EMU NL — Capital/Financing Update 2019

Nov 18, 2019

==> picture [595 x 136] intentionally omitted <==

----- Start of picture text ----- ELEVADO PROGRAMME UPDATE19 November 2019----- End of picture text -----

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

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

Diamond Drilling

Synergy Drilling’s diamond drill rig has arrived at the Elevado Project. It is currently being mobilised to the first drill pad at the Vidalita Prospect. The first hole will be drilled to test underneath previous aircore drilling in section 5300 north that returned mineralisation including the announced discovery hole (ASX: EMU 8 March 2019).

Regional Exploration Programme

The regional programme commenced in October and is progressing well with stream sediment sampling and regional target evaluation. The introduction of a quad motorbike has made accessibility of remote areas of the concessions achievable. A number of new targets have been identified and are being developed for the scheduled January aircore programme. The comprehensive regional programme this year will identify zones of alteration and mineralisation which will be tested by aircore drilling this campaign. Samples from the programme are currently being dispatched to ALS Laboratories in Copiapo.

Exploration Camp

Global Services have finalised the mobilisation of the exploration camp. The camp is fully functional, established for up to 24 people and includes a full-time paramedical service and associated infrastructure.

Drill Sample Assays

EMU intends to complete all sample preparation at ALS Laboratories in Copiapo with all analytical work to be completed at ALS’s Vancouver facility.

Gavin Rutherford

Non-Executive Director

Tim Staermose Non-Executive Director

Investor enquiries

Doug Grewar

M: 0419 833 604

E: info@emunl.com.au

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