Quarterly Activities/Appendix 5B Cash Flow Report

EMU NL (ASX: EMU) (“EMU” or “the Company”) is pleased to present its Quarterly Activities and Cash Flow Report.

EMU’s exploration activity focus during the quarter centred on the Georgetown Project in North Queensland. A second, follow up, reconnaissance field programme was conducted during late October – early December 2023. The Georgetown Project has emerged as a priority project for EMU as Rare Earth projects, particularly clay hosted projects, have progressively lost investor and market interest.

At its Annual General Meeting, held in November 2023, the fickle nature of REE investment was discussed. EMU has commenced the prioritisation of its work at the Georgetown Project, and the winding down of expenditures at its REE projects in WA despite the completion of excellent programmes of exploration work at all REE projects resulting in significant TREO¹ grades.

The Georgetown Project offers early-stage exploration over very prospective ground with potential for scale deposits to be discovered. More than 1,000 mineral occurrences have been reported from historic mining and prospect areas. EMU’s early work at Georgetown has been and is focussed on the definition of prospects that may have the potential to evolve into scale mining operations.

The two reconnaissance field trips conducted during 2023 in August and December, resulted in the collection of 978 rock, stream, termite mound and soil samples. Partial assay results from the sampling have provided significant encouragement. Success has been achieved with the discovery of a high-grade copper vein swarm within the northern Fiery Creek tenement, pointing to potential early, scale exploration success. High grade copper, gold, lead, and silver results have been recorded from a number of identified prospective areas with further assay results awaited. Anomalous pathfinder elements at prospects located at all 3 tenements, have also provided further encouragement for follow up work.

GEORGETOWN PROJECT

EMU completed its maiden 15-day reconnaissance field survey during July and August 2023. A substantial high grade, outcropping, copper in quartz veining, (potentially polymetallic) system was identified within the Fiery Creek tenement with assay results from in situ rock sampling evidencing broad, high-grade copper and silver mineralisation.

EMU updated the market with its results following this field trip².

• Assays results record up to 18% copper (180,100ppm) and up to 6.4 ounces silver (200 g/t) from rock samples in broad quartz breccia hosted veins at Fiery Creek.
• Extensive 750m x 750m intrusive related, north-south striking, outcropping copper veining up to 2m wide identified from field mapping.
• Veining displays extensive secondary copper mineralisation at surface.

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