EMU NL — Interim / Quarterly Report 2008

Apr 29, 2008

MINING EXPLORATION ENTITY QUARTERLY REPORT APPENDIX 5B

Name of entity:

Emu Nickel NL

ABN: Quarter ended (“current quarter”) 50 127 291 927 31/3/2008 Consolidated statement of cash flows Cash flows related to operating activities Current quarter $AUD’000 Year to date (9 months) $AUD’000 1.1 Receipts from product sales, related debtors, GST Credits 102 102 1.2 Payments for: (a) exploration and evaluation (b) development (c) production (d) administration (14) (64) (14) (64) 1.3 Dividends received 1.4 Interest and other items of a similar nature received 63 63 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other (provide details if material) Net Operating Cash Flows 87 87	ABN: Quarter ended (“current quarter”) 50 127 291 927 31/3/2008 Consolidated statement of cash flows Cash flows related to operating activities Current quarter $AUD’000 Year to date (9 months) $AUD’000 1.1 Receipts from product sales, related debtors, GST Credits 102 102 1.2 Payments for: (a) exploration and evaluation (b) development (c) production (d) administration (14) (64) (14) (64) 1.3 Dividends received 1.4 Interest and other items of a similar nature received 63 63 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other (provide details if material) Net Operating Cash Flows 87 87	Quarter ended (“current quarter”) 31/3/2008	Quarter ended (“current quarter”) 31/3/2008
		31/3/2008
	Current quarter $AUD’000		Year to date (9 months) $AUD’000
	102 (14) (64) 63		102 (14) (64) 63
	87		87
Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets 1.10 Loans to other entities 1.11 Loans advanced by/repaid to other entities 1.12 Other (Loan repayments to associated company) Net investing cash flows 1.13 Total operating and investing cash flows (carriedforward)	(10) (81)		(10) (81)
	(91)		(91)
	(4)		(4)

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1.13 Total operating and investing cash flows
(4) (4)
(brought forward)
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, 10,003 10,003
etc.
1.15 Proceeds from sale of forfeited shares
1.16 Proceeds from borrowings
1.17 Repayment of borrowings
1.18 Dividends paid
1.19 Other (provide details if material) – Share (1,213) (1,213)
issue expenses
Net financing cash flows 8,790 8,790
Net increase (decrease) in cash held 8,786 8,786
1.20 Cash at beginning of quarter/year to date
1.21 Exchange rate adjustments to item 1.20
1.22 Cash at end of quarter 8,786 8,786
Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the
related entities
Current quarter
$AUD'000
1.23 Aggregate amount of payments to the parties included in item 1.2 (2)
1.24 Aggregate amount of loans to the parties included in item 1.10
1.25 Explanation necessary for an understanding of the transactions
Non-cash financing and investing activities
2.1 Details of financing and investing transactions which have had a material effect on
consolidated assets and liabilities but did not involve cash flows
N/A
2.2 Details of outlays made by other entities to establish or increase their share in projects in
which the reporting entity has an interest
N/A
Financing facilities available
Amount available Amount used
$AUD’000 $AUD’000
3.1 Loan facilities
3.2 Credit standby arrangements
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Estimated cash outflows for next quarter

Estimated cash outflows for next quarter
4.1 Exploration and evaluation 4.2 Development	$AUD’000
	350
Total	350

Reconciliation of cash

Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current quarter $AUD’000	Previous quarter $AUD’000
5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (provide details) – Short Term Deposit	229
	8,557
Total: cash at end of quarter(item 1.22)	8,786	-

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Tenement reference	Nature of interest	Interest at beginning ofquarter	Interest at end of quarter
	N/A
	E15/1070 E15/1071 E63/1098 E63/1099	Application Application Granted Granted	0% 0% Earning 80% Earning 80%	100% 100% Earning 80% Earning 80%

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Issued and quoted securities at end of current quarter

	Total number	Number quoted	Issue price per security (cents)	Amount paid-up persecurity (cents)
7.1 Preference securities 7.2 Issued during quarter	N/A
	N/A
7.3 Ordinary securities Fully paid Partly paid 7.4 Issued during quarter Fully paid bonus shares Fully paid Partly paid bonus shares	59,828,940	55,369,877	$0.50	$0.50
	20,006,893
7.5 Convertible debt securities 7.6 Issued during quarter	N/A
	N/A
7.7 Options 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	10,000,000	Not Quoted	Exercise price $0.50	Expiry date 27/2/2013
	10,000,000	Not Quoted	$0.50	27/2/2013
	Nil
	Nil
7.11 Debentures	N/A
7.12 Unsecured notes	N/A

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX.

• 2 This statement does give a true and fair view of the matters disclosed.

George Sakalidis Managing Director Date: 30 April 2008

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