Announcement PDF ANNUAL REPORT YEAR ENDED 30 JUNE 2025 ABN 50 127 291 927 CORPORATE INFORMATON DIRECTORS ADRIAN GRIFFIN Executive Chairman TIM STAERMOSE Non-Executive Director OLIVER DOUGLAS Non-Executive Director COMPANY SECRETARY Rudolf Tieleman Registered Office C/- Elderton Audit Pty Ltd Level 28, 140 St George’s Terrace Perth WA 6000 Principal Place of Business 32 Beamish Avenue Mount Pleasant WA 6153 Telephone: +61 478 573 935 Postal Address PO Box 1112 West Perth WA 6872 Email info@emunl.com.au Internet Address www.emunl.com.au FOR SHAREHOLDER INFORMATION CONTACT Share Registry (Effective from 27.9.2025) Xcend Pty Ltd Level 2, 477 Pitt Street Haymarket NSW 2000 PO Box R1905 Royal Exchange NSW 1225 Telephone: +61 2 8591 8509 Email: support@xcend.co Website: www.xcend.co AUDITORS Elderton Audit Pty Ltd Chartered Accountants Level 28, 140 St George’s Terrace Perth WA 6000 ASX COMPANY CODES Emu NL is listed on the Australian Securities Exchange (ASX codes: EMU and EMUCA). ISSUED CAPITAL 211,248,468 fully paid ordinary shares 1,349,586 partly paid ordinary shares paid to $0.90, unpaid as to $0.90 each 1,166,670 partly paid ordinary shares, paid to $0.003, unpaid as to $1.20 each, no call before 31.12.2025 1,138,952 partly paid ordinary shares, paid to $0.001, unpaid as to $0.05 each 3,400,000 Options to acquire partly paid ordinary shares, exercisable at $0.0001 each, on or before 31.10.2025 33,550,000 Options to acquire fully paid ordinary shares, exercisable at $0.10 each, on or before 31.10.2026 10,579,193 Options to acquire fully paid ordinary shares, exercisable at $0.09 each, on or before 31.12.2026 Page 1 CONTENTS Review of Operations 3 Directors' Report 11 Auditor’s Independence Declaration 22 Consolidated Entity Disclosure and Corporate Governance Statements 23 Consolidated Statement of Financial Performance 24 Consolidated Statement of Financial Position 25 Consolidated Statement of Changes in Equity 26 Consolidated Statement of Cash Flows 27 Notes to the Consolidated Financial Statements 28 Directors' Declaration 47 Independent Audit Report 48 ASX Additional Information 52 Page 2 REVIEW OF OPERATIONS ACTIVITIES EMU NL is an Australian exploration company, led by a team with significant global experience. The Company maintained exploration assets in Western Australia (the Badja Gold Project near Yalgoo) and a recent copper discovery near Georgetown in Far North Queensland (Figure 1). EMU is manager of the Georgetown Joint Venture of which it holds 83% at the date of this report. EMU’S 17% partner is Rugby Mining Pty Ltd an Australian subsidiary of an unlisted Canadian public company, Aegis Resources Limited. The Badja Project is a late-stage gold exploration project which includes historic underground operations and significant potential for new discoveries. The strong resurgence in gold price led EMU to assess options for monetising its project interest which was sold subsequent to the end of the reporting period. Figure 1 Location of EMU’s Queensland EMU is now focused on the potential of its Queensland exploration assets assets, in particular the Yataga Copper Project located in the Georgetown Mining District (Figure 1). Yataga Copper Project (EMU 83%) The Company identified the potential of the Yataga Igneous Complex as a locus of copper mineralisation during reconnaissance sampling in July 2023. Although initial exploration efforts were oriented towards the unrealised gold potential of the region, high-grade copper mineralisation, outcropping at Fiery Creek led to evaluation of the Yataga Igenous Complex as a porphyry associated copper project. During the reporting period, EMU passed its earn-in milestones in the Georgetown Farmin and Joint Venture having exceeded the required expenditure of $1.85M to earn an 80% interest. EMU, through its subsidiary, Georgetown Projects Pty Ltd, is manager of the joint venture and its partner, Rugby Mining Pty Ltd, is diluting its interest. Rugby Mining Pty Ltd was formerly a subsidiary of Canadian listed Rugby Resources Ltd but is now a subsidiary of a Canadian unlisted public exploration company, Aegis Resources Ltd. As of August 2025, Rugby Mining Pty Ltd has elected not to contribute to further exploration expenditure but rather continue diluting its interest to a level of 5% at which time the equity will be converted to a net smelter return of 2%. Major advances during the reporting period The following activities have been undertaken since initial fieldwork in 2023/24    1152 soil samples over 27km2 Discovery of the 8km2 Yataga Valley copper occurrence, defined mainly by geochemistry Petrology studies suggesting copper mineralization is genetically related to sub-surface magmatism  Defining structural controls on the emplacement of highly fractionated potassic granitoid stocks and associated dyke swarms thought to be associated with the mineralization events  220 line-km of airborne electromagnetic survey  