EMU NL — Capital/Financing Update 2023

May 14, 2023

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REE Discovery Viper Project
Jerramungup WA
15 May 2023
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EMU NL (ASX: EMU) (“ EMU ” or “ the Company ”) is pleased to announce an exciting REE discovery and in doing so, a new REE region. Long awaited[1] , multi element assay results from its maiden drilling campaign at the 100% owned Viper Project, near Jerramungup, in Western Australia, have returned significant, anomalous REE (Rare Earth Element) values.

HIGHLIGHTS

• Assay results from EMU’s maiden RC drilling program at its Viper Project have confirmed the discovery of an entirely new REE region near Jerramungup WA.

• Zones of REE mineralisation, hosted in basement Gneiss/Granite rocks and adjacent weathered clays, were encountered from shallow depths in RC drilling varying from 20m to 52m in thickness.

• Significant drill assays from 4m composite drill samples include:

• Drillhole 22VRC001: 40m @ 438.70 ppm TREO from 28m

• Drillhole 22VRC002: 4m @ 566.5 ppm TREO from 12m and 20m @ 432.7 ppm TREO from 84m

• Drillhole 22VRC003: 20m @ 654.23 ppm TREO from 0m including 4m @ 1,137.68 ppm TREO from 16m

• Drillhole 22VRC004: 32m @ 459.87 ppm TREO from 0m

• Drillhole 22VRC005: 52m @ 541.95 ppm TREO from 4m including 28m @ 648.12 ppm TREO from 4m

• All drill holes ended in significantly anomalous (composite) REE up to 380.9 ppm TREO[2] with an overall sample average MREO[3] of 29.4% and HREO[4] of 15.6% .

• Drilling confirms EMU’s conceptual mineralisation model highlighting the project’s clay hosted REE enrichment overlaying the adjacent Granite/Gneiss terrain.

1 ASX Release 23 November 2023 “Maiden Drilling Programme Commences at EMU’s Ni-Cu-PGE, Gold Viper Project, Jerramungup WA”

2 TREO Total Rare Earth Oxides

3 Total Magnetic Rare Earth Oxides

4 Total Heavy Rare Earth Oxides

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ABN 50 127 291 927 | 10 Walker Avenue, West Perth, WA, 6005 | PO Box 1112, West Perth, WA, 6872 E: info@emunl.com.au | www.emunl.com.au | ASX Code: EMU

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• Application lodged for a further 120 square km e xtension immediately to the south of existing tenements covering an identical geological setting.

• Follow-up extensional drilling is being planned over the main portion of the REE mineralisation zones with the aim of increasing the overall strike, width, and depth of the mineralisation.

• The project is located in the south-eastern wheatbelt with sealed road access and is adjacent to the town of Jerramungup in the WA wheatbelt.

• The discovery represents as a potentially large scale REE project with good access to infrastructure and workforce.

EMU’s RC (Reverse Circulation) drilling programme, completed in November 2022, was undertaken to test anomalous geochemical nickel and copper occurrences, geophysical electromagnetic conductors generated from its comprehensive, systematic exploration programmes[5] and to test possible extensions of the historic Netty Copper Mine copper mineralistion. Fire assays were completed for gold and PGEs. That analysis was followed by the application of much more time consuming 62 Multi Element assay method for base metals and REE using the pulp samples that were fire assayed.

Assay results from the drilling have revealed significant REE anomalism. Surface rock samples collected from EMU’s exploration campaign reconnaissance activities have also recorded widespread REE anomalism.

Prompted by EMU’s conceptual modelling, but without the benefit of the multi element assays, 38 rock samples were collected from outcropping granites within the area adjoining the existing Viper Project tenements to the south and these samples have reported strong REE anomalism. (See Figure 2.)

Accordingly, EMU applied for an additional 120 square kms of exploration license ground, bringing the total project exploration area to 242 square kms.

Peter Thomas, EMU Chairman commented,

“The assay results taken from rock chip samples and 5 RC drill holes at Viper have led EMU to declare a REE project discovery. The results are highly anomalous and encouragingly exhibit thick mineralised zones throughout the length of drill holes. We are extremely encouraged that the samples taken from outcropping rocks over the wider project area have all reported anomalous REE mineralis�on.

5 See ASX Release 22 November 2022 “Maiden Drilling Programme Commences at EMU’s Ni-Cu-PGE, Gold Viper Project, Jerramungup WA”

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The discovery prompted EMU to immediately apply for further explora�on licences covering similar geology adjoining the Viper Project”.

Viper Project Drilling

The high value REE TREO assay results were recorded from 4m composite drill samples which are likely to be significantly upgraded once the 1m split interval assay results are received. The anomalous REE results have been recorded both in the saprolite, “clay” layers and within the “basement” hard rock sec�ons of the drill column. REE mineralisa�on was encountered through broad zones in all drill holes.

REE TREO averaged 365 ppm across the en�re 5 drill holes, with all drill holes ending in anomalous mineralisa�on indica�ng mineralisa�on of the underlying basement rocks.

