EMU NL — Capital/Financing Update 2022

Oct 6, 2022

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Highlights

CONDINGUP PROJECT (385 km2)

• New exploration tenement applications at Condingup, near Esperance WA

• Condingup, clay hosted, REE (Rare Earth Elements) Project situated over favourable structural settings within the prospective Booanya Granite suite

• Situated just 35kms SE of ASX:OD6 Splinter Rock Project which is achieving success in similar setting within the enriched Booanya Granite suite

• Single Geoscience WA (GSWA) sample result showed significantly elevated, 1047ppm Total Rare Earth Oxides (TREO).

• Project 60kms to Esperance port and essential infrastructure via sealed roads

• Esperance projected to become a central hub for major renewable energy and green hydrogen production

• Targeting clay hosted REE deposit offering potential large-scale low-cost mining opportunities

MERREDIN PROJECT (88 km2)

• New REE tenement application 30kms north of Merredin (WA Wheatbelt)

• 2 GSWA highly anomalous, elevated REE samples 1381ppm and 1000ppm TREO.

• Samples were recovered over prospective granite lithology within a north trending structural fault package.

GEORGETOWN PROJECT (850 km2)

• REE potential recognised by University of Queensland’s Sustainable Minerals Institute (August 2021 Report)[1]

• Fiery Creek and Georgetown tenements overlay REE prospectively which is related to the potential zones for (REE bearing) Iron-Oxide-Copper-Gold (IOCG) deposits which is further supported by moderate stream sediment anomalism

• Easily accessed vis sealed roads and in a well-regarded exploration/mining jurisdiction

EMU NL, (“EMU”, or “the Company”) is pleased to advise that it has applied for two highly prospective REE tenement packages in WA to complement its recently acquired Georgetown, prospective rare earth exploration ground in QLD.

The WA projects were identified from GSWA evaluation of high value mineral occurrences of TREO near Esperance WA and Merredin WA. The Condingup Project, Esperance, is located within the highly desirable Booanya Granite suite which has recently been

1 “ Queensland New Economy Minerals Compilation: Rare Earth Elements”, UQ Sustainable Minerals Institute, University of Queensland 10 August 2022

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recognised for its enrichment for rare earth elements[2] . The tenement package is further defined by prospective, favourable geological structures. (See Fig 1.)

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Fig 1. Condingup REE Project Tenements Under Application. 60kms from the port of Esperance, the tenements overlie prominent Booanya Granite features.

The Merredin REE Project is located 30kms north of Merredin WA. Two GSWA samples taken from within tenement package reported highly anomalous results, 1381ppm and 1000ppm TREO. The north trending structural fault setting provides further indication of prospectivity for REE exploration over the 88 square kilometre tenement application. (See Fig 2.)

2 ASX:OD6 ASX Release “Prospectus”, Project Overview - Independent Geological Report 20 June 2022

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Fig 2. Merredin REE Project. The tenement package is situated over favourable structural setting approximately 30kms north of Merredin in WA Wheatbelt

EMU’s WA REE projects add to the recent Georgetown Project (earn in JV) acquisition[3] . The prospectivity of REE at Georgetown has been further highlighted by University of Queensland Sustainable Minerals Institute, August 2021 report[4] . The report outlines the potential zones for REE bearing IOCG deposits which are interpreted to overlie portions the

3 ASX Release “Scale Project added to Exploration Portfolio - 850km2 of Highly Prospective Multi Mineral Tenements - Georgetown, Queensland” 1 September 2022

4 “ Queensland New Economy Minerals Compilation: Rare Earth Elements”, UQ Sustainable Minerals Institute, University of Queensland 10 August 2022

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Georgetown and Fiery Creek Exploration Mineral Tenements. (See Fig 3.). The Georgetown tenement areas provide EMU with strong untested potential for the discovery of REE mineralisation. The report refers to the area as possessing strong mineral system indicators as well as anomalous REE in coarse and fine stream sediments. Whilst the Georgetown Project is endowed with a significant suite of other minerals and metals, its prospectivity for REE cannot be discounted and will represent a component of EMU’s focussed exploration programmes in the coming months.

