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EMU NL Capital/Financing Update 2026

Mar 22, 2026

64851_rns_2026-03-22_94e6ec62-c5dd-4fdc-928a-1720d715e9c5.pdf

Capital/Financing Update

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ASX RELEASE | ASX:EMU

23 March 2026

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STAGE 1 DRILLING AT FIERY CREEK CONFIRMS LARGE-SCALE CU–AG SYSTEM AND REFINES YATAGA VALLEY TARGETS

HIGHLIGHTS

  • Stage 1 drilling at Fiery Creek successfully validates EMU’s geological and structural models, with mineralisation confirmed as steep shear-hosted Cu–Ag system with associated flat-lying intrusive-related zones.

  • Drilling identifies multiple steeply-dipping mineralised “branches” linked to a central feeder structure.

  • Drilling intercepts include the following, noting that the Fiery Creek targets remain open along strike and at depth:

  • YFC002 – 13 m @ 0.5% Cu and 9.7 g/t Ag from 49 m, confirming Ag association; including 1 m @ 1.29% Cu and 26.9 g/t Ag from 50 m.

  • YFC004 – 3 m @ 0.60% Cu and 13.3 g/t Ag from 40 m; including 1 m @ 1.5% Cu and 31.3 g/t Ag from 41 m.

  • YFC003 – 13 m @ 0.25% Cu and 5.3 g/t Ag from 37 m; including 1 m @ 0.49% Cu and 12.5 g/t Ag from 37 m and 1 m @ 0.65% Cu and 7.3 g/t Ag from 43 m.

  • YFC001 – 1 m @ 1.02% Cu and 23 g/t Ag from 48 m.

  • YFC006 – 1 m @ 1.00% Cu and 28 g/t Ag from 40 m.

  • Drilling and assay results received to date have refined geological and structural interpretations, with the system now interpreted as a multi-phase porphyry-related intrusive complex rather than simple structurally hosted vein targets.

  • The results of the Fiery Creek drilling have significantly enhanced the company’s confidence in targeting for the upcoming 2026 Yataga Valley drilling programme.

EXECUTIVE SUMMARY

EMU’s conceptual model of a structurally controlled Cu–Ag mineralised system associated with a fertile intrusive complex (Figure 1).

While grades encountered are variable (see Table 1 and 2), the programme has successfully identified the geometry, controls and potential scale of mineralisation, providing a clear framework for follow-up drilling and materially improving confidence in targeting across the broader Yataga Project.

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system, with direct implications for the higher-priority Yataga Valley targets.

Figure 1 : Yataga intrusive Complex Showing both Fiery Creek and Yataga Valley Prospects

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DRILLING RESULTS AND GEOLOGICAL INTERPRETATION

an emerging hybrid structural–intrusive mineral system model. Key observations include:

  • A ~50 m wide, steeply dipping shear zone hosting vein- and shear-controlled Cu–Ag mineralisation (Figures 2 and 3), demonstrating strong structural control on mineralisation continuity and geometry.

  • The presence of associated aplite intrusive bodies, including zones with miarolitic cavities, which locally contain visible copper sulphides, indicating a magmatic contribution to the mineralising system.

  • Locally enhanced grades where shear-hosted mineralisation intersects or is overprinted by intrusive-related mineralisation (Figures 4 and 5), suggesting a spatial and genetic relationship between deformation and magmatic processes.

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Collectively, these results support interpretation of the system as a hybrid structural–intrusive mineral system, where mineralisation is controlled by the interaction of deformation-related fluid pathways and intrusive emplacement, resulting in zones of grade enhancement at structural– intrusive intersections.

Table 1: Drillhole Intersection Highlights (refer to Appendix A)

Hole ID From (m) To (m) Significant Intersections (0.1% Cu Cut-Off)
25YFC001 48 49 1m at 1.02% Cu + 23.4g/t Ag from 48m
25YFC002 3 4 1m at 0.16% Cu from 3m
49 62 13m at 0.49% Cu + 9.7g/t Ag from 49m
49 55 Incl. 6m at 0.84% Cu + 16.5 g/t Ag from 49m
50 51 Incl. 1m at 1.29% Cu + 26.9 g/t Ag from 50m
93 96 3m at 0.12% Cu from 93m
119 120 1m at 0.20% Cu + 3.0 g/t Ag from 119m
25YFC003 18 20 2m at 0.11% Cu + 4.6 g/t Ag from 18m
24 26 2m at 0.15% Cu + 4.7 g/t Ag from 24m
29 30 1m at 0.10% Cu from 29m
37 50 13m at 0.25% Cu + 5.3 g/t Ag from 37m
37 38 Incl. 1m at 0.49% Cu + 12.5 g/t Ag + 0.14% Zn from 37m
43 44 And 1m at 0.65% Cu + 7.3 g/t Ag from 43m
81 85 4m at 0.22% Cu + 4.3 g/t Ag from 81m
94 95 1m at 0.11% Cu from 94m
114 115 1m at 0.17% Cu from 114m
25YFC004 40
41		 43
42		 3m at 0.60% Cu + 13.3g/t Ag from 40m
Incl. 1m at 1.5% Cu + 31.3g/t Ag from 41m
97 98 1m at 0.12% Cu + 2.80g/t Ag from 97m
25YFC006 30 33 3m at 0.27% Cu + 5.35g/t Ag from 30m
40 41 1m at 1.00% Cu + 27.97g/t Ag from 40m
64 65 1m at 0.11% Cu + 2.21g/t Ag from 64m
25YFC007 30 31 1m at 0.60% Cu + 9.00g/t Ag from 30m
85 86 1m at 0.36% Cu + 7.1g/t Ag from 85m
92 93 1m at 0.19% Cu + 2.90g/t Ag from 92m

