EMU NL — Investor Presentation 2017

Dec 3, 2017

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EMU NL

Value creation through exploration Evidence and encouragement

December 2017

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Todays topics

About us

The team

How we add value for investors The journey so far

Exploration in Chile

The target Evidence and encouragement Getting the job done

Creating value from exploration for investors

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The team

High calibre senior team of seasoned, hands-on professionals with international track records of mineral discovery and the development of substantial mining assets

Chairman Peter Thomas , legal background, having managed natural resources-focussed legal practice for over 30 years. Founding non-executive chairman Sandfire Resources. Non-executive director for several other listed resource companies.

Managing Director Greg Steemson , qualified geologist and geophysicist with 40 years international experience across gold and other commodities. Senior experience managing exploration and project development through to mining with CRA Exploration (now Rio), Chevron, a founding partner Southern Geoscience Consultants, Metana Minerals and Mineral Commodities. Founding director of Sandfire Resources & Allied Gold.

Non–executive Director Gavin Rutherford , experience in agribusiness and over 20 years in mining contracting services.

Supported by team of experienced professionals

Creating value from exploration for investors

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How we add value

We add value by:

Selecting high quality exploration prospects and properties which offer:

• considerable opportunity for a significant exploration discovery

• demonstrable potential leading to a development plan

Executing meaningful and cost-effective programs of work

Delivering tangible outcomes

Creating value from exploration for investors

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The journey so far

We focus on large opportunities

Utah

In 2015 we identified a substantial gold target in Utah, with a discrete geophysical anomaly within appropriate rock types. There was the potential for a large-scale Carlin-style system on the margin of a well defined domain of large-scale operating gold mines. A drill program in 2016 did not meet our stated objective, so we resumed our search for new properties.

Chile

In late 2016 we undertook due diligence on a gold target in the highly mineralised Maricunga belt in Chile. We were encouraged with the complete lack of drilling on the prospect given the presence of favourable geology with large-scale alteration. We signed a staged option agreement with the vendor and moved to undertake geochemical and geophysical surveys and the drilling of 3 diamond drill holes in the 2016/17 field season. Significant more work is planned for the 2017-2018 season.

Creating value from exploration for investors

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Value from exploration

Big targets in the Maricunga Gold Belt, Atacama Region, Chile

Why we are here and what we seek to find

Evidence and encouragement

Initial exploration work is building the picture of a large mineralised system

Getting the job done

Effective and efficient exploration

Field activities for 2017/18 have commenced Drill testing to follow

Creating value from exploration for investors

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Big targets

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Images of Barrick Pascua Lama operation and recent Alturas discovery, courtesy of Barrick, Toronto Geological discussion Group April 2016

Creating value from exploration for investors

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Maricunga Belt, Chile

Selected the Maricunga Belt of Chile

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Established mining region

Considerable precious metal endowment

with

Meaningful exploration potential

As evidenced by

Recent substantial discoveries

• Salares Norte (3.3Moz gold, 42.1Moz silver) discovery 2011

• Alturas ( 5.5Moz gold ) discovery 2015

Modified from Goldfields presentation, AME Roundup, Vancouver 2017

Creating value from exploration for investors

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We are looking for large gold-silver deposits

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Exploration in the Maricunga and El Indio Belts has identified large precious metal (gold-silver) deposits in high sulphidation epithermal (‘ HSE ’) systems

• They have distinct alteration patterns, frequently with a low grade mineralized “cap”

• There is often limited outcrop, though evidence can be found from detailed mapping of available exposures

• They can be silver-rich

• Geochemical surveys have been used with some success, setting drill targets

Source- Exploration Alliance presentation

Creating value from exploration for investors

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We are looking for large gold-silver deposits

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Salares Norte – Gold Grade Shell
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NW LONGITUDINAL SECTION LOOKING TO NE SE
Top of mineralisation ~4370
Top of mineralisation ~4310
1
Open
Agua Amarga - 700m
Gold (g/t)
0 - 0.05
0.05 - 0.250.25 - 0.5 Brecha Principal - 700m
0.5 - 1
1 – 2.5
2.5 – 5
5 – 2,850
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Look here
under a distinct
alteration cap
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Examples from the Maricunga Belt

Salares Norte: 3.3 Moz gold & 42Moz silver

Source: Goldfields 2017 Vancouver Roundup

Creating value from exploration for investors

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Project details

• The Vidalita-Jotahues prospect area occurs ~120km east of the city of Copiapo in the Atacama Region of Northern Chile

