EMU NL — Investor Presentation 2018

Oct 4, 2018

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Vidalita:

Finding an elephant in elephant country

October 2018

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A well planned, measured, determined
approach to exploration success
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Discovery Vidalita: a new Au-Ag epithermal

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Drill Testing: First area drilled returns grade

Targeted Geochem: Soil surveys confirm gold & silver zones Recon Areas of pervasive alteration and high grade surface rock chips Geology:

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Area Selection: Virgin area in the Maricunga Belt identified

Logical, considered progression reducing risk

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Location: Maricunga Gold Camp of Giants
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Modified from Goldfields presentation, AME Roundup, Vancouver 2017

https://www.juniorminingnetwork.com/junior-miner-news/press-releases/530-tsx/g/30671-goldcorp-and-barrickgold-to-consolidate-cerro-casale-and-caspiche-gold-projects-in-50-50-joint-venture.html

Salares Norte

3.7Moz Au, 50Moz Ag

Cerro Maricunga

6Moz Au, 4Moz Ag

Caspiche 23Moz Au, 54Moz Ag Cerro Casales 23Moz Au, 59Moz Ag

Alturas

7Moz Au

Vidalita

the right location, the right geology

Right address, right target

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A Tier 1 epithermal system revealed
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Alteration hot spots were the Arroyo
Ancho
tell tale Emu was seeking
Orange/gold hotspots
targeted
Jotahues
Large areas under cover
Peon 2
Vidalota
Peon 4
Vidalita
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Pervasive alteration: a large footprint = large system

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Recce rock chips are spectacular
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0.20 g/t Au + 21.2 g/t Ag Surface rocks, 4.28 g/t Au + 66.3 g/t Ag both float and 8.98 g/t Au +159 g/t Ag

in situ , returned very high gold and silver values

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

Mineralisation is widespread and pervasive

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You can’t hide a large mineralised system!

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Follow-up Soil Survey Confirms Targets
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Extensive, consistent gold and silver anomalism at Vidalita

4km x 2km in area

With epithermal system pathfinder elements

Gold Silver

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The highest gold and silver in soils that Emu has seen

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2018 Drilling campaign prods the giant
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Emu has undertaken first ever exploration drilling in this pristine area

28 Aircore holes for 4,203m, 7 RC holes for 813m, and 5 diamond holes for 950m completed

Campaign targeted three high surface gold and silver geochemistry zones at the Vidalita Prospect

Shallow drilling to test geochemistry, deep drilling to test geology

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Discovery: Emu gets what it came for
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Results are outstanding:

• Long intercepts of gold and silver mineralisation

• a highly mineralised system has been found: 162m @ 0.13g/t Au

• Gold grades to 8.4g/t , silver grades to 1,049g/t , copper grades to 5.4%

• High lead and zinc geochemistry

• Brecciated diatreme with vuggy silica, all mineralised, confirm the sought after epithermal model

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Consistently pervasive gold and silver mineralisation

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Discovery: Mineralisation is pervasive
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An area exceeding 1,400m in length and 300m in width, open in all directions, has now been shown to be mineralised

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Edges of system not yet tested

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Vidalita: building on initial discovery
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2017-18 drilling campaign outlined a shallow mineralised zone

High grade silver mineralisation was intersected deeper:

Interval	Silver grade	From		Within broader	Silver grade	From
			Hole
m	**g/t **	m		interval m	**g/t **	m
8	33	40	4900-1	28	23	36
1	58	166	5300-2	8	15	163
1	1,049	216	5700-1	6	211	215
2	177	253	5700-1	6	93	251
4	148	52	6500-2	16	88	44

28 holes are proposed to test for a shallow maiden resource and follow up the deeper mineralisation

2017-18 drill hole collars shown in black. Proposed holes shown in red. Outline shows extent of mineralised zone.

Towards defining a shallow resource

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Emu is in a large gold-silver system
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Vidalita?

Emu has identified a large goldsilver deposit in a high sulphidation epithermal (‘ HSE ’) system:

• Distinct alteration patterns, frequently with low grade mineralised vuggy silica

• Limited outcrop

• Gold and silver rich

• Strong base metals association

Source: Goldfields 2017 Vancouver Roundup

Classic high sulphidation system interpreted from drilling

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Strong land position
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• Building our land position on the back of inspiring results

• 136km[2] held

• Areas held 100%

• and under option

• Emu surrounded by majors

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Large landholding surrounded by majors

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Evidence & encouragement to proceed
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Large, intact, gold-silver High Suphidation Epithermal system interpreted:

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

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

• SOIL GEOCHEMISTRY extensive soil geochemical anomalies characteristic of HSE systems

• GEOLOGY

right geology, alteration and geochemistry

• GEOPHYSICS

an extensive geophysical anomaly coincident with the geochemistry results

• DRILLING

• Large zones of precious and base metal intersected in HSE rocks

The right rocks, highly mineralised, large size potential ✔

Emu has the beast by the tail – now need to reel it in

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The journey so far……
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Results show Emu is well and truly in the hunt for an economic goldsilver deposit in a well endowed mineralised belt