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Hole ID From (m) To (m) Significant Intersections (0.1% Cu Cut-Off)
25YFC009 65 66 1m at 0.15% Cu + 1.8g/t Ag from 65m
70 71 1m at 0.15% Cu + 1.6g/t Ag from 70m
72 73 1m at 0.12% Cu + 1.5g/t Ag from 72m
80 81 1m at 0.11% Cu + 1.3g.t Ag from 80m
97 99 2m at 0.13% Cu + 1.3g/t Ag from 97m
100 102 2m at 0.11% Cu + 1.5g/t Ag from 100m
115 118 3m at 0.15% Cu + 2.5g/t Ag from 115m
128 132 4m at 0.12% Cu + 1.9g.t Ag from 128m
133 135 2m at 0.14% Cu + 1.7g.t Ag from 133m
25YFC010 87 88 1m at 0.10% Cu + 1.6g.t Ag from 87m
89 93 4m at 0.14% Cu + 2.6g.t Ag from 89m
25YFC012 0 1 1m at 0.15% Cu + 0.7g/t Ag from 0m
9 10 1m at 0.15% Cu + 1.8g/t Ag from 9m
100 101 1m at 0.11% Cu + 1.5g/t Ag from 100m

Table 2: Fiery Creek Drill Collar Table

Drillhole ID Drilling Method Easting Northing Dip/Azimuth (Deg) Depth (m)
25YFC001 RC 774577 8007990 -550/900 192
25YFC002 RC 774582 8007720 -500/640 192
25YFC003 RC 774575 8007507 -500/780 174
25YFC004 RC 774641 8007998 -510/830 192
25YFC005 RC 774502 8007273 -520/830 174
25YFC006 RC 774906 8007973 -500/2500 150
25YFC007 RC 775012 8007741 -530/900 174
25YFC008 RC 775074 8007517 -500/500 114
25YFC009 RC 775192 8007262 -500/500 186
25YFC010 RC 775295 8007155 -500/700 150
25YFC011 RC 775541 8007164 -500/1000 130
25YFC012 RC 775384 8007406 -500/700 150
25YFD013
Twin
25YFC002		 Diamond 774582 8007720 -500/680 143.8
25YFD014 Diamond 774570 8007720 -80/75 150.2
Total 2,272

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Figure 2: Location of Drill Sites and Surface Geochemistry[1] at Fiery Creek Prospect

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1 ASX Announcement Dated 11 March 2025 – Yataga Copper Project – Exploration Update
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Figure 3 : Plan View of 25YFC002 and 25YFC003 Drill Sites and Surface Geochemistry

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Figure 4 : Cross-Section of RC Drillhole 25YFC002

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Figure 5 : Cross-Section of RC Drillhole 25YFC003

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REVISED GEOLOGICAL MODEL

The geological model for Fiery Creek has been updated based on integrated drilling, mapping and geophysical data. The system is now interpreted to comprise:

  • A steeply dipping feeder zone hosting shear-controlled Cu–Ag mineralisation, representing the primary fluid conduit.

  • Multiple shallow-dipping mineralised splays or “branches” emanating from the main structure, reflecting lateral dispersion of mineralising fluids.

  • Host rocks comprising a granodiorite intrusive complex (Figure 6), providing the principal lithological framework for mineralisation.

  • Widespread aplite dykes, sills and intrusive “kitchen” zones, interpreted as late-stage magmatic phases associated with fluid generation and metal transport.

This overall geometry is best described as a “Christmas Tree”-style mineral system, characterised by a steep central feeder with multiple mineralised o�shoots. The interpretation is strongly supported by drilling results, surface mapping and coincident geophysical responses.

Figure 6 : Idealised Geological Cross-Section at Fiery Creek Prospect

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GEOCHEMISTRY AND SYSTEM SIGNATURE

consistent with a porphyry-related magmatic–hydrothermal system. Observed metal zonation indicates:

  • A higher temperature Cu-dominant core.

  • Peripheral polymetallic signatures, including As, Sb, Pb and Zn.

  • This geochemical signature aligns with broader datasets across the Yataga area, where:

  • A large-scale Cu anomaly (>8 km²) has been delineated.