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Fig 3. The high IOCG REE mineralisation potential from modelling by UQ SMI. “Queensland New Economy Minerals Compilation: Rare Earth Elements”, UQ Sustainable Minerals Institute (10 August 2022)

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Other Projects

EMU continues to work at its existing Gold, Nickel, Copper, PGE projects in WA. RC drilling programmes at Graceland and Viper projects are scheduled within the next few weeks and a soils and electromagnetic survey are programmed for the Sunfire project subject to final approvals from DBCA. Multielement assays, testing high grade tungsten occurrences at Badja Project, are currently being processed.

RELEASE AUTHORISED BY DOUG GREWAR

Contact Details: Doug Grewar - Mobile: 0419 833 604

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COMPETENT PERSON’S STATEMENT

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)

549,814,484 (including 18.6m which EMU can buy back for nil consideration)

Contributing Shares (listed)

40,485,069 paid to $0.03, $0.03 to pay, no call before 31/12/2023

Options (unlisted)

33,320,000 options to acquire fully [paid shares, exercisable at $0.075 each, expiry 15/3/2023

35,000,000 options to acquire partly paid shares, exercisable at $0.0001 each, expiry 15/11/2022

Performance Rights (Unlisted)

48,571,429 performance rights in relation to acquisition of Gnows Nest project

Directors:

Peter Thomas

Non-Executive Chairman

Terry Streeter Non-Executive Director

Gavin Rutherford

Non-Executive Director

Tim Staermose

Non-Executive Director

Investor enquiries:

Doug Grewar CEO

M +61 419833604 E info@emunl.com.au

The information in this report that relates to exploration results is based on, and fairly represents information and supporting documentation prepared by Kurtis Dunstone, a Competent Person who is a Member of the Australian Institute of Geoscientists. Mr Dunstone is an employee of EMU NL and has sufficient experience in the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the “ Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” . Mr Dunstone consents to the inclusion herein of the matters based upon his information in the form and context in which it appears.

FORWARD LOOKING STATEMENTS

As a result of a variety of risks, uncertainties and other factors, actual events and results may differ materially from any forward looking and other statements herein not purporting to be of historical fact. Any statements concerning mining reserves, resources and exploration results are forward looking in that they involve estimates based on assumptions. Forward looking statements are based on management’s beliefs, opinions and estimates as of the respective dates they are made. The Company does not assume any obligation to update forward looking statements even where beliefs, opinions and estimates change or should do so given changed circumstances and developments.

NEW INFORMATION OR DATA

EMU confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of estimates of Mineral Resources, which all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not materially changed from the original market announcement.

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ABN 50 127 291 927 PO Box 1112, West Perth, WA, 6872 ASX Code: EMU www.emunl.com.au
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Table 1. GSWA Original Data

GSWA Original Data	GSWA Original Data
DATASET	Tenement	SAMPLEID	**GSWANO **	BATCH_NO	**EASTING **	NORTHING	Ce ppm	Dy ppm	Er ppm	Eu ppm	Gd ppm	Ho ppm	La ppm	Lu ppm	Nd ppm	Pr ppm
WACHEM	Condingup	194850_C1M1S0	194850	gsd08112011	457481	6257735	356.54	15.39	8.23	3.58	17.63	2.88	161.76	1.16	142.34	39.61
WACHEM	Merredin	224439_C0MWS0	224439	gs12082016	613936	6547634	330	8.63	4.56	2.08	11.6	1.79	223	0.47	142	45.8
WACHEM	Merredin	224441_C0MWS0	224441	gs12082016	617056	6555698	476	16.3	10.2	3.12	19	3.9	247	1.31	184	60.5
DATASET	Tenement	SAMPLEID	**GSWANO **	BATCH_NO	**EASTING **	NORTHING	Sm ppm	Ta ppm	Tb ppm	Tm ppm	Y ppm	Yb ppm			Li ppm	Sc ppm
WACHEM	Condingup	194850_C1M1S0	194850	gsd08112011	457481	6257735	23.31	2.81	2.59		100	7.81				12
WACHEM	Merredin	224439_C0MWS0	224439	gs12082016	613936	6547634	20.7	0.86	1.66	0.64	52	3.63			20.7	3.8
WACHEM	Merredin	224441_C0MWS0	224441	gs12082016	617056	6555698	28.9	1.99	2.91	1.36	105	8.48			22.1	9