Potentially, a transformative, company-making exploration outcome Exploration results have delivered the mineralisation style sought: a precious metal high sulphidation epithermal system

AND

Only one target drill tested so far, and that was successful Multiple targets waiting to be drilled in 2019

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A great start with many opportunities waiting to be tested

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Land holding holds elephants?
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Emu’s concession package is large

The largest of the Maricunga Belt’s resources* can be accommodated many times over Surface geochem surveys have outlined areas very much larger than neighbouring resource footprints

* Outlines digitised from published maps. NOT shown in their correct geographical locations. For illustrative purposes only.

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3.7Moz Au
23Moz Au
7Moz Au
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Maximising opportunities for exploration success

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Targets for the 2018-19 campaign
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Arroyo Ancho : pervasive large scale alteration around an andesite cap. High Vidalita C : high precious metal assays precious metal assays in covered area, not yet Jotahues : massive resolved sulphide outcrop, precious metal anomalism, intense Vidalota D : Au-Ag alteration anomalies Vidalota : High Peon 4 : Strong coherent alteration, high Au-Ag belt, HSE pathfinder Vidalita : strong drilling precious metal elements results; space for an orebody assays 16 Only one of seven compelling areas drilled so far, and that was successful

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Peon 4: gold-rich geochemistry
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Peon 4 soil geochemistry outlines a zone anomalous in gold, silver, base metals, and epithermal pathfinder elements The zone is 600 x 1200m and open along strike

Highlighted in Aster alteration image Untested target to be assessed with two lines of drill holes

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Peon 4
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Gold assays to 18.2ppb Proposed holes in black diamonds

Could Peon 4 be the gold-rich phase of the Vidalita prospect?

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Aircore drilling technology applied in
high Andes
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Emu has introduced deep aircore drilling technology to the high Andes

• Cost is about 1/5[th] of Chilean RC drilling costs

• Production is about 3 times higher

• Sample is superior to RC and almost as good as DDH

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• Sample is superior to RC and akin to DDH core

Clear path to exploration success

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Next milestones: 2018-19 campaign
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Follow-up of Vidalita drilling to find the high grade part of the system

• 30 AC and 7 DDH holes to follow mineralisation and test for a resource

• SEM work on mineralogy to better understand controls and metallurgy

• Test equally compelling targets at:

• Peon 4: AC drilling - 15 holes planned

• Vitalota D: AC drilling - 10 holes planned

• Jotahues: AC drilling - 9 holes planned

• Arroyo Ancho: reconnaissance drilling planned

• Work up targets at Vidalita C and Vidalota with possible drill testing

In excess of 12,000m drilling planned with Additional contingent metres

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Clear path to exploration success

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News flow:
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Currently planned time line:

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All assays in

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Exploration First crew mobilises assays

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Final results announced

2018

2019

Sampling AC dr ~~illing~~ DDH d ~~rilling~~ Results as ~~sessment~~

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Solid 7 months’ workflow with regular updates to market

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Key message
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Emu is pursuing economic gold-silver in a highly prospective mineralised belt

Potentially a transformative, company-making exploration outcome Exploration results have delivered the mineralisation style sought: precious metal high sulphidation epithermal system Next step: identify the economic portion of the system

Only one of seven identified targets tested so far

Emu gets things done

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A Proven Management Team
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Peter Thomas (Chairman) legal background with natural resources-focussed legal practice for over 30 years. Founding non-executive chairman Sandfire Resources. Non-executive director for several other listed resource companies Greg Steemson (NED) qualified geologist and geophysicist with 40 years international experience across gold and other commodities 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

Gavin Rutherford (NED) experience in agribusiness and over 20 years in mining contracting services

Board with depth and experience

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Backed by an effective field team
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Cisco Montes is Emu’s Spanish speaking, Australian trained geologist We take on some of the best graduates from Latin American universities to help with the field work Augmented by worldrenown epithermal geological consultants

Committed field team hungry for discovery

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Small issued share capital
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ASX:EMU

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Ordinary fully paid shares 91M

Including 4M which can be bought back for nil consideration

ASX:EMUCA

Contributing shares 33.67M

Paid to 3c, 3c to pay; no call before 31/12/18

4.75M options exercise price 10c (20/12/18)

0.3M options exercise price 25c (20/12/18) Tightly held stock

$4M

Market Cap

Cash

$0.2M

Creating value from exploration for investors

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Legal Disclaimer
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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 Marcus Flis who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Flis is the General Manager of EMU NL and has sufficient experience that is relevant to the style of mineralisation 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. MrFlis consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Creating value from exploration for investors

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Emu: a compelling investment
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Thank you
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ASX: EMU info@emunl.com.au www.emunl.com.au 08 92264266

Creating value from exploration for investors

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