27km2 of drone LIDAR and high-resolution photogrammetry  30km of ground based induced polarization and magneto-telluric surveys  Heritage survey completed over target areas at Fiery Creek The description of the geology provided below is largely a result of operations during the reporting period. All results and interpretations included in this report have been the subject of previous ASX announcements, in particular the Yataga Copper Project Exploration Update 11 March 2025. Page 3 REVIEW OF OPERATIONS Yataga Copper Project Geology The geology of the intrusive complex (Figure 2) was interpreted from mapping, surface sampling, and geophysical surveys. Analysis of this data provides potential for multiple drill targets both near surface and at depth. The Yataga Igneous Complex has a 70km2 circular footprint and is surrounded by a prominent reverse magnetic contact aureole. Within the complex lithologies range from diorite and granodiorite to granite which is consistent with fractional crystallisation during intrusion and cooling. The core of the complex is fine grained granite that is surrounded by an aplite margin that grades into aplite stocks and dykes intruding the granodiorite shell and occupying shear zones. Also mapped at the upper levels of the granite, dykes and stocks are “kitchen rock” a descriptive term for the part of the intrusion with disseminated copper mineralisation occurring is infill in miarolitic cavities. These occurrences suggest the source of the copper is in the centre of the complex, with potential for mineralisation below a shallow granodiorite shell. Geochemistry Widespread copper anomalism within the Yataga Intrusive Complex is revealed in soil samples taken from abundant termite mounds (Figure 3). This is supported by rock chip samples in areas of outcrop. Figure 2 – Geological domain map based on field mapping and sampling. The domains highlight interpreted fault blocks and the contact aureole that is a prominent feature in the magnetics. Page 4 REVIEW OF OPERATIONS Copper (Cu) is associated with anomalous molybdenum (Mo) in the granite core and locally silver (Ag), bismuth (Bi) and tellurium (Te) in the shear zones. This metal distribution and other metals that include gold, lead, zinc, arsenic, and antinomy broadly display zonation patterns outward from the granite core. Copper mineralisation at surface is associated with the veins, shears, and aplite dyke swarms at the Fiery Creek and Yataga Valley prospects (Figures 2). Figure 3 – Copper anomalism is evident in the detritus from termite mound and defines target zones at Fiery Creek and Yataga Valley. These surveys are supported by observed copper mineralisation in outcrop in many locations. Geophysics Filtered airborne magnetic (AMAG) images were used to carry out high-level interpretation of structural bedrock features and areas of anomalous magnetic response, such as distinct magnetic anomaly low zones within the central part of the Yataga Intrusive Complex. The anomalous low zones have been interpreted to be caused by the central granite and aplite phases of the intrusion. Similar conceptual models include Highland Valley complex in British Columbia, where numerous copper mines and mineral deposits are located within or proximal to a magnetic low anomaly, which is attributed to the felsic phases of the intrusion and hydrothermal alteration of the granitic batholith host rock (Byrne et al 2019). The geological setting and geochemical anomalism of the Yataga Igneous Complex has been interpreted by Dr Gregg Morrison, consultant to EMU, as analogous to Highland Valley which hosts the largest open cut copper mine in Canada. Page 5 REVIEW OF OPERATIONS A pole-dipole induced polarisation (IP) survey of 22.6-line km over 7 survey lines was completed in late 2024 to complement geochemistry, field-mapping, airborne electromagnetic, gravity, magnetic and radiometric data. Figures 4 and 5 show the compilation of data over the IP survey lines. Figure 4 – Aeromagnetics (TMI-RTP) base-image of the Yataga Igneous Complex (YIC) showing a summary of findings from the Airborne Electromagnetic (AEM) survey, Pole-Dipole Induced Polarization (IP), and a reprocessing of the aeromagnetic survey data. Page 6 REVIEW OF OPERATIONS Interpretation of the raw IP chargeability data and associated 2D resistivity and chargeability inversion models identified significant (moderate) magnitude IP chargeability anomalies along two NNW-SSE trends that were generally located within or nearby to zones of low magnetic intensity and/or elevated surface geochemical copper assays. These chargeability anomalies are interpreted as zones of disseminated or brecciated sulphide mineralisation within aplite swarms or granites at depth that are potentially copper bearing and future drill targets. Figure 5 – Map of key geochemistry, structural and geophysical anomalies highlight multiple targets over prospect zones at Fiery Creek