Announcement PDF ANNUAL REPORT YEAR ENDED 30 JUNE 2026 ABN 50 127 291 927 CORPORATE INFORMATON Page 1 DIRECTORS JOHN ANDERSON Non-Executive Chairman DOUG GREWAR Managing Director and CEO PETER SWIRIDIUK Non-Executive Director JAMES KNOWLES Non-Executive Director COMPANY SECRETARY and CFO Rudolf Tieleman Registered Office Unit 3, 180 Main Street Kangaroo Point QLD 4169 Principal Place of Business Unit 3, 180 Main Street Kangaroo Point QLD 4169 Telephone: +61 438 237 831 Postal Address PO Box 1112 West Perth WA 6872 Email info@emunl.com.au Internet Address www.emunl.com.au AUDITORS Elderton Audit Pty Ltd Chartered Accountants Level 28, 140 St George’s Terrace Perth WA 6000 FOR SHAREHOLDER INFORMATION CONTACT Share Registry 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 ASX COMPANY CODES Emu NL is listed on the Australian Securities Exchange (ASX codes: EMU and EMUCA). ISSUED CAPITAL 405,497,648 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. 1,138,952 partly paid ordinary shares, paid to $0.001, unpaid as to $0.05 each. 3,400,000 partly paid ordinary shares, paid to $0.0001, unpaid as to $0.0749, no call before 31.10.2027. 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. 119,332,102 Options to acquire fully paid ordinary shares, exercisable at $0.03 each, on or before 31.1.2027. 35,917,078 Options to acquire fully paid ordinary shares, exercisable at $0.05 each, on or before 28.9.2030. CONTENTS Page 2 Review of Operations 3 Directors' Report 12 Auditor’s Independence Declaration 25 Consolidated Entity Disclosure and Corporate Governance Statements 26 Consolidated Statement of Financial Performance 27 Consolidated Statement of Financial Position 28 Consolidated Statement of Changes in Equity 29 Consolidated Statement of Cash Flows 30 Notes to the Consolidated Financial Statements 31 Directors' Declaration 51 Independent Audit Report 52 ASX Additional Information 56 REVIEW OF OPERATIONS Page 3 ACTIVITIES EMU NL is an Australian exploration company, engaged in the search for copper and gold deposits in the highly prospective Yataga Valley copper project in northern Queensland, Australia. Its three Georgetown tenements comprise approximately 850 km2 , and include EPM 27667 Fiery Creek, EPM 27664 Georgetown and EPM 276642 Perpendicular Creek. At the Yataga Igneous complex, intrusive granitoid extends 70km2 located largely within one of those tenements, EPM 27667. A recent discovery of widespread surficial copper mineralisation along the NNW-SSE shear zone occur in the central part of the Yataga Copper project. The Company completed approximately 2,272 metres of reverse circulation and diamond drilling, marking the first systematic drill testing of priority geochemical and geophysical targets. This program was designed to validate the geological model and understand the controls on mineralisation. It has achieved that objective and, more importantly, demonstrated that Fiery Creek forms part of a broader and coherent mineralised system. Drilling has identified a wide mineralised corridor, approximately 50 metres in width, characterised by copper–silver mineralisation hosted within a steeply dipping structural zone. This mineralisation is closely associated with intrusive phases, including aplite bodies, indicating a strong magmatic influence. As a result, geological interpretation has evolved materially. The system is now understood to be a hybrid structural–intrusive mineral system, rather than a simple vein-hosted target. This interpretation is consistent with large-scale intrusive-related mineral systems and provides a robust framework for ongoing exploration. Drilling has confirmed:  The presence of a central feeder structure acting as the primary fluid pathway  A network of branching mineralised zones extending from this feeder  A strong relationship between structure, intrusive activity, and grade distribution This evolving model provides a predictive framework for exploration and significantly enhances targeting confidence. Yataga Valley – The Focus With the geological model now validated, the Company is transitioning its focus toward Yataga Valley, which represents the highest-priority target within the project area. Geophysical datasets at Yataga Valley define large, coherent chargeability anomalies interpreted to represent sulphide-rich zones associated with intrusive centres. These features align closely with the mineralisation model confirmed at Fiery Creek. Importantly, Fiery Creek has demonstrated that the broader intrusive complex is fertile and capable of hosting mineralisation. Yataga Valley is considered to represent the core of this system, with potential for larger-scale and more continuous mineralisation. REVIEW OF OPERATIONS Page 4 Positioned for Targeted Drilling The Company is now preparing for a more focused and impactful drilling campaign at Yataga Valley. Upcoming work will include:  Integration of final diamond drill assays into the geological model  Completion of an integrated 3D geological and geophysical model  Finalisation of drill targets focused on intrusive centres and structural intersections This work will underpin a systematic drilling program aimed at testing the core of the mineral system, where the potential for scale and grade is considered highest. The 10,000m Drill Programme EMU embarked on a Non Renounceable Rights Issue to raise up to $3,665,259. The funds raised will be directed toward a focused reverse circulation and diamond drilling programme at Yataga Valley to directly test the core of the system. The programme is designed to drill beneath coherent copper anomalies, intersect geophysical chargeability zones interpreted as sulphide mineralisation, and validate the geological