EMU NL — Investor Presentation 2017

Oct 4, 2017

==> picture [71 x 73] intentionally omitted <==

Introducing EMU

focused exploration outcomes for investors

==> picture [780 x 100] intentionally omitted <==

Investment proposition

EMU is an ASX listed company seeking to deliver tangible investment outcomes for investors from exploration. Specifically, we:

• Focus on testing substantive mineralising systems capable of forming commercially attractive ore deposits that could be developed using existing technologies with products sold into defined markets;

• We seek to reduce risk by selecting operating regimes with established minerals law and operating industries;

• We remain alert to best practice exploration technologies, seeking to bring new insights to what we do;

• Investors can benefit from a considerable depth of experience in the management team, having delivered tangible exploration leading to new mines in the past;

• We are active, with meaningful programs of work.

2

Creating value from exploration for investors

==> picture [780 x 100] intentionally omitted <==

The team

High calibre senior team of seasoned , hands-on professionals Track records of discovery and development of substantial mining assets with global outlook

Chairman Peter Thomas , legal background, wide industry experience, founding director Sandfire Resources

Managing Director Greg Steemson , earth scientist with senior experience across CRA Exploration (now Rio) Chevron, founding partner Southern Geoscience Consultants, Metana Minerals, Mineral Commodities and founding director of Sandfire Resources & Allied Gold

Non –Executive Director Gavin Rutherford , experienced mining industry contractor

Supported by team of experienced professionals

3

Creating value from exploration for investors

==> picture [780 x 92] intentionally omitted <==

The journey so far

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 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 a highly mineralised belt in Chile. We were encouraged with the lack of drilling on the prospect given the presence of favourable geology with large-scale alteration. We signed a staged option with the vendor and moved to undertake geochemical and geophysical surveys and limited diamond drilling earlier this year. Results encourage us to maintain our efforts here.

4

Creating value from exploration for investors

==> picture [780 x 100] intentionally omitted <==

Exploration and Mining in Chile

Chile is a progressive country with a long-established mining code and operating industry hosting some of the world’s largest copper mines

==> picture [53 x 74] intentionally omitted <==

It has substantial mineral endowment enabling the development of large scale gold and copper mines and corresponding skills to develop these resources. In addition to national company CODELCO, the nation has attracted numerous international companies

Despite its long mining tradition, the nation remains under-explored and is well suited to the adoption of new exploration methods to explore for unexposed mineralisation

==> picture [53 x 74] intentionally omitted <==

Our efforts to date are encouraging, defining a large alteration system capable of hosting a meaningful mineralised system

5

Creating value from exploration for investors

==> picture [780 x 100] intentionally omitted <==

Maricunga Belt, Chile

==> picture [432 x 298] intentionally omitted <==

----- Start of picture text -----

80º 70º 60º
Perú
#
#
Arequipa La Paz
Miocene
Bolívia
#
Paleocene – Oligocene Arica
20º
#
AntofagastaEl Peñon
Guanaco
Salares NorteSalares Norte # La Coipa
Marte-Lobo Maricunga
Caspiche Belt
Cerro Casale
Gold deposits ≥ 2 Moz Pascua Lama-Veladero El Indio
LaSerena El Indio-Tambo Belt 30º
Low sulphidation Alturas
High sulphidation
Argentina
Porphyry SANTIAGO
----- End of picture text -----

~~Vidalita~~

Gold and Copper endowment Exceeding 90Moz gold equivalent

Typically porphyry style gold-copper systems, large, low grade and potentially long life operations

-La Coipa mined out after 25 years (7.5Moz AuEq)

-Maricunga (Refugio) suspended in 2016 after 20 years operations -Caspiche, recent corporate activity -Salares Norte, first discovery to north

Source: Goldfields 2017 Vancouver Roundup

6

Creating value from exploration for investors

==> picture [780 x 100] intentionally omitted <==

What we are looking for

Vidalita inferred to be near the top of a high sulphidation epithermal (HSE) system giving it the best chance of preservation

