EMU NL - Annual Report 2024 | FinancialReports.eu

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ANNUAL REPORT YEAR ENDED 30 JUNE 2024

ABN 50 127 291 927

CORPORATE INFORMATON

DIRECTORS

PETER THOMAS Non-Executive Chairman

GAVIN RUTHERFORD Non-Executive Director

TIM STAERMOSE Non-Executive Director

COMPANY SECRETARY

Damien Kelly

Registered Office

C/- Elderton Audit Pty Ltd Level 32, 152 St George’s Terrace PERTH WA 6000

Principal Place of Business

10 Walker Avenue WEST PERTH WA 6005 Telephone: +61 8 9226 4266

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FOR SHAREHOLDER INFORMATION CONTACT

Share Register

Automic Group Level 5, 191 St George’s Terrace PERTH WA 6000 GPO Box 5193 SYDNEY NSW 2001 Telephone: +61 2 8072 1400 or 1300 288 664

AUDITORS

Elderton Audit Pty Ltd Chartered Accountants Level 32, 152 St George’s Terrace, Perth WA 6000

ASX COMPANY CODES

Emu NL is listed on the Australian Securities Exchange ( ASX codes: EMU and EMUCA ).

ISSUED CAPITAL

125,499,187 fully paid ordinary shares

Postal Address

PO Box 1112 WEST PERTH WA 6872

Email

[email protected]

Internet Address

www.emunl.com.au

1,349,586 partly paid ordinary shares paid to $0.00, unpaid as to $0.90 each

1,166,670 partly paid ordinary shares, paid to $0.003, unpaid as to $1.20 each, no call before 31.12.2025

5,748,486 Options to acquire fully paid ordinary shares, exercisable at $0.30 each, on or before 7.10.2024

10,579,193 Options to acquire fully paid ordinary shares, exercisable at $0.09 each, on or before 31.12.2026

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Review of Operations	3
Directors' Report	11
Auditor’s Independence Declaration	20
Consolidated Entity Disclosure and Corporate Governance Statements	21
Consolidated Statement of Financial Performance	22
Consolidated Statement of Financial Position	23
Consolidated Statement of Changes in Equity	24
Consolidated Statement of Cash Flows	25
Notes to the Consolidated Financial Statements	26
Directors' Declaration	43
Independent Audit Report	44
ASX Additional Information	47

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REVIEW OF OPERATIONS

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ACTIVITIES

EMU NL is an Australian based copper/gold exploration company, led by a team with significant global experience. The Company is focused on Australian exploration, most notably at Georgetown in Far North Queensland where EMU has identified the Yataga Copper Project as a copper porphyry system with a vast surface expression of mineralisation and rock chip assays recording up to 32.5% Cu and 460ppm Ag; this is interpreted as potentially leading to the discovery of a substantial, high grade, tier 1 ranking global deposit. During the course of the year, owing to the fickle REE markets, EMU commenced the process of reprioritising its attention from its REE projects including Condingup to the Georgetown Project and commenced the winding down of REE exploration expenditure. That shift was despite the Company having picked its REE projects up as open tenure Crown and farmland (no vends) followed by impressive exploration across those assets. Whilst significant Total Rare Earth Oxide ( TREO ) grades were recovered, the market evidenced no sustained appetite for genuine REE explorers.

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Plate 1. Geologists from our discovery team at Yataga Copper Project, Georgetown QLD

Georgetown

Located within the Georgetown District in Far North Queensland, EMU’s three Georgetown exploration permits represent a substantial scale mineral endowment covering 850km[2] . EMU has the right to earn up to an 80% interest in these through a Farmin and Joint Venture Agreement with Rugby Resources (TSX: RUG).

The Georgetown District has a long history of mining, hosting over 1,000 mines, prospects and mineral occurrences[1] however, whilst there has been significant mining activity, the area remains largely underexplored with modern technologies.

1 Queensland Department of Natural Resources GeoResGlobe Interactive Website, “https://georesglobe.information.qld.gov.au/”

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REVIEW OF OPERATIONS

Yataga Copper Project

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The Company’s Fiery Creek Copper Prospect ( FCCP ), discovered during 2024, is in the northern tenement and has been identified as part of a potentially massive scale copper porphyry system known called the Yataga Copper Project.

The Yataga Copper Project is hosted within a major NNW striking shear zone developed in the core of the Yataga Igneous Complex. The complex is a medium grained, equigranular, ovoid, granodiorite body, which, at 70km2, is the largest such igneous body known in the Georgetown Inlier.

The Yataga Copper Project’s mineralised, hydrothermal alteration zone has been identified to extend over a substantial area of at least 6km in strike and up to 2km wide. The structure is characterised by multiple interleaved shear zones with quartz hosted copper vein swarms, stockwork and disseminated copper at surface. Petrographical studies indicate several impulse phases of hydrothermal fluidisation.

The alteration mineralogy, mineralisation geochemistry and the areal extent of the FCCP copper and silver rich vein system suggest the likelihood of a, multi-phase sub adjacent porphyry system.

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Figure 1. Georgetown Project Location

Geochemistry Programmes

Throughout the year, EMU carried out a series of reconnaissance geochemistry field programmes at the Yataga Copper Project to assess and build upon the FCCP discovery.

A geochemical sampling programme, reported in the March Quarter and cut short due to Tropical Cyclone Jasper, covered the FCCP. Statistically relevant elevated Cu-Au-Ag-Bi-In-Pb-Sb-Te values were returned. In addition, EMU completed work at a number of other high-priority prospects within the wider Georgetown tenement package, with the Snake Creek Prospect returning elevated Pb-Ag-Au-Sb from the geochemistry programme.

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REVIEW OF OPERATIONS

Assay results provided EMU with encouragement. Mineralogical studies confirmed EMU’s interpretation of an indicative, scale, Copper-Porphyry system at the Yataga Copper Project. The evaluation of elevated pathfinder element results and a macro-petrology assessment[2] of rock samples pointed Mr Nigel Maund, Consulting Economic Geologist, to the discovery of a porphyry copper system at the previously unexplored FCCP.

Assay results returned included:

Fiery Creek rock assay results up to 32.5% Cu, 0.27ppm Au, 460ppm Ag, 1.9% Bi, 89ppm In, 2.7% Pb, 667ppm Sb, 1470ppm Zn
evidence of strong potential for the presence of critical and strategic minerals (Cu, Bi, In), with precious and base metals
evidence of alteration mineralogy, mineralisation geochemistry and areal extent of the Fiery Creek quartz-Cu-Bi vein swarm strongly suggesting a previously unrecognised subjacent porphyry Cu-Mo system
termite mound and coincident rock chip sampling the Yataga Granitoid Complex which returned several anomalous polymetallic zones for follow up
Snake Creek Prospect assays returned 0.20ppm Au, 390ppm Ag, 22.4% Pb, 464ppm Sb[3]

Significant and Pervasive Copper Mineralisation Confirmed

A soil sampling programme at FCCP, completed on an 80m x 20m grid, measuring 720m (north-south) by 480m (east-west) was completed in June 2024. The programme was supplemented by additional rock chip and termite mound sampling. All samples were analysed in the field by portable XRF (pXRF).

The pXRF geochemistry field programme confirmed an extensive broad copper mineralised zone, extending EMU’s previously definition of the zone of high-grade copper mineralisation.

27 rock chip samples were analysed with the highest copper grade recorded being 32.5%. (Full results can be seen in Table 1, EMU ASX Announcement 4th June 2023, “Significant and Pervasive Copper Mineralisation Discovery Confirmed by pXRF Geochemistry Survey at Fiery Creek”).

Significant copper grades, up to 2,484ppm, were recorded from pXRF soil samples whilst the highest termite mound sample recorded 1,675ppm copper. Soil samples recorded values between 100 and 2,484 ppm Cu with significantly anomalous values being above 300 ppm, compared to values up to 32.5% returned from rock chip samples taken from sub-crop and outcrop.

The shear zone hosted mineralisation, within the initial discovery area of the FCCP, varies from a width of 60 m to a maximum of 150 m over a sampled strike length of 480 m. Results indicate the mineralisation is significant and pervasive between outcropping high grade copper veining and stockwork veining within the discovery zone and is interpreted to be a subset of a much broader and significant system.

Interpretation of aeromagnetic data suggests that this zone of structural geologic disruption with potential mineralisation and hydrothermal alteration extends approximately 6km to the SSW of FFCP within the Yataga Igneous Complex.

Samples from the program were dispatched to the laboratory for wet geochemistry testing to confirm and correlate the pXRF in field results. Additional sampling to the south-east of FCCP identified a substantial mineralised copper zone which was programmed for follow up.

2 An Interim Report – The Fiery Creek Copper Prospect, Georgetown Inlier, North Queensland - Nigel Maund MSc, DIC, MBA, FAusIMM, FAIG,FSEG,FGS,MMSA, Consultant Economic Geologist, 31 January 2024

3 ASX Release 4 March 2024” Exploration Update Georgetown, Scale Potential Confirmed”

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REVIEW OF OPERATIONS

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Figure 2. A summary geologic map of the Fiery Creek Copper Prospect (FCCP) discovery area showing the location of some original rock chip samples (diamonds) and the implemented soil sampling grid and the handheld pXRF copper results given in ppm and coloured according to the legend on the Figure. The white line shows the outline of the anomalous copper zone. The offsetting of the mineralized zone shows the consistent right lateral (dextral) offsetting of the host FCCP zone.

Independent Geologist Assessment

EMU contracted Independent Consulting Economic Geologist and Fellow of the AusIMM and AIG, Mr Nigel Maund, to assess the FCCP. The scope of his assessment included:

A comprehensive mineralogical investigation of the FCCP vein samples[4]
Review of EMU exploration data; and
An update to his interim report[5]

In his interim report, released in January 2024, Mr Maund suggested the Fiery Creek quartz, copper oxide, sulphide vein array system appeared to be developed within the cupolas of possible, closely spaced “pencil

4 ASX Release “Exploration Update Georgetown, Scale Potential Confirmed” 4 March 2024

5 An Interim Report – The Fiery Creek Copper Prospect, Georgetown Inlier, North Queensland - Nigel Maund MSc, DIC, MBA, FAusIMM, FAIG, FSEG, FGS, MMSA, Consultant Economic Geologist, 31 January 2024

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REVIEW OF OPERATIONS

porphyry – type” mineralised systems.

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Further research work undertaken by Mr Maund, relying on the updated EMU geologic exploration database, strengthened this interpretation of the system. Evidence of feldspar porphyry intrusive bodies and phreatic breccias and advanced argillic alteration were confirmed from Fiery Creek samples viewed under microscope.

Further details of Mr Maund’s geological report can be found in EMU ASX Announcement 30 April 2024, “Copper Porphyry Potential Grows at Georgetown Project”.

Future Work Programmes

Whilst exploration at FCCP during the period delivered excellent results, the Company noted that the Yataga Igneous Complex (Yataga Copper Project) was in its early days and multiple programmes would be scheduled for the year ahead including:

Further grid-based soil, termite mound and rock sampling
Detailed geologic mapping
LiDAR & orthophotography drone survey data processing
Ground pole dipole, IP resistivity and MT surveys
Airborne aeromagnetic survey

In addition to the significant scale copper porphyry prospect EMU has identified at Yataga Copper Project, the Company planned follow up a number of other scale potential prospects, including the epithermal bonanza style gold structures located at the Camp Oven Creek Prospect. This system is interpreted to be related to other porphyry intrusions situated within the same tenement as the Yataga Copper Project.

Other prospects to be evaluated further include Dagworth, Georgetown, Ancient Britton, Mistletoe, Munitions Creek, and Snake Creek.

Badja Gold / Tungsten / Lithium Project

EMU received and continues to receive approaches from parties interested in evaluating the Badja Project. Emu continued (ongoing) to assess how to realise maximum value either through sale or retention.

EMU’s work at Badja has defined and upgraded a multi-element project, adding prospectivity for high grade gold, tungsten and lithium.

EMU commissioned LBC Resources Pty Ltd to complete a review of all drilling assay results from the total Badja project area in order to produce a geological model and compliant JORC 2012 Total Resources Estimate Report for the Badja Project, which included Gnows Nest, Watertank Hill, Monte Cristo and Flying EMU deposits.

