EMU NL — Investor Presentation 2021

Mar 16, 2021

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APAC 121 Mining Investment

M a r c h 2 0 2 1 ASX: EMU

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 advice when if an investment is All securities transactions involve which include the risk of adverse or professional deciding appropriate. risks, (among others) 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 forwardlooking statements in this presentation or any changes in events, conditions or circumstances on which any such forward looking statement is based.

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Share Capital

Fully paid shares (listed) 433,657,342 6 (including 18.6m which EMU can buy back for nil consideration) Contributing Shares (listed) 40,485,069 paid to $0.03, $0.03 to pay on call, no call before 31/12/2023 Options (unlisted) 22,000,000 options to acquire partly paid shares, exercisable at $0.03 each, on or before 21 December 2021 38,625,953 options to acquire fully paid shares, exercisable at $0.15 each, on or before 23 August 2021

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Board

Peter Thomas

Chairman

Mr Thomas is a high energy, pragmatic corporate engineer with astute commercial acumen and business expertise. Mr Thomas is Chairman of Middle Island Resources and a Past Chairman of Image Resources and Sandfire Resources

Terry Streeter

Non Exec Director

Mr Streeter has extensive experience in funding, listing and overseeing junior explorers in all exploration and economic cycles and has served in various roles in the nickel sulphide industry for over 30 years including Jubilee Mines and Western Areas Limited

Gavin Rutherford

Non Exec Director

Following a successful background in Agribusiness on both domestic and international stages, Mr Rutherford has spent over 20 years in the Mining Services/Fabrication/Contracting sector

Tim Staermose

Non Exec Director

Mr Staermose has 23 years equity capital markets and equity research experience. He worked at international sell-side equity brokerage firms in South Korea and Hong Kong. He also serves as Chief Investment Strategist for “sovereigman.com”

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1As of April 2019

Exploration Projects – Strategically Based in Western Australia

Strategic Minerals - Strategic WA	Strategic Minerals - Strategic WA	Strategic Minerals - Strategic WA	Locations	Locations
Gnows Nest- Gold – Yalgoo
Sunfire- Nickel, Copper, PGE’s –		Bridgetown
Viper- Copper, Nickel – Jerramungup
Graceland- Nickel, Copper, PGE’s – Lake			Grace/Hyden
8 Mile Dam –Nickel, Copper, Gold - Menzies
	Gnows	Sunfire	Viper	Graceland	8 Mile
	Nest
Driving Distance from Perth	√	√	√	√	√
Historical Mining Activity	√		√
Historical Exploration	√	√	√	√	√
Drill Ready	√	√	√	√	√
Logistics, Roads, Transport, Process	√	√	√	√	√
Land Access	√	√	√	√	√
Gold	√
Nickel		√	√	√	√
Copper		√	√	√
Platinum Group Metals		√		√

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Gnows Nest Gold Project

High Grade Historic Gold Mine Open at Depth and Along Strike

~ Gnows Nest historic production of 27,925oz at a recovered grade of 22g/t Au between 1923 and 1941 Shallow Mineral Resource open to depth and along strike Extensive exploration upside potential Located within same belt the world-class Golden greenstone hosting Grove copper-zinc mine and has been the focus of recent exploration success for gold by Firefly Resources Limited and base metals by Venture Minerals Limited Targeted program of IP geophysics completed and RC resource definition drilling continuing

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Gnows Nest Gold Project – Gold Assay Results

• 4m at 20.40g/t gold from 51m including;

• 1m at 57.41g/t gold from 52m and

• 1m at 16.86g/t gold from 54m

• 4m at 18.32g/t gold from 95m including;

• 1m at 17.53g/t gold from 95m; and

• 1m at 51.66g/t gold from 96m

• 3m at 42.18g/t gold from 77m including;

• 1m at 89.57g/t gold from 78m; and

• 1m at 32.64g/t gold from 79m

• 2m at 26.88g/t gold from 60m including: • 1m at 53.05g/t gold from 60m

• 6m at 6.42g/t gold from 116m including;

• 1m at 30.19g/t gold from 118m; and

• 1m at 47.12g/t gold from 63m

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See ASX Announcement 22 February 2021 “EMU’s Maiden Drilling Programme Confirms High-Grade Gold”