From one system there can be several deposits generated ranging from high grade vein and manto types to large lower grade porphyry types

These are large systems

==> picture [402 x 320] intentionally omitted <==

----- Start of picture text -----

Mineral Deposits – The Product of Multiple Geological Processes
1 g/t Au disseminated bulk target
High grade (>20 g/t Au) vein Concentration Factor 250 to 1000X
Concentration Factor 5,000 to 20,000X
5 g/t Au Manto
Concentration Factor
1,250 to 5,000X
0.001 to 0.004 g/t Au
in Earths crust
www.explorationalliance.com
Hot intrusions drive hydrothermal circulation. Fluids leach gold from low abundance crustal rocks – big systems source gold from
large volumes of crust. Fluids migrate upwards along faults and permeable horizons. Ascending fluids may boil as they move into
low pressure environment, will cool, and may change composition via mixing with near surface fluids – all of with result in
deposition of carried metals.
----- End of picture text -----

Source- copied from Exploration Alliance presentation

7

Creating value from exploration for investors

==> picture [780 x 100] intentionally omitted <==

What we are looking for

– Salares Norte Gold Grade Shell

==> picture [769 x 307] intentionally omitted <==

----- Start of picture text -----

Steam heated alteration
NW LONGITUDINAL SECTION LOOKING TO NE SE
Epithermal level
•
La Coipa
• Esperanza
• Salares Norte
Top of mineralisation ~4370
Top of mineralisation ~4310
1 Porphyry level
• Cerro Casale
Open • Lobo-Marte
•
Refugio
•
Caspiche
Agua Amarga - 700m
• Volcan
Gold (g/t)
0 - 0.05 •
Cerro Maricunga
0.05 - 0.25 Brecha Principal - 700m
0.25 - 0.5
0.5 - 1
1 – 2.5
2.5 – 5
5 – 2,850
At 3.3 Moz gold & 48Moz silver, this is a large
deposit Modified from Sillitoe, R.H., 2010
----- End of picture text -----

At 3.3 Moz gold & 48Moz silver, this is a large deposit

Source: Goldfields 2017 Vancouver Roundup

8

Creating value from exploration for investors

==> picture [780 x 100] intentionally omitted <==

Project details

• 2,800 hectares of mineral exploration concessions held under option. Two project areas -Vidalita and Jotahues, 120km east of the city of Copiapo

• Project selected based on alteration pattern [red coloration] shown on ASTER remote sensing image [Vidalita less exposed than the areas further west]

• Prospecting by the vendors returned surface rock geochemistry characteristic of HSE systems (gold, silver, antimony, lead, arsenic, mercury)

• Soil sampling by Emu confirmed rock geochemistry and expanded the target area to 4 X 2km but not yet closed off

• Sparse outcrop in this periglacial environment so drilling is the main exploration tool

9

Creating value from exploration for investors

==> picture [780 x 100] intentionally omitted <==

Project details

==> picture [319 x 324] intentionally omitted <==

==> picture [271 x 219] intentionally omitted <==

• ASTER remote sensing data set showing the clay alteration areas (red) and Vidalita & Jotahues project areas.

• Note the NNE trends in the left image

10

Creating value from exploration for investors

==> picture [780 x 100] intentionally omitted <==

Vidalita Rocks

Our holes initial drill program showed the right geology – clay altered monomictic / polymictic breccias associated with a dacite dome

==> picture [315 x 250] intentionally omitted <==

==> picture [345 x 250] intentionally omitted <==

Unoxidised Polymictic breccia ~114m 17VD2

Oxidised polymictic breccia ~190m 17VD2

11

Creating value from exploration for investors

==> picture [780 x 100] intentionally omitted <==

Rocks at Salares Norte

– Salares Norte Mineralisation examples in HQ drill core

==> picture [415 x 316] intentionally omitted <==

The Discovery and Geology of the Salares Norte Epithermal Gold-Silver Deposit, Northern Chile | January 2017