  • Mineralisation is spatially associated with intrusive phases, structural corridors and aplite dyke swarms.

SIGNIFICANCE OF STAGE 1 DRILLING RESULTS

The key outcome of the drilling programme is not limited to discrete high-grade intercepts, but rather the definition of a coherent and scalable mineral system:

  1. Validation of a Large Mineralised System

  2. Drilling confirms that Fiery Creek is situated within a fertile intrusive complex.

  3. Mineralisation demonstrates systematic distribution and geological predictability.

  4. Identifcation of Controls on Grade

  5. Elevated grades are consistently associated with a). Structural intersections; and b). Shearintrusive contacts.

  6. Vectoring Toward Stronger Targets

  7. Geological and geochemical data indicate increasing mineralisation potential at depth; and additional potential within adjacent or untested intrusive centres.

IMPLICATIONS FOR UPCOMING 2026 YATAGA VALLEY EXPLORATION

The Fiery Creek results materially de-risk and enhance the prospectivity of the broader Yataga Valley programme. Key implications include:

  • Confirmation of both steep, shear-hosted Cu systems and shallow-dipping intrusive-hosted mineralisation styles.

  • Direct correlation between mineralisation and geophysical responses, including IP chargeability anomalies and magnetic lows associated with intrusive centres.

represent sulphide mineralisation. This includes:

  • A broad, shallow-dipping “kitchen” zone developed beneath the pluton roof.

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  • Steep feeder structures along the margins of the system.

This conceptual model is directly consistent with observations at Fiery Creek and provides a robust framework for ongoing exploration and drill targeting across the Yataga Valley project area.

NEXT STEPS

The immediate focus is on completing outstanding analytical and interpretive work to support the next phase of drilling:

  1. Final assay results from two diamond drillholes remain pending and will be incorporated into the evolving geological model.

  2. Development of an integrated 3D geological and geophysical model to consolidate drilling, mapping and geophysical datasets into a single predictive framework.

  4. a. Follow-up drilling at Fiery Creek to test extensions of the identified mineralised system.

  5. b. Prioritisation and optimisation of drill targets across the Yataga Valley project area.

FOCUS OF 2026 YATAGA VALLEY DRILLING PROGRAMME

Exploration activities in 2026 will transition toward systematic testing of higher-order targets at Yataga Valley, informed by the Fiery Creek results. The programme will focus on:

  • Intrusive centres interpreted to represent potential mineralisation “source” zones.

  • Chargeability anomalies identified from geophysical surveys, interpreted as sulphide-rich domains.

  • Structural intersections considered prospective for fluid focusing and grade enhancement.

CONCLUSION

The programme has:

  • Established the geometry and controls of mineralisation.

  • Identified clear vectors toward higher-value target zones.

  • Increased confidence in the planned Yataga Valley drilling programme.

These outcomes provide a strong foundation for a more targeted and potentially higher-impact drilling campaign at Yataga Valley in 2026.

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MANAGING DIRECTOR AND CEO - DOUG GREWAR COMMENTS:

“The Fiery Creek drilling programme has delivered a clear understanding of the geological system and the controls on mineralisation. Early drilling has returned variable grades with the work indicating a potentially large Cu–Ag system. Importantly, these results materially upgrade our confidence in the Yataga Valley targets, where co incident geophysics and geochemistry indicate the possibility of a significantly larger mineralised system.”

AUTHORISED FOR RELEASE BY THE BOARD

For further information, please contact:

Doug Grewar, Managing Director and Chief Executive O�icer

[email protected]

Investors can sign into our interactive investor hub and join in on the conversation with Emu NL.

https://investorhub.emunl.com.au/auth/signup

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Competent Person Statement:

The information in this report that relates to Exploration Results and Mineral Resources is based upon and fairly represents information compiled by or compiled under the supervision of Peter Swiridiuk - Member of the Aust. Inst. of Geoscientists. Peter Swiridiuk is a Non-Executive Director of Emu NL. Peter Swiridiuk has su�icient experience which is relevant to the type of mineralisation and type of deposit under consideration to qualify as Competent Person as defined in the 2012 Edition of the “Australasian Code of Reporting Exploration Results, Mineral Resources and Ore Resources”. Peter Swiridiuk consents to the inclusion in the report of the matters based on the information in the form and context in which it appears. Additionally, Mr Swiridiuk confirms that the entity is not aware of any new information or data that materially a�ects the information contained in the ASX releases referred to in this report.

