EMU NL — Capital/Financing Update 2019

Nov 26, 2019

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ELEVADO PROGRAMME UPDATE
27 November 2019
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Emu NL

ABN 50 127 291 927

ASX Codes: EMU and EMUCA

10 Walker Ave West Perth, WA 6005

T +61 8 9226 4266 E info@emunl.com.au

PO Box 1112 West Perth, WA 6872

Diamond Drilling

The diamond drilling activity is well underway with Synergy Drilling making reasonable progress on the first hole collared in section 5300 north. EMU’s Australian contract drilling consultant has added significant value to the operation of the rig. Core sample recovery and quality is excellent to date, and the field crew is busy logging the core prior to core-cutting, sampling and despatch to the ALS sample preparation facility in Copiapo.

Fully paid shares (listed)

289,705,436 (inc. 7.4m which EMU can buy back for nil consideration)

Contributing Shares (listed)

33,668,824 paid to $0.03, $0.03 to pay, no call before 31/12/2023

Options (unlisted)

6,000,000 options to acquire partly paid shares, exercisable at $0.03 each, on or before 28 February 2020

65,816,422 options to acquire partly paid shares, exercisable at $0.02 each, on or before 21 December 2020

84,355,000 options to acquire fully paid shares, exercisable at $0.20 each, on or before 15 January 2021

8,454,468 options to acquire fully paid shares, exercisable at $0.20 each, on or before 16 January 2021

Directors:

Peter Thomas Non-Executive Chairman

Terry Streeter Non-Executive Director

Gavin Rutherford Non-Executive Director

Quality Control and Assay Validity

EMU employs best practice quality control under the guidance of renown Canadian geochemist Dave Heberlein. Recent testing by ALS Laboratories in Vancouver of a selection 391 pulp samples comprising mineralised intercepts and random samples from the past two drilling campaigns has verified and confirmed the quality of the 2018 Intertek (Perth, Australia) and 2019 Actlabs (Coquimba, Chile) geochemical assays. The ALS (Vancouver, Canada) work involved 30 gram fire assay (method Au-ICP21) and 48-element four acid digest (method ME-MS61m), using a full complement of duplicates, blanks and certified CRMs.

The ALS check-assaying confirmed the precision of the original aqua regia leach (partial digestion) results for gold but highlighted a significant under-reporting of silver concentrations due to the precipitation of insoluble silver chlorides in the aqua regia solution. This is a wellknown drawback of aqua regia. EMU will continue to use the fire assay method coupled with a near total digest four-acid digest for other elements during the current campaign.

Tim Staermose Non-Executive Director

WWW.EMUNL.COM.AU • ASX: EMU • ABN: 50 127 291 927

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ELEVADO PROGRAMME UPDATE
27 November 2019
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Aircore Rig

EMU is finalising the selection of a suitable aircore rig to commence the drilling programme in January. A number of truck and track-mounted RC, DDH and multi-purpose rigs have been reviewed and assessed for modification to aircore. The selection and modification process is being managed by EMU’s highly experienced Australian drilling consultant who is based at Elevado and Copiapo for the 2019-2020 season.

Investor enquiries

Doug Grewar

M: 0419 833 604

• E: info@emunl.com.au

WWW.EMUNL.COM.AU • ASX: EMU • ABN: 50 127 291 927