12

Creating value from exploration for investors

==> picture [780 x 100] intentionally omitted <==

Surface geochemistry

Consistent with target sought

Composite map of rock and soil geochemical sample results and drilling positions

The surface geochemical target is extensive, measuring 4km x 2km with its outer boundaries limited by lack of data

==> picture [445 x 364] intentionally omitted <==

13

Creating value from exploration for investors

==> picture [780 x 100] intentionally omitted <==

Induced Polarisation & Resistivity

Flat lying and extensive resistivity target is spatially coincident with the observed gold and silver geochemistry It has not yet been tested by drilling – hypothesis that it could be a large alteration system obscured by a cap?

==> picture [235 x 399] intentionally omitted <==

14

Creating value from exploration for investors

==> picture [780 x 98] intentionally omitted <==

The results- the right place

• Alteration of the right type for the style of mineralisation sought –argillic (clay)

• Age of this alteration (21 MY) consistent with the window of the Maricunga Belt

• Geochemistry indicative of the right style of mineralisation

• Rocks provide direct evidence of epithermal mineralisation

• Encouraging geophysics. Resistivity low (Carlin system look-alike) coincident with surface indications of

mineralisation

• Drilling undertaken thus far has established a local source for the geochemistry, with gold and silver

values typical of the upper levels of the style of mineralisation sought

==> picture [41 x 57] intentionally omitted <==

==> picture [40 x 57] intentionally omitted <==

15

Creating value from exploration for investors

==> picture [780 x 98] intentionally omitted <==

What comes next?

Completion of first pass soil sampling program over the Vidalita project

Commence the drill testing of the anomalies and targets

Additional talus/soil sampling at Jotahues and follow up drilling if justified

Prospecting of regional properties under application once they are granted

16

Creating value from exploration for investors

==> picture [780 x 98] intentionally omitted <==

What comes next?

November 2017

Soil sampling

Infill existing lines to better define drill targets and extend lines into areas to where rock sample results have been encouraging There is a good correlation between the rock and soil results.

==> picture [478 x 392] intentionally omitted <==

17

Creating value from exploration for investors

==> picture [780 x 98] intentionally omitted <==

What comes next?

From December 2017

Drilling

This is a very large target so we plan to drill as many holes as we can in the field season

We plan to use an air core rig from Australia for the initial program shown. Subject to results, diamond drilling is planned once the air core is complete First results in January 2018

==> picture [480 x 398] intentionally omitted <==

18

Creating value from exploration for investors

==> picture [780 x 100] intentionally omitted <==

Key message

Embarking on a substantive exploration (soil sampling and drilling) programs to improve geological knowledge of the system and potentially refine positions of current drill targets

Initial target of 36 drill holes across Vidalita testing geochemical and geophysical targets

Given the scale of the target, this will only be the start!

