Announcement PDF EMU NL ANNUAL REPORT YEAR ENDED 30 JUNE 2022 CORPORATE INFORMATION Emu NL ABN 50 127 291 927 Directors Peter Thomas (Non-Executive Chairman) Gavin Rutherford (Non-Executive Director) Terence Streeter (Non-Executive Director) Tim Staermose (Non-Executive Director) Company Secretary Damien Kelly Registered Office C/- Elderton Audit Pty Ltd Level 2, 267 St George’s Terrace PERTH WA 6000 Principal Place of Business 10 Walker Avenue WEST PERTH WA 6005 Telephone: +61 8 9226 4266 Postal Address PO Box 1112 WEST PERTH WA 6872 Share Register Automic Group Level 5, 191 St George’s Terrace PERTH WA 6000 GPO Box 5193 SYDNEY NSW 2001 Telephone: +61 2 8072 1400 or 1300 288 664 Auditors Elderton Audit Pty Ltd Level 2, 267 St George’s Terrace PERTH WA 6000 Email info@emunl.com.au Internet Address www.emunl.com.au Stock Exchange Listing Emu NL is listed on the Australian Securities Exchange (ASX codes: EMU and EMUCA). 1 CONTENTS Review of Operations 3 Directors' Report 6 Auditor’s Independence Declaration 15 Corporate Governance Statement 16 Consolidated Statement of Financial Performance 17 Consolidated Statement of Financial Position 18 Consolidated Statement of Changes in Equity 19 Consolidated Statement of Cash Flows 20 Notes to the Consolidated Financial Statements 21 Directors' Declaration 39 Independent Audit Report 40 ASX Additional Information 43 2 REVIEW OF OPERATIONS ACTIVITIES Emu NL (ASX:EMU) completed a busy year with significant on ground activities over its Western Australian based portfolio of exploration assets. Following drilling success in the previous period, EMU heightened its exploration focus on drilling at the “Badja Project” (Project incorporating Gnows Nest Project, Monte Cristo, Watertank Hill and Flying Emu prospects), near Yalgoo, WA. Follow up of geochemistry auger drilling surveys led to EMU commissioning fixed loop electromagnetic geophysics surveys at Graceland (Near Hyden, WA) and Viper (Near Jerramungup, WA). The surveys resulted in the electromagnetic conductor responses which have further led to definition of drilling vectors. The designed drill collar locations are supported by geochemical with significant magnetic anomalism, highlighting encouraging targets for nickel sulphides mineralisation. Administrative work to facilitate ground disturbing activities continued at the Sunfire Project, (near Bridgetown WA), which has positioned the Company to commence on ground activities at the Project during FY23. At Badja, EMU achieved success in further delineating high grade gold at the historic Gnows Nest gold mine and at Monte Cristo prospect. EMU made two additional high grade gold discoveries along strike and on the same geological structure as the Monte Cristo lode. The drilling also revealed high grade tungsten occurrences along the Monte Cristo structure. Watertank Hill and Flying Emu, prospects that are situated on the same strike as Monte Cristo, were discovered in the targeted drilling programme. Staged reverse circulation (RC) and aircore (AC) drilling programmes, which were implemented to follow up on EMU’s maiden drilling programme completed in FY22, tested geochemical anomalism from the comprehensive and systematic soils surveys conducted during the 2nd quarter. Results from Stages 2, 3 and 4 drilling programmes confirmed continuing high grade gold lodes on the contacts with banded iron formation within greenstone regolith settings at the Monte Cristo, Watertank Hill and Flying Emu prospects. The drilling extended the known Gnows Nest mineralisation along the northern strike and confirmed high-grade plunging gold shoots, at depth, to the south and north of the historically defined Gnows Nest gold mine. Gnows Nest Gold Mine high grade gold intersects reported: o 7m at 10.12g/t gold from 131m including;  1m at 40.38g/t gold from 131m and o 2m at 12.62g/t gold from 121m including;  1m at 18.57g/t gold from 121m and o 2m at 11.43g/t gold from 208m including;  1m at 17.53g/t gold from 208m; and o 1m at 6.83g/t gold from 144m; and o 1m at 5.11g/t gold from 53m High-grade gold mineralisation was also intersected at the Monte Cristo Prospect. Significant gold intercepts included: o 4m at 9.74g/t gold from 32m (composite sample); o 4m at 3.02g/t gold from 100m (composite sample); o 7m at 2.18g/t gold from 173m including;  1m at 4.09g/t gold from 173m, and  1m at 2.30g/t gold from 175m 3 REVIEW OF OPERATIONS o 3m at 2.73g/t gold from 124m including;  1m at 3.86g/t gold from 124m, and  1m at 4.09g/t gold from 125m; o 3m at 2.51g/t gold from 126m including;  1m at 4.28g/t gold from 126m. The maiden drilling programme at Watertank Hill discovered high grade gold: o 2m at 9.94g/t gold from 51m including;  1m at 19.35g/t gold from 51m o 2m at 3.77g/t gold from 51m including;  1m at 6.01g/t gold from 52m o 6m at 1.12/t gold from 29m including;  1m at 2.30g/t gold from 32m. The maiden drill programme at Flying Emu Prospect returned gold intercepts; o 9m at 3.44g/t gold from 39m including; o 2m at 10.14g/t gold from 39m High grade tungsten was discovered