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APPENDIX A - JORC TABLE 1

Section 1 - Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria Explanation Commentary
Sampling
techniques		 Nature and quality of sampling (e.g. cut channels,
random chips, or specific specialised industry standard
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 (e.g. ‘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 (e.g.
submarine nodules) may warrant disclosure of detailed
information.		 - Reverse Circulation Percussion (RCP)drilling was used to produce a 1m bulk sample (~25kg) which was
collected in plastic bags. A representative sample of 3kg to 4g was collected from the 1m bulk sample, via a
splitter attached to the cyclone at the rig. A Through the Bit, Face Sampling Hammer was utilised by the RCP
rig.
- A subsample of each 1m sample was passed through a 1mm sieve and 100g or so of fines was placed in a
Kraft envelope and retained as a representative 1m sample for screening for base metals and major elements
by off-site PXRF analysis in an independent facility at Terra Search in Townsville.
- The samples submitted for analysis were nominally 3kg in weight. At the start of the drilling program at
Yataga, all of the samples for drillholes YFCC002 and YFC003 were submitted to Intertek Laboratories for
analysis, without PXRF screening.
- Subsequent analyses of samples from Yataga involved PXRF analysis of each of the representative 1m sub-
samples and then sub-divided into: (1) samples with elevated copper (generally greater than 200ppm Cu or
so) which were retained as 1m samples, and (2) samples with low Cu, which were composited as 4 x 1m
samples by means of a Jones splitter with the order of 4 x 3kg samples being composited to 1 x 3kg sample
representing the 4m sample interval. For each drillhole measured with PXRF, five OREAS standards were
measured at the beginning and end of each reading run per drillhole.
- EMU deployed their own internal Certified Reference Materials every 30m and Blanks at the beginning of each
drillhole. Intertek Laboratories used six certified reference materials, control blanks and re-check samples
for each drillhole.
- Industry standard sampling and logging techniques have been used for these samples by a suitably qualified
geologist. Sieved subsample of the 25kg split was used for the geological logs. Each meter was sieved and
rock chips collected in chip trays, each containing 20 metres of chips.

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Criteria Explanation Commentary
Drilling
techniques		 Drill type (e.g. core, reverse circulation, open-hole
hammer, rotary air blast, auger, Bangka, sonic, etc.) and
details (e.g. core diameter, triple or standard tube, depth
of diamond tails, face-sampling bit or other type,
whether core is oriented and if so, by what method, etc.).		 - Drilling was undertaken using a Reverse Circulation Percussion (RCP) drill rig. A face sampling hammer of
approximately 5½ inch diameter was used.
Drill sample
recovery		 Method of recording and assessing core and chip
sample recoveries and results assessed.
Measures taken to maximise sample recovery and
ensure representative nature of the samples.
Whether a relationship exists between sample recovery
and grade and whether sample bias may have occurred
due to preferential loss/gain of fine/coarse material.		 - Sample recovery was visually assessed by bulk sample weight and volume and was consistent and high.
- Sample recovery was maximised by the use of face sampling hammers and by maintaining air pressure within
the hole, minimising water ingress into the hole.
- No relationship between sample recovery and grade is known at this stage.
Logging Whether core and chip samples have been geologically
and geotechnically logged to a level of detail to support
appropriate Mineral Resource estimation, mining
studies and metallurgical studies.
Whether logging is qualitative or quantitative in nature.
Core (or costean, channel, etc.) photography.
The total length and percentage of the relevant
intersections logged.		 - All intervals were geologically logged to a level that could be used to support a mineral resource, however at
this early stage of exploration, it is unknown if with additional drilling a Mineral Resource could be estimated.
- Logging is qualitative in nature from RCP chips every 1 metre.
Sub-sampling
techniques
and sample
preparation		 If core, whether cut or sawn and whether quarter, half or
all core taken.
If non-core, whether riffled, tube sampled, rotary split,
etc. and whether sampled wet 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.		 - A 1m bulk sample (~25kg) was collected in plastic bags direct from the cyclone at the rig side. A
representative sample of 3kg to 4g was collected from the 1m bulk sample, via a cone splitter attached to
the cyclone.
- A subsample of each 1m sample was passed through a 1mm sieve and 100g or so of fines was placed in a
Kraft envelope and retained as a representative 1m sample for screening for base metals and major elements
by off-site PXRF analysis in an independent facility at Terra Search in Townsville. All samples for drillholes
YFCC002 and YFC003 were submitted to Intertek Laboratories for analysis, without PXRF screening.