Over 600 drill holes and 18,900 assay values were analysed by LBC Resources Pty Ltd and the current resources for the Badja Project mineralisation; classified as “Indicated” and “Inferred”, are 555,637t @2.21g/t Au and 0.14%W for 39.4kOz Au and 757.3t W and are summarised using a 0.5g/t gold cut-off. (See extracts from LBC Resources Pty Ltd “Resource Estimate Report Badja Project”)[6]

Sunfire Project

EMU still awaits direction from the WA Government as to its intention to allow drilling activities in the old forestry workings in the State Forest. EMU has not received any feedback from its correspondence most recently dated November 2022.

EMU has met all required environmental obligations with respect to accessing WA State Forest areas within

6 ASX Release 4 March 2024” Exploration Update Georgetown, Scale Potential Confirmed”

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REVIEW OF OPERATIONS

the project with the commencement of onsite exploration activities. There continues to be a complete lack of progress coupled with the absence of any indication from Government departments as to the probability of drilling consent being forthcoming.

This lack of progress and inability by the Government’s departments to determine the viability of ongoing exploration and drill testing of the Sunfire Ni-Cu targets has frustrated exploration that would, in the opinion of EMU’s Directors, have been in the interest of the State of Western Australia and Australia as a whole.

Viper and Graceland Projects

Early in the reporting period, EMU carried out passive seismic survey at the Viper and Graceland Projects which confirmed sufficient depths of clay to warrant aircore drilling programmes. The Company decided to remove its focus on REE exploration and, thus, did not undertake that drilling.

The Company commenced relinquishment of its REE project tenements.

Condingup Project

EMU completed an aircore drilling programme following a seismic survey at its Condingup Project near Esperance WA. Whilst the clay hosted REE results were more than sufficient to justify follow up exploration on technical grounds geologically, the lack of market support for clay hosted REE explorers led EMU to commit to relinquishing the tenements.

RISK FACTORS

Introduction

An investment in the Company is risky and the Directors strongly recommend potential investors consider the risk factors described below, together with information contained elsewhere in this report, publicly available information, circumstances peculiar to them and that they consult their professional advisers before deciding whether to invest in the Company.

There are specific risks which relate directly to the Company’s business. In addition, there are general risks, many if not all of which are largely beyond the control of the Company and the Directors. The risks identified in this section, or other risk factors, may have a material impact on the financial performance of the Company and the market price of its Shares.

With respect to shares in the Company, no guarantee or assurance is given with respect to the payment of dividends, returns of capital or the market value thereof.

Potential investors should consider an investment in the Company as speculative and should consult their professional advisers before deciding whether to invest.

The following is not intended to be an exhaustive list of the risk factors to which the Company and investors in the Company are exposed.

Company specific risks

Exploration Results

The Company has numerous samples and geophysical data from its exploration programmes that are currently being assayed or evaluated. No assurance can be given that these exploration results will be favourable. Any results that are not favourable may materially adversely affect the Company’s share price and prospects.

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REVIEW OF OPERATIONS

Additional requirements for capital

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The Company’s capital requirements, and the Company’s ability to satisfy those requirements, depend on numerous factors, many of which are beyond the control of the Company.

The Company requires further funding. Additional equity financing will dilute shareholdings. Any debt financing, if available, can be expected to involve restrictions on the Company’s activities. If the Company is unable to obtain additional funding as needed, it may be required to reduce the scope of its operations, dispose of assets or scale back its exploration programmes, as the case may be.

The Company’s ability to raise funds through the issue of shares or other securities is subject to share market conditions from time to time. The market for securities in junior exploration companies fluctuates.

There is no certainty that the Company will be able to secure any additional funding or be able to secure funding on terms favourable to the Company and its Shareholders.

Executive Management

The responsibility of overseeing the day-to-day operations and the Company’s strategic management depends substantially on its senior management and key personnel. There can be no assurance that there will be no detrimental impact on the Company if one or more of these employees cease their employment.

Industry specific risks

Exploration success

The future profitability of the Company and the value of its securities is likely to be directly related to the results of exploration on its current and/or future projects. The exploration tenements held by the Company are at various stages of exploration and potential investors should understand that minerals exploration and development are high-risk undertakings. There can be no assurance that exploration of these tenements, or any other tenements that may be acquired, will result in discovery of an economic ore deposit. Even if an apparently viable deposit is identified, there is no guarantee that it can ultimately be economically exploited.

The Company’s future exploration activities may be affected by a range of factors including geological conditions, limitations on activities due to seasonal weather patterns, unanticipated operational and technical difficulties, industrial and environmental accidents, native title processes and laws relating to Aboriginal heritage and other first Australian matters, changing government regulations and many other factors beyond the Company’s control.

The Company’s success will depend upon the Company being able to maintain, renew or replace title to its tenements and obtaining all required approvals for its activities. In the event that exploration programmes prove to be unsuccessful, this would likely and be expected to lead to diminution in the value of the Company’s tenements, and possible relinquishment of tenements.

The Company’s anticipated exploration costs are based on certain assumptions with respect to the method and timing of exploration. By their nature, these estimates and assumptions are subject to significant uncertainties and, accordingly, the actual costs may be materially different from these estimates and assumptions. Accordingly, no assurance can be given that any cost estimates or the underlying assumptions will be realised in practice, which may materially and adversely affect the Company’s viability.

Tenure risks and native title

Interests in tenements in Australia are governed by the mining legislation of the respective states. Each licence or lease is for a specific term and carries with it annual expenditure and reporting commitments, as

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REVIEW OF OPERATIONS

well as other conditions requiring compliance. Consequently, the Company could lose title to or its interest in tenements if licence conditions are not met or if insufficient funds are available to meet expenditure commitments.

If exploration is successful, the Company will not be able to exploit any mineral deposit unless the Company has or first acquires a mining title. The grant of a mining titles is subject to ministerial discretion.

Additionally, in areas where native title exists or may exist, the ability of the Company to acquire a valid mining title will be subject to compliance with the ‘right to negotiate’ process under the Native Title Act. Compliance with this process can (and usually does) cause delays in obtaining the grant of a mining title and ultimately there can be no guarantee that a mining tile will be granted. Attaining a negotiated agreement with native title claimants or holders to facilitate the grant of a valid mining title generally adds significantly to the costs and timetabling of any development or mining operation.

The ability of the Company to conduct activities on exploration or mining tenements is subject to compliance with Aboriginal heritage laws. Conduct of site surveys to ensure compliance can be and mostly are expensive and involve delays. If any Aboriginal sites are located within areas of proposed exploration, mining or other activities, the ability of the Company to conduct those activities may be dependent on the Company obtaining further regulatory consents or approvals none of which can be assured.

The requirements for obtaining environmental approvals are becoming increasingly stringent, financially burdensome and being subjected to ever more vigilant public scrutiny. Again, significant costs and delays are involved and now represent a real potential barrier to development.

COMPETENT PERSON’S STATEMENT

The information in this report that relates to exploration results is based on, and fairly represents information and supporting documentation prepared by Kurtis Dunstone, a Competent Person who is a Member of the Australian Institute of Geoscientists. Mr Dunstone is an employee of EMU NL and has sufficient experience in the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the “ Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” . Mr Dunstone consents to the inclusion herein of the matters based upon his information in the form and context in which it appears.

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DIRECTORS’ REPORT

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CORPORATE

Board Changes

Aside from Mr Streeter’s sudden passing on 15 July 2024, there have been no board changes during this reporting period.

Capital Raising activities

During the year, the Company:

conducted a private placement of 574,750,007 fully paid ordinary shares at $0.0015 each, raising $862,125 before costs;
Conducted a shareholder approved consolidation of equity securities on basis of 1 security for every 30 securities held; and
conducted a private placement of 10,000,000 fully paid ordinary shares at $0.025 each, raising $250,000 before costs.

Your directors submit their report on the consolidated entity (referred to hereafter as the Group) consisting of Emu NL and the entities it controlled at the end of, or during, the year ended 30 June 2024.

DIRECTORS

The names and details of the Company's directors in office during the year and until the date of this report follow. Each Director was in office for this entire period unless otherwise stated.

Names, qualifications, experience and special responsibilities

Peter Thomas , (Non-Executive Chairman)

Comes from a legal background specialising in resources and corporate. For over 30 years, before retiring from legal practice, he specialised in the delivery of wide ranging legal, corporate and commercial advice to listed explorers and miners. Mr Thomas is now a professional director leveraging that background whilst delivering the insight of his commercial acumen and business expertise. For nearly 40 years he has served on the boards of various listed companies including being the founding chairman of both copper producer Sandfire Resources NL and mineral sands producer Image Resources NL. Other current ASX listed company board positions include being a non-executive director of Image Resources NL (since 19 April 2002) and non-executive chair of Middle Island Resources Limited (since 2 March 2010).

Gavin Rutherford , (Non-Executive Director)

Mr Rutherford has a passion for mineral exploration and development. Apart from EMU NL, he is general manager of another ASX listed explorer. He holds other directorships including chairperson of a publicunlisted tech company outside of the exploration segment. Mr Rutherford’s strong past experience includes construction and agribusiness.

Terence Streeter , (Non-Executive Director) (Passed away 15 July 2024)

Terry was a highly respected Board member for six years and his wide-ranging experience, inspiration, guidance and friendship will be greatly missed.

Tim Staermose , (Non-Executive Director)

Tim Staermose has 27 years of equity capital markets, and equity research experience. He has worked at international sell-side equity brokerage firms in South Korea, and Hong Kong, including Banque Indosuez, (now part of Credit Agricole), in the late 1990s and, Lehman Brothers in the early 2000s. Following his career in sell-side equity research, Tim worked as an independent researcher and stock-picker for a series of boutique investment research firms, including ones focussed specifically on natural resources, gold,

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DIRECTORS’ REPORT

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and mining investments.

Tim is currently based in Tanzania, after starting African Lions Fund Ltd, an investment fund which invests in listed companies in sub-Saharan Africa frontier equity markets. Tim is CEO of the Investment Manager, ST Funds Management Limited and solely responsible for managing the African Lions Fund portfolio.

Tim has prior public company board experience in Australia with US Residential Limited, where he served as a Non-Executive Director from January to December 2017 and Copper Strike Limited where he was previously Chairman.

COMPANY SECRETARY

Damien Kelly

Mr Kelly is the founder and principal of Western Tiger Corporate Advisers. He has broad corporate and commercial experience spanning 20+ years, providing professional services to ASX and AIM listed companies predominately in the mining and energy sector.

He has an MBA, Bachelor of Commerce, a Graduate Diploma in Applied Finance and Investment and is a former officer in the armed services, having graduated from the Royal Military College, Duntroon. He is also a member of CPA Australia.

INTERESTS IN THE SHARES AND OPTIONS OF THE COMPANY AND RELATED BODIES CORPORATE

As at the date of signing this report, the relevant interests of the directors in the shares of Emu NL were:

	Ordinary Shares Contributing Shares
Peter Thomas Gavin Rutherford Terence Streeter (Passed away 15.7.2024) Tim Staermose Total	2,595,179 480,691 997,536 229,478 133,334 166,667 4,462,447 191,668
	8,188,496 1,068,504

PRINCIPAL ACTIVITIES

The principal activities of the Group during the year were to (i) explore its mineral interests in Western Australia, and (ii) assess and pursue mineral property acquisition opportunities globally.

DIVIDENDS

No dividends were paid or declared during the year. No recommendation for payment of dividends has been made.

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DIRECTORS’ REPORT

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OPERATING AND FINANCIAL REVIEW

Finance Review

During the year, total exploration expenditure incurred by the Group amounted to $1,143,350 (2023: $1,164,613). In line with the Group’s accounting policies, all exploration and tenement acquisition expenditure is expensed as incurred. Other expenditure incurred, net of revenue, amounted to $891,003 (2023: $822,990). This resulted in an operating loss after income tax for the year ended 30 June 2024 of $2,034,353 (2023: $1,987,603).

At 30 June 2024 cash assets available totalled $158,166, an decrease of $991,576 from the beginning of the year.

Summarised operating results are as follows:	2024	2024
	Revenues $	Net Loss $
Revenues and net loss for the year from ordinary activities before income tax expense	18,714 2,034,353
Shareholder Returns
	2024	2023
Basic and diluted loss per share (cents) – Adjusted for 1:30 equity consolidation	(3.35)	(6.30)

Risk Management

The board is responsible for ensuring that risks, and also opportunities, are identified on a timely basis and that activities are aligned with the risks and opportunities identified by the board.

The board believes that it is crucial for all board members to be a part of this process, and, accordingly, all board members form, and discharge the obligations of the risk management committee.

The board has a number of mechanisms in place to ensure that management’s objectives and activities are aligned with the risks identified by the board. These include implementation of board approved operating plans and budgets and board monitoring of progress against these budgets.

SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS

Other than as disclosed in this Annual Report, no significant changes in the state of affairs of the Group occurred during the financial year.

SIGNIFICANT EVENTS OCCURRING AFTER THE BALANCE SHEET DATE

No matters or circumstances, besides those disclosed above, have arisen since the end of the year which significantly affected or which in the judgement of the board may significantly affect the operations of the Group, the results of those operations, or the state of affairs of the Group in future financial periods.

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DIRECTORS’ REPORT

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LIKELY DEVELOPMENTS AND EXPECTED RESULTS

In order to further its existing projects, the Group expects to undertake capital raisings. EMU’s focus in the coming year will be on exploring, evaluating, and pursuing each of its projects, or otherwise monetising in a manner and on terms which is intended to accrete value to shareholders.

The Board is mindful of the impact of diluting equity capital and seeking to balance that against its judgment regarding managing solvency risk.

EMU reserves the right to pursue resource equity investments.

Other than as set out above, likely developments in the operations of the Group and the expected results of those operations in future financial years have not been included in this report as the directors believe, on reasonable grounds, that the inclusion of such information would be likely to result in unreasonable prejudice to the Group.

ENVIRONMENTAL REGULATION AND PERFORMANCE

The Group is subject to significant environmental regulation in respect to its activities.

The Group aims to ensure the appropriate standard of environmental care is achieved, and in doing so, that it is aware of and intends to comply with all environmental legislation.

REMUNERATION REPORT (Audited)

The information provided in this remuneration report has been audited as required by section 308(3C) of the Corporations Act 2001 .

Policy principles used/to be used to determine the nature and amount of remuneration

Remuneration Policy

The remuneration policy of Emu NL is designed to align key management personnel objectives with shareholder and business objectives by providing a fixed remuneration component. The board of Emu NL believes the remuneration policy for the year under review was appropriate to attract and retain suitable key management personnel to run and manage the Group having regard to the circumstances of the Company and market conditions. Consideration has been and will continue to be given to offering specific short- and long-term incentives including, specifically, equity remuneration.

The remuneration policy, setting the terms and conditions for the executive directors and other senior executives (if any), was developed by the board. In general, in respect of the year under review, executives received a base salary (which was based on factors such as experience and market benchmarks), superannuation and share-based payments. The board will review executive packages as and when it considers it appropriate to do so in accordance with its remuneration policy and by reference to the Group’s performance, executive performance and comparable information from industry sectors and other listed companies in similar industries.

The board may exercise discretion in relation to approving incentives, bonuses and equity remuneration. The policy is to reward executives for performance that results in long-term growth in shareholder wealth.

The directors and executives receive, where required by law, a superannuation guarantee contribution, which was 11% for the 2024 financial year but are not entitled to receive any other retirement benefits.

All remuneration paid to directors and executives is “valued” at the cost to the Group and expensed. Where applicable, options granted as equity remuneration are ascribed a “fair value” in accordance with Australian Accounting Standards.

Whilst the board’s policy is to remunerate non-executive directors at market rates for comparable companies for time, commitment and responsibilities, the directors are currently remunerated at or below the lower end of the market rate range; certainly in cash terms. The board determines payments to the

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DIRECTORS’ REPORT

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non-executive directors and the policy is to effect reviews of remuneration annually, based on market practice, duties and accountability; all within the constraints of the fiscal wherewithall of the Company and an overarching objective to conserve cash and align the interests of the board with Shareholders. The maximum aggregate amount of fees that can be paid annually to non-executive directors is currently $250,000 which can only be increased with the approval of shareholders in General Meeting. Fees for non-executive directors are not linked to the performance of the Group. However, to align directors’ interests with shareholder interests, the directors are encouraged to hold shares in the Company and are able, subject to shareholder approval, to participate in equity remuneration arrangements.

Company performance, shareholder wealth and key management personnel remuneration

There is no relationship between the financial performance of the Company for the current or previous financial year and the remuneration of the key management personnel. Remuneration is set having regard to market conditions and to encourage continued services of key management personnel whilst balancing those demands against the Company’s financial wherewithal.

Use of remuneration consultants

The Group did not employ the services of any remuneration consultants during the financial year ended 30 June 2024.

Details of Remuneration

The Key Management Personnel (KMP) of the Group include the directors as per pages 11 and 12 above and the CEO.

Details of the remuneration of the directors and the key management personnel of the Group are set out in the following table.

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DIRECTORS’ REPORT

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Key management personnel of the Group

	Short-Term	Post-Employment	Total
	Salary and fees	Superannuation
	$	$	$
Directors Peter Thomas 2024 44,000 4,840- 48,840 2023 44,000 4,620 48,620 Gavin Rutherford 2024 32,877 3,616 36,493 2023 32,877 3,452 36,329 Terence Streeter 2024 36,000 - 36,000 2023 36,000 - 36,000 Tim Staermose 2024 36,000 - 36,000 2023 36,000 - 36,000 CEO/General Manager 2024 286,550 - 286,550 2023 273,240 - 273,240 Total key management personnel compensation 2024 435,427 8,456 443,883 2023 422,117 8,072 430,189

Written Service agreements

The Company has one current service agreement in respect of CEO services which are provided by Astrial Pty Ltd. The services are provided on an as required basis at a turnkey daily rate of $1,100 plus GST (rate is inclusive of all other costs).

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DIRECTORS’ REPORT

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Shareholdings

The relevant interest held during the financial year by each KMP is set out below. No shares were issued as compensation during the reporting period. The table has been adjusted to reflect the 1:30 shareholder approved equity consolidation effected on 3 May 2024.

2024	Balance at start of the period Shares acquired during period Other Balance at end of theperiod
Ordinary shares fully paid Peter Thomas Gavin Rutherford Terence Streeter Tim Staermose Ordinary partly paid shares (paid to $0.90 with $0.90 to pay on call) Peter Thomas Gavin Rutherford Terence Streeter Tim Staermose Ordinary partly shares (paid to $0.003 with $1.20 to pay on call) Peter Thomas Gavin Rutherford Terence Streeter Tim Staermose	1,066,724 - - 1,066,724 504,071 33,333 - 537,404 133,334 - - 133,334 1,530,454 - - 1,530,454
	3,234,583 33,333 - 3,267,916
	314,024 - - 314,024 62,811 - - 62,811 - - - - 25,001 - - 25,001
	401,836 - - 401,836
	166,667 - - 166,667 166,667 - - 166,667 166,667 - - 166,667 166,667 - - 166,667
	666,668 - - 666,668

Option holdings

There were no relevant interests in options over ordinary shares in the Company held during the financial year by any director of Emu NL and other key management personnel of the Group.

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DIRECTORS’ REPORT

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Other equity-related KMP transactions

There have been no other transactions during the financial year involving equity instruments apart from those described in the tables above relating to options, rights and shareholdings.

Loans to key management personnel

There were no loans to key management personnel during the year.

Other transactions with key management personnel

Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to third parties unless otherwise stated. The Company has one current service agreement in respect of the CEO which is detailed above.

End of audited Remuneration Report

DIRECTORS' MEETINGS

During the year the Company held nine meetings of directors. The attendance of directors at meetings of the board were:

the board were:
	Directors	Meetings
	A*	B**
Peter Thomas	7	7
Gavin Rutherford	7	7
Terence Streeter	7	7
Tim Staermose	7	7

Notes

*A – Number of meetings attended.

**B – Number of meetings held during the time the director held office during the year.

The full board discharged the functions of the audit, remuneration, risk and nomination committees regularly and during the course of ordinary director meetings.

SHARES UNDER OPTION

Other than as set out above or elsewhere in this annual report, no options have been granted over unissued shares or interests of any controlled entity within the Group during or since the end of the reporting period.

PERFORMANCE RIGHTS

ASX Waiver- Approval to issue securities

On 6 April 2021, the Company received shareholder approval for the issue of 48,571,429 Performance Rights ( Performance Rights ) (now consolidated to 1,619,051 Performance Rights) in respect of the acquisition of the Gnows Nest Project.

The following information is provided in accordance with waiver conditions granted by ASX on 20 November 2020 permitting the Company to issue the Performance Rights more than 3 months after the date of the shareholder approval being granted:

(a) 1,619,051 Performance Rights remain on issue at the end of this reporting period;
(b) No Performance Rights have been converted or cancelled during this reporting period; and
(c) No milestones have been met during this reporting period; and

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DIRECTORS’ REPORT

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(d) Agreement has been reached that the Performance Rights can be repurchased for $20k if Gnows Nest disposed of before 22.9.2025.

INSURANCE OF DIRECTORS AND OFFICERS

During or since the financial year, in accordance with each director’s Deed of Indemnity, Insurance and Access with Emu NL, the Group has paid premiums insuring all the directors of Emu NL, to the extent permitted by law, against all liabilities incurred by the director acting directly or indirectly as a director of the Company. The cover extends to legal costs incurred by the director in defending proceedings, provided that the liabilities for which the director is to be insured do not arise out of conduct involving a wilful breach of the director’s duty to the Company or a contravention of sections 182 or 183 of the Corporations Act 2001 .

The total amount of insurance contract premiums paid is $8,550 (2023: $8,524).

PROCEEDINGS ON BEHALF OF THE COMPANY

No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the Company, or to intervene in any proceedings to which the Company is a party, for the purpose of taking responsibility on behalf of the Company for all or any part of those proceedings.

No proceedings have been brought, or intervened in, on behalf of the Company with leave of the Court under section 237 of the Corporations Act 2001 .

AUDITOR’S INDEPENDENCE DECLARATION

A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 20.

Signed in accordance with a resolution of the directors.

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Peter S Thomas

Non-Executive Chairman

Perth, 29 September 2024

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AUDITOR’S INDEPENDENCE DECLARATION

Auditor's Independence Declaration

To those charged with the governance of Emu NL

As auditor for the audit of Emu NL for the year ended 30 June 2024, I declare that, to the best of my knowledge and belief, there have been:

i. no contraventions of the independence requirements of the Corporations Act 2001 in relation to the audit; and
ii. no contraventions of any applicable code of professional conduct in relation to the audit.

This declaration is in respect of Emu NL and the entities it controlled during the year.

Signature of Elderton Audit Pty Ltd noted as having been affixed with approval Elderton Audit Pty Ltd

Signature of Sajjay Cheema noted as having been affixed with approval Sajjay Cheema Audit Director

Perth

29 September 2024

Page 20

CONSOLIDATED ENTITY DISCLOSURE and CORPORATE GOVERNANCE STATEMENTS

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CONSOLIDATED ENTITY DISCLOSURE STATEMENT

Name of Entity	Type of Entity	Trustee, Partner or Participant in Joint Venture	% of Share Capital Held	Country of Incorpor ation	Australian Resident or Foreign Resident (for tax purposes)	Foreign Tax Jurisdicti on(s) of Foreign Residents
EMU NL	Body Corporate	N/A	N/A	Australia	Australia	N/A
Emu Resources Pty Ltd	Body Corporate	N/A	100%	Australia	Australia	N/A
Emu Exploration Pty Ltd	Body Corporate	N/A	100%	Australia	Australia	N/A
Coruscant Minerals Pty Ltd	Body Corporate	N/A	100%	Australia	Australia	N/A
Georgetown Projects Pty Ltd	Body Corporate	N/A	100%	Australia	Australia	N/A
Chile SpA	Body Corporate	N/A	100%	Chile	Chile	Chile

CORPORATE GOVERNANCE STATEMENT

Emu NL reviews its corporate governance practices against the Corporate Governance Principles and Recommendations (4[th ] edition) published by the ASX Corporate Governance Council.

The 2024 Corporate Governance Statement was approved by the board on 29 September 2024.

A description of the Group’s current corporate governance practices is set out in the Group’s Corporate Governance Statement which can be viewed at www.emu.com.au.

Page 21

CONSOLIDATED STATEMENT OF FINANCIAL PERFORMANCE YEAR ENDED 30 JUNE 2024

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Notes	Consolidated	Consolidated
	2024	2023
	$	$
REVENUE 4 EXPENDITURE Depreciation expense Exploration expenses 5 Key management personnel compensation 17 Other expenses LOSS BEFORE INCOME TAX INCOME TAX 6 LOSS AFTER INCOME TAX OTHER COMPREHENSIVE INCOME Items that may be reclassified to profit or (loss) Other comprehensive income / (loss) for the year, net of tax TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO OWNERS OF EMU NL Basic and diluted loss per share for loss attributable to the ordinary equity holders of the Company (cents per share) (2023 adjusted for 1:30 consolidation of equity securities) 21	18,714 42,426 (7,452) (14,896) (1,143,350) (1,164,613) (443,883) (396,104) (458,382) (454,416)
	(2,034,353) (1,987,603) - -
	(2,034,353) (1,987,603)

	- -
	(2,034,353) (1,987,603)
	(3.35) (6.30)

The above Consolidated Statement of Financial Performance should be read in conjunction with the Notes to the Consolidated Financial Statements.