in the Monte Cristo area incorporating Watertank Hill and Flying Emu prospects with significant results identified from a limited subset of multi element assays from EMU’s maiden drill programme undertaken in FY21. Tungsten initially appeared to be co incident with gold, however further assessment needs to be undertaken to confirm this theory. EMU assessed drill chips from the RC programmes with UV black light and noted the presence of visual fluorescing scheelite in the UV light in broad intercepts throughout the mineralised area. Significant high grade tungsten values which are associated with gold mineralisation at the Monte Cristo prospect include; o 12m at 0.12% WO3 from 58m (21MC001) including;  1m at 0.64% WO3 from 59m o 6m at 0.18% WO3 from 58m (21MC002) including;  1m at 0.44% WO3 from 59m o 4m at 0.14% WO3 from 28m (21MC003): composite sample Several regional targets, identified from soil survey anomalies, were tested with aircore drilling during the Stage 3 drill programme. The drilling has confirmed the concentration of gold occurrences along the banded iron contact and structural settings. The aircore drilling programme also confirmed the accuracy of geochemistry in targeting mineral concentrations situated over these structural settings. Following a systematic auger drilling programme conducted last year at Graceland and Viper Projects, EMU identified elevated nickel copper and gold results from assays at both projects. At Graceland, which also displays significant magnetic and gravity anomalism, EMU completed 5 fixed electromagnetic loop surveys over the anomalous areas. Several electromagnetic conductors were identified in the surveys which were situated predominantly over the eastern margin of the magnetic high. The success of the fixed loop electromagnetic surveys prompted EMU to apply for an additional tenement package to the north and east, adjoining the 4 REVIEW OF OPERATIONS Graceland project tenements. The new tenements highlight extensions of the magnetic and gravity high anomalies found at Graceland. Coincident with elevated geochemistry at Graceland, EMU and its geophysics consultancy group, Resource Potentials, prepared an RC drilling programme to test these priority conductors. EMU will target nickel sulphides in the drilling programme which is scheduled in Q2 FY23. At the Viper Project, geochemistry anomalism identified in the auger drilling programme led to the completion of a single fixed loop electromagnetic survey. 3 electromagnetic conductors were identified within the parallel Proterozoic dyke setting which were also coincident with the magnetic and geochemistry anomalous zones. EMU will test the conductors and the historic Netty Mine workings with an RC drill programme scheduled in Q2 FY23. EMU will be targeting mineralisation from nickel/copper sulphides in the RC drilling. EMU commenced detailed environmental works associated with State Forest access at Sunfire project. With its consultants MBS Environmental, EMU commissioned flora, fauna and dieback studies in preparation for the development of Conservation Management Plans to be submitted to the Department of Biodiversity, Conservation and Attractions (DBCA) to support EMU’s application to access the area for ground disturbing activities. EMU is expecting to complete a geochemistry soils survey and has planned a fixed loop electromagnetic survey during Q2 FY23 following approvals from DBCA. Success from these activities will lead to an RC drill programme. Historic drilling at the Sunfire identified nickel sulphides which makes the project highly encouraging for nickel and copper discoveries. Soil surveys have highlighted significant nickel, copper and PGE anomalism. The Sunfire project is located adjacent and on similar structural settings to the “Julimar lookalike” South West Project, a joint venture nickel, copper PGE’s discovery by Chalice (ASX:CHN) and Venture Minerals (ASX:VMS). EMU geologists sample rock chips and soils samples during 2022 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. 5 DIRECTORS’ REPORT CORPORATE Board Changes There have been no board changes during this reporting period. Capital Raising activities During the year, the Company conducted a private placement of 83,300,000 fully paid ordinary shares at $0.025 each with every 5 subscribed shares being entitled to be issued with two free options exercisable at $0.075 each on or before 15.3.2023 (total issued - 33,320,000). 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 2022. 