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Criteria Explanation Commentary
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 the grain size
of the material being sampled.		 - Subsequent analyses of samples from Yataga involved PXRF analysis of each of the representative 1m sub
samples and then sub-divided into: (1) samples with elevated copper (generally greater than 200ppm Cu or
so) which were retained as 1m samples, and (2) samples with low Cu, which were composited as 4 x 1m
samples by means of a Jones splitter with the order of 4 x 3kg samples being composited to 1 x 3kg sample
representing the 4m sample interval.
- The sampling and sub-sampling techniques are considered appropriate.
- Sample sizes are appropriate for the style of mineralisation being sought.
Quality of
assay data and
laboratory
tests		 The nature, quality and appropriateness of the assaying
and laboratory procedures used and whether the
technique is considered partial or total.
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 (e.g.
standards, blanks, duplicates, external laboratory
checks) and whether acceptable levels of accuracy (i.e.
lack of bias) and precision have been established.		 - Preparation of rock chip samples involves crushing splitting and grinding at Intertek/Genalysis lab,
Townsville. The total amount of economic metals and pathfinder elements tied up in sulphides and oxides
such as U, Th, Cu, Pb, Zn, Ag, As, Mo, Bi, S is captured by the 4-acid digest method ICP finish. Mass
spectrometry (MS) ensures low level detection and REE are also captured for drillhole samples YFC002 and
003 only. This is regarded as a total digest method and is checked against QA-QC procedures which also
employ these total digestion techniques. Major elements which are present in silicates, such as K, Ca, Fe, Ti,
Al, Mg are also digested by the 4-acid digest Total method.
- PXRF analysis has been utilized to provide multi-element data for the prospect in order to quantitatively
screen the drill samples. After PXRF analysis those zones with elevated Cu are submitted for 1m analysis.
Those with only background copper are composited as 4m samples. 1mm fines from sub sampling
percussion drill sample are considered appropriate and representative samples to provide preliminary
chemical analysis to guide exploration targeting.
- PXRF Analysis is carried out in a controlled environment in air-conditioned Terra Search offices in Townsville.
The instrument used is Terra Search’s portable Niton XRF analyser (Niton ‘trugeo’ analytical mode) analysing
for a suite of 40 major and minor elements. The PXRF equipment is set up on a bench and the sub-sample
(loose powder in a thin clear plastic freezer bag) is placed in a lead-lined stand. An internal detector auto-
calibrates the portable machine, and Terra Search standard practice is to instigate recalibration of the
equipment every 2 to 3 hours.
- PXRF Readings are undertaken for 60 seconds on a circular area of approximately 1cm diameter. High results
for copper are duplicated after re-mixing the sample
- PXRF measures total concentration of particular elements in the sample. Reading of the X-Ray spectra is
affected by interferences between different elements. The matrix of the sample e.g., iron content has to be
taken into account when interpreting the spectra. The reliability and accuracy of the PXRF results are
checked regularlybyreference to known standards. There are some known interferences relevant to

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Criteria Explanation Commentary
particular elements E.g., W & Au; Th & Bi, Fe & Co. Awareness of these interferences is taken into account
when reviewing PXRF results. No PXRF are reported in this announcement as they were used as a guide for
compositing. All relevant independent laboratory assay results have been reported.
- QAQC samples are monitored on a batch-by-batch basis, Terra Search has well-established sampling
protocols including the insertion of blanks (both coarse & pulped), certified reference material (CRM
standards). Terra Search quality control included determinations on certified OREAS samples interspersed
at regular intervals through the sample suite of the commercial laboratory batch.
- Assay quality was monitored using pulp blanks, as well as certified reference materials (CRMs) at a range of
copper & gold grades. Pulp blank results indicated no material contamination of samples from sample
preparation or during the analytical process. CRM results were within 3 standard deviations of certified
values. No material systematic bias nor other accuracy related issues were identified.
- With the Intertek Lab batches Standards are checked on receipt of results. Results that have been returned
to date are found to be within acceptable tolerances. Laboratory assay results for these quality control
samples are within 5% of accepted values. Besides the independent Certified reference OREAS materials
that Emu NL has independently inserted into the sample batches every 30m, Intertek Laboratories has also
used a number of internal lab standards and check assays.
- The selected assay methods are appropriate for the mineralisation encountered.
- Geophysical tools used (magnetic susceptibility meter, handheld XRF) are calibrated prior to use on site.
- Only the assay results from Independent Intertek Laboratories have been quoted in this announcement using
Fire Assay 50g for Au and 4-acid digest method ICP finish for all other elements.
Verifcation of
sampling and
assaying		 The verification of significant intersections by either
independent or alternative company personnel.
The use of twinned holes.
Documentation of primary data, data entry procedures,
data verification, data storage (physical and electronic)
protocols.
Discuss any adjustment to assay data		 - Significant intersections reported in this release have been made by a senior geologist and have been verified
by an alternative company geologist/director.
- For all RC drillholes, geological logs and sampling have been recorded on paper and then entered into the
Company’s digital system. The data entry has been validated by at least two company geologists.
- No assay adjustments have been made.
Location of
data points		 Accuracy and quality of surveys used to locate drill holes
(collar and down-hole surveys), trenches, mine		 - Hand-held GPS was used to site the holes with an accuracy of +/- 5m. Downhole surveys have been collected
on 5m intervals using a Reflex multi-shot gyro tool.
- The geodetic grid system used was UTM MGA94, Zone 54.

