EMU NL — Capital/Financing Update 2026

Mar 24, 2026

Appendix 3B - Proposed issue of securities

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Announcement Summary

Entity name

EMU NL

Announcement Type

New announcement

Date of this announcement

25/3/2026

The Proposed issue is:

A standard pro rata issue (including non-renounceable or renounceable)

Total number of +securities proposed to be issued for a standard pro rata issue (including non-renounceable or renounceable)

enounceable)
		Maximum Number of
ASX +security code	+Security description	+securities to be issued
New class-code to be	Options to acquire fully paid shares exercisable at $0.03,	146,610,377
confirmed	expiry 31.1.2027
EMU	ORDINARY FULLY PAID	146,610,377

Ex date

27/3/2026

+Record date

30/3/2026

Offer closing date

16/4/2026

Issue date

22/4/2026

Refer to next page for full details of the announcement

Appendix 3B - Proposed issue of securities

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Appendix 3B - Proposed issue of securities

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Part 1 - Entity and announcement details

1.1 Name of +Entity

EMU NL

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

If the +securities are being offered under a +disclosure document or +PDS and are intended to be quoted on ASX, we also apply for quotation of all of the +securities that may be issued under the +disclosure document or +PDS on the terms set out in Appendix 2A of the ASX Listing Rules (on the understanding that once the final number of +securities issued under the +disclosure document or +PDS is known, in accordance with Listing Rule 3.10.3C, we will complete and lodge with ASX an Appendix 2A online form notifying ASX of their issue and applying for their quotation).

1.2 Registered Number Type

ABN

Registration Number

50127291927

1.3 ASX issuer code

EMU

1.4 The announcement is

New announcement

1.5 Date of this announcement

25/3/2026

1.6 The Proposed issue is:

A standard +pro rata issue (non-renounceable or renounceable)

1.6a The proposed standard +pro rata issue is: + Non-renounceable

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Appendix 3B - Proposed issue of securities

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Part 3 - Details of proposed entitlement offer issue

Part 3A - Conditions

3A.1 Do any external approvals need to be obtained or other conditions satisfied before the entitlement offer can proceed on an unconditional basis? No

Part 3B - Offer details

+Class or classes of +securities that will participate in the proposed issue and +class or classes of +securities proposed to be issued

ASX +security code and description

EMU : ORDINARY FULLY PAID

Is the proposed security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional securities in a class that is already quoted or recorded by ASX)? Existing class

Will the proposed issue of this If the entity has quoted company +security include an offer of options, do the terms entitle option attaching +securities? holders to participate on exercise? Yes No

Details of +securities proposed to be issued

ASX +security code and description

EMU : ORDINARY FULLY PAID

ISIN Code (if Issuer is a foreign company and +securities do not have +CDIs issued over them)

ISIN Code for the entitlement or right to participate in a non-renounceable issue (if Issuer is foreign company and +securities do not have +CDIs issued over them)

Offer ratio (ratio to existing holdings at which the proposed +securities will be issued) The quantity of additional +securities For a given quantity of +securities to be issued held

1 2

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Appendix 3B - Proposed issue of securities

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What will be done with fractional Maximum number of +securities entitlements? proposed to be issued (subject to rounding) Fractions rounded down to the nearest 146,610,377 whole number or fractions disregarded Offer price details for retail security holders In what currency will the offer be What is the offer price per +security made? for the retail offer? AUD - Australian Dollar AUD 0.02500 Oversubscription & Scale back details Will individual +security holders be permitted to apply for more than their entitlement (i.e. to over-subscribe)? Yes

Describe the limits on over-subscription

Shortfall Shares will be allocated by the Directors in priority to Eligible Shareholders, subject to overriding Board discretion (including as to scale backs) and an Eligible Shareholder¿s Voting Power not increasing above 10% as a result. Will a scale back be applied if the offer is over-subscribed? Yes

Describe the scale back arrangements

Shortfall Shares will be allocated by the Directors in priority to Eligible Shareholders, subject to overriding Board discretion (including as to scale backs) and an Eligible Shareholder¿s Voting Power not increasing above 10% as a result. Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class? Yes

Attaching +Security

Is the proposed attaching security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional +securities in a class that is already quoted or recorded by ASX)? New class Attaching +Security - New class (+securities in a class that is not yet quoted or recorded by ASX)

Details of attaching +securities proposed to be issued

ISIN Code (if Issuer is a foreign company and +securities do not have +CDIs issued over them)

ISIN Code for the entitlement or right to participate in a non-renounceable issue (if Issuer is foreign company and +securities do not have +CDIs issued over them)

Have you received confirmation from ASX that the terms

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Appendix 3B - Proposed issue of securities

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Appendix 3B - Proposed issue of securities
of the proposed +securities are appropriate and	Will the entity be seeking quotation of the 'new' class of
equitable under listing rule 6.1?	+securities on ASX?
No
	Yes
ASX +security code New class-code to be confirmed	+Security description Options to acquire fully paid shares exercisable at $0.03, expiry 31.1.2027

+Security type

Options

Offer ratio (ratio of attaching securities at which the new	+securities will be issued)
The quantity of attaching +securities to be issued	For a given quantity of the new +securities issued
1	1
What will be done with fractional entitlements?	Maximum number of +securities proposed to be issued
Fractions rounded down to the nearest whole number or	(subject to rounding)
fractions disregarded	146,610,377
Offer price details for retail security holders
In what currency will the offer be made?	What is the offer price per +security for the retail offer?
	AUD 0.00000

AUD - Australian Dollar

Oversubscription & Scale back details

Will individual +security holders be permitted to apply for more than their entitlement (i.e. to over-subscribe)? Yes

Describe the limits on over-subscription

Shortfall Shares will be allocated by the Directors in priority to Eligible Shareholders, subject to overriding Board discretion (including as to scale backs) and an Eligible Shareholder¿s Voting Power not increasing above 10% as a result.