Table 2. GSWA Converted to Oxide

GSWA Data Converted to Oxide	GSWA Data Converted to Oxide	GSWA Data Converted to Oxide
DATASET	Tenement	SAMPLEID	**GSWANO **	BATCH_NO	**EASTING **	NORTHING	Ce2O3 ppm	Dy2O3 ppm	Er2O3 ppm	Eu2O3 ppm	Gd2O3 ppm	Ho2O3 ppm	La2O3 ppm	Lu2O3 ppm	Nd2O3 ppm	Pr6O11 ppm
WACHEM	Condingup	194850_C1M1S0	194850	gsd08112011	457481	6257735	417.62	17.66	9.41	4.14	20.32	3.29	189.71	1.32	166.03	47.86
WACHEM	Merredin	224439_C0MWS0	224439	gs12082016	613936	6547634	386.53	9.9	5.21	2.41	13.37	2.05	261.53	0.53	165.63	55.34
WACHEM	Merredin	224441_C0MWS0	224441	gs12082016	617056	6555698	557.54	18.71	11.66	3.61	21.9	4.47	289.68	1.49	214.62	73.1
DATASET	Tenement	SAMPLEID	**GSWANO **	BATCH_NO	**EASTING **	NORTHING	Sm2O3 ppm	Ta2O5 ppm	Tb2O3 ppm	Tm2O3 ppm	Y2O3 ppm	Yb2O3 ppm	TREO	MREO	% Li2O ppm	Sc2O3 ppm
WACHEM	Condingup	194850_C1M1S0	194850	gsd08112011	457481	6257735	27.03	3.43	2.98		126.99	8.89	1046.7	27.50		18.41
WACHEM	Merredin	224439_C0MWS0	224439	gs12082016	613936	6547634	24	1.05	1.91	0.73	66.03	4.13	1000.4	27.23	44.56	5.83
WACHEM	Merredin	224441_C0MWS0	224441	gs12082016	617056	6555698	33.51	2.43	3.35	1.55	133.34	9.66	1380.6	26.91	47.57	13.8

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JORC Code 2012 Edition Table1: Section 1- Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling techniques	 Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard	 Samples collected by GSWA
	measurement tools appropriate to the
	minerals under investigation, such as
	down hole gamma sondes, or handheld
	XRF instruments, etc). These examples
	should not be taken as limiting the broad
	meaning of sampling.
	 Include reference to measures taken to
	ensure sample representivity and the
	appropriate calibration of any
	measurement tools or systems used.
	 Aspects of the determination of
	mineralisation that are Material to the
	Public Report.
	 In cases where ‘industry standard’ work
	has been done this would be relatively
	simple (eg ‘reverse circulation drilling was
	used to obtain 1 m samples from which 3
	kg was pulverised to produce a 30 g
	charge for fire assay’). In other cases,
	more explanation may be required, such
	as where there is coarse gold that has
	inherent sampling problems. Unusual
	commodities or mineralisation types (eg
	submarine nodules) may warrant
	disclosure of detailed information.
Sub- sampling	 If core, whether cut or sawn and whether quarter, half or all core taken.	 Open file sample data from GSWA via DMIRS Data and Software Centre
techniques	 If non-core, whether riffled, tube sampled,
and sample	rotary split, etc and whether sampled wet
preparation	or dry.
	 For all sample types, the nature, quality
	and appropriateness of the sample
	preparation technique.
	 Quality control procedures adopted for all
	sub-sampling stages to maximise
	representivity of samples.
	 Measures taken to ensure that the
	sampling is representative of the in situ
	material collected, including for instance
	results for field duplicate/second-half
	sampling.
	 Whether sample sizes are appropriate to
	thegrain size of the material being