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Criteria Explanation Commentary
workings and other locations used in Mineral Resource
estimation.
Specification of the grid system used.
Quality and adequacy of topographic control.		 - Topographic control is based on 0.1m Airborne Lidar surveys.
Data spacing
and
distribution		 Data spacing for reporting of Exploration Results.
Whether the data spacing and 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.		 - Drilling is currently wide spaced and is not close enough to support a Mineral Resource estimate.
- Some samples where no visual sulphide mineralisation was logged.
- No compositing of samples from drillholes YFC002 and YFC003 has been undertaken. Samples from all other
drillholes will be analysed with and XRF to assist in determining which are to be composited. Any anomalous
assay results from composite samples will be re-assayed for each metre of sample.
Orientation of
data in relation
to geological
structure		 Whether the orientation of sampling achieves unbiased
sampling of possible structures and the extent to which
this is known, considering the deposit type.
If the relationship between the drilling orientation and
the orientation of key mineralised structures is
considered to have introduced a sampling bias, this
should be assessed and reported if material.		 - Drilling has been designed to intersect perpendicular to the geochemical copper and geophysical IP
Chargeability anomalies.
- The relationship between downhole intervals and true widths is unknown at this stage.
Sample
security		 The measures taken to ensure sample security. - Samples were collected on site by contractors employed by Terra Search Pty Ltd and delivered directly to
Intertek Laboratories for analysis, via Terra Search in Townsville, Qld.
Audits or
reviews		 The results of any audits or reviews of sampling
techniques and data.		 - No audits or reviews of the sampling techniques have been undertaken.

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Section 2 - Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria 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 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.		 - The tenure hosting the Fiery Creek Project EPM27667 (Fiery Creek) is owned 83% by EMU NL and 17% by
Rugby Resources Ltd. All work reported in this ASX Announcement were completed within this tenement.
- Three other EPM’s are EPM27664 (Georgetown) and EPM27642 (Perpendicular Peak), are both owned 83%
by EMU and 17% by Rugby Resources Ltd.
- The tenements are all in good standing
Exploration
done by other
parties		 Acknowledgment and appraisal of exploration by other
parties.		 - Historical prospecting, sampling and drilling activities have been undertaken in different areas within the
project tenements intermittently by multiple third parties over a period of at least 50 years.
- Historic RC drilling at Camp Oven and Turtle Creek was undertaken by Georgetown Mining Pty Ltd. Historic
RC drilling at Munitions Creek was undertaken by Diatreme Resources Ltd.
Geology Deposit
type,
geological
setting
and
style
of
mineralisation.		 - Intrusive related vein system Au mineralisation and Cu-Mo Porphyry-style mineralisation.
Drill
hole
Information		 A summary of all information material to the understanding
of the exploration results including a tabulation of the
following information for all Material drill holes:
easting and northing of the drill hole collar
elevation or RL (Reduced Level – elevation above sea level
in metres) of the drill hole collar
dip and azimuth of the hole
down hole length and interception depth
hole length.
If the exclusion of this information is justified on the basis
that the information is not Material and this exclusion does		 - Full collar information and summary mineralisation are provided in Text of this report.
- All drillhole information are provided in relevant Tables and Diagrams within the text of this release.

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Criteria Explanation Commentary
not detract from the understanding of the report, the
Competent Person should clearly explain why this is the
case
Data
aggregation
methods		 In reporting Exploration Results, weighting averaging
techniques, maximum and/or minimum grade truncations
(e.g. cutting of high grades) and cut-off grades are usually
Material and should be stated.
Where aggregate intercepts incorporate short lengths of
high grade results and 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		 - No assay aggregation has been undertaken.
- No weighting averaging techniques have been used.
- Cut-off grades are reported in the relevant tables within the text of this release.
- No metal equivalent values are reported.
Relationship
between
mineralisation
widths
and
intercept
length		 These relationships are particularly important in the
reporting of Exploration Results.
If the geometry of the mineralisation with respect to the drill
hole angle is known, its nature should be reported. • If it is
not known and only the down hole lengths are reported,
there should be a clear statement to this effect (e.g. ‘down
hole length, true width not known’).		 - Drilling has been designed to intersect geochemical and geophysical anomalies perpendicular to the anomaly.
- The relationship between downhole intervals and true widths is unknown at this stage.
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 a plan view of drill hole collar locations
and appropriate sectional views.		 - Appropriate maps, sections and tabulations of drillhole are included in the report.
Balanced
reporting		 Where comprehensive reporting of all Exploration Results
is not practicable, representative reporting of both low and		 - Comprehensive results of all drilling assay results from all RC drillholes have been reported.

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Criteria Explanation Commentary
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 – size and method of
treatment; metallurgical test results; bulk density,
groundwater, geotechnical and rock characteristics;
potential deleterious or contaminating substances.		 - All relevant exploration data is incorporated into the diagrams in the body of this report.
Further work The nature and scale of planned further work (e.g. tests for
lateral extensions or depth extensions or large-scale step-
out 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.		 - Assay results from two diamond drillholes are expected in April.
- Assessment of the geochemical and geophysical anomalies are ongoing.
- This first phase of RC drilling at Fiery Creek successfully validates the geological and structural model with
steep shear-hosted Cu-Ag mineralisation associated with flat-lying intrusive-related zones.
- Results significantly enhance targeting confidence for the 2026 Yataga Valley drill programme currently being
planned.
- All relevant diagrams are included in the text of this release.