Conceptual Model – Clay Hosted REE at Viper Project

EMU expects to identify REE supergene concentrations in clay zone “traps” in adjacent saprolite weathering profiles overlying and adjacent to the fertile granite suites within the Viper Project.

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Figure 1 . A conceptual cross sec�on of the granite suite at Viper showing outcrops loca�ons and prospec�ve enriched clay layers and clay traps.

Follow Up Work Programme

EMU has ini�ated the planning of a follow up Aircore drilling programme to target the deeper clay zones. To assist in the prepara�on of the drill collar loca�ons, EMU has engaged Resource Poten�als, Geophysics Consultancy, to review open-source data such as aeromagne�c imaging to ascertain deeper weathered zone targets adjacent and overlaying the granite suites.

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Confirma�on of depth of clays from this review will be tested in the field based by a passive seismic survey which will confirm clay depths over basement rocks and provide vectors for aircore drilling. Following the survey, which provides immediate in field results, EMU will commence a stage 1 Aircore drilling programme.

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Figure 2. Map with underlying areomagne�c layer showing Viper Project with new tenement area under applica�on in the south of granted tenements.

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For further informa�on, please contact:

Doug Grewar

Chief Execu�ve Officer Emu NL

Investors can sign into our interac�ve investor hub and join in on the conversa�on with Emu NL.

h�ps://investorhub.emunl.com.au/auth/signup

info@emunl.com.au

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Table 1. Signifcant Rock Sample Results > 450 TREO (PPM & %)

Site_ID	Medium	Easting	Northing	**TREO **	MREO %	**HREO % **	CREO %	CeO2	Dy2O3	Er2O3	**Eu2O3 **	**Gd2O3 **	Ho2O3	La2O3	Lu2O3	**Nd2O3 **	**Pr6O11 **	**Sm2O3 **	**Tb4O7 **	Tm2O3	Y2O3	Yb2O3
ESS01857	Granitoid	685503	6238585	567	21.5	3.2	18.0	251.83	2.16	0.77	2.42	5.04	0.31	164.19	0.09	88.30	30.90	10.90	0.48	0.09	8.81	0.64
ESS01871	Granitoid	683920	6234125	531	20.6	5.4	19.2	244.80	3.27	1.40	2.23	5.94	0.60	138.39	0.16	80.36	24.93	11.05	0.69	0.21	15.37	1.18
ESS01867	Granitoid	684297	6235293	513	25.9	14.3	29.4	201.46	9.31	3.49	3.15	14.29	1.53	94.53	0.34	96.69	24.69	18.79	1.85	0.47	39.49	2.49
ESS01880	Granitoid	677794	6232566	506	21.9	3.6	18.6	227.23	1.97	0.70	1.03	5.23	0.30	140.74	0.08	81.41	26.57	10.17	0.56	0.08	8.95	0.52
ESS01873	Granitoid	686585	6231669	504	20.8	4.8	18.8	234.26	2.96	1.05	2.01	6.13	0.47	131.35	0.11	77.33	23.87	11.18	0.63	0.14	11.81	0.82
ESS01764	Granitoid	685186	6248102	479	23.9	8.5	24.3	206.15	4.61	1.81	3.65	8.92	0.73	106.14	0.20	85.26	23.52	13.80	1.02	0.25	21.72	1.46

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Table 2. Signifcant RC Sample Results > 450 TREO (PPM & %)