and Yataga Valley prospects. The figure compiles the recent findings, in particular the 7-line IP survey which demonstrates the close association of chargeable zones to mapped structures, termite mound geochemistry (> 200ppm Cu anomaly outline) and demagnetised zones. Page 7 REVIEW OF OPERATIONS Future Work Programmes Drill targets at the Yataga Copper project have been prioritised. All access requirements have been met and site clearing work has commence for a maiden drilling programme planned for mid-October 2025, weather permitting, Fiery Creek being the first target. Data gained from that programme will be invaluable in refining drill targets along extensions of the Fiery Creek prospect and the much larger Yataga Valley Prospect. The initial programme is planned for about 2500m of reverse circulation drilling. Subject to success further campaigns will be planned for implementation after the coming wet season. The seasonal conditions are usually amenable for drill access by about April and extend through to November. RISK FACTORS Introduction An investment in the Company is risky and the Directors strongly recommend potential investors consider the risk factors described below, together with information contained elsewhere in this report, publicly available information, circumstances peculiar to them and that they consult their professional advisers before deciding whether to invest in the Company. There are specific risks which relate directly to the Company’s business. In addition, there are general risks, many if not all of which are largely beyond the control of the Company and the Directors. The risks identified in this section, or other risk factors, may have a material impact on the financial performance of the Company and the market price of its Shares. With respect to shares in the Company, no guarantee or assurance is given with respect to the payment of dividends, returns of capital or the market value thereof. Potential investors should consider an investment in the Company as speculative and should consult their professional advisers before deciding whether to invest. The following is not intended to be an exhaustive list of the risk factors to which the Company and investors in the Company are exposed. Company specific risks Exploration Results Exploration is a high-risk activity and success is not assured. The Company has planned it exploration activities based on the best available information but even so, there is a probability of not achieving positive results. Any results that are not favourable may materially adversely affect the Company’s share price and future prospects. Additional requirements for capital The Company’s capital requirements, and the Company’s ability to satisfy those requirements, depend on numerous factors, many of which are beyond the control of the Company. The Company requires further funding. Additional equity financing will dilute shareholdings. Any debt financing, if available, can be expected to involve restrictions on the Company’s activities. If the Company is unable to obtain additional funding as needed, it may be required to reduce the scope of its operations, dispose of assets or scale back its exploration programmes, as the case may be. The Company’s ability to raise funds through the issue of shares or other securities is subject to share market conditions from time to time. The market for securities in junior exploration companies fluctuates. Page 8 REVIEW OF OPERATIONS There is no certainty that the Company will be able to secure any additional funding or be able to secure funding on terms favourable to the Company and its Shareholders. Executive Management The responsibility of overseeing the day-to-day operations and the Company’s strategic management depends substantially on its senior management and key personnel. There can be no assurance that there will be no detrimental impact on the Company if one or more of these employees cease their employment. Board control During the year, the Company was subject to various board spill threats from minority shareholders seeking to control the Company without offering a control premium to other shareholders. A meeting has been convened to be held on 29 September 2025, per Orders of the Takeovers Panel. A number of resolutions will be put to the members at that meeting and if passed will result in the removal of Messrs Staermose and Douglas, Mr Thomas having already resigned, and the appointment of just one nominee of the requisitioning shareholders. A change of board could result in the loss of considerable knowledge of the Company’s operations and delays to, or termination of, planned exploration and drilling programmes. A change of board may reduce shareholder exposure to the Company’s principal asset, the Yataga Copper Project. Industry specific risks Exploration success The future profitability of the Company and the value of its securities is likely to be