We get things done

==> picture [261 x 177] intentionally omitted <==

19

Creating value from exploration for investors

==> picture [780 x 100] intentionally omitted <==

3M 6M YTD 1Y 5Y MAX From EMU volume	06 Nov 2015 To 20 Jun 2017 Price Volume Apr '17 Jun '17 0.05 0.10 0.15 0.20 0.03 0.08 0.13 0.18 0.23 0M 2M CONTRIB % OPTIONS 36,580,667 Number Price ExpDate % G & B Steemson 9,570,884 26% G & B Steemson 1,750,000 $0.10 20/12/2018 % P Thomas 8,503,984 23% P Thomas 1,000,000 $0.10 20/12/2018 % W & J King 3,510,606 10% G Rutherford 1,000,000 $0.10 20/12/2018 % G & M Rutherford 1,980,064 5% J F Montes 500,000 $0.10 20/12/2018 % REC 1,560,706 4% D Kelly 500,000 $0.10 20/12/2018 % Citicorp Nominees 950,370 3% D Kelly 300,000 $0.25 20/12/2018 % D Michael 799,957 2% % K Leo 551,843 2% % RSR enterprises 551,843 2% % Sept Rouges 505,239 1% % 28,485,496 78% 5,050,000 Ordinary fully paid shares ~ 65.9m Contributing shares~36.6m (paid to 3c, 3c to pay; no call < 31/12/18) Market CapAugust 2017 ~ $10m Cash30/6/17 ~ $2.7m Relatively small issued share capital Tightly held stock Top 20 hold ~59% ordinary shares	06 Nov 2015 To 20 Jun 2017 Price Volume Apr '17 Jun '17 0.05 0.10 0.15 0.20 0.03 0.08 0.13 0.18 0.23 0M 2M CONTRIB % OPTIONS 36,580,667 Number Price ExpDate % G & B Steemson 9,570,884 26% G & B Steemson 1,750,000 $0.10 20/12/2018 % P Thomas 8,503,984 23% P Thomas 1,000,000 $0.10 20/12/2018 % W & J King 3,510,606 10% G Rutherford 1,000,000 $0.10 20/12/2018 % G & M Rutherford 1,980,064 5% J F Montes 500,000 $0.10 20/12/2018 % REC 1,560,706 4% D Kelly 500,000 $0.10 20/12/2018 % Citicorp Nominees 950,370 3% D Kelly 300,000 $0.25 20/12/2018 % D Michael 799,957 2% % K Leo 551,843 2% % RSR enterprises 551,843 2% % Sept Rouges 505,239 1% % 28,485,496 78% 5,050,000 Ordinary fully paid shares ~ 65.9m Contributing shares~36.6m (paid to 3c, 3c to pay; no call < 31/12/18) Market CapAugust 2017 ~ $10m Cash30/6/17 ~ $2.7m Relatively small issued share capital Tightly held stock Top 20 hold ~59% ordinary shares	06 Nov 2015 To 20 Jun 2017 Price Volume Apr '17 Jun '17 0.05 0.10 0.15 0.20 0.03 0.08 0.13 0.18 0.23 0M 2M CONTRIB % OPTIONS 36,580,667 Number Price ExpDate % G & B Steemson 9,570,884 26% G & B Steemson 1,750,000 $0.10 20/12/2018 % P Thomas 8,503,984 23% P Thomas 1,000,000 $0.10 20/12/2018 % W & J King 3,510,606 10% G Rutherford 1,000,000 $0.10 20/12/2018 % G & M Rutherford 1,980,064 5% J F Montes 500,000 $0.10 20/12/2018 % REC 1,560,706 4% D Kelly 500,000 $0.10 20/12/2018 % Citicorp Nominees 950,370 3% D Kelly 300,000 $0.25 20/12/2018 % D Michael 799,957 2% % K Leo 551,843 2% % RSR enterprises 551,843 2% % Sept Rouges 505,239 1% % 28,485,496 78% 5,050,000 Ordinary fully paid shares ~ 65.9m Contributing shares~36.6m (paid to 3c, 3c to pay; no call < 31/12/18) Market CapAugust 2017 ~ $10m Cash30/6/17 ~ $2.7m Relatively small issued share capital Tightly held stock Top 20 hold ~59% ordinary shares	06 Nov 2015 To 20 Jun 2017 Price Volume Apr '17 Jun '17 0.05 0.10 0.15 0.20 0.03 0.08 0.13 0.18 0.23 0M 2M CONTRIB % OPTIONS 36,580,667 Number Price ExpDate % G & B Steemson 9,570,884 26% G & B Steemson 1,750,000 $0.10 20/12/2018 % P Thomas 8,503,984 23% P Thomas 1,000,000 $0.10 20/12/2018 % W & J King 3,510,606 10% G Rutherford 1,000,000 $0.10 20/12/2018 % G & M Rutherford 1,980,064 5% J F Montes 500,000 $0.10 20/12/2018 % REC 1,560,706 4% D Kelly 500,000 $0.10 20/12/2018 % Citicorp Nominees 950,370 3% D Kelly 300,000 $0.25 20/12/2018 % D Michael 799,957 2% % K Leo 551,843 2% % RSR enterprises 551,843 2% % Sept Rouges 505,239 1% % 28,485,496 78% 5,050,000 Ordinary fully paid shares ~ 65.9m Contributing shares~36.6m (paid to 3c, 3c to pay; no call < 31/12/18) Market