Announcement PDF EMU NL ABN 50 127 291 927 INTERIM FINANCIAL REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2025 This interim financial report does not include all the notes of the type normally included in an annual financial report. This report is to be read in conjunction with the Annual Report for the year ended 30 June 2025 and any public announcements made by Emu NL during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001. Page 2 THIS PAGE HAS BEEN LEFT INTENTIONALLY BLANK Page 3 CONTENTS Page Number DIRECTORS’ REPORT 4 AUDITOR’S INDEPENDENCE DECLARATION 13 CONSOLIDATED STATEMENT OF FINANCIAL PERFORMANCE 14 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 15 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 16 CONSOLIDATED STATEMENT OF CASH FLOWS 17 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 18 DIRECTORS’ DECLARATION 26 INDEPENDENT AUDITOR’S REVIEW REPORT TO THE MEMBERS 27 COMPETENT PERSON’S STATEMENT Any details contained herein that pertain to exploration results, mineral resources or mineral reserves are based upon information compiled by Mr Kurtis Dunstone,a CompetentPerson who is aMember 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 4 DIRECTORS’ REPORT Your directors are pleased to present 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 half-year ended 31 December 2025. DIRECTORS The names of the directors who held office during or since the end of the period are: John Anderson (Appointed 29.9 2025) Peter Swiridiuk (Appointed 27.10 2025) James Knowles (Appointed 1.12.2025) Peter Thomas (Resigned 28.11.2025) Adrian Griffin (Appointed 28.9.2025, Removed by resolution 28.11.2025) Tim Staermose (Removed by resolution 29.9 2025) Oliver Douglas (Removed by resolution 29.9.2025) Ian Davies (Appointed 3.10 2025, resigned 28.11.2025) Cory Nolan (Appointed 28.11 2025, resigned 1.12.2025) REVIEW AND RESULTS OF OPERATIONS Revenues and results A summary of the Group’s revenues and results for the period is set out below: Half Year Ended 31 December 2025 Revenues $ Net Result $ Consolidated entity revenues and loss 40,259 (333,311) Overview During the half-year ended 31 December 2025, EMU NL (“EMU” or “the Company”) transitioned to a single- project, copper–gold focused exploration company, following the disposal of its Western Australian assets and the retirement of all corporate debt. The Company’s activities during the period were concentrated on advancing the Georgetown Project in Far North Queensland, with particular emphasis on the Yataga Copper Project, including preparatory work and the commencement of EMU’s maiden drilling programme at the Fiery Creek Prospect. Georgetown Project – Queensland (EMU 83%, Rugby Mining Pty Ltd 17%, diluting) Yataga Copper Project The Yataga Copper Project forms part of EMU’s broader Georgetown Project and is located within the Georgetown Mining District, a historically productive but under-explored mineral province in Far North Queensland. The Yataga Copper Project is centred on the Yataga Intrusive Complex, a Permian-age granitoid body of approximately 70 km², defined by a distinctive circular magnetic signature and hosting widespread copper mineralisation. DIRECTORS’ REPORT (Continued) Page 5 Figure 2: Yataga Intrusive Complex magnetic and geology map DIRECTORS’ REPORT (Continued) Page 6 Geological Setting and Mineralisation Exploration completed to date demonstrates that copper mineralisation is distributed throughout the Yataga Intrusive Complex and is interpreted to emanate from a fractionated granitic core. Mineralisation is expressed at surface within veins, shear zones and aplite dyke swarms, with the Fiery Creek and Yataga Valley prospects representing structurally focused zones within the broader system. Copper mineralisation is associated with anomalous molybdenum, silver, bismuth and tellurium, with zonation patterns consistent with a porphyry-style intrusive system. Gold mineralisation is also present and is considered an integral component of the broader copper–gold system rather than a peripheral or unrelated overprint. Figure 3: Soil (termite mound) geochemical sample grid with copper heat map showing the main prospects at Yataga Valley and Fiery Creek within the circular shaped Yataga Intrusive Complex DIRECTORS’ REPORT (Continued) Page 7 Fiery Creek Prospect – Maiden Drilling Programme Planning and Preparatory Work (June – September 2025) During theJune and September 2025quarters, EMU completed extensivepreparatory work tobring the Fiery Creek Prospect to drill-ready status. This included:  Finalisation of geological and structural interpretations;  Integration of geochemical and geophysical datasets;  Drill hole targeting and collar planning;  Land access and permitting;  