Page 22

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 30 JUNE 2024

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Notes	Consolidated	Consolidated
	2024	2023
	$	$
CURRENT ASSETS Cash and cash equivalents 7 Trade and other receivables 8 TOTAL CURRENT ASSETS NON-CURRENT ASSETS Plant, equipment, motor vehicle 10 TOTAL NON-CURRENT ASSETS TOTAL ASSETS CURRENT LIABILITIES Trade and other payables 11 TOTAL CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS / (LIABILITIES) EQUITY Contributed equity 12 Reserves 13 Accumulated losses TOTAL EQUITY / (DEFICIENCY IN EQUITY)	158,166 1,149,742 43,797 53,446
	201,963 1,203,188
	- 7,452
	- 7,452
	201,963 1,210,640
	235,656 213,709
	235,656 213,709
	235,656 213,709
	(33,693) 996,931
	34,570,938 33,606,226 142,617 103,600 (34,747,248) (32,712,895)
	(33,693) 996,931

The above Consolidated Statement of Financial Position should be read in conjunction with the Notes to the Consolidated Financial Statements.

Page 23

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

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Contributed Equity	Share-Based Payments Reserve	Accumulated Losses	Total
$	$	$	$

31,233,579	126,000	(30,725,292)	634,287
-	-	(1,987,603)	(1,987,603)
-	-	(1,987,603)	(1,987,603)
2,449,195 3,500 (206,048) 126,000	- - 103,600 (126,000)	- - - -	2,449,195 3,500 (102,448) -
2,372,647	(22,400)	-	2,350,247
33,606,226	103,600	(32,712,895)	996,931

33,606,226	103,600	(32,712,895)	996,931
-	-	(2,034,353)	(2,034,353)
-	-	(2,034,353)	(2,034,353)
1,112,125 (147,413)	- 39,017	- -	1,112,125 (108,396)
964,712	39,017	-	1,003,729
34,570,938	142,617	(34,747,248)	(33,693)

The above Consolidated Statement of Changes in Equity should be read in conjunction with the Notes to the Consolidated Financial Statements.

Page 24

CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED 30 JUNE 2024

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Notes	Consolidated	Consolidated
	2024	2023
	$	$
CASH FLOWS FROM OPERATING ACTIVITIES Payments to suppliers and employees Exploration expenditure on mining interests Interest received NET CASH OUTFLOW FROM OPERATING ACTIVITIES 20 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of equipment Payments for acquisition of new tenements NET CASH OUTFLOW FROM INVESTING ACTIVITIES CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issues of ordinary shares and options Payments of share and option issue transaction costs NET CASH INFLOW FROM FINANCING ACTIVITIES NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS Cash and cash equivalents at the beginning of the financial year Effects of exchange rate changes on cash and cash equivalents CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 7	(897,924) (856,282) (1,058,584) (1,066,056) 18,714 24,526
	(1,937,794) (1,897,812)
	- 15,000 (57,511) (102,890)
	(57,511) (87,890)
	1,151,142 2,452,695 (147,413) (102,448)
	1,003,729 2,350,247
	(991,576) 364,545 1,149,742 784,956 - 241
	158,166 1,149,742

The above Consolidated Statement of Cash Flows should be read in conjunction with the Notes to the Consolidated Financial Statements.

Page 25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The principal accounting policies adopted in the preparation of the financial statements are set out below. The financial statements are for the consolidated entity consisting of Emu NL and its subsidiaries. The financial statements are presented in the Australian currency. Emu NL is a no liability company, domiciled and incorporated in Australia. The financial statements were authorised for issue by the directors on 29 September 2024. The directors have the power to amend and reissue the financial statements.

(a) Basis of preparation

These general-purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board and the Corporations Act 2001 . Emu NL is a for-profit entity for the purpose of preparing the financial statements.

Going concern

The financial statements have been prepared on the going concern basis, which contemplates the continuity of normal business activities and the realisation of assets and settlement of liabilities in the normal course of business.

As disclosed in the financial statements, the Group incurred a loss of $2,034,353 and had net operating cash outflows of $1,937,794. These conditions indicate a material uncertainty that may cast significant doubt about the Group’s ability to continue as a going concern.

The ability of the entity to continue as a going concern is dependent on securing additional capital raising activities to continue its operational and exploration activities.

Should the entity not be able to continue as a going concern, it may be required to realise its assets and discharge its liabilities other than in the ordinary course of business, and at amounts that differ from those stated in the financial statements and that the financial report does not include any adjustments relating to the recoverability and classification of recorded asset amounts or liabilities that might be necessary should the entity not continue as a going concern.

(i) Compliance with IFRS

The consolidated financial statements of the Emu NL Group also comply with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

(ii) Adoption of new and revised accounting standards

The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.

Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

(iii) New standards and interpretations not yet adopted

The AASB has issued new and amended Accounting Standards and Interpretations that have mandatory application date or future reporting periods. None of these new standards have any application to the Company.

(iv) Historical cost convention and going concern basis

These financial statements have been prepared under the historical cost convention, as modified by the revaluation of selected non-current assets, financial assets and financial liabilities for which the fair value basis of accounting has been applied. These financial statements have been prepared on the going concern basis.

(b) Principles of consolidation

(i) Subsidiaries

Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases.

The acquisition method of accounting is used to account for business combinations by the Group.

Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss and other comprehensive income, statement of changes in equity and statement of financial position respectively.

(ii) Changes in ownership interests

The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and

Page 26

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognised in a separate reserve within equity attributable to owners of Emu NL.

When the Group ceases to have control, any retained interest in the entity is remeasured to its fair value with the change in carrying amount recognised in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, jointly controlled entity or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss.

If the ownership interest in a jointly controlled entity or associate is reduced but joint control or significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income are reclassified to profit or loss where appropriate.

(c) Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the full board of Directors.

(d) Foreign currency translation

(i) Functional and presentation currency

Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in Australian dollars, which is Emu NL's functional and presentation currency.

(ii) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. They are deferred in equity if they are attributable to part of the net investment in a foreign operation.

(iii) Group companies

The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position;
income and expenses for each statement of profit and loss and other comprehensive income are translated at average exchange rates (unless that is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and
all resulting exchange differences are recognised in other comprehensive income.

On consolidation, exchange differences arising from the translation of any net investment in foreign entities, and of borrowings and other financial instruments designated as hedges of such investments, are recognised in other comprehensive income. When a foreign operation is sold or any borrowings forming part of the net investment are repaid, the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on sale.

(e) Revenue recognition

Interest revenue is recognised on a time proportionate basis that takes into account the effective yield on the financial assets.

(f) Income tax

The income tax expense or revenue for the year is the tax payable on the current year’s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company’s subsidiaries and associated operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the reporting date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax bases of investments in controlled entities where the parent entity is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.

(g) Leases

Leases where a significant portion of the risks and rewards of ownership are not transferred to the Group as lessee are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to profit or loss on a straight-line basis over the period of the lease.

(h) Impairment of assets

Goodwill and intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. Note that exploration and evaluation expenditures are expensed as incurred – see note 1(l).

(i) Cash and cash equivalents

For statement of cash flows presentation purposes, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term highly liquid investments with original maturities of twelve months or less that are readily convertible to known amounts of cash and which are subject to insignificant risk of changes in value.

(j) Financial instruments

Initial recognition and measurement

Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions to the instrument. For financial assets, this is the date that the Group commits itself to either the purchase or sale of the asset (i.e. trade date accounting is adopted).

Financial instruments (except for trade receivables) are initially measured at fair value plus transaction costs, except where the instrument is classified "at fair value through profit or loss", in which case transaction costs are expensed to profit or loss immediately. Where available, quoted prices in an active market are used to determine fair value. In other circumstances, valuation techniques are adopted.

Trade receivables are initially measured at the transaction price if the trade receivables do not contain significant financing component or if the practical expedient was applied as specified in AASB 15.63.

Classification and subsequent measurement

Financial assets

Financial assets are subsequently measured at:

amortised cost;
fair value through other comprehensive income; or
fair value through profit or loss

On the basis of the two primary criteria:

the contractual cash flow characteristics of the financial asset; and
the business model for managing the financial assets
A financial asset is subsequently measured at amortised cost when it meets the following conditions:
the financial asset is managed solely to collect contractual cash flows; and

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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the contractual terms within the financial asset give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding on specified dates.
A financial asset is subsequently measured at fair value through other comprehensive income when it meets the following conditions:
the contractual terms within the financial asset give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding on specified dates; and
the business model for managing the financial asset comprises both contractual cash flows collection and the selling of the financial asset.

By default, all other financial assets that do not meet the measurement conditions of amortised cost and fair value through other comprehensive income are subsequently measured at fair value through profit or loss.

Financial liabilities

Financial liabilities are subsequently measured at:

amortised cost; or
fair value through profit or loss

A financial liability is measured at fair value through profit and loss if the financial liability is:

a contingent consideration of an acquirer in a business combination to which AASB 3 applies
held for trading; or
initially designated as at fair value through profit or loss

All other financial liabilities are subsequently measured at amortised cost using the effective interest method.

The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest expense over in profit or loss over the relevant period.

The effective interest rate is the internal rate of return of the financial asset or liability. That is, it is the rate that exactly discounts the estimated future cash flows through the expected life of the instrument to the net carrying amount at initial recognition. A financial liability is held for trading if it is:

incurred for the purpose of repurchasing or repaying in the near term;
part of a portfolio where there is an actual pattern of short-term profit taking; or
a derivative financial instrument (except for a derivative that is in a financial guarantee contract or a derivative that is in an effective hedging relationship)

Any gains or losses arising on changes in fair value are recognised in profit or loss to the extent that they are not part of a designated hedging relationship.

Ordinary shares

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects.

Derecognition

Derecognition refers to the removal of a previously recognised financial asset or financial liability from the statement of financial position.

Derecognition of financial liabilities

A liability is derecognised when it is extinguished (i.e. when the obligation in the contract is discharged, cancelled or expires). An exchange of an existing financial liability for a new one with substantially modified terms, or a substantial modification to the terms of a financial liability is treated as an extinguishment of the existing liability and recognition of a new financial liability.

The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss.

Derecognition of financial assets

A financial asset is derecognised when the holder's contractual rights to its cash flows expires, or the asset is transferred in such a way that all the risks and rewards of ownership are substantially transferred.

All the following criteria need to be satisfied for derecognition of a financial asset:

the right to receive cash flows from the asset has been expired or been transferred;
all risk and rewards of ownership of the asset have been substantially transferred; and
the entity no longer controls the asset (i.e. it has no practical ability to make unilateral decisions to sell the asset to a third party).

On derecognition of a financial asset measured at amortised cost, the difference between the asset's carrying amount and the sum of the consideration received and receivable is recognised in profit or loss.

On derecognition of a debt instrument classified as at fair value through other comprehensive income, the cumulative gain or loss previously accumulated in the investment revaluation reserve is reclassified to profit or loss.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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On derecognition of an investment in equity which was elected to be classified under fair value through other comprehensive income, the cumulative gain or loss previously accumulated in the investments revaluation reserve is not reclassified to profit or loss, but is transferred to retained earnings.

Impairment of financial assets

An impairment loss is recognised for the expected credit losses on financial assets when there is an increased probability that the counterparty will be unable to settle an instrument’s contractual cash flows on the contractual due dates, a reduction in the amounts expected to be recovered, or both. The probability of default and expected amounts recoverable are assessed using reasonable and supportable past and forward-looking information that is available without undue cost or effort. The expected credit loss is a probability-weighted amount determined from a range of outcomes and takes into account the time value of money. For trade receivables, material expected credit losses are measured by applying an expected loss rate to the gross carrying amount. The expected loss rate comprises the risk of a default occurring and the expected cash flows on default based on the aging of the receivable. The r isk of a default occurring always takes into consideration all possible default events over the expected life of those receivables (“the lifetime expected credit losses”). Different provision rates and periods are used based on groupings of historic credit loss experience by product type, customer type and location.