Sample_ID	Interval (m)	TREO	MREO %	HREO %	CREO %	CeO2	Dy2O3	Er2O3	Eu2O3	Gd2O3	Ho2O3	La2O3	Lu2O3	Nd2O3	Pr6O11	Sm2O3	Tb4O7	Tm2O3	Y2O3	Yb2O3
ERC09166	4	1137.68	22.52	10.75	24.78	510.69	11.11	5.45	5.01	20.52	2.05	226.35	0.55	187.79	54.77	30.73	2.57	0.72	75.43	3.94
ERC09236	4	863.2	24.92	13.76	28.57	338.51	13.08	5.91	6.55	20.17	2.42	172.40	0.71	156.30	43.18	27.48	2.51	0.79	68.19	5.00
ERC09242	4	715.36	24.96	12.04	27.62	292.83	9.06	4.23	5.19	14.98	1.70	141.91	0.49	131.80	35.93	21.57	1.78	0.58	49.78	3.54
ERC09241	4	679	24.35	10.54	25.97	289.31	7.70	3.52	4.56	13.37	1.41	138.39	0.41	122.47	33.70	19.37	1.59	0.51	40.13	2.98
ERC09162	4	639	24.22	8.66	24.54	278.77	6.28	2.56	4.59	12.10	1.08	133.70	0.30	115.24	31.72	19.48	1.48	0.34	29.21	2.00
ERC09237	4	637	24.19	11.54	26.71	257.69	7.80	3.64	4.50	12.68	1.44	138.39	0.38	113.61	31.25	18.32	1.52	0.47	42.80	2.86
ERC09235	4	630	24.6	10.55	25.91	263.54	7.92	3.33	4.43	13.02	1.39	131.35	0.39	113.37	32.07	18.55	1.54	0.42	35.94	2.52
ERC09208	4	589	21.81	15.84	28.42	235.43	8.42	4.39	4.27	12.56	1.55	120.80	0.60	93.31	25.04	16.47	1.59	0.64	59.69	3.78
ERC09209	4	568	24.86	15.51	30.38	216.69	8.93	3.80	4.94	14.75	1.52	108.95	0.40	103.34	27.03	18.79	1.84	0.51	53.46	2.86
ERC09132	4	567	24.19	39.09	47.25	142.90	21.92	11.89	7.57	25.01	4.23	60.75	1.18	90.86	20.48	22.50	3.80	1.43	143.50	8.48
ERC09165	4	558	24.54	13.84	29.07	210.83	7.15	3.17	4.30	12.91	1.27	119.63	0.33	101.24	26.92	17.63	1.55	0.45	47.88	2.51
ERC09152	4	557	24.87	10.62	26.48	231.92	6.47	2.63	4.09	12.33	1.09	113.18	0.28	102.88	27.62	17.86	1.47	0.34	32.51	1.98
ERC09207	4	529	24.39	10.96	26.48	201.46	5.92	2.69	3.87	10.67	1.00	127.84	0.35	95.53	26.21	15.77	1.25	0.39	33.40	2.27
ERC09239	4	523	23.48	12.73	27.1	214.35	6.39	3.21	3.69	10.71	1.23	108.60	0.40	90.16	25.04	14.73	1.27	0.45	40.26	2.71
ERC09210	4	490	23.87	18.3	31.38	185.07	8.33	4.65	3.72	12.68	1.62	89.02	0.59	84.33	22.59	15.31	1.62	0.67	55.62	3.80
ERC09240	4	489	24.73	11.91	27.24	196.78	6.34	2.94	3.84	10.64	1.13	101.10	0.33	88.88	24.34	15.42	1.27	0.38	32.76	2.40
ERC09232	4	487	23.08	8.96	23.76	209.66	4.73	2.00	2.92	8.39	0.86	110.71	0.24	82.58	23.99	13.22	1.05	0.27	24.38	1.70
ERC09122	4	486	23.66	9.01	24.46	206.15	4.82	2.02	3.66	9.66	0.82	108.37	0.20	85.73	23.29	14.73	1.08	0.23	23.49	1.43
ERC09163	4	485	24.7	10.36	26.16	187.41	5.31	2.37	3.84	9.87	0.93	116.11	0.28	88.53	24.69	14.15	1.24	0.33	27.94	1.98
ERC09116	4	461	23.85	9.89	25.34	194.44	5.08	2.02	3.86	9.49	0.85	98.87	0.23	81.76	22.00	14.61	1.14	0.25	25.02	1.55
ERC09119	4	460	23.76	9.55	25.04	194.44	4.79	2.02	3.68	9.20	0.78	100.27	0.24	81.65	21.77	14.26	1.07	0.24	24.00	1.57
ERC09117	4	454	24.1	10.1	25.68	188.58	4.88	2.23	3.80	9.64	0.84	98.05	0.23	81.65	21.77	14.38	1.13	0.26	25.14	1.54
ERC09164	4	452	23.41	11.11	25.87	185.07	4.77	2.39	3.31	8.88	0.87	100.74	0.28	78.15	21.77	12.64	1.09	0.32	29.59	2.00
ERC09153	4	451	25.13	10.17	26.5	187.41	5.11	2.18	3.82	9.94	0.88	92.18	0.22	85.03	22.12	14.96	1.19	0.29	24.51	1.62
ERC09265	4	450	22.93	6.63	21.97	200.29	3.45	1.35	2.45	6.97	0.57	107.43	0.15	76.98	22.00	11.48	0.84	0.18	15.24	1.09

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Table 3. Other Rock Sample Results <450 and >250 TREO (PPM & %)