Contractor selection and mobilisation planning. The maiden drilling programme was originally scheduled to commence in August 2025 but was deferred pending review by the newly appointed Board following corporate changes during the September quarter. Drilling Activities (November – December 2025) The maiden reverse circulation (“RC”) drilling programme at Fiery Creek commenced in November 2025. Key outcomes during the period included:  12 RC drill holes completed for 1,978 metres, out of a planned 15 holes (~2,500 metres);  Drilling was temporarily suspended in late December due to adverse weather conditions associated with the onset of the wet season. RC drilling intersected visible primary copper sulphide mineralisation in multiple drill holes, including:  Disseminated and vein-hosted chalcopyrite;  Associated bornite and secondary cuprite;  Mineralisation observed to be structurally controlled and concordant with mapped surface features. All samples were dispatched for laboratory analysis, with assay results expected to be reported in the subsequent reporting period. DIRECTORS’ REPORT (Continued) Page 8 Figure 4. Shows the location of the planned drill holes at the Fiery Creek prospect and their relationship with soil geochemistry, outcropping mineralisation and geophysical anomalies. DIRECTORS’ REPORT (Continued) Page 9 Planned Diamond Drilling – Fiery Creek Based on observations from RC drilling, EMU planned a targeted diamond drilling programme to further evaluate the geometry, thickness and structural controls of mineralised zones intersected at Fiery Creek. Diamond drilling is intended to twin selected RC holes and test the cataclastic–mineralised shear zones at depth, subject to weather conditions. Yataga Valley Prospect Within the Yataga Intrusive Complex, Yataga Valley is recognised as EMU’s highest-priority copper target. The prospect is defined by a regionally significant structural corridor coincident with strong geochemical and geophysical anomalies and remains largely untested by drilling. During the half-year, planning commenced for a maiden drilling programme at Yataga Valley, targeted for execution at the earliest opportunity during the 2026 field season, following completion of initial work at Fiery Creek. Figure 5. Example of a filtered magnetic intensity anomaly pseudocolour image shown as a transparent image on a filtered greyscale background (tmi-rtp-hvd on 1vdagc) zoomed-in to show the Yataga Project area. Areas of low magnetic intensity within the central part of the Yataga intrusion may be caused by magnetite destruction from contact metamorphism and may be associated with Cu mineralisation. DIRECTORS’ REPORT (Continued) Page 10 Gold Exploration – Georgetown Project Inadditiontocopper exploration, EMU reviewed historicgold data across the Georgetown Project area. Numerous historic gold occurrences are recorded within the tenements, with reported rock chip grades of up to 224 g/t Au recorded at numerous prospects. The Company commenced planning for renewed gold-focused field programmes, aimed at:  Establishing geological and structural vectors to mineralisation;  Integrating gold targets into the broader copper–gold system model;  Prioritising drill-ready gold targets for the 2026 exploration season. Corporate Activities During the half-year, EMU:  Completed the sale of the Badja Gold Project in Western Australia;  Retired all outstanding corporate debt;  Completed equity raisings to fund exploration activities;  Undertook Board and management changes;  Responded to and resolved matters before the Takeovers Panel. Health, Safety, Environment and Community  Health & Safety: No injuries or reportable incidents recorded during the period.  Environment: No environmental incidents reported.  Social and Heritage: EMU continued engagement with stakeholders to maintain its social licence to operate. Forward Work Programme The Company’s immediate priorities following the end of the half-year include:  Completion of remaining RC drilling at Fiery Creek;  Commencement of diamond drilling at Fiery Creek;  Advancement of Yataga Valley to maiden drilling including deep drilling of geophysical targets within the core of the system;  Field-based gold exploration across the Georgetown Project during the 2026 season. CORPORATE Changes in Securities During the reporting period:  1,138,952 partly-paid contributing shares were issued at $0.001 each as payment of an equity based commitment fee on a loan facility made available by Northmead Holdings Pty Ltd;  1,619,051 Performance Rights expired as unexercised on 22 September 2025;  34,740,607 fully paid ordinary shares were issued at $0.017 each pursuant to a non-renounceable rights issue resulting in the Company receiving a