Will a scale back be applied if the offer is over-subscribed? Yes

Describe the scale back arrangements

Shortfall Shares will be allocated by the Directors in priority to Eligible Shareholders, subject to overriding Board discretion (including as to scale backs) and an Eligible Shareholder¿s Voting Power not increasing above 10% as a result.

Will all the +securities issued in this class rank equally in all respects from their issue date?

Yes

Options details

+Security currency

AUD - Australian Dollar

Exercise price

AUD 0.0300

Expiry date

31/1/2027

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Appendix 3B - Proposed issue of securities

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Details of the type of +security that will be issued if the option is exercised EMU : ORDINARY FULLY PAID Number of securities that will be issued if the option is exercised 146,610,377 Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities proposed to be issued or provide the information by separate announcement. www.emunl.com.au

Part 3C - Timetable

3C.1 +Record date 30/3/2026 3C.2 Ex date 27/3/2026

3C.4 Record date

30/3/2026

3C.5 Date on which offer documents will be sent to +security holders entitled to participate in the +pro rata issue 2/4/2026

3C.6 Offer closing date 16/4/2026

3C.7 Last day to extend the offer closing date 13/4/2026

3C.9 Trading in new +securities commences on a deferred settlement basis 17/4/2026 3C.11 +Issue date and last day for entity to announce results of +pro rata issue 22/4/2026 3C.12 Date trading starts on a normal T+2 basis 23/4/2026

3C.13 First settlement date of trades conducted on a +deferred settlement basis and on a normal T+2 basis 27/4/2026

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Appendix 3B - Proposed issue of securities

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Part 3E - Fees and expenses

3E.1 Will there be a lead manager or broker to the proposed offer? Yes

3E.1a Who is the lead manager/broker?

Martin Place Securities Pty Ltd

3E.1b What fee, commission or other consideration is payable to them for acting as lead manager/broker?

Management fee equal to 1% (plus GST) of the total Offer amount and

Shortfall placement fee of 5% (plus GST) of the total subscription price for the Shortfall Shares not allocated to Eligible Shareholders.

and

30 million broker options (being issued on the same basis as the free attaching options on issue under the Non-Renounceable Rights issue, exercisable at $0.03 each on or before 31 January 2027.

3E.2 Is the proposed offer to be underwritten? No

3E.3 Will brokers who lodge acceptances or renunciations on behalf of eligible +security holders be paid a handling fee or commission? Yes

3E.3a Will the handling fee or commission be Dollar based or Percentage based? Percentage based (%)

3E.3b Amount of any handling fee or commission payable to brokers who lodge acceptances or renunciations on behalf of eligible security holders

4.000000 %

3E.3c Please provide any other relevant information about the handling fee or commission method

Fee to be settled by the Lead Broker

3E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed offer

The Company will also reimburse the Lead Broker for all costs and expenses incidental to the Offer up to an amount of $5,000, and reimbursement of facilitation fees of ~$2,000 if DvP settlement is used for the Shortfall. Expenses totaling up to $271,582 (incl broker fees) as detailed in the Offer documents.

Part 3F - Further Information

3F.1 The purpose(s) for which the entity intends to use the cash raised by the proposed issue

Exploration on the Company¿s projects including drilling mineral exploration targets and, if applicable, acquisition of further prospects, working capital and expenses of the Offer

3F.2 Will holdings on different registers or subregisters be aggregated for the purposes of determining entitlements to the issue?

No

3F.3 Will the entity be changing its dividend/distribution policy if the proposed issue is successful? No

3F.4 Countries in which the entity has +security holders who will not be eligible to participate in the proposed issue

Chile, Mauritius, Monaco, Saint Kitts, Singapore, USA

3F.5 Will the offer be made to eligible beneficiaries on whose behalf eligible nominees or custodians hold existing +securities Yes

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Appendix 3B - Proposed issue of securities

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3F.5a Please provide further details of the offer to eligible beneficiaries

Instructions will be received from nominees or custodians if eligibility can be verified.

3F.6 URL on the entity's website where investors can download information about the proposed issue

www.emunl.com.au

3F.7 Any other information the entity wishes to provide about the proposed issue

3F.8 Will the offer of rights under the rights issue be made under a +disclosure document or product disclosure statement under Chapter 6D or Part 7.9 of the Corporations Act (as applicable)? Yes

3F.9 Any on-sale of the +securities proposed to be issued within 12 months of their date of issue will comply with the secondary sale provisions in sections 707(3) and 1012C(6) of the Corporations Act by virtue of: The publication of a +disclosure document or +PDS for the +securities proposed to be issued

Appendix 3B - Proposed issue of securities

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