directly related to the results of exploration on its current and/or future projects. The exploration tenements held by the Company are in the early stages of exploration and potential investors should understand that minerals exploration and development are high-risk undertakings. There can be no assurance that exploration of these tenements, or any other tenements that may be acquired, will result in discovery of an economic ore deposit. Even if an apparently viable deposit is identified, there is no guarantee that it can ultimately be economically exploited. The Company’s future exploration activities may be affected by a range of factors including geological conditions, limitations on activities due to seasonal weather patterns, unanticipated operational and technical difficulties,-industrial and environmental accidents, native title processes and laws relating to Aboriginal heritage and other first Australian matters, changing government regulations and many other factors beyond the Company’s control. The Company’s success will depend upon the Company being able to maintain, renew or replace title to its tenements and obtaining all required approvals for its activities. In the event that exploration programmes prove to be unsuccessful, this would likely and be expected to lead to diminution in the value of the Company’s tenements, and possible relinquishment of tenements. The Company’s anticipated exploration costs are based on certain assumptions with respect to the method and timing of exploration. By their nature, these estimates and assumptions are subject to significant uncertainties and, accordingly, the actual costs may be materially different from these estimates and assumptions. Accordingly, no assurance can be given that any cost estimates or the underlying assumptions will be realised in practice, which may materially and adversely affect the Company’s viability. Page 9 REVIEW OF OPERATIONS Tenure risks and native title Interests in tenements in Australia are governed by the mining legislation of the respective states. Each licence or lease is for a specific term and carries with it annual expenditure and reporting commitments, as well as other conditions requiring compliance. Consequently, the Company could lose title to or its interest in tenements if licence conditions are not met or if insufficient funds are available to meet expenditure commitments. If exploration is successful, the Company will not be able to exploit any mineral deposit unless the Company has or first acquires a mining title. The grant of a mining titles is subject to ministerial discretion. Additionally, in areas where native title exists or may exist, the ability of the Company to acquire a valid mining title will be subject to compliance with the ‘right to negotiate’ process under the Native Title Act or be subject to the imposts of a State ILUA. Compliance can (and usually does) cause delays in obtaining the grant of a mining title and ultimately there can be no guarantee that a mining tile will be granted. Attaining a negotiated agreement with native title claimants or holders to facilitate the grant of a valid mining title generally adds significantly to the costs and timetabling of any development or mining operation. The ability of the Company to conduct activities on exploration or mining tenements is subject to compliance with Aboriginal heritage laws. Conduct of site surveys to ensure compliance can be and mostly are expensive and involve delays. If any Aboriginal sites are located within areas of proposed exploration, mining or other activities, the ability of the Company to conduct those activities may be dependent on the Company obtaining further regulatory consents or approvals none of which can be assured. The requirements for obtaining environmental approvals are becoming increasingly stringent, financially burdensome and being subjected to ever more vigilant public scrutiny. Again, significant costs and delays are involved and now represent a real potential barrier to development. COMPETENT PERSON’S STATEMENT The information in this report that relates to exploration results is based on, and fairly represents information and supporting documentation prepared by Kurtis Dunstone, a Competent Person who is a Member of the Australian Institute of Geoscientists. Mr Dunstone is an employee of EMU NL and has sufficient experience in the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Dunstone consents to the inclusion herein of the matters based upon his information in the form and context in which it appears. Page 10 DIRECTORS’ REPORT CORPORATE Board Changes During the year, Mr Streeter passed away suddenly on 15 July 2024, Mr Rutherford resigned on 29 November 2024, Mr Bartsch was appointed on the same day. Upon Mr Bartsch’s resignation on 16 June 2025, Mr Douglas was appointed effective from 13 June 2025. There have been no other board changes during this