For intercompany loans that are repayable on demand, expected credit losses are based on the assumption that repayment of the loan is demanded at the reporting date. If the subsidiary does not have sufficient accessible highly liquid assets in order to repay the loan if demanded at the reporting date, an expected credit loss is calculated. This is calculated based on the expected cash flows arising from the subsidiary, and weighted for probability likelihood variations in cash flows.

(k) Plant, equipment and motor vehicles

All plant, equipment and motor vehicles are stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are charged to the statement of profit and loss and other comprehensive income during the reporting period in which they are incurred.

Depreciation of plant, equipment and motor vehicles are calculated using the prime cost method to allocate their cost or revalued amounts, net of their residual values, over their estimated useful lives or, in the case of leasehold improvements and certain leased plant, equipment and motor vehicles, the shorter lease term. The rates of depreciation range from 20% to 50% per annum.

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date.

An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount (note 1(h)).

Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in the statement of profit and loss and other comprehensive income.

(l) Exploration and evaluation costs

Exploration and evaluation costs are expensed as incurred.

That the carrying value of uncapitalised mineral assets as a result of the operation of this policy is zero does not necessarily reflect the board’s view as to the market value of those assets.

(m) Trade and other payables

These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year which are unpaid. The amounts are unsecured, non-interest bearing and are paid on normal commercial terms.

(n) Employee benefits

Wages and salaries and annual leave

Liabilities for wages and salaries, including non-monetary benefits, and annual leave expected to be settled within 12 months of the reporting date are recognised in other payables in respect of employees’ services up to the reporting date and are measured at the amounts expected to be paid when the liabilities are settled.

(o) Share-based payments

The Group may provide benefits to employees (including directors) of the Group, and to vendors and suppliers, in the form of equity-based payment transactions, whereby employees render services, or where vendors sell assets to the Group, in exchange for shares or rights over shares (‘equity-settled transactions’).

The cost of equity-settled transactions with employees, if any were issued, would be measured by reference to the “fair value”, not market value. The “fair value” is determined in accordance with Australian Accounting Standards. The Directors do not consider the resultant value as determined in accordance with Australian Accounting Standards (such as by the application of the Black-Scholes European Option Pricing Model) represents market value. In the case of share options issued, in the absence of a

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reliable measure, AASB 2 Share Based Payments prescribes the approach to be taken to determining the fair value. Other models may be used.

The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in which the performance conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the award (‘vesting date’).

The cumulative expense recognised for equity-settled transactions at each reporting date until vesting date reflects (i) the extent to which the vesting period has expired and (ii) the number of options that, in the opinion of the directors of the Group, will ultimately vest. This opinion is formed based on the best available information at balance date. No adjustment is made for the likelihood of market performance conditions being met as the effect of these conditions is included in the determination of fair value at grant date.

No expense is recognised for options that do not ultimately vest, except for options where vesting is conditional upon a market condition.

Where an option is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognised for the option is recognised immediately. However, if a new option is substituted for the cancelled option, and designated as a replacement option on the date that it is granted, the cancelled and new option are treated as a modification of the original option.

(p) Issued capital

Ordinary shares are classified as equity.

Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.

(q) Earnings per share

(i) Basic earnings per share

Basic earnings per share is calculated by dividing the profit attributable to owners of the company, excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year.

(ii) Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares.

(r) Goods and Services Tax (GST)

Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the taxation authority. In this case it is recognised as part of the cost of acquisition of the asset or as part of the expense. Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the taxation authority is included with other receivables or payables in the statement of financial position.

Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to the taxation authority, are presented as operating cash flows.

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed below.

Taxation

Balances disclosed in the financial statements and the notes thereto related to taxation are based on the best estimates of the directors. These estimates take into account both the financial performance and position of the Group as they pertain to current income taxation legislation, and the directors understanding thereof. No adjustment has been made for pending or future taxation legislation. The current income tax position represents that directors’ best estimate, pending an assessment by the Australian Taxation Office.

Environmental issues

Balances disclosed in the financial statements and notes thereto are not adjusted for any pending or enacted environmental legislation and the directors understanding thereof. At the current stage of the Group’s development and its current environmental impact, the directors believe such treatment is reasonable and appropriate.

Share-based payments

Share-based payment transactions, in the form of options to acquire ordinary shares (note: contributing are ordinary shares but

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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not fully paid), are valued using the Black-Scholes option or other recognised pricing model. Models use assumptions and estimates as inputs.

Whilst the Directors do not consider the result derived by the application of, say, the Black-Scholes European Option Pricing Model is in anyway representative of the market value of the share options issued, in the absence of reliable measure for the same, AASB 2 Share Based Payments prescribes the fair value be determined by applying a generally accepted valuation methodology. Other recognised models may be use.

2. FINANCIAL RISK MANAGEMENT

The Group’s activities expose it to a variety of financial risks: market risk (including currency risk, interest rate risk and price risk), credit risk and liquidity risk. The Group’s overall risk management program includes consideration of the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial performance of the Group in the context of the board’s judgement as to an acceptable balance as between risk/reward in the context of the Company and all the prevailing circumstances.

Risk management is carried out by a risk management committee comprised of the full board of Directors as the Group believes, given the circumstances of the Company, that it is crucial for all board members to be involved in this process. Therefore, all Directors have responsibility for identifying, assessing, treating and monitoring risks and reporting to the board on risk management.

(a) Market risk

(i) Foreign exchange risk

The Group is exposed to minor foreign exchange risk arising from the United States Dollar (USD) denominated bank accounts held by the Group.

Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities denominated in a currency that is not the entity’s functional currency and net investments in foreign operations. The Group’s cash is held in A$, and US$. The Group’s foreign currency risk management policy is to minimise foreign exchanges losses through diligent forecasting servicing requirements, monitoring relevant currencies, and exercising a business judgement as to what steps will produce the best result. The Company is not in the business of trying to make money from currency transactions.

The Group’s exposure to foreign currency risk as the end of the reporting period was as follows:

The Group’s exposure to foreign currency risk as the end of	the reporting period was as follows:
	2024	2023
Cash and cash equivalents	US$4,485	US$4,377

Sensitivity analysis

Based on the financial instruments held at 30 June 2024, had the Australian dollar weakened or strengthened by 10% against the USD with all other variables held constant, the Group’s post-tax loss would have been $677 lower or higher (2023: $660 lower or higher) as a result of foreign exchange gains/losses on translation of the USD denominated financial instruments. Other components of equity would not be materially impacted by the foreign exchange movements.

(ii) Price risk

The Group is not exposed to equity securities price risk as no investments are held by the Group and classified in the statement of financial position as financial assets.

Given the current level of operations, the Group is not currently directly exposed to commodity price risk.

The Group does not hold any equity investments which are publicly traded on the ASX. The board does not currently intend on making any additional investments but reserves the right to do so.

Sensitivity analysis

At both 30 June 2024 and 30 June 2023, the Company did not hold any available-for-sale equity instruments and therefore there was no increase or decrease to post-tax loss for the Group as a result of gains or losses on equity securities classified as financial assets.

(iii) Interest rate risk

The Group is exposed to movements in market interest rates on cash and cash equivalents. The Group’s policy is to monitor the interest rate yield curve out to six months to seek a balance between the liquidity of cash assets and the interest rate return. The entire balance of cash and cash equivalents for the Group $158,166 (2023: $1,149,742) is subject to interest rate risk. The weighted average interest rate received on cash and cash equivalents by the Group was minimal during the year.

Sensitivity analysis

At 30 June 2024, as interest rates were historically low, if interest rates had changed by -/+ 100 basis points from the weighted average rate for the year with all other variables held constant, post-tax loss for the Group would have been insignificant (2023: Insignificantly lower or higher) as a result of lower/higher interest income from cash and cash equivalents.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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(b) Credit risk

The maximum exposure to credit risk at balance date is the carrying amount (net of provision for impairment) of those assets as disclosed in the statement of financial position and notes to the financial statements. Credit risk arises from cash and cash equivalents.

All surplus cash holdings within the Group are to be invested with financial institutions with a minimum “A” rating.

The Group credit risk management practices involve regular reporting to the board as to where funds are invested, the term of the investment and current interest yield.

(c) Liquidity risk

The Group manages liquidity risk by continuously monitoring forecast and actual cash flows and ensuring sufficient cash and marketable securities are available to meet the current and future commitments of the Group. Debt and equity funding are options open to the Company. The board of Directors constantly monitor the state of equity markets in conjunction with the Group’s current and future funding requirements, with a view to ensuring the Group has adequate funds available.

The financial liabilities of the Group are confined to trade and other payables as disclosed in the statement of financial position. All trade and other payables are non-interest bearing and due within 12 months of the reporting date.

(d) Fair value measurements

The fair value of financial assets and financial liabilities must be estimated for recognition and measurement or for disclosure purposes. All financial assets and financial liabilities of the Group at the balance date are recorded at amounts approximating their fair value.

The fair value of financial instruments traded in active markets is based on quoted market prices at the reporting date. The quoted market price used for financial assets held by the Group is the current bid price. All of the Group’s financial assets for which a value has been recognised are publicly traded on the ASX and are classified as level 1 on the AASB 7 Financial Instruments: Disclosures hierarchy.

The carrying value, less impairment provision, of trade receivables and payables are assumed to approximate their fair values due to their short-term nature.

3. SEGMENT INFORMATION

The Group has identified that it operates in only one segment based on the internal reports that are reviewed and used by the board of directors (chief operating decision makers) in assessing performance and determining the allocation of resources. The Group's principal activity is the identification, acquisition and exploration of mineral assets.

principal activity is the identification, acquisition and exploration of mineral assets.
	Consolidated
	2024	2023
	$	$
4. REVENUE From continuing operations Other revenue Interest from banks and financial institutions Profit on sale of equipment (Note 10) FOREX Gains 5. EXPENSES Loss before income tax includes the following specific expenses: Defined contribution superannuation expense Minimum lease payments relating to operating leases Exploration Expenses: Project exploration expenses Acquisition of new tenement projects Total Exploration Expenses	18,714 24,526 - 17,659 - 241
	18,714 42,426
	35,432 34,003 59,388 59,388 1,085,839 1,061,723 57,511 102,890
	1,143,350 1,164,613

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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	Consolidated	Consolidated
	2024	2023
	$	$
6. INCOME TAX (a) Income tax expense Current tax Deferred tax (b) Numerical reconciliation of income tax expense to prima facie tax payable Loss from continuing operations before income tax expense Prima facie tax benefit at the Australian tax rate of 30% Tax effect of amounts which are not assessable or deductible (taxable) in calculating taxable income: Non-assessable income Non-deductible expenses Tax effect of current year tax losses for which no deferred tax asset has been recognised Income tax expense (c) Unrecognised temporary differences Deferred Tax Assets (at 30%) On Income Tax Account Sundry items Carry forward tax losses Deferred Tax Liabilities (at 30%) Sundry items	- - - -
	- -
	(2,034,353) (1,987,603) (610,306) (596,281) - (72) 32,300 22,168
	(578,006) (574,185) 578,006 574,185
	- -
	32,300 22,168 9,693,847 9,102,394
	9,726,147 9,124,562
	- -

Net deferred tax assets have not been brought to account as it is not probable within the immediate future that tax profits will be available against which deductible temporary differences and tax losses can be utilised. The Group’s ability to use losses in the future is subject to the Group satisfying the relevant tax authority’s criteria for using these losses

7. CURRENT ASSETS - CASH AND CASH EQUIVALENTS

7. CURRENT ASSETS - CASH AND CASH EQUIVALENTS
Cash at bank and in hand	137,010	67,336
Short-term deposits	21,156	1,082,406
Cash and cash equivalents as shown in the statement of financial
position and the statement of cash flows	158,166	1,149,742
Cash at bank and in hand earns interest at floating rates based on daily bank deposit rates.

Short-term deposits are made for varying periods of between one day and twelve months depending on the immediate cash requirements of the Group, and earn interest at the respective short-term deposit rates.