Site_ID	Medium	Easting	Northing	**TREO **	MREO %	**HREO % **	CREO %	CeO2	Dy2O3	Er2O3	**Eu2O3 **	**Gd2O3 **	Ho2O3	La2O3	Lu2O3	**Nd2O3 **	**Pr6O11 **	**Sm2O3 **	**Tb4O7 **	Tm2O3	Y2O3	Yb2O3
ESS01863	Granitoid	686076	6237548	441	24.83	14.25	28.57	171.01	7.76	3.03	2.65	11.64	1.25	87.84	0.28	79.32	20.71	16.23	1.59	0.41	34.54	2.28
ESS01865	Granitoid	687662	6235338	434	20.67	4.97	19	216.69	2.42	1.01	1.79	4.94	0.38	98.05	0.15	66.60	20.13	9.15	0.54	0.14	11.09	0.90
ESS01712	Granitoid	681408	6248953	425	25.08	10.07	26.4	176.87	4.60	2.08	3.39	8.64	0.78	87.61	0.23	79.55	21.42	13.34	1.02	0.26	23.62	1.56
ESS01862	Granitoid	687255	6237340	423	19.83	3.1	16.94	208.49	1.46	0.53	1.71	3.63	0.23	109.89	0.07	61.82	20.25	7.71	0.37	0.08	6.30	0.47
ESS01753	Granitoid	682672	6243620	417	19.76	3.5	17.2	200.29	1.58	0.64	1.34	3.61	0.26	113.29	0.08	61.00	19.43	6.97	0.38	0.09	7.42	0.52
ESS01861	Granitoid	685939	6240105	417	19.87	3.21	17.09	199.12	1.42	0.55	1.41	3.53	0.24	114.47	0.08	61.35	19.66	7.18	0.35	0.07	6.68	0.48
ESS01766	Granitoid	684803	6244686	414	24.65	9.15	25.29	176.87	4.37	1.77	3.22	8.38	0.69	86.55	0.19	76.28	20.48	12.99	0.98	0.24	19.94	1.34
ESS01849	Granitoid	681293	6240931	413	25.45	39.01	46.42	87.50	18.25	10.61	5.51	17.87	3.36	57.94	1.13	67.18	17.09	16.93	2.69	1.27	98.29	7.82
ESS01868	Granitoid	683484	6236333	386	25.49	10.5	26.99	158.13	4.69	1.74	3.36	8.93	0.74	77.87	0.17	73.37	19.31	13.34	1.00	0.23	21.72	1.28
ESS01879	Granitoid	676908	6231329	371	22.12	8.85	22.84	161.64	3.53	1.62	1.89	5.97	0.63	87.73	0.14	59.60	18.02	8.84	0.81	0.19	18.79	1.09
ESS01881	Granitoid	679468	6232733	369	22.34	4.55	19.71	154.61	2.27	0.75	1.89	4.68	0.32	107.90	0.07	60.54	19.08	8.35	0.56	0.09	7.51	0.52
ESS01767	Granitoid	691339	6247065	368	20.22	7.64	20.29	167.50	3.26	1.48	1.24	5.09	0.56	92.42	0.14	53.77	16.62	7.95	0.68	0.18	15.62	1.06
ESS01845	Granitoid	682992	6243078	362	24.46	12.45	27.28	139.38	5.22	2.49	3.18	8.36	0.86	79.87	0.20	64.27	18.02	12.06	1.00	0.27	25.02	1.63
ESS01756	Granitoid	680651	6247331	354	23.27	10.11	24.86	148.76	3.97	1.90	2.83	6.81	0.71	78.93	0.23	60.89	16.74	10.38	0.85	0.25	19.56	1.55
ESS01751	Granitoid	680684	6244306	331	24.28	9.49	25.3	139.38	3.62	1.52	2.64	6.62	0.61	71.42	0.15	59.95	16.03	10.26	0.79	0.21	16.76	1.16
ESS01844	Granitoid	681443	6242599	326	23.96	10.35	25.34	125.33	4.03	1.83	2.55	6.21	0.62	80.81	0.18	56.69	16.74	10.40	0.74	0.22	18.67	1.26
ESS01752	Granitoid	681750	6245145	322	22.74	8.64	23.32	139.38	3.25	1.43	2.25	5.61	0.54	74.82	0.16	54.12	15.21	8.62	0.68	0.19	14.86	1.12
ESS01874	Granitoid	682384	6234135	313	23.84	8.79	24.3	134.70	3.16	1.28	2.29	5.76	0.55	68.73	0.15	55.29	15.45	8.93	0.70	0.18	14.60	1.12
ESS01872	Granitoid	686500	6230547	308	20.67	5.43	19.4	141.73	1.99	0.71	1.97	3.85	0.33	79.75	0.08	46.66	14.63	6.57	0.41	0.10	8.74	0.51
ESS01761	Granitoid	680495	6243941	307	24.26	9.96	25.69	128.84	3.45	1.54	2.51	5.95	0.58	66.03	0.17	55.52	14.86	9.08	0.74	0.21	16.76	1.21
ESS01843	Granitoid	681146	6243453	305	24.24	9.92	25.24	119.47	3.51	1.58	2.55	5.83	0.57	73.53	0.16	53.65	16.03	9.29	0.69	0.19	16.51	1.20
ESS01851	Granitoid	678537	6238717	304	23.35	39.94	45.38	79.77	13.89	7.81	4.23	13.60	2.54	30.84	0.86	44.21	10.72	12.64	2.09	0.97	73.40	6.13
ESS01846	Granitoid	683644	6242377	291	21.06	8.39	21.31	124.16	2.72	1.23	1.40	4.73	0.45	75.53	0.15	43.74	14.28	7.36	0.53	0.14	13.59	0.89
ESS01765	Granitoid	687645	6248384	290	24.01	9.43	25.11	124.16	3.03	1.35	2.36	5.42	0.52	61.81	0.15	51.79	14.16	8.42	0.67	0.18	14.98	1.07
ESS01754	Granitoid	682678	6243617	284	20.26	5.26	19.18	130.01	1.73	0.81	2.29	3.02	0.29	76.11	0.13	42.46	12.99	5.25	0.37	0.11	7.63	0.84
ESS01859	Granitoid	686397	6239959	283	24.21	11.3	26.07	110.92	3.91	1.70	2.59	6.09	0.58	64.15	0.17	49.11	14.75	9.32	0.71	0.21	17.40	1.20
ESS01841	Granitoid	680043	6243422	271	24.66	11.49	26.93	99.91	3.53	1.64	2.55	5.73	0.56	65.56	0.15	48.64	13.93	8.98	0.64	0.19	17.52	1.14