total of $590,591 before costs;  34,740,607 options (exercisable at $0.05 each, expiry 28 September 2030) to acquire fully paid ordinary shares were issued on the basis of 1 option for every 1 shares subscribed pursuant to the above non- renounceable rights issue;  1,176,471 fully paid ordinary shares were issued at $0.017 each in satisfaction of professional services rendered to a value of $20,000;  1,176,471 options (exercisable at $0.05 each, expiry 28 September 2030) to acquire fully paid ordinary shares were issued in respect of the above issue of shares; DIRECTORS’ REPORT (Continued) Page 11  3,400,000 options to acquire partly paid contributing shares, subject to a further call of $0.0749 each, were exercised by directors at $0.0001 each;  39,000,000 fully paid ordinary shares were issued at $0.036 each via a private placement to sophisticated and professional investors resulting in the Company receiving a total of $1,404,000 before costs; Other A General Meeting of Members was held 29 September 2025. Resolutions to appoint Mr John Anderson as a director, and to remove Messrs Oliver Douglas and Tim Staermose as directors were considered at that meeting and were passed and carried on a poll with the requisite majority. Resolutions to remove Mr Peter Thomas as a director and to elect Mr Keith Rowe as a director were withdrawn, the first as a consequence of Mr Thomas’s resignation as a director on 28 September and the second in respect of Mr Rowe’s withdrawal of his consent to act as a director of the Company if elected. The Annual General Meeting of Members (AGM) was held on 28 November 2025. Resolutions to re-elect Messrs John Anderson and Peter Swiridiuk as directors and to approve the ASXLR 7.1A 10% placement capacity were passed and carried on a poll; the resolutions to re-elect Mr Ian Davies was withdrawn; resolutions to adopt the remuneration report, re-elect Mr Adrian Griffin as a director, elect Messrs Paul Ingram, Oliver Douglas as directors, approve the ratification of issues of shares and options in respect of March 2025, May 2025 and September 2025 placements/issues were not carried. EVENTS SUBSEQUENT TO END OF PERIOD Since the reporting date, the Company appointed Mr Doug Grewar as Chief Executive Officer and Managing Director of the Company. Mr Grewar was previously the chief executive officer of the Company from 11 February 2020 until 17 March 2025, when the executive services arrangements were terminated by the Company, with immediate effect, on the basis of alleged breaches of contract. Following the election of the current Board at the 2025 AGM, the Company subsequently conducted an investigation into the circumstances and processes surrounding the termination of these arrangements. The Company concluded that review and determined that allegations to support termination of the arrangements without notice could not be substantiated. The review also identified that a written contract between the Company and Mr Grewar had not been executed. The Company and Mr Grewar (together with his corporate entity, Astrial Pty Ltd) have executed a confidential deed of settlement to release each other from all claims relating to the previous termination of the arrangements with Mr Grewar. The Company has executed a new Executive Services Agreement with Astrial Pty Ltd to appoint Mr Grewar as Chief Executive Officer and Managing Director, with the following key terms:  Commencement Date and Term - 15 February 2026 for an initial 2.5-year term which may be extended by mutual agreement;  Remuneration - $25,000 per month;  Incentives - Up to 2,500,000 fully paid ordinary shares (performance rights) subject to the attainment of agreed key performance indicators during the next 12 months and subject to shareholder approval;  Termination - The Executive Services Agreement may be terminated by the giving of six months’ notice;  The Executive Services Agreement otherwise contains usual terms and conditions in respect of duties and responsibilities, conflicts of interest, leave, confidential information and intellectual property. Other than as noted above, as of the date of this report, no other matter or circumstance has arisen which has significantly affected, or may significantly affect the operations of the Company, the result of those operations, or the state of affairs of the Company in subsequent financial years. DIRECTORS’ REPORT (Continued) Page 12 AUDITOR’S INDEPENDENCE DECLARATION A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 13. This report is made in accordance with a resolution of directors. Signature affixed to original document and held on file John Anderson Chairman 13 March 2026 Page 13 AUDITOR’S INDEPENDENCE DECLARATION To those charged with the