• Soil sampling by Emu NL defined a target area of dimensions > 4 X 2km, which remains open owing to the extent of the current sampling data

• In the last field campaign three diamond drill holes were drilled which confirmed the geological environment and showed the surface geochemistry to have a local source

• We have added to our tenement holdings, seeking prospective ground

Creating value from exploration for investors

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Project details

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Expanding a footprint in an area dominated by major mining companies

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Creating value from exploration for investors

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Evidence and encouragement

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Creating value from exploration for investors

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Evidence and encouragement

Evidence for a large, intact, gold-silver High Suphidation Epithermal system based on:

• ALTERATION - large alteration zones of the right type across the tenements

• SOIL GEOCHEMISTRY - extensive soil geochemical anomalies characteristic of HSE systems

• ROCK GEOCHEMISTRY – high grade gold and silver values within the alteration zones

• DRILLING – linked the surface geological and geochemical results to the bedrock

• GEOLOGY – right geology, alteration and geochemistry

• GEOPHYSICS - an extensive geophysical anomaly coincident with the geochemistry results

Creating value from exploration for investors

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Evidence

and encouragement

Alteration

Landsat imagery is used to identify prospective alteration systems Our tenements host several very large alteration zones of the right signature

as indicated by yellow and orange color

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Creating value from exploration for investors

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Evidence

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and encouragement

Soil geochemistry

The soil sampling program from the last field season defined an extensive surface geochemical anomaly measuring > 4km x 2km

The anomaly is defined by gold and silver

..as well as trace elements that are typically associated with these types of deposits

Creating value from exploration for investors

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Evidence and encouragement

Rock geochemistry

We have identified and sampled gold and silver bearing rocks across the Vidalita and Jotahues tenements

Silver occurs in significant amounts

Equivalence at London close 9/11/17 USD pricing 75g/t silver ≈ 1g/t gold 150g/t silver ≈ 2 g/t gold

0.20 g/t Au + 21.2 g/t Ag 4.28 g/t Au + 66.3 g/t Ag 8.98 g/t Au +159 g/t Ag 1.57 g/t Au + 35.7 g/t Ag 5.54 g/t Au + 89.7 g/t Ag 14.5 g/t Au + 177 g/t Ag 3.08 g/t Au + 50.2 g/t Ag 5.24 g/t Au + 14.4 g/t Ag 5.71 g/t Au + 17.8 g/t Ag 32.9 g/t Au + 25.3 g/t Ag

Creating value from exploration for investors

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Evidence

and encouragement

Rock geochemistry

We are currently following up earlier mapping of silicified, iron-rich, oxidized rocks

on the margin of a large alteration zone

distinct mercury and bismuth anomalies. Both elements are indicators of the style of mineralisation sought

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Alteration zone
Bismuth
anomaly
Mercury
anomaly
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Creating value from exploration for investors

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Evidence and encouragement

Drilling

3 diamond drill holes confirming the geological setting and linking the observed surface geochemistry with the underlying suite of rocks

The right geology - intensely clay altered monomictic and polymict breccia

Oxidation at depth

Consistent gold and silver grades down the holes

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Unoxidised polymictic breccia ~114m 17VD2

Oxidised polymictic breccia ~190m 17VD2

Creating value from exploration for investors

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Evidence and encouragement

Geophysics

A distinct and extensive geophysical anomaly extends over 2.4km not yet tested in drilling Hypothesis that it could be a large alteration system under a cap

..consistent with target sought

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Our initial test drill program did not extend deep enough

The 2017-18 program should resolve this anomaly

Creating value from exploration for investors

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What comes next?

Results from the recent sampling at Jotahues

Completion of the first pass soil sampling program over the Vidalita project

Commence the drill testing of the anomalies and targets

• large air core program

• follow up diamond drilling

Prospecting of regional properties under application as they are granted

Creating value from exploration for investors

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Getting the job done

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Creating value from exploration for investors

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Getting the job done

People

We have assembled a team of experienced South American-based geoscientists

Our field team was deployed 31 October to follow up the anomalous talus samples and the pyritiferous gold and silver bearing rocks in the north of the Jotahues tenement area

A high priority is to complete the extensive geochemical survey coverage over the Vidalita tenements to define the extent of the anomaly, map and sample available exposures

