Please Sir, I want some more (money)? Just don't mention the $11 million.

At various times I have commented about how much EMU spends and its financial position and I've had some like-minded investors ask if I could go into more detail.

So with a capital raise imminent - I will.

1. We have to start somewhere so I looked at when the new CEO started and Emu moved the business out of South American exploration (there's a grand tale for another time) and back to good old Australia - that was mid-2020.

2. Thus, this brief analysis focuses on the 2021, 2022, 2023, and what has already elapsed in the 2024 financial year (only one quarter left to go).

3. According to Emu's Appendix 5B submissions to the ASX over an almost 4-year period (July 2020 to March 2024) they have:
- RAISED A$9.8 million via one option exercise, five capital raisings, and a rights issue, AND
- SPENT AN EYE_WATERING A$11+ MILLION on being an explorer (ha, ha, ha).

4. How have EMU spent your hard-earned investment dollars over the last 4 years? In short:
- Close to A$4.2 million on staff and admin costs (cough, splutter... what?)
- More than A$2 million on purchasing tenements (you'd expect some good results, wouldn't you?)
- Over A$0.5 million paying brokers to raise money for them (nice work if you can get it) and
- Around A$4.3 million on 'exploration' (really?).

5. Some punters might be saying, what's wrong with that? But let's go back a step - EMU has spent over $11 MILLION and what do they have to show for it?
In fact, EMU is right back to where they started. Don't believe me? In early 2020 Emu ceased exploring for porphyry copper deposits in Chile, and in early 2024 started exploring for porphyry copper deposits in Queensland. There you go - just a change of location!

When you look at their expenditure, these guys spend more money preparing to explore than actually exploring - go figure! Over A$1 million a year on staffing and admin - EMU is supposed to be a junior EXPLORER FGS! What's that saying? "All the gear and no idea!"

6. But, it gets worse - over the 2020-24 period, the genius management team managed to blow out the capital structure from a tidy 298 million shares in July 2020 to an embarrassing 2+ BILLION shares in January 2024. Yes, you read that correctly - 2 BILLION! They then further destroyed shareholder value by dropping in a 30 to 1 consolidation in March-April 2024 - WTH?

7. WAIT, there's more - since February 2021 Emu's intrepid board has overseen a soul-destroying >93% fall in the share price, with the sp bottoming out at untradable $0.001 in November 2023 before the consolidation in April 2024 bounced it back to an artificial $0.03 (BTW it halved to $0.015 immediately post consolidation but has since been bought back up).
*Please note that the ASX All Ords Index CLIMBED 30% over the same timeframe - just saying!

I could go on and on giving you example after example of what a sterling job old EMU has done but at the end of the day, with a current sp of $0.03, every single investor that put money into this company through the various raisings and rights issue is underwater and has lost money.

So in reality, is EMU a junior explorer or is it just another market miner? With no qualified exploration personnel (geologists, geophysicists, or even a mining engineer) as part of the management team or board, I'd say the answer is obvious.

In the coming days, EMU and their brokers will ask for more, backing up the ore truck for yet another dilutionary raising, so the question is - do they deserve it?

$11 million spent in less than 4 years and no runs on the board - YOU BE THE JUDGE, but for me, the decision was made some time ago and it's past time for the old EMU to be put out to pasture.

PS. My opinion, not advice and make sure you DYOR.