governance of EMU NL As auditor for the review of the financial report of EMU NL for the half-year ended 31 December 2025, I declare that, to the best of my knowledge and belief, there have been: i) no contraventions of the independence requirements of the Corporations Act 2001 in relation to the review; and ii) no contraventions of any applicable code of professional conduct in relation to the review. This declaration is in respect of EMU NL and the entities it controlled during the period. Signature of Elderton Audit Pty Ltd affixed to original document and held on file Elderton Audit Pty Ltd Signature of Sajjad Cheema affixed to original document and held on file Sajjad Cheema Director 13 March 2026 Perth Limited liability by a scheme approved under Professional Standards Legislation T +61 8 6324 2900 E info@eldertonaudit.com A Level 28, 140 St Georges Terrace, Perth WA 6000 ABN 51 609 542 458 Wwww.eldertongroup.com Page 14 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 Half-Year Ended 31 December Notes 2025 $ 2024 $ CONTINUING OPERATIONS: REVENUE Interest revenue 13,466 11,148 Expense recoveries 26,793 - FOREX gain - 448 EXPENDITURE Depreciation expense (8,192) (380) Exploration and tenement expenses (679,044) (1,204,017) Key management personnel compensation (354,890) (216,951) Share based payments 9 (15,000) (61,200) Other expenses (614,860) (278,956) LOSS BEFORE INCOME TAX (1,631,727) (1,749,908) Income tax expense - - NET LOSS from Continuing Operations, net of tax (1,631,727) (1,749,908) NET PROFIT from Discontinued Operations, net of tax 1,298,416 - OTHER COMPREHENSIVE INCOME for the period Items that may be reclassified to profit or loss - - Other comprehensive income for the period, net of tax - - TOTAL COMPREHENSIVE (LOSS) FOR THE PERIOD ATTRIBUTABLE TO MEMBERS OF EMU NL (333,311) (1,749,908) Basic and diluted (loss) per share (cents) from Continuing Operations (0.68) (1.30) Basic and diluted profit per share (cents) from Discontinued Operations - Profit from discontinued operations is $0 in the previous period 0.54 - The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes. Page 15 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025 31 December 30 June Notes 2025 $ 2025 $ CURRENT ASSETS Cash and cash equivalents 2,029,512 188,691 Trade and other receivables 180,454 168,973 TOTAL CURRENT ASSETS 2,209,966 357,664 NON-CURRENT ASSETS Motor vehicles, plant and equipment 16,486 24,678 TOTAL NON-CURRENT ASSSETS 16,486 24,678 TOTAL ASSETS 2,226,452 382,342 CURRENT LIABILITIES Trade and other payables 473,017 253,572 TOTAL CURRENT LIABILITIES 473,017 253,572 TOTAL LIABILITIES 473,017 253,572 NET ASSETS 1,753,435 128,770 EQUITY Contributed equity 3 39,422,631 37,488,455 Reserves 4 39,840 101,040 Accumulated losses (37,709,036) (37,460,725) TOTAL EQUITY 1,753,435 128,770 The above consolidated statement of financial position should be read in conjunction with the accompanying notes. Page 16 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 Issued Capital $ Share-based Payments Reserve $ Accumulated Losses $ Total $ BALANCE AT 1 JULY 2024 34,570,938 142,617 (34,747,248) (33,693) Loss for the period - - (1,749,908) (1,749,908) Other comprehensive income - - - - TOTAL COMPREHENSIVE INCOME - - (1,749,908) (1,749,908) TRANSACTIONS WITH OWNERS IN THEIR CAPACITY AS OWNERS Proceeds from issue of shares 2,725,155 - - 2,725,155 Share issue costs (148,874) - - (148,874) Share based payments - options issued to directors - 61,200 -+ 61,200 Share based payments – broker options - 9,058 9,058 Options lapsed as unexercised (103,600) 103,600 - SUB-TOTAL 2,576,281 (33,342) 103,600 2,646,539 BALANCE AT 31 DECEMBER 2024 37,147,219 109,275 (36,393,556) 862,938 BALANCE AT 1 JULY 2025 37,488,455 101,040 (37,460,725) 128,770 Loss from Continuing Operations for the period - - (1,631,727) (1,631,727) Profit from Discontinued Operations for the period 1,298,416 1,298,416 Other comprehensive income - - - - TOTAL COMPREHENSIVE INCOME - - (333,311) (333,311) TRANSACTIONS WITH OWNERS IN THEIR CAPACITY AS OWNERS Proceeds from issue of shares 2,014,931 - - 2,014,931 Share issue costs (71,955) - - (71,955) Share-based payment – Loan fee 15,000 - - 15,000 Performance rights lapsed (85,000) - 85,000 - Options exercised 61,200 (61,200) - - SUB-TOTAL 1,934,176 (61,200) 85,000 1,957,976 BALANCE AT 31 DECEMBER 2025 39,422,631 39,840 (37,709,036) 1,753,435 The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes. Page 17 CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 Half Year Ended 31 December 2025 $ 2024 $ CASH FLOWS FROM OPERATING ACTIVITIES Expenditure on mining interests (484,167) (1,225,521) Sale proceeds from discontinued operations 1,314,721 - Payments to suppliers and employees (564,378) (546,586) Interest received 13,466 11,149 Interest paid (1,315) - Legal fees (360,482) (6,599) Net cash used in operating activities (82,155) (1,767,557) CASH FLOWS FROM INVESTING ACTIVITIES Payments for fixed assets - (2,500) Net cash provided by investing activities - (2,500) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of securities 1,994,931 2,726,154 Share issue costs (71,955) (140,639) Net cash provided by financing activities 1,922,976 2,585,515 Net increase / (decrease) in cash and cash equivalents 1,840,821 815,458 Cash and cash equivalents at the beginning of the half-year 188,691 158,166 CASH AND CASH EQUIVALENTS AT THE END OF THE HALF-YEAR 2,029,512 973,624 The above consolidated statement of cash flows should be read in conjunction with the accompanying notes. Page 18 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTE 1: BASIS OF PREPARATION OF THE HALF-YEAR FINANCIAL REPORT This condensed consolidated interim financial report for the half-year reporting period ended 31 December 2025 has been prepared in accordance with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Act 2001 and does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2025 and any public announcements made by Emu NL during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001. The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period. These financial statements have been prepared on an accruals and historical cost basis, except where indicated. Going concern The financial statements have been prepared on a going concern basis, which contemplates the continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary course of business. For the half-year ended 31 December 2025, the Group incurred a loss from continuing operations of $1,631,727, recognised a profit from discontinued operations of $1,298,416, and reported net operating cash outflows of $82,155. The Group does not currently generate significant operating revenues and continues to rely on external funding to finance its exploration activities. Management has prepared cash flow forecasts covering a period of approximately 16 months from the reporting date. These forecasts include planned exploration and drilling activities. The timing and extent of exploration expenditure are dependent on the Group’s available cash resources, and management has the ability to adjust the level of discretionary exploration expenditure if required. The Group’s ability to continue as a going concern is dependent on its ability to raise additional capital or secure other sources of funding to meet its obligations as they fall due and to continue its planned exploration activities. While the directors believe that the Group will be able to obtain additional funding if required, there can be no assurance that such funding will be available on acceptable terms or at all. These conditions indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern. The financial statements have nevertheless been prepared on a going concern basis, as the directors believe that the Group will be able to obtain sufficient funding to continue its operations. NOTE 2: SEGMENT INFORMATION The Group has identified that it operates in only one segment based on the internal reports that are reviewed and used by the board of directors (chief operating decision makers) in assessing performance and determining the allocation of resources. The Group's principal activity is mineral exploration. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 Page 19 NOTE 3: CONTRIBUTED EQUITY 31 Dec 2025 31 Dec 2024 Number of securities $ Number of securities $ Movements in Ordinary Shares during the half-year: Beginning of the financial period 213,764,724 37,403,455 80,009,222 34,485,938 Issued during the period: Fully paid shares issued – Non-Renounceable Rights Issue and Placements at $0.025 each 48,006,221 1,200,155 Fully paid shares issued – Private placement at $0.025 each 61,000,000 1,525,000 Issue of fully paid shares pursuant to a Controlled Placement Agreement 5,880,000 - Issue of partly paid shares pursuant to a short-term loan agreement 1,138,952 15,000 - - Fully paid shares issued – Non-Renounceable Rights Issue at $0.017 each 34,740,607 590,591 - - Fully paid shares issued - Consulting services at $0.017 each 1,176,471 20,000 - - Partly-paid shares issued pursuant to exercise of options at $0.0001 each 3,400,000 340 - - Value of 34,000,000 options transferred from reserve to equity when exercised - 61,200 Fully paid shares issued – Private placement at $0.036 each 39,000,000 1,404,000 - - Transaction costs: - (71,955) - (148,874) End of the financial period 293,220,754 39,422,631 194,895,443 37,062,219 Movements in Performance Rights: Beginning of the financial period 1,619,051 85,000 1,619,051 85,000 Performance Rights lapsed (1,619,051) (85,000) - - End of the financial period - - 1,619,051 85,000 As at 31 December 2025, the Company had 286,165,546 fully paid ordinary shares, 1,349,586 partly paid ordinary (contributing) shares on issue (90 cents paid, 90 cents unpaid), 1,166,670 partly paid ordinary (contributing) shares on issue (0.003 cents paid, $1.20 unpaid), 1,138,952 partly paid ordinary (contributing) shares on issue (0.001 cents paid, $0.05 unpaid) and 3,400,000 partly paid ordinary (contributing) shares on issue ($0.0001 cents paid, $0.0749 unpaid. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 Page 20 NOTE 4: RESERVES 31 Dec 2025 $ Share Based Payments Reserve Balance at the beginning of the period 101,040 Options exercised to acquire partially paid shares @ $0.0001 each (61,200) Balance at the end of the period 39,840 Total Reserves 39,840 Number of Options 31 Dec 2025 31 Dec 2024 Beginning of the financial period 47,529,193 16,327,679 Movements of options during the half-year Options lapsed as unexercised 7 October 2024 - (5,748,486) Issued, exercisable at $0.10 (to acquire one fully paid share), expiring 31 October 2026 – free attaching options issued together with placements of fully paid ordinary shares at $0.025 - 30,500,000 Issued to lead manager - options exercisable at $0.10 (to acquire one fully paid share), expiring 31 October 2026 - 3,050,000 Issued to directors – options to acquire partly paid shares, exercised at $0.0001 each, before 30 October 2025 (3,400,000) 3,400,000 Issued, exercisable at $0.05 (to acquire one fully paid share), expiring 28 September 2030 – free attaching options issued together with issue of sshares pursuant to a rights issue of fully paid ordinary shares at $0.017 34,740,607 - Issued in respect of professional services rendered - options exercisable at $0.05 (to acquire one fully paid share), expiring 28 September 2030 - – free attaching options issued on same basis as securities issued purssuant to rights issue 1,176,471 - End of the financial period 80,046,271 47,529,193 NOTE 5: DIVIDENDS No dividends were paid during the half-year. No recommendation for payment of dividends has been made. NOTE 6: DISCONTINUED OPERATIONS SALE OF CORUSCANT MINERALS PTY LTD (CMPL) On 15 September 2025 EMU announced that it had entered into a conditional agreement to sell all of the issued capital in its wholly owned subsidiary Coruscant Minerals Pty Ltd, the sole owner of the Badja Gold Project in Western Australia, to Nexus Badjer Pty Ltd. It was subsequently announced on 22 September that the sale had been completed. The total consideration was $3,514,721.10 of which $1,314,721.10 was paid with the balance to be paid upon reaching performance milestones based on gold production from the Badja Project. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 Page 21 Those milestone payments are:  $1,000,000 upon reaching 5000 ounces of gold production; and  $1,200,000 upon the production of a further 5000 ounces of gold production. Should the Badja Gold Project (either directly or indirectly through the sale of shares in Coruscant) be on-sold by the current owner, the outstanding performance based payments will become immediately due and payable. None of the milestones have been reached as at the end of this reporting period. Loss from discontinued operations Revenue 1,314,721 Exploration expense (16,305) Net profit from discontinued operations for the period 1,298,416 Profit from disposal The carrying value of CMPL at date of disposal was as follows: Capitalised explorations costs - Total Net Assets - Consideration received in cash 1,314,721 Total consideration 1,314,721 Gain on disposal 1,298,416 Total gain on discontinued operations 1,298,416 NOTE 7: CONTINGENCIES and COMMITMENTS Tenement Expenditure Commitments Georgetown Joint venture The Company advised in September 2025 that a reconciliation of sole expenditure incurred by EMU during the farm-in phase of the Georgetown JV, had been completed and agreed to by its joint venture partner, Rugby Mining Pty Ltd (Rugby). EMU’s contribution to expenditure exceeded that required to earn its 80% interest and Rugby has elected to dilute. EMU’s increased interest (agreed with Rugby) now aggregates 83%. Rugby has also elected not to contribute to the next approved budget, which will result in EMU’s interest increasing further. EMU is the manager of the Joint Venture. Exploration on the tenements is subject to the native title conditions as per relevant legislation. Other than as described above, there are no material contingent liabilities or contingent assets of the Group at the reporting date. Contingent Receipts on sale of Coruscant Minerals Pty Ltd O