Announcement PDF Introducing EMU focused exploration outcomes for investors Investment proposition EMU is an ASX listed company seeking to deliver tangible investment outcomes for investors from exploration. Specifically, we: - Focus on testing substantive mineralising systems capable of forming commercially attractive ore deposits that could be developed using existing technologies with products sold into defined markets; - We seek to reduce risk by selecting operating regimes with established minerals law and operating industries; - We remain alert to best practice exploration technologies, seeking to bring new insights to what we do; - Investors can benefit from a considerable depth of experience in the management team, having delivered tangible exploration leading to new mines in the past; - We are active, with meaningful programs of work. Creating value from exploration for investors 2 The team High calibre senior team of seasoned , hands-on professionals Track records of discovery and development of substantial mining assets with global outlook Chairman Peter Thomas, legal background, wide industry experience, founding director Sandfire Resources Managing Director Greg Steemson, earth scientist with senior experience across CRA Exploration (now Rio) Chevron, founding partner Southern Geoscience Consultants, Metana Minerals, Mineral Commodities and founding director of Sandfire Resources & Allied Gold Non –Executive Director Gavin Rutherford, experienced mining industry contractor Supported by team of experienced professionals Creating value from exploration for investors 3 The journey so far Utah In 2015 we identified a substantial gold target in Utah, with a discrete geophysical anomaly within appropriate rock types. There was the potential for a Carlin-style system on the margin of a well defined domain of large- scale operating gold mines. A drill program in 2016 did not meet our stated objective, so we resumed our search for new properties. Chile In late 2016 we undertook due diligence on a gold target in a highly mineralised belt in Chile. We were encouraged with the lack of drilling on the prospect given the presence of favourable geology with large-scale alteration. We signed a staged option with the vendor and moved to undertake geochemical and geophysical surveys and limited diamond drilling earlier this year. Results encourage us to maintain our efforts here. Creating value from exploration for investors 4 Exploration and Mining in Chile Chile is a progressive country with a long-established mining code and operating industry hosting some of the world’s largest copper mines It has substantial mineral endowment enabling the development of large scale gold and copper mines and corresponding skills to develop these resources. In addition to national company CODELCO, the nation has attracted numerous international companies Despite its long mining tradition, the nation remains under-explored and is well suited to the adoption of new exploration methods to explore for unexposed mineralisation Our efforts to date are encouraging, defining a large alteration system capable of hosting a meaningful mineralised system Creating value from exploration for investors 5 Maricunga Belt, Chile Northern Chile / Southern Peru – Main gold belts 80º 70º 60º Gold and Copper endowment Exceeding 90Moz gold equivalent Perú # # Arequipa La Paz Miocene Typically porphyry style gold-copper systems, large, low grade and potentially long life operations Bolívia # Arica Paleocene – Oligocene 20º # -La Coipa mined out after 25 years (7.5Moz AuEq) -Maricunga (Refugio) suspended in 2016 after 20 years operations -Caspiche, recent corporate activity -Salares Norte, first discovery to north Antofagasta El Peñon Guanaco Salares Norte Salares Norte Gold deposits ≥ 2 Moz LaSerena Low sulphidation High sulphidation Porphyry e Discovery and Geology Goldfields of the Salares Norte Epithermal Gold-Silver Deposit, Northern Chile | January 2017 Source: 2017 Vancouver # La Coipa Marte-Lobo Caspiche Cerro Casale Maricunga Belt Pascua Lama-Veladero El Indio-Tambo Alturas El Indio Belt 30º Argentina SANTIAGO Vidalita 4 Roundup Creating value from exploration for investors 6 What we are looking for Vidalita inferred to be near the top of a high sulphidation epithermal (HSE) system giving it the best chance of preservation Mineral Deposits – The Product of Multiple Geological Processes High grade (>20 g/t Au) vein Concentration Factor 5,000 