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Table 4. Viper RC Drilling Collar File

Hole ID	Hole Type	Easting	Northing	EOH Depth	Dip	Az	NAT RL	Prospect
22VRC001	RC	682132	6249785	78	-60	160	268	Viper
22VRC002	RC	682124	6249807	120	-60	160	268	Viper
22VRC003	RC	681831	6249629	150	-60	175	254	Viper
22VRC004	RC	681825	6249682	120	-60	175	256	Viper
22VRC005	RC	681394	6249485	119	-60	170	257	Viper

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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)

1,450,021,079 (including 18.6m the subject of the ATM 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 December 2023

Contributing Shares (Unlisted)

35,000,000 paid to $0.0001, $0.04 to pay, no call before 31 December 2025

Options (unlisted)

172,453,621 options to acquire fully paid shares, exercisable at $0.01 each, on or before 7 October 2024

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 informa�on in this report that relates to explora�on results is based on, and fairly represents informa�on and suppor�ng documenta�on prepared by Kur�s Dunstone, a Competent Person who is a Member of the Australian Ins�tute of Geoscien�sts. Mr Dunstone is an employee of EMU NL and has sufficient experience in the ac�vity which he is undertaking to qualify as a Competent Person as defined in the 2012 edi�on of the “ Australasian Code for Repor�ng of Explora�on Results, Mineral Resources and Ore Reserves” . Mr Dunstone consents to the inclusion herein of the ma�ers based upon his informa�on in the form and context in which it appears.

FORWARD LOOKING STATEMENTS

As a result of a variety of risks, uncertain�es and other factors, actual events and results may differ materially from any forward looking and other statements herein not purpor�ng to be of historical fact. Any statements concerning mining reserves, resources and explora�on results are forward looking in that they involve es�mates based on assump�ons. Forward looking statements are based on management’s beliefs, opinions and es�mates as of the respec�ve dates they are made. The Company does not assume any obliga�on to update forward looking statements even where beliefs, opinions and es�mates change or should do so given changed circumstances and developments.

NEW INFORMATION OR DATA

EMU confirms that it is not aware of any new informa�on or data that materially affects the informa�on included in the original market announcements and, in the case of es�mates of Mineral Resources, which all material assump�ons and technical parameters underpinning the es�mates in the relevant market announcement con�nue 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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JORC Code 2012 Edi�on Table 1: Sec�on 1- Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary	Commentary
Sampling	 Nature and quality of sampling (eg cut		A total of 18, 1-2kg surface rock samples
techniques	channels, random chips, or specific		were collected for assay.
	specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples		Sampling was carried out under Company protocols and QAQC procedures as per current industry practice. See further details below.
	should not be taken as limiting the broad		Samples were dispatched to LabWest in
	meaning of sampling.		Perth. Sample preparation by the
	 Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.		laboratory included sample sorting, oven drying, mechanical pulverisation to 95% passing 75 microns. Analytical method MMA-04.
	 Aspects of the determination of mineralisation that are Material to the Public Report.		Reverse Circulation (RC) was completed over 5 holes, totaling 587m. Sample type was drilling cuttings from RC drilling, sampled every 1 metre. Every sample
	 In cases where ‘industry standard’ work		weighted between 3 and 5 kgs.
	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		Industry standard practices was used to ensure sample representation. Nagrom & LabWest Laboratories in Perth applied QA-QC for sample preparation and appropriate instrument calibration.
	as where there is coarse gold that has		Individual samples were collected from
	inherent sampling problems. Unusual		the riffle splitter below the cyclone into
	commodities or mineralisation types (eg		calico bags for analysis.
	submarine nodules) may warrant disclosure of detailed information.		Duplicates, blanks, and standards will be submitted to ensure results are
			repeatable and accurate. Laboratory
			comparison checks will also be
			completed. With no statistically
			significant lab errors or biasing shown at
			this stage.
			Intervals were geologically logged by
			geologist currently on the drilling
			programme.
Drilling	 Drill type (eg core, reverse circulation,		RC drilling was completed by standard RC
techniques	open-hole hammer, rotary air blast, auger,		Drilling techniques. KTE Pty Ltd using
	Bangka, sonic, etc) and details (eg core		KWL700/T685 drill rig - 143mm diameter
	diameter, triple or standard tube, depth of		face sampling hammer bit was used.
	diamond tails, face-sampling bit or other
	type, whether core is oriented and if so, by		Drill samples are homogenised by riffle
	what method, etc).		splitting prior to sampling and a 3-5g split