reporting period. Subsequent to the end of the reporting period, Mr Thomas has resigned. Capital Raising activities During the year, the Company:  advised that under the terms of the rights issue announced 29 May 2024, shareholders were offered the opportunity to subscribe for fully paid ordinary shares at $0.025 each on the basis of three (3) shares offered for every five (5) shares held at the record date, to raise approximately ~$1.1M (after the expenses of the offer). The Board advised that Eligible shareholders supported the offer to a very significant degree by subscribing $842,447 for 33,697,861 shares or, put another way, taking up 70.2% of the total shares offered under the rights issue. The offer was fully underwritten by Martin Place Securities Pty Ltd (“Underwriter”), meaning the remaining 14,308,360 shares (the “Shortfall”) available under the offer had been placed to clients of the Underwriter who were not on the register as at the offer record date. The new shares were issued Tuesday 9 July 2024, in accordance with the timetable advised 21 June 2024, and ranked equally with existing fully paid ordinary shares.  conducted a private placement of 21,000,000 fully paid ordinary shares at $0.025 each, raising $525,000 before costs – free attaching options were issued with shareholder approval, exercisable at $0.10 each on or before 31.10.2026;  conducted a private placement of 40,000,000 fully paid ordinary shares at $0.025 each, consequential on AGM approval being given, raising $1,000,000 before costs - free attaching options were issued with shareholder approval, exercisable at $0.10 each on or before 31.10.2026;  agreed with Acuity Capital to again extend the expiry date of the Controlled Placement Agreement (CPA) from 31 January 2026 to 31 January 2029 and as approved by shareholders, the Company issued as security (and thus for nil cash consideration) for the Company’s obligations under the CPA, a further 5,880,000 shares (taking the number of shares held as security against the CPA to 6,500,000 (Collateral Shares)). No fees or costs are associated with these variations to the CPA. There is no requirement on Emu to utilise the CPA. The Company may at any time cancel the CPA, including buying back and cancelling the Collateral Shares for nil cash consideration;  Issued 1,222,222 shares in full and final satisfaction of consultancy services provided by Metropolis Pty Ltd at an agreed price of $0.027 each;  conducted a private placement of 17,647,059 fully paid ordinary shares at $0.017 each, raising $300,000 before costs. Subsequent to the end of the year the Company made a non-renounceable rights offer of one share for every 2 shares held, at $0.017 with a free attaching 5 year option exercisable at $0.05. The record date for the entitlement was 11 September 2025 and the offer closed 23 September 2025. Page 11 DIRECTORS’ REPORT Your directors submit their report on the consolidated entity (referred to hereafter as the Group) consisting of Emu NL and the entities it controlled at the end of, or during, the year ended 30 June 2025. DIRECTORS The names and details of the Company's directors in office during the year and until the date of this report follow. Each Director was in office for this entire period unless otherwise stated. Names, qualifications, experience and special responsibilities Adrian Griffin (Executive Chairman) – Appointed 28 September 2025 Adrian Griffin is a seasoned mining professional with more than 40 years' involvement in the industry; His experience includes copper and gold exploration and the development and operation of vertically integrated precious and base-metal processing and refining facilities. He has led campaigns on every continent, including Antarctica, and is a great advocate of the mineral industry’s involvement in the greenenergy sector. Tim Staermose, (Non-Executive Director) Tim Staermose has 28 years of equity capital markets, and equity research experience. He has worked at international sell-side equity brokerage firms in South Korea, and Hong Kong, including Banque Indosuez, (now part of Credit Agricole), in the late 1990s and, Lehman Brothers in the early 2000s. Following his career in sell-side equity research, Tim worked as an independent researcher and stock-picker for a series of boutique investment research firms, including ones focussed specifically on natural resources, gold, and mining investments. Tim is currently based in Tanzania, after starting African Lions Fund Ltd, an investment fund which invests in listed companies in sub-Saharan Africa frontier equity markets. Tim is CEO of the Investment Manager, ST Funds Management Limited and solely responsible for managing the African Lions Fund portfolio. Tim has prior public company board experience in Australia with US Residential Limited, where he served as a Non-Executive Director from January to December 2017 and Copper Strike Limited where he was