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APPENDIX B: Table of Drillhole Assays (cut-o� 1000ppm unless highlighted)

Hole_ID Sample_ID From(m) To(m) Interval(m) Ag-ppm As-ppm Bi-ppm Cu-ppm Pb-ppm Sb-ppm Te-ppm Zn-ppm
25YFC001 5424029 48 49 1.00 23.4 55 185 10244 274 0 0 372
25YFC002 5425205 3 4 1.00 2.47 12.3 2.9 1586.4 20.9 0.42 0 111
25YFC002 5425253 49 50 1.00 15.35 56.4 0.46 8129.4 5.6 1.82 0 300
25YFC002 5425254 50 51 1.00 26.93 90.5 1.5 12865.9 6.6 2.73 0 475
25YFC002 5425255 51 52 1.00 8 25 0.86 4028 17.4 1.42 0 299
25YFC002 5425256 52 53 1.00 15.07 41.1 1.41 7817.3 23.8 2.26 0 500
25YFC002 5425257 53 54 1.00 8.31 16 0.4 5065.4 20 1.07 0 260
25YFC002 5425258 54 55 1.00 25.04 31.1 1.16 12705.5 17 1.81 0 516
25YFC002 5425259 55 56 1.00 4.84 8.9 0.31 2353.2 24.3 0.8 0 167
25YFC002 5425260 56 57 1.00 0.34 7 0.16 189 16.6 0.76 0 48
25YFC002 5425261 57 58 1.00 0.72 6.3 0.26 394.3 15.6 0.8 0 79
25YFC002 5425262 58 59 1.00 6.85 17.7 0.27 3335.3 19 1.07 0 138
25YFC002 5425263 59 60 1.00 0.58 3.7 0.12 369 18.1 0.47 0 57
25YFC002 5425264 60 61 1.00 11.93 29.1 0.44 5518.4 21.1 1.46 0 193
25YFC002 5425265 61 62 1.00 2.22 7.6 0.19 1061.2 20.7 0.58 0 96
25YFC002 5425298 93 94 1.00 1.78 2.9 0.27 1000.6 29.1 0.38 0 147
25YFC002 5425299 94 95 1.00 2.11 5.5 0.24 1032.6 29.1 0.51 0 158
25YFC002 5425300 94 95 1.00 2.31 4.8 0.25 1086.7 29.2 0.44 0 175
25YFC002 5425302 95 96 1.00 2.29 3.1 0.21 1349.1 18.9 0.4 0 158
25YFC002 5425327 119 120 1.00 3.01 7.2 0.22 2041.7 12.2 0.59 0 141
25YFC003 5425426 18 19 1.00 3.98 2.5 17.59 974.9 108.6 0.66 0 150
25YFC003 5425427 19 20 1.00 5.16 4.2 8.55 1240.8 226.4 0.54 0 545
25YFC003 5425433 24 25 1.00 5.34 8.3 8.31 1642.2 103.5 1.53 0 623
25YFC003 5425434 25 26 1.00 4.14 4.5 3.77 1433.7 54.4 1.15 0 267
25YFC003 5425438 29 30 1.00 2.44 2.3 2.59 1024.1 33.8 0.41 0 135
25YFC003 5425446 37 38 1.00 12.51 3.8 2.47 4880.3 79.8 0.96 0.4 1416
25YFC003 5425447 38 39 1.00 5.66 5.9 1.78 2153.7 46.2 0.92 0.3 704
25YFC003 5425448 39 40 1.00 2.72 1.6 0.53 1604.8 13.2 0.46 0 147
25YFC003 5425449 40 41 1.00 11.49 7.9 15.22 3066.4 169.7 0.8 0.2 1080