8. CURRENT ASSETS - TRADE AND OTHER RECEIVABLES

8. CURRENT ASSETS - TRADE AND OTHER RECEIVABLES
Trade receivable and GST refundable	43,797 53,446
	43,797 53,446

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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	Consolidated	Consolidated
	2024	2023
	$	$
10. NON-CURRENT ASSETS – PLANT, EQUIPMENT AND MOTOR VEHICLE Plant, equipment and motor vehicle Cost Accumulated depreciation Net book amount Plant, equipment and motor vehicle Opening net book amount Disposals Profit on disposal Depreciation charge Closing net book amount 11. CURRENT LIABILITIES - TRADE AND OTHER PAYABLES Trade payables Other payables and accruals Provision for unpaid leave accruals	74,431 74,431 (74,431) (66,979)
	- 7,452
	7,452 19,690 - (15,000) - 17,659 (7,452) (14,896)
	- 7,452
	95,625 112,442 80,386 55,267 59,645 46,000
	235,656 213,709

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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12. ISSUED CAPITAL

12. ISSUED CAPITAL
Notes	2024		2023
	Number of securities	$	Number of securities	$
(a) Share capital Ordinary shares: Fully paid 12(b), 12(e) Contributing shares – deemed to have been paid to $0.03 with $0.03 to pay – no call to be made before 31 December 2023 12(b), 12(e) Contributing shares – paid to $0.0001 with $0.04 to pay – no call to be made before 31 December 2025 Total ordinary share capital Performance Rightsin relation to acquisition of Gnows Nest project (can be repurchased for $20k if Gnows Nest disposed of before 22.9.2025) 12(c) Total issued capital (b) Movements in ordinary share capital Beginning of the financial year Issued during the year:  Private placement - Fully paid shares, issued for cash at 0.672 cents per share  Non-Renounceable Rights Issue - Fully paid shares, issued for cash at 0.2 cents per share  Directors and Consultants - Partly paid shares, issued pursuant to exercise of options at 0.0001 cents each – subject to calls of 4 cents each (no call to be made before 31 December 2025)  Transfer of options exercised 15.11.2022  Private placement - Fully paid shares, issued for cash at 0.0015 cents per share  Consolidation of equities – 1 for 30  Consolidation of equities – 1 for 30  Private placement - Fully paid shares, issued for cash at 0.025 cents per share  Transaction costs End of the financial year (c) Movements in Performance Rights Beginning of the financial year Consolidation of equities – 1 for 30 Consolidation of equities – 1 for 30 End of the financial year	77,492,966 1,349,586 1,166,670	33,114,282 1,450,021,279 1,368,156 40,485,069 3,500 35,000,000		32,149,570 1,368,156 3,500
	80,009,222	34,485,938 1,525,506,348		33,521,226

	1,619,051	85,000 48,571,429		85,000
	1,525,506,348 - - - - 574,750,007 (2,100,256,355) 70,009,222 10,000,000 -	34,570,938 33,521,226 590,299,553 - 137,453,621 - 762,753,174 - 35,000,000 - - 862,125 - - - - - 250,000 - (147,413) -		33,606,226
				31,148,579 923,688 1,525,507 3,500 126,000 - - - - (206,048)
	80,009,222	34,485,938 1,525,506,348		33,521,226
	48,571,429 (48,571,429) 1,619,051	85,000 48,571,429 - - - -		85,000 - -
	1,619,051	85,000 48,571,429		85,000

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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(d) Movements in options on issue

(d) Movements in options on issue
Exercise price (cents)	Expiry date	Balance at beginning of year	Issued / (Exercised)	Impact of Consolidation	Balance at the end of year
Issued to private placement placees and brokers to that issue – exercisable at $0.01 each on or before 7 October 2024 to acquire fully paid shares – Post Consolidation – exercisable at$0.30	7.10.2024	172,453,621	-	(172,453,621) 5,748,486	5,748,486
Issued to private placement placees and brokers to that issue – exercisable at $0.003 each on or before 31 December 2026 to acquire fully paid shares – Post Consolidation – exercisable at$0.09	31.12.2026	-	317,375,004	(317,375,004) 10,579,193	10,579,193

(e) Ordinary fully and contributing shares

Ordinary shares (which include the contributing (or partly paid) shares) entitle the holder to participate in dividends and the proceeds on winding up of the Company in proportion to the number of shares held, regardless of the amount paid up thereon.

On a show of hands every holder of ordinary shares present at a meeting in person or by proxy, is entitled to one vote, and upon a poll each share is entitled to one vote for each fully paid share and in respect of a contributing share, a fraction of a vote equivalent to the proportion which the amount paid up bears to the total issue price when fully paid.

Ordinary shares have no par value and the Company does not have a limited amount of authorised capital.

(f) Performance Rights

The Performance Rights on issue were issued in respect of the acquisition of the Gnows Nest project and will vest and convert into fully paid ordinary shares to be issued upon EMU announcing (in relation to the Gnows Nest project by 22 September 2025, either (i) a JORC Indicated Resource which includes at least 50,000oz Au grading >3.5g/t Au, or (ii) a JORC Reserve of at least 34,000oz Au (excluding the resource inventory current at the date of acquisiton by EMU). The Performance Rights have been included at a discounted valuation which has been determined after taking into account all presently known factors which are likely to affect the probability that the rights will not vest and consequently will not convert into fully paid shares.

(g) Capital risk management

The Group’s objectives when managing capital is to safeguard its ability to continue as a going concern and to take advantage of organic and acquisitive mineral property opportunities, so that it may strive to provide returns for shareholders and benefits for other stakeholders.

Debt and equity funding options are open to the Group. The working capital position of the Group at 30 June 2024 and 30 June 2023 are as follows:

2023 are as follows:
	Consolidated
	2024	2023
	$	$
Cash and cash equivalents Trade and other receivables Trade and other payables Working capital position / (Deficiency)	158,166 1,149,742 43,827 53,446 (221,312) (213,709)
	(19,319) 989,479

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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13. RESERVES

13. RESERVES
(a) Reserves Share-based payments reserve Note 22	142,617 103,600
	142,617 103,600

(b) Nature and purpose of reserves

(i) Share-based payments reserve

The share-based payments reserve is used to recognise the “fair value” of options issued at the grant date.

14. DIVIDENDS

No dividends were paid during the financial year. No recommendation for payment of dividends has been made.

15. REMUNERATION OF AUDITORS

During the year the following fees were paid or payable for services provided by the auditor of the Company, its related practices and non-related audit firms:

and non-related audit firms:
Audit and review of financial reports Total remuneration	28,400 28,400
	28,400 28,400

16. CONTINGENCIES AND COMMITMENTS

In order to maintain current rights of tenure to exploration tenements held in Western Australia, the Group has certain obligations to perform minimum exploration on the tenements in which it has an interest. These obligations may in some circumstances be varied or deferred. Tenement rentals and minimum expenditure obligations may be varied or deferred on application and are expected to be met in the normal course of business and have not been provided for in the financial report. The minimum statutory expenditure commitments required to be spent on the granted tenements for the next twelve months amounts to $221,380 (2023: $1,023,880).

Georgetown Earn-in - Key Terms of the Agreement

The material commercial terms of the farm-in and joint venture Heads of Agreement between EMU NL (for its wholly owned subsidiary Georgetown Projects Pty Ltd) and Rugby Resources Ltd are summarised below.

EMU may earn a 50% interest in the tenements by spending not less than $750K on exploration or development (includes all expenses other than annual statutory tenement charges) and a further 30% interest (for a total 80% interest) by spending a further $1.1M (for a total earn-in spend of $1.85M).

EMU will manage the project and determine all programmes and budgets during the earn in period. EMU may withdraw at any time but must keep the tenements in good standing and is liable for the cost of all rehabilitation works required consequent on its farm-in activities.

The optional earn-in spend rate for first a 50% interest, then an additional 30% interest for a total of 80%, is as follows:

First Earn-in Period – 24 August 2026 First Earn-in Amount (50%) $750K – this has been achieved Second Earn-in Period – 24 August 2028 Second Earn-in Amount (30%) $1,100K (aggregate $1.85M – for 80%)

If EMU’s rate of expenditure (incurred or, in the case of rehabilitation, provided for) falls below that stipulated, it shall cease to have the right to earn any (further) interest. If it has earned no interest, the agreement shall be at an end but without releasing EMU from its obligation, up to the date of the agreement ending, to maintain the tenements and undertake rehabilitation required by its activites.

If EMU earns an interest in the tenements, then once it ceases to have the right to earn (further) interest pursuant to the farm-in, a JV will be formed.

Either party may choose to dilute its interest in the JV, but if a party’s interest is diluted to less than 5%, that interest will convert to a 2% NSR - save if EMU’s interest is diluted to less than 5% and its expenditure then aggregates less than $1.5m, its NSR conversion right shall reduce from 2% to 1%.

EMU was to and has paid Rugby $50,000 within 10 days of the parties executing a long form farm-in and joint venture agreement (which the parties have agreed to negotiate in good faith with a view to replacing the HOA).

Rugby warranted the tenements were in good standing. Current annual tenement fees are approximately $45k.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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Exploration on the tenements is subject to the native title conditions as per relevant legislation.

Other than as described above, there are no material contingent liabilities or contingent assets of the Group at the reporting date.

17. RELATED PARTY and KEY MANAGEMENT PERSONNEL TRANSACTIONS

(a) Parent entity

The ultimate parent entity within the Group is Emu NL.

(b) Subsidiaries

Interests in subsidiaries are set out in Note 18.

(c) Key management personnel compensation

	Consolidated	Consolidated
	2024	2023
	$	$
Short-term benefits Post-employment benefits Total	435,427 422,117 8,456 8,072
	443,883 430,189

Refer to the Remuneration Report contained in the Directors’ Report for the details of the remuneration paid or payable and the share and option holdings in relation to each of the Group’s KMP for the year ended 30 June 2024.

(d) Loans to related parties

Emu NL has historically advanced unsecured, interest free loans to its wholly owned subsidiary, Emu Chile SpA, totalling $6,489,017 (2023: $6,489,017). This loan will be written off in full by Emu NL as the parent entity once deregistration of Emu Chile SpA has been completed in Chile. As disclosed in these Consolidated Group financial reports, the net financial position discloses neither an asset or a liability position.

(e) Transactions with other related parties

The Group is party to a Lease Agreement with Mr Peter Thomas, Chairman, whereby Mr Thomas has agreed to provide the Group with office accommodation for a fee of $4,250 per month, terminable at will by either party on one month’s notice, which commenced on 1 January 2013 and was revised as to quantum from 1 October 2019. Rental and variable rental outgoings paid during the year totalled $57,000 (2023: $57,000), and there was $Nil outstanding at the reporting date (2023: $Nil including GST).

18. SUBSIDIARIES

The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance with the accounting policy described in Note 1(b):

Name	Equity Holding(1)	Equity Holding(1)
	2024	2023
	%	%
Emu Chile SpA – In process of being deregistered Chile Ordinary Emu Exploration Pty Ltd – Registered 10 August 2020 Australia Ordinary Emu Resources Pty Ltd – Registered 4 August 2020 Australia Ordinary Coruscant Minerals Pty Ltd – Acquired 8 June 2021 Australia Ordinary Georgetown Projects Pty Ltd – Registered 22 August 2022 Australia Ordinary	100 100 100 100 100 100 100 100 100 100

(1) The proportion of ownership interest is equal to the proportion of voting power held.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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19. SIGNIFICANT EVENTS OCCURRING AFTER THE BALANCE SHEET DATE

Since the end of the reporting period, Emu NL advised that under the terms of the rights issue announced 29 May 2024, shareholders were offered the opportunity to subscribe for fully paid ordinary shares at $0.025 each on the basis of three (3) shares offered for every five (5) shares held at the record date, to raise approximately ~$1.1M (after the expenses of the offer).

The Board advised that Eligible shareholders supported the offer to a very significant degree by subscribing $842,447 for 33,697,861 shares or, put another way, taking up 70.2% of the total shares offered under the rights issue.

The offer was fully underwritten by Martin Place Securities Pty Ltd (“ Underwriter ”), meaning the remaining 14,308,360 shares (the “ Shortfall ”) available under the offer had been placed to clients of the Underwriter who were not on the register as at the offer record date.

The new shares were issued Tuesday 9 July 2024, in accordance with the timetable advised 21 June 2024, and rank equally with existing fully paid ordinary shares.

On 4 September 2024, the Company advised that the Unmarketable Parcel Share Sale Facility (“ Facility” ) as announced on 22 July 2024 had closed.

The final number of shares sold under the Facility was 3,029,233 and reduced the number of registered holdings by 734.

The Facility provided an opportunity for smaller shareholders to monetise their investment with no brokerage fees or other costs. The reduction in the number of shareholders will reduce administrative and registry costs.

EMU appointed Martin Place Securities to sell the shares under the Facility, and the proceeds have been remitted to participating shareholders by direct bank transfer.

No other events or circumstances have arisen since the end of the financial year which significantly affected or which in the judgement of the board may significantly affect the operations of the Group, the results of those operations, or the state of affairs of the Group in future financial periods.

