Quarterly Activity Report 30 June 2024

EMU NL (“EMU” or “the Company”) is pleased to report on its activities for the quarter ending 30 June 2024. Throughout the quarter, EMU has continued its primary focus on the Fiery Creek Prospect within the Georgetown Project, in North Queensland.

Highlights

• Successful geochemistry program completed at the Fiery Creek Prospect with high-grade copper assays up to 23.5% Cu from rock-chip samples
• The mineralised discovery zone, tested by pXRF over soil, termite mound and rock chip sample mediums, covers an area approximately 720m long x 480m wide
• pXRF geochemistry programme confirmed extensive broad copper mineralised zone with grades up to 2,484ppm Cu from pXRF soil samples and highest termite mound sample recorded was 1,675ppm Cu
• Results indicate the mineralisation is significant and pervasive between outcropping high- grade copper veining and stockwork veining within the discovery zone and is interpreted to be a subset of a much broader and significant system
• Additional sampling has defined a mineralised, copper anomalous, shear zone extending at least 2.5 km to the SE
• Interpretation of aeromagnetic data suggests that this zone of structural geologic disruption with potential mineralisation and hydrothermal alteration extends approximately 6km to the SSW within the Yataga Igneous Complex
• Drone LiDAR and photogrammetry works now complete with data processing underway
• Geophysics survey (including pole dipole, IP, resistivity and MT) on target to commence August-September 2024
• Airborne aeromagnetic survey over Yataga Igneous Complex scheduled between July and October
• ~$1.45 million total capital raising initiative completed comprising of:
  • $250k placement to sophisticated and professional investors;
  • 3:5 fully underwritten, non-renounceable rights Issue raising ~$1.2 million.

Georgetown Project

Located within the Georgetown mining district, the Georgetown Project is a richly endowed but under-explored area of Far North Queensland with a history of significant mining activity and mineral discoveries. EMU has the right to earn up to an 80% interest in 3 exploration permits for minerals (EPM’s), covering 850km2 in the Georgetown mining district, Queensland, under a Heads of Agreement and Joint Venture Agreement with Rugby Resources Ltd (TSXV: RUG). The district has a substantial mineral endowment with more than 1,000 mines, prospects and identified mineral occurrences.¹

Fiery Creek Copper Prospect

The Fiery Creek Copper Prospect (FCCP) within the Georgetown Project in North Queensland has been identified as a potential massive scale copper porphyry system.

The Fiery Creek Copper prospect is hosted within a major NNW striking shear zone developed in the core of the Yataga Igneous Complex. The complex is a medium grained, equigranular, ovoid, granodiorite body, which at ~29km² is the largest such igneous body known in the Georgetown Inlier. The prospect’s mineralised, hydrothermal alteration zone has been identified to extend over an area of approximately 6km in strike and up to 2km wide. The structure is characterised by multiple interleaved shear zones with quartz hosted copper vein swarms, stockwork and disseminated copper at surface with petrographical studies indicating several impulse phases of hydrothermal fluidisation. The alteration mineralogy, mineralisation geochemistry and the areal extent of Fiery Creek copper and silver rich vein system suggests the likelihood of a previously unknown sub adjacent porphyry system.

During the quarter the Company mobilised its highly experienced exploration team to site to undertake extended geochemistry programs to further investigate and build upon this potentially significant copper porphyry discovery.

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