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Criteria	JORC Code explanation	Commentary
		sample is submitted for assay only. The
		sampling intervals submitted for analysis
		consisted of 4m composites.
Drill sample	 Method of recording and assessing core
recovery	and chip sample recoveries and results	 All metre intervals were logged, and
	assessed.	sample recoveries were estimated by
	 Measures taken to maximise sample recovery and ensure representative nature of the samples.	geologist on site based on bag volume estimation and recorded as a percentage. Sample recoveries were classified as satisfactory, and the volume of sample
	 Whether a relationship exists between	was considered to represent a good
	sample recovery and grade and whether	composite sample overall.
	sample bias may have occurred due to
	preferential loss/gain of fine/coarse	 All samples were noted if dry, moist or
	material.	wet in the geological logging sheets
Logging	 Whether core and chip samples have been	 Rock Chip geological logging was done on
	geologically and geotechnically logged to	a visual basis, including; colour, grain size,
	a level of detail to support appropriate	lithology type, weathering, and
	Mineral Resource estimation, mining	mineralogy.
	studies and metallurgical studies.	 All RC drilling is qualitatively and
	 Whether logging is qualitative or	quantitatively logged for a combination of
	quantitative in nature. Core (or costean,	geological and geotechnical attributes in
	channel, etc) photography.	their entirety including as appropriate
	 The total length and percentage of the relevant intersections logged.	major & minor lithologies, alteration, vein minerals, vein percentage, sulphide type and percentage, colour, weathering,
		hardness, grain size.
		 All RC holes were geologically logged from
		the start to the end of hole. All fields’
		descriptions are qualitative in nature
Sub-	 If core, whether cut or sawn and whether	 The samples were dried and pulverised to
sampling	quarter, half or all core taken.	95% passing -75 microns before analysis –
techniques and sample preparation	 If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	samples were classified as homogeneous.  QA/QC certified reference samples and field duplicates were routinely inserted at
	 For all sample types, the nature, quality and appropriateness of the sample	a rate of 1 in 20 with every batch submitted for assay.
	preparation technique.	 The sample size is appropriate for the
	 Quality control procedures adopted for all sub-sampling stages to maximise	mineralization style, application and analytical techniques used.
	representivity of samples.	 All RC holes were sampled and split every
	 Measures taken to ensure that the	1 metre using a cone splitter to produce a
	sampling is representative of the in-situ	sample between 3 and 5 kgs sub-sample
	material collected, including for instance	for submission to Nagrom for Au, Pt & Pd
	results for field duplicate/second-half	with the rest submitted to LabWest for
	sampling.	multi-element analysis.
	 Whether sample sizes are appropriate to the grain size of the material being	 Approx. 7% of submitted samples are in the form of standards,blanks,and

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Criteria	JORC Code explanation	Commentary
	sampled.	duplicates and will be submitted once the
		drilling programme has been completed.
		 The sample sizes are appropriate to the
		grain size of the material been sampled.
		 4m composites were submitted to be
		analysed.
Quality of	 The nature, quality and appropriateness of	 The rock chip samples were analysed by
assay data	the assaying and laboratory procedures	LabWest using microwave mixed-acid
and	used and whether the technique is	method MMA-04, 62 element
laboratory	considered partial or total.	determination including rare-earths using
tests	 For geophysical tools, spectrometers, handheld XRF instruments, etc, the	a combination of ICP-MS and ICP-OES finish.
	parameters used in determining the	 Detection limits are appropriate for the
	analysis including instrument make and	included results.
	model, reading times, calibrations factors applied and their derivation, etc.	 Geochemical Analysis of the RC samples conducted by WestLabs for multi-element
	 Nature of quality control procedures	analysis (40 elements suite) included
	adopted (eg standards, blanks, duplicates,	drying and pulverising to 95% passing
	external laboratory checks) and whether	75um. Four acid ICP-AES (ME-ICP61) was
	acceptable levels of accuracy (ie lack of	used to assay for Ag (ppm), Al (ppm), As
	bias) and precision have been established.	(ppm), Ba (ppm), Ca (%), Cd (ppm), Ce
		(ppm), Co (ppm), Cr (ppm), Cs (ppm), Cu
		(ppm), Dy (ppm), Er (ppm),Eu (ppm), Fe
		(%), Ga (ppm), Gd (ppm), Ge (ppm), Hf
		(ppm), Ho (ppm), In (ppm), K (ppm), La
		(ppm), Li (ppm), Lu (ppm), Mg (%),
		Mn(ppm), Mo (ppm), Na (%), Nd (ppm),,
		Ni (ppm),, P (ppm), Pb (ppm),, Pr (ppm),
		Rb (ppm), Re (ppm), S (ppm),, Sb (ppm),
		Sc (ppm), Se (ppm), Sm (ppm), Sn (ppm),
		Se (ppm), Ta (ppm), Th (ppm), Ti (ppm), TI
		(ppm), Tm (ppm), U (ppm), V (ppm), W
		(ppm), Y (ppm),, Yb (ppm), Zn (ppm) and
		Zr (ppm),
		 Nagrom Laboratory in Perth used
		FA50_OES method to analysis for Au
		(ppm), Pt (ppm) and Pad (ppm)
		 Acceptable levels of accuracy for all data
		referenced in this ASX announcement
		have been achieved given the purpose of
		the analysis.
Verification	 The verification of significant intersections	 Assays are as reported from the
of sampling	by either independent or alternative	laboratory and stored in the company
and	company personnel.	database, managed by an independent
assaying	 The use of twinned holes.	database consultant.
	 Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic)	 Field data was collected on site using both field sample books and a company Toughbook (laptop computer) and entered into a set of standard logging