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Hole_ID Sample_ID From(m) To(m) Interval(m) Ag-ppm As-ppm Bi-ppm Cu-ppm Pb-ppm Sb-ppm Te-ppm Zn-ppm
25YFC003 5425450 41 42 1.00 1.08 1 2.45 469.2 19.1 0.28 0 129
25YFC003 5425451 42 43 1.00 6.96 3.8 3.52 3286.4 53.9 0.58 0.5 351
25YFC003 5425452 43 44 1.00 7.3 2 8.91 6494.5 41.3 0.43 0.6 366
25YFC003 5425454 44 45 1.00 3.22 1.5 2.56 1125.6 107.9 0.84 0 775
25YFC003 5425455 45 46 1.00 4.74 2.1 9.17 1810.9 62.5 0.32 0.2 246
25YFC003 5425456 46 47 1.00 2.44 1.3 2.61 904.7 89.6 0.52 0 662
25YFC003 5425457 47 48 1.00 4.22 1.9 11.67 1754.6 98.6 0.51 0.3 224
25YFC003 5425458 48 49 1.00 3.38 5.8 6.26 1477.7 75.5 0.73 0 292
25YFC003 5425459 49 50 1.00 3.3 4.2 9.97 2352.4 15.8 0.41 0.2 141
25YFC003 5425492 81 82 1.00 3.23 2.9 2.02 1537.9 57.8 0.87 0 1130
25YFC003 5425493 82 83 1.00 3.43 1.7 0.67 1844.8 25.2 2.86 0 466
25YFC003 5425494 83 84 1.00 6.61 1.9 0.62 3297.8 30.2 0.47 0 366
25YFC003 5425495 84 85 1.00 3.77 2.4 0.55 1973.6 19.3 0.54 0 174
25YFC003 5425496 85 86 1.00 1.77 1.5 0.15 956.7 23.2 0.26 0 121
25YFC003 5425507 94 95 1.00 1.75 1.2 0.15 1055.5 13.3 0.25 0 205
25YFC003 5425528 114 115 1.00 1.58 1.5 0.39 1693.1 21.5 0.51 0 200
25YFC003 5425529 115 116 1.00 0.72 1 0.19 977.3 11 0.14 0 93
25YFC004 5424108 40 41 1.00 5.3 0 96 1873 83 0 0 129
25YFC004 5424109 41 42 1.00 31.3 96 10 14753 149 6 0 642
25YFC004 5424110 42 43 1.00 3.4 14 7 1367 55 0 0 121
25YFC004 5424142 97 98 1.00 2.8 72 0 1227 79 0 0 192
25YFC006 5424307 30 31 1.00 9.02 47.7 3.39 4097.7 17.1 3.93 1.2 165
25YFC006 5424308 31 32 1.00 4.29 31.1 0.78 2502.9 14.7 2.63 0 116
25YFC006 5424309 32 33 1.00 2.74 17.8 0.71 1484.2 19.1 2 0 84
25YFC006 5424314 40 41 1.00 27.97 76.9 0.59 10091.1 13.6 2.69 0 257
25YFC006 5424329 64 65 1.00 2.21 7.5 0.28 1123.3 9.8 1.2 0 79
25YFC007 5424379 30 31 1.00 9 11 0 5954 21 0 0 325
25YFC007 5424403 85 86 1.00 7.1 0 0 3620 9 0 0 222
25YFC007 5424410 92 93 1.00 2.9 0 0 1888 13 0 0 110
25YFC009 5424563 65 66 1.00 1.8 0 0 1536 13 0 0 114

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Hole_ID Sample_ID From(m) To(m) Interval(m) Ag-ppm As-ppm Bi-ppm Cu-ppm Pb-ppm Sb-ppm Te-ppm Zn-ppm
25YFC009 5424568 70 71 1.00 1.6 0 0 1515 14 0 0 104
25YFC009 5424571 72 73 1.00 1.5 0 0 1196 9 0 0 90
25YFC009 5424577 80 81 1.00 1.3 0 0 1070 9 0 0 94
25YFC009 5424588 97 98 1.00 1.1 0 0 1261 8 0 0 78
25YFC009 5424589 98 99 1.00 1.4 0 0 1226 9 0 0 78
25YFC009 5424591 100 101 1.00 1.5 0 0 987 21 0 0 108
25YFC009 5424592 101 102 1.00 1.4 0 0 1230 9 0 0 75
25YFC009 5424601 115 116 1.00 2.1 0 0 1318 9 0 0 79
25YFC009 5424602 116 117 1.00 3.1 0 0 1685 13 0 0 93
25YFC009 5424603 117 118 1.00 2.3 0 0 1504 21 0 0 104
25YFC009 5424612 128 129 1.00 1.7 0 0 1087 10 0 0 79
25YFC009 5424613 129 130 1.00 2.1 0 0 1287 9 0 0 81
25YFC009 5424614 130 131 1.00 1.9 0 0 1350 11 0 0 85
25YFC009 5424615 131 132 1.00 1.6 0 0 1211 11 0 0 71
25YFC009 5424617 133 134 1.00 1.4 0 0 1067 10 0 0 69
25YFC009 5424618 134 135 1.00 1.9 0 0 1629 10 0 0 79
25YFC010 5424695 87 88 1.00 1.6 0 0 1008 13 0 0 90
25YFC010 5424697 89 90 1.00 3.8 0 0 1131 48 0 0 103
25YFC010 5424698 90 91 1.00 2.8 0 0 1743 20 0 0 111
25YFC010 5424699 91 92 1.00 2.3 0 0 1723 11 0 0 105
25YFC010 5424700 92 93 1.00 1.4 0 0 953 11 0 0 78
25YFC012 5424801 0 1 1.00 0.7 0 49 1530 39 7 0 66
25YFC012 5424811 9 10 1.00 1.8 12 0 1522 16 0 0 94
25YFC012 5424868 100 101 1.00 1.5 0 0 1130 9 0 0 65

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