CapAugust 2017 ~ $10m Cash30/6/17 ~ $2.7m Relatively small issued share capital Tightly held stock Top 20 hold ~59% ordinary shares	06 Nov 2015 To 20 Jun 2017 Price Volume Apr '17 Jun '17 0.05 0.10 0.15 0.20 0.03 0.08 0.13 0.18 0.23 0M 2M CONTRIB % OPTIONS 36,580,667 Number Price ExpDate % G & B Steemson 9,570,884 26% G & B Steemson 1,750,000 $0.10 20/12/2018 % P Thomas 8,503,984 23% P Thomas 1,000,000 $0.10 20/12/2018 % W & J King 3,510,606 10% G Rutherford 1,000,000 $0.10 20/12/2018 % G & M Rutherford 1,980,064 5% J F Montes 500,000 $0.10 20/12/2018 % REC 1,560,706 4% D Kelly 500,000 $0.10 20/12/2018 % Citicorp Nominees 950,370 3% D Kelly 300,000 $0.25 20/12/2018 % D Michael 799,957 2% % K Leo 551,843 2% % RSR enterprises 551,843 2% % Sept Rouges 505,239 1% % 28,485,496 78% 5,050,000 Ordinary fully paid shares ~ 65.9m Contributing shares~36.6m (paid to 3c, 3c to pay; no call < 31/12/18) Market CapAugust 2017 ~ $10m Cash30/6/17 ~ $2.7m Relatively small issued share capital Tightly held stock Top 20 hold ~59% ordinary shares	06 Nov 2015 To 20 Jun 2017 Price Volume Apr '17 Jun '17 0.05 0.10 0.15 0.20 0.03 0.08 0.13 0.18 0.23 0M 2M CONTRIB % OPTIONS 36,580,667 Number Price ExpDate % G & B Steemson 9,570,884 26% G & B Steemson 1,750,000 $0.10 20/12/2018 % P Thomas 8,503,984 23% P Thomas 1,000,000 $0.10 20/12/2018 % W & J King 3,510,606 10% G Rutherford 1,000,000 $0.10 20/12/2018 % G & M Rutherford 1,980,064 5% J F Montes 500,000 $0.10 20/12/2018 % REC 1,560,706 4% D Kelly 500,000 $0.10 20/12/2018 % Citicorp Nominees 950,370 3% D Kelly 300,000 $0.25 20/12/2018 % D Michael 799,957 2% % K Leo 551,843 2% % RSR enterprises 551,843 2% % Sept Rouges 505,239 1% % 28,485,496 78% 5,050,000 Ordinary fully paid shares ~ 65.9m Contributing shares~36.6m (paid to 3c, 3c to pay; no call < 31/12/18) Market CapAugust 2017 ~ $10m Cash30/6/17 ~ $2.7m Relatively small issued share capital Tightly held stock Top 20 hold ~59% ordinary shares	06 Nov 2015 To 20 Jun 2017 Price Volume Apr '17 Jun '17 0.05 0.10 0.15 0.20 0.03 0.08 0.13 0.18 0.23 0M 2M CONTRIB % OPTIONS 36,580,667 Number Price ExpDate % G & B Steemson 9,570,884 26% G & B Steemson 1,750,000 $0.10 20/12/2018 % P Thomas 8,503,984 23% P Thomas 1,000,000 $0.10 20/12/2018 % W & J King 3,510,606 10% G Rutherford 1,000,000 $0.10 20/12/2018 % G & M Rutherford 1,980,064 5% J F Montes 500,000 $0.10 20/12/2018 % REC 1,560,706 4% D Kelly 500,000 $0.10 20/12/2018 % Citicorp Nominees 950,370 3% D Kelly 300,000 $0.25 20/12/2018 % D Michael 799,957 2% % K Leo 551,843 2% % RSR enterprises 551,843 2% % Sept Rouges 505,239 1% % 28,485,496 78% 5,050,000 Ordinary fully paid shares ~ 65.9m Contributing shares~36.6m (paid to 3c, 3c to pay; no call < 31/12/18) Market CapAugust 2017 ~ $10m Cash30/6/17 ~ $2.7m Relatively small issued share capital Tightly held stock Top 20 hold ~59% ordinary shares
Mar '16 Feb '17 Jun '16 Oct '16
ORD SHARES %		CONTRIB	%		OPTIONS
		36,580,667			Number	Price	ExpDate
ls 65,910,387
	% G & B Steemson % P Thomas % W & J King % G & M Rutherford % REC % Citicorp Nominees % D Michael % K Leo % RSR enterprises % Sept Rouges	9,570,884 8,503,984 3,510,606 1,980,064 1,560,706 950,370 799,957 551,843 551,843 505,239	26% 23% 10% 5% 4% 3% 2% 2% 2% 1%	G & B Steemson P Thomas G Rutherford J F Montes D Kelly D Kelly	1,750,000 1,000,000 1,000,000 500,000 500,000 300,000	$0.10 $0.10 $0.10 $0.10 $0.10 $0.25	20/12/2018 20/12/2018 20/12/2018 20/12/2018 20/12/2018 20/12/2018
B Steemson 7,507,012 11 6949634 11
omas ,, J King 4,214,947 6
orp Nominees 3,452,210 5
ichael 3,443,145 5
A Hart 2,472,759 4 M Rutherford 1,819,698 3 o 1,728,970 3 Team Enterprises 915,747 1 nce 880,000 1
33,384,122 51	%	28,485,496	78%		5,050,000