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Criteria	JORC Code explanation	Commentary
	protocols.	templates.
	 Discuss any adjustment to assay data.	 Relevant individual rare-earth element
		results were converted to stoichiometric
		oxide using industry standard
		stoichiometric conversion factors:
		Element Oxide Conversion
		PPM Form Factor
		Ce CeO2 1.2284
		Dy Dy2O3 1.1477
		Er Er2O3 1.1435
		Eu Eu2O3 1.1579
		Gd Gd2O3 1.1526
		Ho Ho2O3 1.1455
		La La2O3 1.1728
		Lu Lu2O3 1.1371
		Nd Nd2O3 1.1664
		Pr Pr6O11 1.2082
		Sm Sm2O3 1.1596
		Tb Tb4O7 1.1762
		Tm Tm2O3 1.1421
		Y Y2O3 1.2699
		Yb Yb2O3 1.1387
		Rare-Earth Oxide results were calculated
		using:
		TREO (Total Rare Earth Oxide)= CeO2 +
		Dy2O3 + Er2O3 + Eu2O3 + Gd2O3 +
		Ho2O3 + La2O3 + Lu2O3 + Nd2O3 +
		Pr6O11 + Sm2O3 + Tb4O7 + Tm2O3 +
		Y2O3 + Yb2O3
		Mag REO (Magnet Rare Earth Oxide)=
		Dy2O3 + Pr6O11 + Nd2O3 + Tb4O7 +
		Gd2O3 + Ho2O3 + Sm2O3
		HREO (Heavy Rare Earth Oxide)= Dy2O3 +
		Er2O3 + Eu2O3 + Gd2O3 + Ho2O3 +
		Lu2O3 + Tb4O7 + Tm2O3 + Y2O3 + Yb2O3
		CREO (Critical Rare Earth Oxide)= Dy2O3 +
		Eu2O3 + Nd2O3 + Tb4O7 + Y2O3
		Percent MREO (Magnetic)= MREO / TREO
		Percent HREO (Heavy)= HREO / TREO
		Percent CREO (Critical)= CREO / TREO
		No Twinned Holes were used
Location of	 Accuracy and quality of surveys used to	 Rock samples and reconnaissance RC
data points	locate drill holes (collar and down-hole	Drillholes were located using a handheld
	surveys), trenches, mine workings and	GPS system with an accuracy of +/- 5m
	other locations used in Mineral Resource	and stored in the company database.
	estimation.	 All coordinates are referenced to MGA
	 Specification of the grid system used.	Zone 50, Datum GDA94.
	 Quality and adequacy of topographic	 Topographic control wasgained using

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Criteria	JORC Code explanation	Commentary
	control.	government DTM data with handheld GPS
		check.
Data	 Data spacing for reporting of Exploration
spacing	Results.	 Data spacing is listed in a Table within the
and distribution	 Whether the data spacing and distribution	body of the report.
	is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and	 Rock samples were collected where rock was exposed at surface.
	Ore Reserve estimation procedure(s) and
	classifications applied.
	 Whether sample compositing has been
	applied.
Orientation	 Whether the orientation of sampling	 Samples were taken with consideration of
of data in	achieves unbiased sampling of possible	stratigraphy and alteration; samples do
relation to	structures and the extent to which this is	not straddle geological or stratigraphic
geological	known, considering the deposit type.	boundaries.
structure
	 If the relationship between the drilling	 The relationship between drilling
	orientation and the orientation of key	orientation and mineralisation orientation
	mineralised structures is considered to	is not considered to have introduce any
	have introduced a sampling bias, this	material sampling bias during the drilling
	should be assessed and reported if	program.
	material.
Sample	 The measures taken to ensure sample	 Each sample was put into a pre-numbered
security	security.	draw string calico bag, securely tied off
		and placed into a larger “polyweave” bag.
		Each polyweave contained 5 calico bag
		samples and was tied off with a zip tie.
		Samples were transported by company
		staff to LabWest Laboratories in Malaga,
		after returning from the reconnaissance
		program.
Audits or	 The results of any audits or reviews of	 Continuous improvement, internal
reviews	sampling techniques and data.	reviews of sampling techniques and
		procedures are ongoing. No external
		audits have been performed on the
		methodology to date.

