EMU NL — Capital/Financing Update 2012

Mar 26, 2012

ABN 50 127 291 927

ASX Release - ASX code: EMU 27 March 2012

2[nd] Floor, 16 Ord St West Perth WA 6005 PO Box 1112 West Perth WA 6872 Telephone 08 9226 4266 Facsimile 08 9485 2840 info@emunickel.com.au www.emunickel.com.au

Priority Participation & Contingent Entitlement Share Eligibility Date

Priority (limited to $1M and $15M respectively in aggregate) will be accorded to Emu and Straits shareholders as long as, by 10 April 2012 , they apply for shares on the priority application form attached to the prospectus.

Subscribers to the Offer will be eligible, as detailed in the prospectus, as will holders of at least 15,230 pre-consolidation shares (equivalent to 7,000 postconsolidation shares) in Emu as at Friday 30 March 2012 , to qualify to participate in the distribution of the pool of 75,000,000 bonus contingent entitlement shares to be issued upon $60,000,000 being raised under the prospectus.

Full details of the contingent entitlement shares and the manner and extent to which subscribers to the Offer and entitled existing shareholders may qualify, for free, to participate in the pool appear in the prospectus and the Explanatory Statement in the 6 March 2012 notice ( Notice ) convening the meeting to be held 4 April 2012.

Research Note

A research note has been published by Patersons Securities Limited (website: www.psl.com.au). If you would like to discuss the offer in more detail please contact an experienced financial adviser with Patersons, Tony Melville, on (+61 8) 9263 1111). Applications are now being accepted under the Emu Nickel NL prospectus; www.emunickel.com.au – see section 3 for the Offer time table.

For more information on the company visit www.emunickel.com.au

Please direct enquiries to: George Sakalidis Managing Director Tel 9226 4266