to 20,000X 1 g/t Au disseminated bulk target Concentration Factor 250 to 1000X From one system there can be several deposits generated ranging from high grade vein and manto types to large lower grade porphyry types www.explorationalliance.com These are large systems Hot intrusions drive hydrothermal circulation. Fluids leach gold from low abundance crustal rocks – big systems source gold from large volumes of crust. Fluids migrate upwards along faults and permeable horizons. Ascending fluids may boil as they move into low pressure environment, will cool, and may change composition via mixing with near surface fluids – all of with result in deposition of carried metals. 5 g/t Au Manto Concentration Factor 1,250 to 5,000X 0.001 to 0.004 g/t Au in Earths crust Source- copied from Exploration Alliance presentation Creating value from exploration for investors www.explorationalliance.com 7 What we are looking for Maricunga Belt: Porphyry-Epithermal Model Salares Norte – Gold Grade Shell LONGITUDINAL SECTION LOOKING TO NE NW Steam heated alteration SE Epithermal level • La Coipa • Esperanza • Salares Norte Top of mineralisation ~4370 Top of mineralisation ~4310 1 Porphyry level • Cerro Casale • Lobo-Marte • Refugio • Caspiche • Volcan • Cerro Maricunga Open Agua Amarga - 700m Gold (g/t) 0 - 0.05 0.05 - 0.25 0.25 - 0.5 Brecha Principal - 700m 0.5 - 1 1 – 2.5 2.5 – 5 5 – 2,850 At 3.3 Moz gold & 48Moz silver, this is a large deposit The Discovery and Geology of the Salares Norte Epithermal Gold-Silver Deposit, Northern Chile | January 2017 Source: Goldfields 2017 Vancouver Roundup 20 Modified from Sillitoe, R.H., 2010 The Discovery and Geology of the Salares Norte Epithermal Gold-Silver Deposit, Northern Chile | January 2017 Creating value from exploration for investors 8 Project details • >2,800 hectares of mineral exploration concessions held under option. Two project areas -Vidalita and Jotahues, 120km east of the city of Copiapo • Project selected based on alteration pattern [red coloration] shown on ASTER remote sensing image [Vidalita less exposed than the areas further west] • Prospecting by the vendors returned surface rock geochemistry characteristic of HSE systems (gold, silver, antimony, lead, arsenic, mercury) • Soil sampling by Emu confirmed rock geochemistry and expanded the target area to 4 X 2km but not yet closed off • Sparse outcrop in this periglacial environment so drilling is the main exploration tool Creating value from exploration for investors 9 Project details • ASTER remote sensing data set showing the clay alteration areas (red) and Vidalita & Jotahues project areas. • Note the NNE trends in the left image Creating value from exploration for investors 10 Vidalita Rocks Our holes initial drill program showed the right geology – clay altered monomictic / polymictic breccias associated with a dacite dome Unoxidised Polymictic breccia ~114m 17VD2 Creating value from exploration for investors Oxidised polymictic breccia ~190m 17VD2 11 Rocks at Salares Norte Salares Norte – Mineralisation examples in HQ drill core The Discovery and Geology of the Salares Norte Epithermal Gold-Silver Deposit, Northern Chile | January 2017 Creating value from exploration for investors 12 Surface geochemistry Consistent with target sought Composite map of rock and soil geochemical sample results and drilling positions The surface geochemical target is extensive, measuring 4km x 2km with its outer boundaries limited by lack of data Creating value from exploration for investors 13 Induced Polarisation & Resistivity Flat lying and extensive resistivity target is spatially coincident with the observed gold and silver geochemistry It has not yet been tested by drilling – hypothesis that it could be a large alteration system obscured by a cap? Creating value from exploration for investors 14 The results- the right place • Alteration of the right type for the style of mineralisation sought –argillic (clay) • Age of this alteration (21 MY) consistent with the window of the Maricunga Belt • Geochemistry indicative of the right style of mineralisation • Rocks provide direct evidence of epithermal mineralisation • Encouraging geophysics. Resistivity low (Carlin system look-alike) coincident with surface indications of mineralisation • Drilling undertaken thus far has established a local source for the geochemistry, with gold and silver values typical of the upper levels of the style of mineralisation sought Creating value from