previously Chairman. Oliver Douglas (Non-Executive Director) – Appointed 13 June 2025 Oliver is a director of a number of companies, one of which has mining interests in NSW. His professional credentials are that of a corporate treasurer. He commenced in banking over 40 years ago and during that time he became the inaugural WA state treasurer of the first bank to be established in Australia for over 60 years. Subsequent to that appointment he went on to operate as a treasury management consultant for a number of merchant banks operating in Perth. In recent years he operated his own financial services companies before operating as a business management consultant. During the last year he has focused his energies on being a director of a company with mining interests and looks forward to increasing his participation in the mining industry. Peter Thomas, (Non-Executive Chairman) – Resigned 28 September 2025 Roland Bartsch, (Non-Executive Technical Director) – Appointed 29 November 2024, Resigned 16 June 2025 Gavin Rutherford, (Non-Executive Director) – Resigned 29 November 2024 Terence Streeter, (Non-Executive Director) - Passed away 15 July 2024 Page 12 DIRECTORS’ REPORT COMPANY SECRETARIES Damien Kelly - Resigned 24 January 2025 Rudolf Tieleman - Appointed 24 January 2025 Mr Tieleman has broad corporate and commercial experience spanning 40+ years, providing professional services to ASX listed companies predominately in the junior exploration sector. INTERESTS IN THE SHARES AND OPTIONS OF THE COMPANY AND RELATED BODIES CORPORATE As at the date of signing this report, the relevant interests of the directors in the shares of Emu NL were: Contributing Ordinary Shares Shares Adrian Griffin Tim Staermose Oliver Douglas Total 50,000 4,662,447 4,712,447 3,065 191,668 194,733 PRINCIPAL ACTIVITIES The principal activities of the Group during the year were to explore its mineral interests in Queensland and assess means by which shareholder value could be created therough the Company’s Badja Gold Project in Western Australia. Badja was sold subsequent to the end of the year.Following the March termination of the Company’s CEO for alleged breach of contract, a seasoned mining professional was commissioned as General Manager. From that time considerable effort has been made to ensure that the principal area of interest in Queensland, the Yataga Copper Project, was drill ready. Activities required to advance the project towards drilling included:  Formalising the Georgetown Joint Venture (at year end 80% Emu’s wholly owned subsidiary, Georgetown Projects Pty Ltd, and 20% Canadian listed Rugby Resources Ltd through its Australian subsidiary Rugby Mining Pty Ltd;  Geological and geophysical modelling;  Heritage surveys;  Target development and planning for the maiden drilling program;  Statutory notice of entry served on all landowners;  Execution of a Conduct and Compensation Agreement with Dagworth Station (the grazing property on which the first target is located);  Engagement of drilling contractors; and  Procuring the services of a qualified Site Senior Executive (a statutory requirement under Queensalnd legislation). Many of the tasks listed above albeit commenced during the year, were not completed until subsequent to the end of the reporting period. A S249D meeting was held in May and although the poll was in favour of retaining the incumbent board, the meeting outcome was subject to Takeover Panel proceedings. A further meeting will be held subsequent to the end of the year on 29 September 2025. DIVIDENDS No dividends were paid or declared during the year. No recommendation for payment of dividends has been made. Page 13 DIRECTORS’ REPORT OPERATING AND FINANCIAL REVIEW Finance Review During the year, total exploration expenditure incurred by the Group amounted to $1,525,812 (2024: $1,143,350). In line with the Group’s accounting policies, all exploration and tenement acquisition expenditure is expensed as incurred. Other expenditure incurred, net of revenue, amounted to $1,291,265 (2024: $891,003). This resulted in an operating loss after income tax for the year ended 30 June 2025 of $2,817,077 (2024: $2,034,353). At 30 June 2025 cash assets available totalled $188,691, an increase of $30,525 from the beginning of the year. 2025 Summarised operating results are as follows: Revenues and net loss for the year from ordinary activities before income tax expense Revenues $ Net Loss $ 23,481 2,817,077 2025 2024 (1.70) (3.35) Shareholder Returns Basic and diluted loss per share (cents) Risk Management The board is responsible for ensuring that risks, and also opportunities, are identified on a timely basis and that activities are aligned with the risks and opportunities identified by the board. The board believes that it is crucial for all board members to be a part of this process, and, accordingly, all board members form, and discharge the obligations of the risk management co