and structural framework of the intrusive core. It is also expected to deliver high-quality geological data to refine the model and guide follow- up drilling. Drill targets have been generated, and a contractor has been engaged, with appropriate rigs and support equipment secured for an estimated 10,000 metre programme. This will be the first meaningful test of the heart of the Yataga Intrusive Complex. Overview The year ended 30 June 2026 represented a significant transition for EMU NL (“EMU” or the “Company”), with the Company consolidating its exploration focus on the Georgetown Project in Far North Queensland and, in particular, the Yataga Valley Copper Project (“Yataga”). During the year EMU progressed Yataga from an early-stage surface exploration target through its first systematic drilling programme at Fiery Creek. The results materially advanced the geological understanding of the Yataga Intrusive Complex and confirmed the presence of a broad copper-silver mineralised system associated with intrusive rocks and major structural controls. The work completed during the year provided an important technical foundation for the next phase of exploration, with the Company's focus shifting toward testing the larger-scale copper potential of Yataga . Georgetown Project – North Queensland The Georgetown Project is located within the Georgetown Mining District of Far North Queensland and encompasses the Yataga Intrusive Complex together with a number of prospective copper and gold targets. EMU is manager of the Georgetown Joint Venture. During the year the Company's interest increased as joint venture partner Rugby Mining Pty Ltd elected not to contribute to ongoing exploration expenditure. Exploration during FY2026 was principally directed towards establishing the geological model and mineralisation controls within the Yataga Intrusive Complex. The programme integrated geological mapping, geochemistry, geophysics and drilling, with work initially concentrated at Fiery Creek before progressing to the larger Yataga target. Fiery Creek – Maiden Drilling Programme Following completion of access, regulatory and site preparation requirements, EMU commenced the maiden drilling programme at Fiery Creek during November 2025. The initial drilling programme was designed to test copper mineralisation identified at surface together with REVIEW OF OPERATIONS Page 5 coincident geological, geochemical and geophysical anomalies. Drilling initially comprised reverse circulation drilling, with diamond drilling subsequently incorporated to provide improved geological and structural information. Drilling was interrupted by the North Queensland wet season in late December 2025 before recommencing during the March 2026 quarter. In total, approximately 2,272 metres of reverse circulation and diamond drilling was completed. The programme successfully intersected copper mineralisation beneath the extensive surface anomalies. Early drilling recorded visible primary copper sulphides including chalcopyrite and bornite, confirming that the surface copper anomalism extended into the bedrock system. Subsequent laboratory assays returned multiple zones of copper-silver mineralisation, (refer to ASX announcement dated 23 March 2026) including:  13 metres at 0.49% Cu and 9.7 g/t Ag;  3 metres at 0.60% Cu and 13.3 g/t Ag; and  narrower higher-grade intervals exceeding 1% Cu. Importantly, the significance of the drilling extended beyond individual intersections. Geological interpretation identified a mineralised corridor approximately 50 metres wide associated with a steeply dipping structural zone and intrusive phases, including aplite bodies. These relationships materially changed EMU's interpretation of Fiery Creek. Rather than representing an isolated vein or shear-hosted occurrence, drilling demonstrated that Fiery Creek forms part of a broader structural-intrusive mineral system within the Yataga Intrusive Complex. Mineralisation remains open along strike and at depth. Evolution of the Yataga Geological Model One of the most important outcomes from FY2026 was the advancement of the Company's geological model for Yataga. The integration of drilling results with geological mapping, surface geochemistry and geophysical datasets demonstrated a close relationship between copper-silver mineralisation, intrusive phases and major structures. The Fiery Creek drilling therefore achieved an important exploration objective: establishing geological controls and providing vectors that can be applied across the broader Yataga Intrusive Complex. This work strengthened the Company's focus on Yataga , where the scale of the geochemical and geophysical responses and the interpreted intrusive architecture provide a compelling target for the next stage of exploration drilling. EMU consequently commenced detailed planning during the second half of the financial year ahead of first drilling programme specifically targeting Yataga Fiery Creek Prospect. REVIEW OF OPERATIONS Page 6 Yataga – Next Phase of Exploration Yataga represents the Company's principal exploration target within the broader Yataga Intrusive Complex. Following interpretation of the Fiery Creek drilling and further technical review of the regional datasets, EMU developed a substantially expanded drilling programme designed to test the larger intrusive-related copper system interpreted beneath Yataga . Preparations during the June 2026 quarter included refinement of drill targets, technical review and integration of geological and geophysical datasets, drilling contractor arrangements, access planning and mobilisation preparations. The programme was designed to utilise a combination of reverse circulation and diamond drilling, allowing