exploration for investors 15 What comes next? Completion of first pass soil sampling program over the Vidalita project Commence the drill testing of the anomalies and targets Additional talus/soil sampling at Jotahues and follow up drilling if justified Prospecting of regional properties under application once they are granted Creating value from exploration for investors 16 What comes next? November 2017 Soil sampling Infill existing lines to better define drill targets and extend lines into areas to where rock sample results have been encouraging There is a good correlation between the rock and soil results. Creating value from exploration for investors 17 What comes next? From December 2017 Drilling This is a very large target so we plan to drill as many holes as we can in the field season We plan to use an air core rig from Australia for the initial program shown. Subject to results, diamond drilling is planned once the air core is complete First results in January 2018 Creating value from exploration for investors 18 Key message Embarking on a substantive exploration (soil sampling and drilling) programs to improve geological knowledge of the system and potentially refine positions of current drill targets Initial target of 36 drill holes across Vidalita testing geochemical and geophysical targets Given the scale of the target, this will only be the start! We get things done Creating value from exploration for investors 19 Charting http://www.asx.com.au/prices/charting/?code=EMU&compareCo... (http://www.asx.com.au/index.htm) Charting EMU price Zoom 5D 1M EMU volume 3M 6M YTD 1Y 5Y MAX From 06 Nov 2015 To 20 Jun 2017 Ordinary fully paid shares ~ 65.9m Contributing shares ~36.6m (paid to 3c, 3c to pay; no call < 31/12/18) 0.23 0.20 0.18 0.15 Price 0.13 Market Cap August 2017 Cash 30/6/17 0.10 0.08 ~ $10m ~ $2.7m 0.05 0.03 Volume 2M 0M Jan '16 Mar '16 Jun '16 2010 Totals 1 G & B Steemson Currently showing 2 P Thomas EMU 3 W & J King Compare 4 Citicorp Nominees 5 D Michael Company or Index 6 P & A Hart 7 G & M Rutherford Chart type 8 K Leo Line OHLC Bar Candle 9 Wit Team Enterprises B Average Dance1 Price 10 Moving 1 of 2 Oct '16 ORD SHARES 2012 65,910,387 7,507,012 6,949,634 4,214,947 3,452,210 3,443,145 2,472,759 1,819,698 1,728,970 Common Base 915,747 880,000 33,384,122 Feb '17 Apr '17 % 11% 11% 6% 5% 5% 4% 3% 3% 1% 1% 51% Jun '17 2016 G & B Steemson P Thomas W & J King G & M Rutherford REC Citicorp Nominees D Michael K Leo RSR enterprises Sept Rouges CONTRIB 36,580,667 9,570,884 8,503,984 3,510,606 1,980,064 1,560,706 950,370 799,957 551,843 551,843 505,239 28,485,496 % 26% 23% 10% 5% 4% 3% 2% 2% 2% 1% 78% G & B Steemson P Thomas G Rutherford J F Montes D Kelly D Kelly Some holdings have been amalgamated for the purpose of this slide 6/23/17, 1:12 PM Creating value from exploration for investors OPTIONS Number Price 1,750,000 $0.10 1,000,000 $0.10 1,000,000 $0.10 500,000 $0.10 500,000 $0.10 300,000 $0.25 Exp Date 20/12/2018 20/12/2018 20/12/2018 20/12/2018 20/12/2018 20/12/2018 Relatively small issued share capital Tightly held stock Top 20 hold ~59% ordinary shares 5,050,000 20 Additional geological and other information Creating value from exploration for investors 21 Geophysics- IP/Resistivity Survey Line 5700N Resistivity & chargeability pseudosections + inversions Creating value from exploration for investors Line 7300N 22 Ground Magnetics Ground magnetometer survey data and interpretation – buried heat source? Creating value from exploration for investors 23 Drill Hole #1 The drilling results confirm a local source to the rock and soil geochemistry. Rocks intersected are typical of HSE systems. Creating value from exploration for investors 24 Drill Hole #2 The drilling results confirm a local source to the rock and soil geochemistry. Rocks intersected are typical of HSE systems. Creating value from exploration for investors 25 Drill Hole #3 The drilling results confirm a local source to the rock and soil geochemistry. Rocks intersected are typical of HSE systems. Creating value from exploration for investors 26 Legal Disclaimer 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. Greg Steemson who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr. Steemson is the managing director of EMU NL and has sufficient experience that is relevant to the style of mineralization 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. Mr. Steemson 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 27