To drill

Planning and site preparation is well underway for the drilling program

Using experienced air core drilling technique operators, Wallis Drilling

Creating value from exploration for investors

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ASX:EMU

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Ordinary fully paid shares 65.91M Contributing shares 36.58M paid to 3c, 3c to pay; no call before 31/12/18

Market Cap November 2017 $14M Cash 31/9/17 ~ $2.3m

Relatively small issued share capital

Tightly held stock with Top 20 holding ~59% of ordinary shares

Creating value from exploration for investors

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Key message

We are pursuing a meaningful target in a prolific mineralised belt. Potentially, a transformative exploration outcome

Substantive exploration program of geochemical sampling, mapping and drilling. Work directed at providing answers

The results to date are consistent with the style of mineralisation sought

We have planned a 6-10,000 metre air core drill program and up to 2,000 metres of core drilling. By using a different drilling method, we aim to benefit from a more productive program.

We get things done

Creating value from exploration for investors

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Additional materials

Details of rock chip samples

Details from drilling

Creating value from exploration for investors

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Appendix:

Rock chips – Vidalita south area Individual rocks in this area show better grades of 3.08 g/t Au + 50.2 g/t Ag 5.24 g/t Au + 14.4 g/t Ag 5.71 g/t Au + 17.8 g/t Ag 32.9 g/t Au + 25.3 g/t Ag From silicified oxidized rocks. Silver occurs in significant amounts.

Equivalence At spot USD pricing 75g/t silver ≈ 1g/t gold 150g/t silver ≈ 2 g/t gold

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Creating value from exploration for investors

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Appendix:

Rock chips – Vidalita north area Individual samples of rocks in this area show better grades of 0.20 g/t Au + 21.2 g/t Ag 4.28 g/t Au + 66.3 g/t Ag 8.98 g/t Au +159 g/t Ag From silicified oxidized rocks. Silver occurs in significant amounts.

Equivalence At spot USD pricing 75g/t silver ≈ 1g/t gold 150g/t silver ≈ 2 g/t gold

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Creating value from exploration for investors

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Appendix:

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Rock chips – Vidalita central area

Individual samples of rocks in this area show better grades of 1.57 g/t Au + 35.7 g/t Ag 5.54 g/t Au + 89.7 g/t Ag 14.5 g/t Au + 177 g/t Ag

From silicified oxidized rocks. Silver occurs in significant amounts

Equivalence At spot USD pricing 75g/t silver ≈ 1g/t gold 150g/t silver ≈ 2 g/t gold

Creating value from exploration for investors

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Appendix : Initial drill program silver in the interpreted alteration cap

Hole 1 from 2.20- 105.05m average grade 1 meter samples 102.85m at 0.52 g/t Ag

Hole 2

from 0- 193.35m average grade 1 meter samples 193.35m at 0.28 g/t Ag

Hole 3

From 0- 143.55m average grade 1 meter samples 143.55m at 0.59 g/t Ag

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Creating value from exploration for investors

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Legal Disclaimer

Forward-Looking Statements

• This presentation has been prepared by EMU NL. This document contains background information about EMU NL current at the date of this presentation. The presentation is in summary form and does not purport be all inclusive or complete. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this presentation.

• This presentation is for information purposes only. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction.

• This presentation may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction. Recipients should inform themselves of the restrictions that apply in their own jurisdiction. A failure to do so may result in a violation of securities laws in such jurisdiction.

• This presentation does not constitute investment advice and has been prepared without taking into account the recipient's investment objectives, financial circumstances or particular needs and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments.

• To the fullest extent permitted by law, EMU NL, its officers, employees, agents and advisers do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this presentation arising out of negligence or otherwise is accepted.

• This presentation may include forward-looking statements. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of EMU NL. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward looking statements in this presentation speak only at the date of issue of this presentation. Subject to any continuing obligations under applicable law and the ASX Listing Rules, EMU NL does not undertake any obligation to update or revise any information or any of the forward looking statements in this presentation or any changes in events, conditions or circumstances on which any such forward looking statement is based.

Competent Person’s Statement – Exploration Results

The information in this report that relates to Exploration Results is based on information compiled by Mr. Greg Steemson who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr. Steemson is the managing director of EMU NL and has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Steemson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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Creating value from exploration for investors

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Thank you

ASX: EMU info@emunl.com.au www.emunl.com.au 08 92264266

Follow our progress on twitter @emuasx

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Creating value from exploration for investors

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