efficient testing of the principal targets while providing diamond core where detailed geological, structural and alteration information when warranted. By 30 June 2026, preparations for the drilling programme were substantially advanced, positioning EMU to commence the maiden drilling programme at Yataga immediately following the end of the financial year. Portfolio Rationalisation – Badja Gold Project During September 2025, EMU completed the sale of its wholly owned subsidiary Coruscant Minerals Pty Ltd, owner of the Badja Gold Project (“Badja”) in Western Australia. The transaction provided total potential consideration of approximately $3.51 million, comprising $1.31 million received on completion and a further $2.20 million in deferred consideration linked to future gold production milestones at Badja. The deferred consideration may also become payable earlier in certain circumstances should the Badja project or owning entity subsequently be sold. Proceeds received from the transaction enabled EMU to retire its outstanding loan facility and redirect capital and management resources towards exploration of Yataga. The divestment represented an important strategic step in simplifying the Company's portfolio and establishing Yataga as EMU's principal exploration focus. Funding Exploration During the year EMU undertook capital initiatives directed primarily toward funding the expanded exploration programme at Yataga. In November 2025, the Company secured commitments for approximately $1.4 million through a placement to professional and sophisticated investors. Following the Fiery Creek drilling results, EMU launched a non-renounceable rights issue during March 2026 to fund the next phase of exploration at Yataga. The Company raised approximately $2.83 million before costs through the entitlement offer and the placement of shortfall shares, comprising approximately $1.63 million from eligible shareholders and a further $1.2 million from the placement of shortfall shares before year end, with an additional $153k being placed as shortfall shares subsequent to the end of the year. REVIEW OF OPERATIONS Page 7 These funding initiatives provided the financial platform for EMU to progress from the initial Fiery Creek drilling campaign into the substantially larger Yataga exploration programme. Outlook FY2026 materially advanced EMU's understanding of Yataga. The maiden drilling programme at Fiery Creek demonstrated that copper-silver mineralisation identified at surface continues at depth and is associated with a broader structural and intrusive system. Just as importantly, the programme provided geological information that has enabled the Company to refine its exploration model and establish clearer vectors for targeting within the wider Yataga Intrusive Complex. EMU entered FY2027 with its exploration strategy increasingly concentrated on Yataga and with funding, technical planning and drilling preparations substantially advanced. The next phase represents the first direct drill test of the larger-scale targets at Yataga and is designed to determine whether the mineral system demonstrated at Fiery Creek forms part of a substantially larger intrusive-related copper system within the Yataga Intrusive Complex. Events Subsequent to Reporting Date Yataga Valley Drilling Programme Subsequent to the end of the financial year, EMU commenced its maiden drilling programme at Yataga , marking the next major phase of exploration of the Yataga Intrusive Complex. Drilling commenced in early July 2026 following completion of site preparation, access, heritage clearance and mobilisation activities. The programme represents a significant expansion from the Company's FY2026 drilling at Fiery Creek and has been designed to directly test the larger-scale intrusive-related copper targets developed from the integration of geological mapping, geochemistry, geophysics and the results of the Fiery Creek drilling programme. The programme comprises a combination of reverse circulation and diamond drilling, providing flexibility to efficiently test the principal target areas while obtaining diamond core for detailed geological, structural and alteration analysis. Initial drilling has provided important new geological information and has confirmed the presence of an extensive intrusive system beneath Yataga. Drilling has intersected intrusive lithologies, alteration and zones of sulphide mineralisation consistent with the geological model developed by the Company's exploration team. Importantly, the early drilling has enabled EMU to progressively refine the geological model and optimise the orientation and positioning of subsequent drill holes. The programme is therefore being actively managed as geological information becomes available, rather than being undertaken as a fixed sequence of predetermined holes. The drilling programme is designed to establish the scale, geometry and geological controls of the mineral system and to determine whether the copper mineralisation and intrusive relationships identified at Fiery Creek extend into, or form part of, the substantially larger Yataga Intrusive Complex. REVIEW OF OPERATIONS Page 8 At the date of this Annual Report, drilling remains ongoing and laboratory assay results from the programme will be progressively received and assessed. The results will be integrated with geological logging, geochemistry and geophysical datasets to guide subsequent drilling and determine the next phase of exploration across the Yataga Intrusive Complex. The commencement of drilling at Yataga represents an important progression for EMU, moving the project from target generation and initial geological validation during FY2026 into systematic testing of the Company's highest-priority copper exploration targets. Maiden Drilling Programme - Yataga Copper Project Georgetown, QLD 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. REVIEW OF OPERATIONS Page 9 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 its 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. Additional equity financing may dilute shareholdings. 