, and Ando Family Pty Ltd, have ceased to be substantial holders in the company as of September 29, 2025. This change follows a General Meeting held in accordance with the Takeovers Panel’s orders to consider resolutions regarding the removal and election of directors, impacting the company’s governance structure.

Emu NL Announces Proposed Issue of 39 Million Securities

Emu NL has announced a proposed issue of 39,000,000 ordinary fully paid securities, with the issuance date set for November 21, 2025. This move is part of a placement or other type of issue, and the company has applied for the quotation of these securities on the ASX, which could potentially enhance its market presence and provide additional capital for its operations.

Emu NL Secures $1.4 Million for Copper Project Expansion

Emu NL has announced a successful capital raising initiative, securing firm commitments for a $1.4 million placement through the issuance of 39 million fully paid ordinary shares at $0.036 per share. This placement, managed by Martin Place Securities, is set to complete by 21 November 2025 and will support the company’s ongoing projects, including the potential commencement of drilling at the Yataga Copper Project by the end of November 2025, subject to access and fire risk conditions.