JORC Code 2012 Edi�on Table 1: Sec�on 2 - Repor�ng of Explora�on Reports

Criteria	JORC Code explanation	Commentary
Mineral	 Type, reference name/number, location	 The tenure hosting the Viper Project (and
tenement and	and ownership including agreements or	historic gold mine) is owned 100% by
land tenure	material issues with third parties such as	Coruscant Minerals Pty Ltd, a wholly
status	joint ventures, partnerships, overriding	owned subsidiary of EMU NL. The
	royalties, native title interests, historical	tenements include E70/5155 and
	sites, wilderness or national park and	E70/5602.
	environmental settings.	 E70/5155 hosts the historic Netty Copper

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Criteria	JORC Code explanation		Commentary
	 The security of the tenure held at the time		Mine
	of reporting along with any known		 No known issues exist with the project
	impediments to obtaining a licence to		tenure.
	operate in the area.		 The project tenements are all in good
			standing.
Exploration	 Acknowledgment and appraisal	of
done by other	exploration by other parties.		 Past production from the Netty mine
parties			over the period 1907 – 1969 was
			reported to be 3.13 tonnes of contained
			copper from 30.5t of oxide and sulphide
			(chalcopyrite) ore at a grade of over 10%
			Cu.
			 Detailed channel sampling of the
			underground mine workings over a strike
			length of 40m by Audax Resources
			Limited in 1987 returned copper values
			in the range 3% to 10% with a peak value
			of 14.1% from a total of 52 samples.
			Nickel results were mostly over 1,000
			ppm, with a peak value of 0.51%.
			 Little modern-day exploration has been
			conducted within the current tenement
			areas.
Geology	 Deposit type, geological setting and style
	of mineralisation.		 Viper Project is located 8km northeast of
			the wheatbelt town of Jerramungup and
			centred on the historic Netty Copper
			Mine within granites, felsic to mafic
			graticules, dolerite and gneiss of the
			Archean Lake Grace Terrane.
Drill hole	 A summary of all information material to		 Refer to Drill Hole Collar tables for all drill
Information	the understanding of the exploration		holes reported in the body of the report.
	results including a tabulation of following information for all Material holes:	the drill	 Collar locating and GPS accuracy is included in Tables.
	o easting and northing of the drill hole collar		 No material information, results or data have been excluded.
	o elevation or RL (Reduced Level –
	elevation above sea level in metres) of
	the drill hole collar
	o dip and azimuth of the hole
	o down hole length and interception
	depth
	o hole length.
	 If the exclusion of this information is
	justified on the basis that the information
	is not Material and this exclusion does not

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Criteria	JORC Code explanation	Commentary
	detract from the understanding of the
	report, the Competent Person should
	clearly explain why this is the case.
Data	 In reporting Exploration Results,	 Grades are reported as downhole length-
aggregation	weighting averaging techniques,	weighted averages of laboratory reported
methods	maximum and/or minimum grade	grades. No top cuts have been applied to
	truncations (eg cutting of high grades)	the reporting of the assay results.
	and cut-off grades are usually Material and should be stated.	 All higher-grade intervals are included in the reported grade intervals.
	 Where aggregate intercepts incorporate short lengths of high-grade results and	 No metal equivalent values are used.
	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.
Relationship	 These relationships are particularly	 The geometry of the mineralisation is
between	important in the reporting of Exploration	interpreted to vary from steeply west
mineralisation	Results.	dipping (Gnows Nest Mine) to steeply
widths and intercept lengths	 If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.	east dipping (Monte Cristo) and generally sub-vertical elsewhere.  All assay results are based on downhole
	 If it is not known and only the down hole	lengths, and true widths are not known.
	lengths are reported, there should be a	 The steep dip of the mineralisation means
	clear statement to this effect (eg ‘down	that drill widths are exaggerated.
	hole length, true width not known’).
Diagrams	 Appropriate maps and sections (with	 Refer to figures in body of the report.
	scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and	 Geological and mineralisation interpretations are based on current knowledge and will change with further exploration.
	appropriate sectional views.
Balanced	 Where comprehensive reporting of all	 Key drilling location information and
reporting	Exploration Results is not practicable,	assays have been provided, refer to
	representative reporting of both low and	results reported in body of text.
	high grades and/or widths should be
	practiced to avoid misleading reporting of
	Exploration Results.
Other	 Other exploration data, if meaningful and	 Geological interpretations have been
substantive	material, should be reported including	taken from published maps, geophysical
exploration	(but not limited to): geological	interpretation, historical and ongoing
data	observations; geophysical survey results;	exploration.
	geochemical survey results; bulk samples – size and method of treatment;	 Metallurgical, groundwater, and geotechnical studies have not

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Criteria	JORC Code explanation	Commentary
	metallurgical test results; bulk density,	commenced as part of the assessment of
	groundwater, geotechnical and rock	the project.
	characteristics; potential deleterious or
	contaminating substances.
Further work	 The nature and scale of planned further	 The stage 2 RC drilling programme has
	work (eg tests for lateral extensions or	been completed in its entirety, with the
	depth extensions or large-scale step-out	current announcement (news release)
	drilling).	reporting only on the first batch of results
	 Diagrams clearly highlighting the areas of	returned from Nagrom Analytical.
	possible extensions, including the main	 Significant intersections reported for
	geological interpretations and future	Gnows Nest and Flying Emu.
	drilling areas, provided this information is not commercially sensitive.	 The nature and scale of further work will be determined once the complete
		interpretation and analysis of results from
		the current drilling programme are
		completed.

• END -

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