Some holdings have been amalgamated for the purpose of this slide

20

Creating value from exploration for investors

==> picture [780 x 100] intentionally omitted <==

Additional geological and other information

21

Creating value from exploration for investors

==> picture [778 x 96] intentionally omitted <==

Geophysics- IP/Resistivity Survey

Line 5700N

Resistivity & chargeability pseudosections + inversions

Line 7300N

22

Creating value from exploration for investors

==> picture [780 x 100] intentionally omitted <==

Ground Magnetics

Ground magnetometer survey data and interpretation – buried heat source?

==> picture [404 x 327] intentionally omitted <==

==> picture [186 x 299] intentionally omitted <==

23

Creating value from exploration for investors

==> picture [780 x 100] intentionally omitted <==

Drill Hole #1

The drilling results confirm a local source to the rock and soil geochemistry. Rocks intersected are typical of HSE systems.

==> picture [392 x 354] intentionally omitted <==

==> picture [313 x 337] intentionally omitted <==

24

Creating value from exploration for investors

==> picture [780 x 100] intentionally omitted <==

The drilling results confirm a local source to the rock and soil geochemistry. Rocks intersected are typical of HSE systems.

Drill Hole #2

==> picture [297 x 356] intentionally omitted <==

==> picture [298 x 354] intentionally omitted <==

25

Creating value from exploration for investors

==> picture [780 x 100] intentionally omitted <==

The drilling results confirm a local source to the rock and soil geochemistry. Rocks intersected are typical of HSE systems.

Drill Hole #3

==> picture [324 x 359] intentionally omitted <==

==> picture [300 x 347] intentionally omitted <==

26

Creating value from exploration for investors

==> picture [780 x 96] intentionally omitted <==

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.

27

Creating value from exploration for investors