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 Peter Thomas, (Non-Executive Chairman) Comes from a legal background specialising in resources and corporate. For over 30 years, before retiring from legal practice, he specialised in the delivery of wide ranging legal, corporate and commercial advice to listed explorers and miners. Mr Thomas is now a professional director leveraging that background whilst delivering the insight of his commercial acumen and business expertise. For nearly 40 years he has served on the boards of various listed companies including being the founding chairman of both copper producer Sandfire Resources NL and mineral sands producer Image Resources NL. Other current ASX listed company board positions include being a non-executive director of Image Resources NL (since 19 April 2002) and non-executive chair of Middle Island Resources Limited (since 2 March 2010). Gavin Rutherford, (Non-Executive Director) Mr Rutherford has a passion for mineral exploration and development. Apart from EMU NL, he is general manager of another ASX listed explorer. He holds other directorships including chairperson of a public-unlisted tech company outside of the exploration segment. Mr Rutherford’s strong past experience includes construction and agribusiness. Terence Streeter, (Non-Executive Director) Mr Streeter has extensive experience in funding, listing and overseeing junior explorers in all exploration and economic cycles and has served in various roles in the nickel sulphide industry for over 30 years. He was a director of West Australian nickel explorer and miner, Jubilee Mines NL from 1993 to May 2004 and was a founding shareholder of Western Areas NL (ASX:WSA) in 1999, which went on to discover and develop two highgrade nickel sulphide mines in the Forrestania region of Western Australia. He served as a non-executive director of Western Areas NL from 1999, and non-executive chairman from 2007 to November 2013. He has also been the non-executive chairman of unlisted Fox Resources Ltd (since June 2005), served as a non-executive director of Midas Resources Ltd (from June 2001 to April 2013), non-executive chairman of Alto Metals Ltd (from December 2016 to 8 November 2018) and served as a non-executive director of Minera IRL (from April 2007 to 2011). In 2010, Mr Streeter founded Riverbank Resources Mineracao Ltda, a private company incorporated in Brazil which is engaged in the exploration and development of iron, titanium, vanadium, base metal and gold projects throughout Brazil. Riverbank is actively exploring 100% owned iron and iron-titanium-vanadium projects in north-eastern Brazil. He is also non-executive chairman of ASX listed Corazon Mining Limited (from 18 September 2019) and Moho Resources Limited (from 6 July 2018). 6 DIRECTORS’ REPORT Tim Staermose, (Non-Executive Director) Tim Staermose has 26 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 stockpicker 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. He also serves as Chief Investment Strategist for www.sovereignman.com, a leading online subscription-based publication with over 100,000 readers in more than 100 countries. 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. COMPANY SECRETARY Damien Kelly Mr Kelly is the founder and principal of Western Tiger Corporate Advisers. He has broad corporate and commercial experience spanning 20+ years, providing professional services to ASX and AIM listed companies predominately in the mining and energy sector. He has an MBA, Bachelor of Commerce, a Graduate Diploma in Applied Finance and Investment and is a former officer in the armed services, having graduated from the Royal Military College, Duntroon. He is also a member of CPA Australia. 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 and options of Emu NL were: Options over Ordinary Shares Contributing Shares Contributing Shares Peter Thomas Gavin Rutherford Terence Streeter Tim Staermose Total 8,790,473 4,118,871 2,000,000 11,627,387 26,536,731 9,420,651 1,884,281 750,000 12,054,932 5,000,000 5,000,000 5,000,000 5,000,000 20,000,000 PRINCIPAL ACTIVITIES The principal activities of the Group during the year were to (i) explore its mineral interests in Western Australia, and (ii) assess and pursue mineral property acquisition opportunities globally. DIVIDENDS No dividends were paid or declared during the year. No recommendation for payment of dividends has been made. 7 DIRECTORS’ REPORT OPERATING AND FINANCIAL REVIEW Finance Review During the year, total exploration expenditure incurred by the Group amounted to $2,422,958 (2021: $4,854,732). 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 $897,230 (2021: $1,033,700). This resulted in an operating loss after income tax for the year ended 30 June 2022 of $3,320,188 (2021: $5,888,432). At 30 June 2022 cash assets available totalled $784,956, a decrease of $969,986 from the beginning of the year. The net assets of the Group decreased by $977,012 during the year to $634,287 at 30 June 2022. The Group’s working capital decreased during the year by $942,959 to $614,597 at 30 June 2022. 