EMU NL — Capital/Financing Update 2019

May 2, 2019

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PLACEMENT

EMU has agreed to place a maximum of 20,000,000 fully paid ordinary shares ( New Shares ) to raise up to $960,000, contributing to the funding of the Company’s Chile gold projects and the ongoing assessment of other mineral opportunities. The placement will be made to sophisticated and wholesale investors, mostly existing shareholders.

The placement will be made at $0.048 per share under the specific approval granted at the shareholders’ meeting held on 25 March 2019.

Subscribers under the placement will also be issued two (2) free attaching options ( Options ) for every one (1) New Share issued, subject to shareholder approval. The Options will be exercisable at 20 cents each on or before 15 January 2021 and the Company will seek to have the Options quoted, subject to satisfying ASX listing criteria.

Investor enquiries Karen Oswald NWR Communications T +61 8 9226 4266 E info@emunl.com.au

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ASX: EMU – Released 3 May 2019

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About the Vidalita and Jotahues Gold Projects, Maricunga Belt, Chile

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----- Start of picture text ----- Maricunga Belt: Host to Very Large Gold DepositsSalares Norte (Gold Fields) 3.9 Moz Au & 43.7 Moz AgLa Coipa (Kinross, pre-mining) 1.3 Moz Au & 64 Moz AgCerro Maricunga (Atacama Pacific) 5.9 Moz Au & 4 Moz AgMarte-Lobo (Kinross) 6.2 Moz AuMaricunga Mine (Kinross) 6.3 Moz AuVidalita (Emu) ?? AuCaspiche project (Exeter) 19.8 Moz Au & 40Moz AgCerro Casale (Barrick/Kinross) 25.4 Moz Au & 43Moz AgAlturas (Barrick) 6.8 Moz Au----- End of picture text -----

The Vidalita and Jotahues gold projects are located in the Maricunga gold belt in the Atacama Region in northern Chile hosting numerous world class gold and silver projects. Emu’s projects cover an area of approximately 136km[2] secured by mineral exploration concessions and host alteration and mineralisation that appear geologically similar to other high sulphidation gold deposits of the Maricunga gold belt. The projects are accessed using a network of roads that link Copiapó with the Refugio project (Kinross), Cerro Casale project (Barrick/Goldcorp) and the Caspiche project (Goldcorp). Refugio is located 30km northwest of Vidalita.

The Company holds an Option to acquire a 100% interest in certain of the Vidalita and Jotahues concession packages from two Chilean companies. Prospex SpA and BLC SpA.

The Prospex area covers six concessions at Vidalita and is subject to a 2% NSR on any production. The Option may be exercised in November 2019 on payment of US$2M following expenditure of US$1M, the issue of 2.5M Emu shares. If Emu defines: (i) 0.5Moz of gold in measured resources, a further 5M ordinary shares will be issued; and (ii) 1Moz of gold in measured resources, a further 5M ordinary shares will be issued.

The BLC SpA area comprises of three concessions (Jotahues and Vidalota A&B) and is subject to a 1% NSR. There is no Option payment to be made.

In addition, Emu has pegged a concession in its own right, Arroyo Ancho. Portions of this are subject to an area of influence inclusion into the Prospex Option.

Emu continues to look for new mineral exploration, development, and mining opportunities within Australia and at various overseas jurisdictions.

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ASX: EMU – Released 3 May 2019