Gnows Nest- Monte Cristo Prospect

High grade veining - shear related 3km of strike Adjoins the Gnows Nest historic gold mine mineralised structure

Monte Cristo Gold Prospect adjoins and is located on same host structure to Gnows Nest gold mine The structure has a strike length of ~3km - a number of historic gold workings

• Gold Assay results from recent drilling 3m at 13.35g/t gold from 67m including;

• 1m at 19.90g/t gold from 68m

• 6m at 6.51g/t gold from 120m including;

• 1m at 22.77g/t gold from 121m

• 4m at 3.29g/t gold from 120m including;

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• 1m at 5.97g/t gold from 121m

See ASX Announcement 22 February 2021 “EMU’s Maiden Drilling Programme Confirms High-Grade Gold”

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Gnows Nest - Structural Setting

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Sunfire

Sunfire - Copper, Nickel Sulphide Target

• 250km SSW of Perth, 12km south of Bridgetown and 20km north of Manjimup WA

Adjoins Venture Minerals Limited’s South West Project in which Chalice Gold Mines Limited has recently committed to spend up to $3.7M to earn a 70% interest in a “Julimar lookalike” target. Sunfire was identified in the 1970’s as a target for Nickel Sulphide. Existing work includes:

• -Extensive soil sampling over the central anomaly

• -Drilling (diamond and percussion)

• -IP surveys

• Copper detected in soil on the project with values between 0.2% and 0.5% Cu*

Copper trend in soils remains open along strike Highly anomalous (100x background Cu-value) is of great interest.

*See ASX Announcement 28 September 2020 “Emu Secures Highly Prospective Exploration Portfolio in WA”

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Viper

Historic Netty Copper Mine

Netty Mine located 9km northeast of Jerramungup, WA Historical mine in production between 1907 –1960 6t –300t? Grades variable 3-10% Cu with peak value of 14.1% Cu and 0.5% Ni* The underground mine consists of 5 drives with a total depth of 13.5m (other reports claim mine may have been deeper but collapsed) Netty is a discrete historical occurrence –an anomaly, with Cu-Ni-PGE (+Au?) The target for Emu is a larger occurrence or additional (multiple) occurrences in this setting Awaiting assay results from auger drilling programme completed earlier this month

*See ASX Announcement 28 September 2020 “Emu Secures Highly Prospective Exploration Portfolio in WA”

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Graceland

Bullseye target Strong magnetic signature Mafic, ultra mafic intrusion

• 40km SE of Hyden WA Leases covering 58.2 km2 with “Bullseye” target 5km long magnetic feature and co incident gravity high interpreted as mafic, ultra mafic intrusion 7km from Golden Mile Resources Limited Quicksilver Ni Laterite discovery. Graceland is conspicuously absent of any laterite development Modelling has interpreted 10 high value magnetic plates at depths of 70 – 120m with strong magnetic signature Northern area of the project tested with 7 shallow aircore holes for a peak value of 90ppm Ni Awaiting assay results from auger drilling programme completed earlier this month

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8 Mile Dam

Undercover ultra mafic units provide opportunity for nickel exploration

• 115km north of Kalgoorlie and 20kms south east of Menzies Ultra mafic units under cover Coincident magnetic and gravity anomalism provide targets for geochemistry programme Historical drilling for diamonds indicates opportunity for nickel exploration EMU has completed reconnaissance and is currently completing an auger drilling programme to test geochemistry targets

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Activities and Newsflow

EMU is an active explorer Substantial news flow this year

• 5 discrete and separate exploration projects, each with distinct targets Assay results progressively through March, April and June 2021 Drilling now at historic Gnows Nest high grade gold mine targeting resource upgrade, testing depth and strike extensions Drilling now for high grade gold at Monte Cristo Prospect The right minerals at the right time – diversity with Gold, Copper, Nickel, PGE’s exploration projects Budgets set for work on ground at all projects over next 12 months WA based explorer with WA projects, all within less than half day driving distance of Perth No land access issues

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Doug Grewar CEO ASX:EMU EMU NL 10 Walker Avenue West Perth WA 6005 T: +61 (0)419 833604 E: doug@emunl.com.au W: www.emunl.com.au