EMetals (ASX:EMT) announced financial results for the full-year ended 30 June 2022.

No dividends have been paid or declared since the start of the financial year and the director do not recommend the payment of a dividend in respect of the financial year.

The principal activity of the Group during the financial year was mineral exploration within Australia.

The cash balance at the end of the 30 June 2022 is $4,515,336. The Group continues to review and appraise new commercial opportunities both within and outside the mining sector and will advise the market of any developments in this regard if and when they eventuate.

Acquisition of Salmon Gums Minerals Pty Ltd (ACN 651 315 258) (Salmon Gums) and its shareholders to acquire 100% of the issued capital in Salmon Gums.

The project covers an area of 163 blocks for a total of 469sq km of the Eucla Basin prospective for Ionic Adsorption Clay (IAC) style rare earth element (REE) mineralisation.

The project is in close proximity to the Company's wholly owned Cowlinya REE Project which is adjacent to the Mount Ridley REE Project of Mount Ridley Mines Ltd (MRD).

The Company has completed a strategic review of its project portfolio and will focus on the Salmon Gums Rare Earths Project.

EMT is in the final stages of finalising a proposed exploration work program which is expected to commence within the June 2022 quarter.

Completed capital raising of 350,000,000 Shares at $0.0125 together with a free attaching option to raise $4,375,000 before costs (Placement).

The comprehensive loss of the Group for the financial year, after providing for income tax amounted to $1,925,704 (2021: $909,186).

Following the announcement the company?s share price fell 11.111%.