	Consolidated	Consolidated
	2024	2023
	$	$
20. CASH FLOW INFORMATION Reconciliation of net loss after income tax to net cash outflow from operating activities Net loss for the year Non-Cash Items Depreciation of non-current assets Profit on sale of equipment FOREX gains Reclassification of payments to acquire new tenements Change in operating assets and liabilities Decrease (increase) in trade and other receivables Decrease (increase) decrease in prepayments (Decrease) increase in trade, other payables and accruals Net cash outflow from operating activities	(2,034,353) (1,987,603) 7,452 14,896 - (17,659) - (241) 57,511 102,890 (19,420) 49,929 29,069 (12,069) 21,947 (47,956)
	(1,937,794) (1,897,813)

21. LOSS PER SHARE

(a) Reconciliation of earnings used in calculating loss per share

Loss attributable to the owners of the Company used in calculating basic and diluted loss per share (2,034,353) (1,987,603)

Page 40

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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(b) Weighted average number of shares used as the denominator Weighted average number of ordinary shares used as the denominator in calculating basic (Adjusted for 1:30 equity consolidation)	Number of shares	Number of shares
	2024	2023
	60,692,515 31,643,055

(c) Information on the classification of options and performance rights

As the Group made a loss for the year ended 30 June 2024, no options or performance rights on issue have been included in the calculation of diluted earnings per share. The options and performance rights currently on issue could potentially dilute basic earnings per share in the future.

22. SHARE-BASED PAYMENTS

Options issued to employees, consultants and contractors

The Group may provide benefits to employees (including directors), consultants and contractors of the Group in the form of sharebased payment transactions, whereby, for instance, options to acquire ordinary shares may be issued as an incentive to improve employee and shareholder goal congruence.

No such options were granted during this reporting period.

Total expenses arising from share-based payment transactions other than to provide benefits to employees (including directors) recognised during the period were as follows:

Options issued to brokers to the private placement conducted during the year Total	Consolidated	Consolidated
	2024	2023
	$	$
	39,017 103,600
	39,017 103,600

The options issued during the year were valued using the Black-Scholes European Option Pricing Model which is the form recommended under IFRS guidelines using the following option valuation input factors:

Volume Weighted Share price for underlying fully paid ordinary Shares – $0.0018 Exercise price – $0.003 Term – 3.052 years Risk free rate – 4.35% Annualised Volatility – 263.8%

Discount factor due to non-tradeability issues – 25%

Value per Option – 0.001301

Page 41

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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23. PARENT ENTITY INFORMATION

The following information relates to the parent entity, Emu NL, at 30 June 2024. The information presented here has been prepared using accounting policies consistent with those presented in Note 1.

The following information relates to the parent entity, Emu NL, at 30 June 2024. The in using accounting policies consistent with those presented in Note 1.	formation presented here has been prepared	formation presented here has been prepared
	Consolidated
	2024	2023
	$	$
Current assets Non-current assets Total assets Current liabilities Total liabilities Net Assets Contributed equity Reserves Accumulated losses Total equity Loss for the year Other comprehensive income Total comprehensive income for the year	158,166 1,203,188 43,797 7,452
	201,963 1,210,640
	235,656 213,709
	235,656 213,709

	(33,693) 996,931
	34,570,938 33,606,226 142,617 103,600 (34,747,248) (32,712,895)
	(33,693) 996,931
	(2,034,353 (1,985,687) - -
	(2,034,353) (1,985,687)

Page 42

DIRECTORS’ DECLARATION

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The directors of the Group declare that:

the accompanying consolidated financial statements and notes are in accordance with the Corporations Act 2001 and:
(a) comply with Australian Accounting Standards and the Corporations Act 2001 ;
(b) give a true and fair view of the financial position as at 30 June 2024 and performance for the year ended on that date of the Group; and
(c) the audited remuneration disclosures set out in the Remuneration Report section of the Directors’ Report for the year ended 30 June 2024 complies with section 300A of the Corporations Act 2001 ;
the Chief Executive Officer and Chief Financial Officer have both declared pursuant to section 295A(2) of the Corporations Act 2001 that:
(a) the financial records of the company for the financial year have been properly maintained in accordance with section 286 of the Corporations Act 2001 ;
(b) the consolidated financial statements and the notes for the financial year comply with Australian Accounting Standards;
(c) the consolidated financial statements and notes for the financial year give a true and fair view; and
(d) the consolidated entity disclosure statement for the financial year is true and correct.
in the directors’ opinion, there are reasonable grounds to believe that the Group will be able to pay its debts as and when they become due and payable;
the directors have included in the notes to the consolidated financial statements an explicit and unreserved statement of compliance with International Financial Reporting Standards; and
the consolidated entity disclosure statement is true and correct.

This declaration is made in accordance with a resolution of the directors.

==> picture [55 x 56] intentionally omitted <==

Peter S Thomas

Non-Executive Chairman Perth, 29 September 2024

Page 43

INDEPENDENT AUDIT REPORT

Independent Audit Report to the members of Emu NL

Report on the Audit of the Financial Report

Opinion

We have audited the financial report of Emu NL (the Company) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 2024, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information, the consolidated entity disclosure statement and the directors' declaration. In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001 , including:

(i) giving a true and fair view of the Group's financial position as at 30 June 2024 and of its financial performance for the year then ended; and

(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001 .

Basis for Opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described as in the Auditor's Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (the code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We confirm that the independence declaration required by the Corporations Act 2001 , which has been given to the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor's report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty related to going concern

We draw attention to Note 1 to the financial report, which describes that the ability of the Group to continue as a going concern is dependent on securing additional capital raising activities to continue its operational and exploration activities. As a result, there is material uncertainty related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern, and therefore whether it will realise its assets and extinguish its liabilities in the normal course of business and at the amounts stated in the financial report. Our opinion is not modified in respect of this matter.

Page 44

INDEPENDENT AUDIT REPORT

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial report of the current period. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Key management personnel compensation, exploration expenses and administration expenses: $2,045,615.

Refer to Consolidated Statement of Financial Performance and Note 5.

Key Audit Matter

How our audit addressed the matter

Key management personnel compensation, exploration expenses and other expenses, collectively are a substantial figure in the financial statements of the Group, representing a significant portion of shareholder equity spent during the financial year.

Given the significance of the above expenses, we considered that the validity and accuracy of the recorded expenditures to be a key audit matter.

Our audit work included, but was not restricted to, the following:

We examined the Group’s approval processes in relation to making payments to its suppliers and employees.
We selected a sample of expenses using different systematic sampling methods, and vouched each item selected to invoices and other supporting documentation.
We reviewed post year end payments and invoices to ensure that all goods and services provided during the financial year were recognised in expenses for the same period.
For exploration expenses, we assessed which tenements the spending related to, to ensure funds were expended in relation to the Group’s ongoing projects. We also verified tenement acquisition costs with contract and checked calculation.
From those charged with governance of the Group we requested confirmations from all directors and other key management personnel of the Group during the financial year of their remuneration and any other transactions between them, their related parties and the Group; and
We reviewed Board minutes of meetings held during the financial year.

Other Information

The directors are responsible for the other information. The other information comprises the Review of Operations and Directors Report and other information included in the Group’s annual report for the year ended 30 June 2024 but does not include the financial report and our auditor’s report thereon.

Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed on the other information obtained prior to the date of this auditor's report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Directors for the Financial Report

The directors of the Company are responsible for the preparation of i) the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001; and ii) the consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of i) the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view and is free from material misstatement, whether due to fraud or error; and ii) the consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due to fraud or error.

In preparing the financial report, the directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Report

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of

Page 45

INDEPENDENT AUDIT REPORT

assurance, but is not a guarantee that an audit conducted in accordance with Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial report.

As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.
Evaluate the appropriateness of accounting policies used in the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as going concern.
Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.

We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with the directors, we determine those matters that were of most significance in the audit of the financial report of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on the Remuneration Report

Opinion on the Remuneration Report

We have audited the Remuneration Report included on page 14 to page 18 in the directors' report for the year ended 30 June 2024.

In our opinion, the Remuneration Report of EMU NL, for the year ended 30 June 2024, complies with section 300A of the Corporations Act 2001 .

Responsibilities

The directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001 . Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.

Signature of Elderton Audit Pty Ltd noted as having been affixed with approval Elderton Audit Pty Ltd

Signature of Sajjay Cheema noted as having been affixed with approval

Sajjay Cheema

Audit Director

Perth 29 September 2024

Page 46

ASX ADDITIONAL INFORMATION

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Additional information required byAustralian Securities Exchange Ltd and not shown elsewhere in this report is as follows. The information was current as at 23 September 2024.

(a) Distribution of equity securities (unescrowed)

Analysis of numbers of equity security holders by size of holding:

	Ordinary shares Contributing shares Number of holders Number of shares Number of holders Number of shares
1 - 1,000 1,001 - 5,000 5,001 - 10,000 10,001 - 100,000 100,001 and over The number of shareholders holding less than a marketable parcel of shares are:	43 7,331 101 27,061 35 76,104 37 88,340 17 132,391 15 104,483 262 11,789,324 21 858,740 190 113,494,037 2 270,962
	547 125,499,187 176 1,349,586
	126 733,629 161 343,473

(b) Twenty largest shareholders of quoted ordinary fully paid shares

The names of the twenty largest holders of quoted ordinary fully paid shares are:

Listed ordinary fully paid shares

	Listed ordinary fully paid shares
	Number of shares Percentage of ordinary fully paid shares
1 Northmead Holdings Pty Ltd 2 KTAP Pty Ltd 3 Mr Roger Blake & Mrs Erica Blake 4 Wonfair Investments Pty Ltd 5 Middle Island Resources Ltd 6 Mr Chor Leng Tan 7 SMPI Emu 1 LLC 8 Vienna Holdings Pty Ltd 9 Cairnglen Investments Pty Ltd 10 Sandwich Holdings Pty Ltd 11 Northern Griffin Pty Ltd 12 1215 Capital Pty Ltd 13 N & J Mitchell Holdings Pty 14 Misulija Pty Ltd 15 Mr Lucio Mioni 16 Nelson Enterprises Pty Ltd 17 Detota Pty Ltd 18 Citicorp Nominees Pty Limited 19 BNP Paribas Nominees Pty Ltd 20 N & J Mitchell Holdings Pty	7,000,000 5.58 5,800,000 4.62 4,266,668 3.40 3,926,971 3.13 3,333,183 2.66 3,237,532 2.58 3,128,515 2.49 2,826,668 2.25 2,560,000 2.04 2,500,000 1.99 2,295,832 1.83 2,143,335 1.71 1,777,780 1.42 1,666,667 1.33 1,637,666 1.30 1,600,000 1.27 1,550,000 1.24 1,282,638 1.02 1,204,424 0.96 1,166,591 0.93
	54,904,470 43.75%

Page 47

ASX ADDITIONAL INFORMATION

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(c) Twenty largest shareholders of quoted contributing shares

The names of the twenty largest holders of quoted contributing shares are:

1 Northern Griffin Pty Ltd 2 Clariden Capital Pty Ltd 3 SMPI EMU 2 LLC 4 St Barnabas Investments Pty Ltd 5 Thomas, Peter S 6 King, Wallace F + J I 7 Dixtru Pty Ltd 8 Byron Exploration Pty Ltd 9 Le Chem Pty Ltd 10 Oceanic Capital Pty Ltd 11 Rare Earths & Minerals Pty Ltd 12 Rutherford, G A R + M L 13 Citicorp Nominees Pty Limited 14 Payzone Pty Ltd 15 Wonfair Investments Pty Ltd 16 Gavin Alan R Rutherford 17 Kevin Anthony Leo & Leticia Leo 18 Sept Rouges Limited 19 Harlund Investments Pty Ltd >Hart Family Super Fund A/c> 20 Steven Lionel Tate & Sharlene Norma Tate	Listed contributing shares Number of contributing shares Percentage of contributing shares
	239,952 17.78 116,667 8.64 96,051 7.12 84,172 6.24 72,952 5.41 65,293 4.84 53,423 3.96 52,024 3.85 45,834 3.40 43,810 3.25 40,800 3.02 36,790 2.73 31,679 2.35 26,666 1.98 25,001 1.85 19,030 1.41 18,395 1.36 16,842 1.25 14,161 1.05 13,286 0.98
	1,112,828 82.046

1
Northern Griffin Pty Ltd
2
Clariden Capital Pty Ltd
3
SMPI EMU 2 LLC
4
St Barnabas Investments Pty Ltd
5
Thomas, Peter S
6
King, Wallace F + J I
7
Dixtru Pty Ltd
8
Byron Exploration Pty Ltd
9
Le Chem Pty Ltd
10
Oceanic Capital Pty Ltd
11
Rare Earths & Minerals Pty Ltd
12
Rutherford, G A R + M L
13
Citicorp Nominees Pty Limited
14
Payzone Pty Ltd
15
Wonfair Investments Pty Ltd
16
Gavin Alan R Rutherford
17
Kevin Anthony Leo & Leticia Leo
18
Sept Rouges Limited
19
Harlund Investments Pty Ltd >Hart Family Super Fund A/c>
20
Steven Lionel Tate & Sharlene Norma Tate

Listed contributing shares
Number of
contributing shares
Percentage of
contributing shares

239,952
17.78
116,667
8.64
96,051
7.12
84,172
6.24
72,952
5.41
65,293
4.84
53,423
3.96
52,024
3.85
45,834
3.40
43,810
3.25
40,800
3.02
36,790
2.73
31,679
2.35
26,666
1.98
25,001
1.85
19,030
1.41
18,395
1.36
16,842
1.25
14,161
1.05
13,286
0.98

1,112,828
82.046

(d) Unquoted Securities

(d) Unquoted Securities
Class Number of Securities Number of Holders	Holders of 20% or more of the class*
	Holder Name Number of Securities
Unlisted contributing shares Partly paid as to $0.0030 each with an additional $1.20 payable when called (no call to be made before 31 December 2025) 1,166,670 9	N/A N/A

* Details of holders holding more than 20% or more of this class are not required to be disclosed for securities issued under an employee incentive scheme.

