EMU NL — Capital/Financing Update 2012

Mar 5, 2012

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The Manager Australian Securities Exchange Limited Level 10, 20 Bond Street SYDNEY NSW 2000

Attention: Sebastian Bednarczyk

Emu Nickel NL 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

ABN 50 127 291 927

Dear Sir/Madam,

AMENDED TERMS OF TRANSACTION

The Transaction announced 8 February 2012 has been revised as follows:

• all 27,500,000 consideration shares for the acquisition of the entire issued capital of ANCOA will be issued as a single parcel after Emu has raised $60M;

• an $800,000 Option Fee will be paid by Emu to ANCOA after shareholders have approved the Transaction to secure the exclusive right to acquire the Hillgrove mine on the condition that the money will remain in ANCOA and be refundable to Emu in the event that the Transaction is completed.

It is requested that the voluntary suspension be lifted.

The Company intends to lodge a Notice of Meeting immediately the suspension is lifted.

Yours faithfully COMPANY SECRETARY

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Rudolf Tieleman 6 March 2012