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ABN 50 127 291 927 PO Box 1112, West Perth, WA, 6872 ASX Code: EMU www.emunl.com.au
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Criteria	JORC Code explanation	Commentary
	sampled.
Quality of assay data and laboratory	 The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	 Multi-element open file data
tests	 For geophysical tools, spectrometers,
	handheld XRF instruments, etc, the
	parameters used in determining the
	analysis including instrument make and
	model, reading times, calibrations factors
	applied and their derivation, etc.
	 Nature of quality control procedures
	adopted (eg standards, blanks, duplicates,
	external laboratory checks) and whether
	acceptable levels of accuracy (ie lack of
	bias) and precision have been established.
Verification of sampling and	 The verification of significant intersections by either independent or alternative company personnel.	 Original open file GSWA element data converted to oxides using standard conversion factors – see table in release
assaying	 The use of twinned holes.	above
	 Documentation of primary data, data
	entry procedures, data verification, data
	storage (physical and electronic) protocols.
	 Discuss any adjustment to assay data.
Location of data points	 Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and	 Surveyed by GSWA with 10m accuracy. All coordinates are referenced Datum GDA94 EPSG 4283.
	other locations used in Mineral Resource
	estimation.
	 Specification of the grid system used.
	 Quality and adequacy of topographic
	control.
Data spacing	 Data spacing for reporting of Exploration Results.	 GSWA data across all of WA in file State Geochem
and	 Whether the data spacing and distribution
distribution	is sufficient to establish the degree of
	geological and grade continuity
	appropriate for the Mineral Resource and
	Ore Reserve estimation procedure(s) and
	classifications applied.
	 Whether sample compositing has been
	applied.
Sample security	 The measures taken to ensure sample security.	 Open file data

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Criteria		JORC Code explanation	Commentary
Audits reviews	or	 The results of any audits or reviews of sampling techniques and data.	 Open file data

JORC Code 2012 Edition Table 1: Section 2 - Reporting of Exploration Reports

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	 Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and	 The WA tenure hosting the GSWA referenced assays are under application by EMU Resources Pty Ltd
	environmental settings.
	 The security of the tenure held at the time
	of reporting along with any known
	impediments to obtaining a licence to
	operate in the area.
Exploration done by	 Acknowledgment and appraisal of exploration by other parties.	 Open file GSWA soil data
other
parties
Geology	 Deposit type, geological setting and style of mineralisation.	 Granite host rocks
Data aggregation methods	 In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are	 Original open file GSWA element data converted to oxides using standard conversion factors – see table in release above
	usually Material and should be stated.	 MREO (Magnetic Rare Earth Oxides) =
	 Where aggregate intercepts incorporate	Pr6O11 + Nd2O3 + Sm2O3 + Gd2O3 +
	short lengths of high-grade results and	Tb2O3 + Dy2O3
	longer lengths of low grade results, the
	procedure used for such aggregation
	should be stated and some typical
	examples of such aggregations should be
	shown in detail.
	 The assumptions used for any reporting of
	metal equivalent values should be clearly
	stated.
Diagrams	 Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to aplan view	 Refer to figures in body of the report.  Geological and mineralisation interpretations are based on current knowledge and will change with further

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Criteria	JORC Code explanation	Commentary
	of drill hole collar locations and	exploration.
	appropriate sectional views.
Balanced reporting	 Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and	 Key location information and assays have been provided, refer to results reported in body of text.
	high grades and/or widths should be
	practiced to avoid misleading reporting of
	Exploration Results.
Other substantive exploration data	 Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples	 Geological interpretations have been taken from published maps, geophysical interpretation, historical and ongoing exploration.
	– size and method of treatment;
	metallurgical test results; bulk density,
	groundwater, geotechnical and rock
	characteristics; potential deleterious or
	contaminating substances.
Further work	 The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out	 Further soil sampling, mapping, reconnaissance, geochemical and geophysical assessments are required
	drilling).
	 Diagrams clearly highlighting the areas of
	possible extensions, including the main
	geological interpretations and future
	drilling areas, provided this information is
	not commercially sensitive.

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