Unlisted Performance Rights:

The names of all of the holders are:

79 Pty Ltd Corinne Rachel Panzich Bluelight Investments Pty Ltd Sportking Pty Ltd Appolo Pty Ltd	Unlisted performance rights Number Held Percentage
	405,248 25.03 405,248 25.03 404,277 24.97 323,422 19.98 80,856 4.99
	1,619,051 100.00

Page 48

ASX ADDITIONAL INFORMATION

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Unlisted Options (Exercisable at $0.30, expiring 7.10.2024):

The names of all of the 20 largest option holders are:

1 180 Markets Pty Ltd 2 Zenix Nominees Pty Ltd 3 Matthew Burford Super Fund Pty Ltd 4 Yucaja Pty Ltd (The Yoegiar Family A/c> 5 First Investment Partners Pty Ltd 6 Tangcorp Investments Pty Ltd 7 Blue Coasters Pty Ltd 8 Orca Capital Gmbh 9 Mr Roger Blake & Mrs Erica Blake 10 Le Chem Pty Ltd 11 Riya Investments Pty Ltd 12 Vivo Trading Pty Ltd 13 Mr Alexander Lewit 14 Australian Travel Directory (Aust) Pty Ltd 15 Prof Jeremy Ruben & Mrs Vanessa Ruben 16 Saba Nominees Pty Ltd 17 Mr David William Riches 18 Mrs Debra Anne Ridge 19 Vienna Holdings Pty Ltd 20 St George Custodians Pty Ltd	Unlisted options Number of options Percentage of options
	509,263 8.86 349,301 6.08 493,650 5.69 327,279 5.69 219,932 3.83 219,932 3.83 176,667 3.07 159,818 2.89 150,000 2.78 133,334 2.61 133,334 2.32 130,912 2.32 114,548 2.28 106,366 1.99 99,207 1.85 94,247 1.73 83,334 1.64 83,334 1.45 83,334 1.45 79,366 1.45
	3,747,158 65.19%

1
180 Markets Pty Ltd
2
Zenix Nominees Pty Ltd
3
Matthew Burford Super Fund Pty Ltd
4
Yucaja Pty Ltd (The Yoegiar Family A/c>
5
First Investment Partners Pty Ltd
6
Tangcorp Investments Pty Ltd
7
Blue Coasters Pty Ltd
8
Orca Capital Gmbh
9
Mr Roger Blake & Mrs Erica Blake
10
Le Chem Pty Ltd
11
Riya Investments Pty Ltd
12
Vivo Trading Pty Ltd
13
Mr Alexander Lewit
14
Australian Travel Directory (Aust) Pty Ltd
15
Prof Jeremy Ruben & Mrs Vanessa Ruben
16
Saba Nominees Pty Ltd
17
Mr David William Riches
18
Mrs Debra Anne Ridge
19
Vienna Holdings Pty Ltd
20
St George Custodians Pty Ltd

Unlisted options
Number of options
Percentage of
options

509,263
8.86
349,301
6.08
493,650
5.69
327,279
5.69
219,932
3.83
219,932
3.83
176,667
3.07
159,818
2.89
150,000
2.78
133,334
2.61
133,334
2.32
130,912
2.32
114,548
2.28
106,366
1.99
99,207
1.85
94,247
1.73
83,334
1.64
83,334
1.45
83,334
1.45
79,366
1.45

3,747,158
65.19%

Unlisted Options (Exercisable at $0.09, expiring 31.12.2026):

The names of all of the 20 largest option holders are:

1 Bowden Minerals Pty Ltd 2 Mr Yang Ye 3 Emu NL (Teasury) 4 N & J Mitchell Holdings Pty Ltd 5 Vienna Holdings Pty Ltd 6 Rotherwood Enterprises Pty Ltd 7 A C P Investments Pty Ltd 8 Mr Roger Blake & Mrs Erica Blake 9 Mr Mark Andrew Tkocz 10 Investing News Network Pty Ltd 11 Misulija Pty Ltd 12 Redtown Enterprises Pty Ltd 13 Awd Consultants Pty Ltd 14 Mr Benjamin Mathew Vallerine and Ms Samantha Blount 15 Mr Christopher Lindsay Bollam 16 Mr Alexander Michael Lewit 17 Mr Md Akram Uddin 18 Guy Leon Banducci 19 Cilacap Pty Ltd 20 Brevmar Pty Ltd	Unlisted options Number of options Percentage of options
	1,000,000 9.45 666,667 6.30 604,167 5.781 555,556 5.25 555,000 5.25 500,000 4.73 333,334 3.15 333,334 3.15 333,334 3.15 311,112 2.94 283,334 2.68 276,667 2.62 250,000 2.36 222,223 2.10 222,223 2.10 222,223 2.10 222,223 2.10 200,000 1.89 181,945 1.72 166,667 1.58
	7,440,009 70.33%

1
Bowden Minerals Pty Ltd
2
Mr Yang Ye
3
Emu NL (Teasury)
4
N & J Mitchell Holdings Pty Ltd
5
Vienna Holdings Pty Ltd
6
Rotherwood Enterprises Pty Ltd
7
A C P Investments Pty Ltd
8
Mr Roger Blake & Mrs Erica Blake
9
Mr Mark Andrew Tkocz
10
Investing News Network Pty Ltd
11
Misulija Pty Ltd
12
Redtown Enterprises Pty Ltd
13
Awd Consultants Pty Ltd
14
Mr Benjamin Mathew Vallerine and Ms Samantha Blount
15
Mr Christopher Lindsay Bollam
16
Mr Alexander Michael Lewit
17
Mr Md Akram Uddin
18
Guy Leon Banducci
19
Cilacap Pty Ltd
20
Brevmar Pty Ltd

Unlisted options
Number of options
Percentage of
options

1,000,000
9.45
666,667
6.30
604,167
5.781
555,556
5.25
555,000
5.25
500,000
4.73
333,334
3.15
333,334
3.15
333,334
3.15
311,112
2.94
283,334
2.68
276,667
2.62
250,000
2.36
222,223
2.10
222,223
2.10
222,223
2.10
222,223
2.10
200,000
1.89
181,945
1.72
166,667
1.58

7,440,009
70.33%

Page 49

ASX ADDITIONAL INFORMATION

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(e) Substantial shareholders

There are no substantial shareholders listed in the Group's register as at 23 September 2024.

(f) Voting rights (upon a poll)

All fully ordinary shares carry one vote per share.

Each contributing share has a voting entitlement proportionate to the amount paid up thereon relative to the entire amount payable (including the amount paid but ignoring amounts credited as paid).

Options and Performance Rights do not carry any voting rights.

(g) Schedule of interests in mining tenements

nterests in mining tenements
Location	Tenement	Percentage held / *earning **
WEST AUSTRALIA
M59/739 – Gnows Nest	Badja	EMU 100% - Granted
E59/2315 – Gnows Nest	Badja	EMU 100% - Granted
P59/2071 – Monte Cristo	Badja	EMU 100% - Granted
P59/2073 – Monte Cristo	Badja	EMU 100% - Granted
E59/2495 – Warramboo	Badja	EMU 100% - Granted
E59/2817 - Warramboo	Badja	EMU 100% - Granted
E59/2836 - Warramboo	Badja	EMU 100% - Granted
M59/785 - Warramboo	Badja	EMU 100% - Granted
E70/5507 – Sunfire	Sunfire	EMU 100% - Granted
E70/5346 – Sunfire	Sunfire	EMU 100% - Granted
E70/6434 – Nelson	Sunfire	EMU 100% - Granted
E70/6436 - Nelson	Sunfire	EMU 100% - Granted
QUEENSLAND
EPM27664	Georgetown	Earn-in for 80%
EPM27642	Perpendicular Peak	Earn-in for 80%
EPM27667	Fiery Creek	Earn-in for 80%

(h) ASX Listing Rule 3.13.1

The Company advises, in accordance with ASX Listing Rule 3.13.1, that its Annual General Meeting ( AGM ; an item of business which will include the election of directors) is proposed to be held on 30 November 2024, and based on this proposed AGM date, in accordance with the Company’s constitution, the closing date for receipt of valid nominations from persons wishing to be considered for election as a director at the AGM will be 19 October 2024.

Page 50

AI assistant

EMU NL — Annual Report 2024

64851_rns_2024-09-29_11bbc3d5-1b37-4b58-a95c-206a36d38d24.pdf

ANNUAL REPORT YEAR ENDED 30 JUNE 2024

CORPORATE INFORMATON

DIRECTORS

COMPANY SECRETARY

Registered Office

Principal Place of Business

FOR SHAREHOLDER INFORMATION CONTACT

Share Register

AUDITORS

ASX COMPANY CODES

ISSUED CAPITAL

Postal Address

Email

Internet Address

CONTENTS

REVIEW OF OPERATIONS

ACTIVITIES

Georgetown

REVIEW OF OPERATIONS

Yataga Copper Project

Geochemistry Programmes

REVIEW OF OPERATIONS

Significant and Pervasive Copper Mineralisation Confirmed

REVIEW OF OPERATIONS

Independent Geologist Assessment

REVIEW OF OPERATIONS

Future Work Programmes

Badja Gold / Tungsten / Lithium Project

Sunfire Project

REVIEW OF OPERATIONS

Viper and Graceland Projects

Condingup Project

RISK FACTORS

Introduction

Company specific risks

Exploration Results

REVIEW OF OPERATIONS

Additional requirements for capital

Executive Management

Industry specific risks

Exploration success

Tenure risks and native title

REVIEW OF OPERATIONS

COMPETENT PERSON’S STATEMENT

CORPORATE

Board Changes

Capital Raising activities

DIRECTORS

Names, qualifications, experience and special responsibilities

Peter Thomas , (Non-Executive Chairman)

Tim Staermose , (Non-Executive Director)

COMPANY SECRETARY

Damien Kelly

INTERESTS IN THE SHARES AND OPTIONS OF THE COMPANY AND RELATED BODIES CORPORATE

PRINCIPAL ACTIVITIES

DIVIDENDS

OPERATING AND FINANCIAL REVIEW

Finance Review

Risk Management

SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS

SIGNIFICANT EVENTS OCCURRING AFTER THE BALANCE SHEET DATE

LIKELY DEVELOPMENTS AND EXPECTED RESULTS

ENVIRONMENTAL REGULATION AND PERFORMANCE

REMUNERATION REPORT (Audited)

Policy principles used/to be used to determine the nature and amount of remuneration

Remuneration Policy

DIRECTORS’ REPORT

Company performance, shareholder wealth and key management personnel remuneration

Use of remuneration consultants

Details of Remuneration

DIRECTORS’ REPORT

Key management personnel of the Group

Written Service agreements

Shareholdings

Option holdings

Other equity-related KMP transactions

Loans to key management personnel

EMU NL Annual Report 2024