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. 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, a meeting was convened and held on 29 September 2025, per Orders of the Takeovers Panel. A number of resolutions w ere put to the members at that meeting, the results of which were announced to the ASX on 30 September 2025. As a consequence, Messrs Staermose and Douglas ceased as directors, Mr Thomas having already resigned prior to the meeting, and Mr Anderson was appointed as director. 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 REVIEW OF OPERATIONS Page 10 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. 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. REVIEW OF OPERATIONS Page 11 COMPETENT PERSON’S STATEMENT The information in this report that relates to Exploration Results and Mineral Resources is based upon and fairly represents information compiled by or compiled under the supervision of Peter Swiridiuk - Member of the Aust. Inst. of Geoscientists. Peter Swiridiuk is a non-executive director of the Company. Peter Swiridiuk has sufficient experience which is relevant to the type of mineralisation and type of deposit under consideration to qualify as Competent Person as defined in the 2012 Edition of the “Australasian Code of Reporting Exploration Results, Mineral Resources and Ore Resources”. Peter Swiridiuk consents to the inclusion in the report of the matters based on the information in the form and context in which it appears. Additionally, Mr Swiridiuk confirms that the entity is not aware of any new information or data that materially affects the information contained in the ASX releases referred to in this report. DIRECTORS’ REPORT Page 12 CORPORATE Board Changes During the financial year, there have been extensive board changes. These are detailed elsewhere in this report. Takeover Panel: The Takeovers Panel made various orders (Orders) which resulted in an Extraordinary General Meeting (New Meeting) being called to be convened on 29 September 2025, That meeting addressed the removal of incumbent directors and the appointment of a single director (noting that Mr Rowe had previously given his consent to act as a second director but had withdrawn that consent). The Orders required that EMU comply with various procedural matters in relation to the conduct of that New Meeting including the preparation of notices and proxies, the appointment of an independent scrutineer, and excluded the shares issued as a private placement on 14 May 2025 from being voted at the New Meeting. EMU undertook not to allot or issue any shortfall securities in relation to the Entitlement Offer announced on 8 September 2025 until 13 October 2025 (being 14-days after the New Meeting). The matter has now been resolved. Loan Facility: On 5 September 2025, the Company advised that it had secured a debt facility of up to $500,000, secured over the assets which comprised Badja in Western Australia. The loan was drawn down in a single tranche as to $200k and was repaid in full, together with interest, from the sale proceeds of that Project (see ASX release 15 September 2025). The facility included an equity based commitment fee satisfied by the issue of 1,138,592 unlisted contributing shares paid to $0.001 and unpaid to $0.05. Georgetown Joint Venture: The Joint Venture Agreement between EMU NL (for its wholly owned subsidiary Georgetown Projects Pty Ltd) and Rugby Resources Ltd (Rugby) has been activated. EMU has earned a 83% interest (current?) in the tenements by spending a total of $2,331,000 on exploration or development, has been appointed manager of the project and will determine all programmes and budgets during the joint venture period. Rugby has advised its intent to not contribute to programmes and thus dilute its interest in the joint venture, but if its interest is diluted to less than 5%, that interest will convert to a 2% net smelter royalty. Sale of Badja: EMU advised on 15 September and 22 September 2025 as to the agreement to sell and subsequent completion of the sale of its Badja for a total potential consideration of $3,514,721. This resulted in $1,314,7210 being received with the balance to be paid conditional upon reaching performance milestones based on gold production from Badja. 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. Change of Registry: As of 27 September 2025, the responsibility for the Company’s share registry services was transferred from Automic Pty Ltd (Automic) to Xcend Pty Ltd (XCEND). Performance Rights: The Performance Rights being part of the June 2021 acquision cost of Coruscant Minerals Pty Ltd lapsed on 22 September 2025 and were cancelled. DIRECTORS’ REPORT Page 13 Capital Raising activities The Company made two non-renounceable rights offer (Offer) during the financial year. The first was in respect of one share for every 2 shares held, at $0.017 each with a free attaching 5 year option exercisable at $0.05 each. The record date for the entitlement was 11 September 2025 and the offer closed 23 September 2025. The second was in respect of one share for every 2 shares held, at $0.025 each with a free attaching option exercisable at $0.03 each, expiring 31 January 2027. The record date for the entitlement was 30 March 2026 and the offer closed 16 April 2026. The Company also issued the following sec