2022 Summarised operating results are as follows: Revenues Net Loss $ $ Revenues and net loss for the year from ordinary activities before income tax expense 22,921 3,320,188 2022 2021 (0.60) (1.46) 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 committee. The board has a number of mechanisms in place to ensure that management’s objectives and activities are aligned with the risks identified by the board. These include implementation of board approved operating plans and budgets and board monitoring of progress against these budgets. SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS Other than as disclosed in this Annual Report, no significant changes in the state of affairs of the Group occurred during the financial year. SIGNIFICANT EVENTS OCCURRING AFTER THE BALANCE SHEET DATE Since the reporting date, EMU announced its right to earn an 80% interest in 3 EPM’s (Exploration Permits for Minerals - being Georgetown, Perpendicular Peak & Fiery Creek) under a farm-in and joint venture agreement with Rugby Resources Ltd (previously Rugby Mining Limited, Rugby); TSXV:RUG. These EPMs cover 850 square kilometres in the Georgetown mining district, North Queensland, Australia. No matters or circumstances, besides those disclosed above, have arisen since the end of the year which significantly affected or which in the judgement of the board may significantly affect the operations of the Group, the results of those operations, or the state of affairs of the Group in future financial periods. 8 DIRECTORS’ REPORT LIKELY DEVELOPMENTS AND EXPECTED RESULTS In order to further its existing projects, the Group expects to undertake capital raisings. EMU’s focus, in the coming year, will be on:   exploring all its projects; and evaluating and pursuing the bringing into production (or otherwise monetising) its Gnows Nets project in the near term; to accrete value to shareholders mindful of the impact of diluting equity capital and seeking to balance that against the Board’s judgment regarding managing solvency risk. In addition, EMU reserves the right to pursue resource equity investments consistent with its published practise and objective in that regard. Other than as set out above, likely developments in the operations of the Group and the expected results of those operations in future financial years have not been included in this report as the directors believe, on reasonable grounds, that the inclusion of such information would be likely to result in unreasonable prejudice to the Group. ENVIRONMENTAL REGULATION AND PERFORMANCE The Group is subject to significant environmental regulation in respect to its activities. The Group aims to ensure the appropriate standard of environmental care is achieved, and in doing so, that it is aware of and complies with all environmental legislation. The directors of the Company are not aware of any breach of environmental legislation for the year under review. REMUNERATION REPORT (Audited) The information provided in this remuneration report has been audited as required by section 308(3C) of the Corporations Act 2001. Policy principles used/to be used to determine the nature and amount of remuneration Remuneration Policy The remuneration policy of Emu NL is designed to align key management personnel objectives with shareholder and business objectives by providing a fixed remuneration component. The board of Emu NL believes the remuneration policy for the year under review was appropriate to attract and retain suitable key management personnel to run and manage the Group. Consideration has been and will continue to be given to offering specific short- and long-term incentives including, specifically, equity remuneration. The remuneration policy, setting the terms and conditions for the executive directors and other senior executives (if any), was developed by the board. In general, in respect of the year under review, executives received a base salary (which was based on factors such as experience and market benchmarks), superannuation and share-based payments. The board will review executive packages as and when it considers it appropriate to do so in accordance with its remuneration policy and by reference to the Group’s performance, executive performance and comparable information from industry sectors and other listed companies in similar industries. The board may exercise discretion in relation to approving incentives, bonuses and equity remuneration. The policy is to reward executives for performance that results in long-term growth in shareholder wealth. The directors and executives receive, where required by law, a superannuation guarantee contribution, which was 10% for the 2022 financial year but are not entitled to receive any other retirement benefits. All remuneration paid to directors and executives is “valued” at the cost to the Group and expensed. Where applicable, options granted as equity remuneration are ascribed a “fair value” in accordance with Australian Accounting Standards. Whilst the board’s policy is to remunerate non-executive directors at market rates for comparable companies for time, commitment and responsibilities, the directors are currently remunerated at or below the lower end of the market rate range; certainly in cash terms. The board determines payments to the non-executive directors 9 DIRECTORS’ REPORT and the policy is to effect reviews of remuneration annually, based on market practice, duties and accountability; all within the constraints of the fiscal wherewithall of the Company and an overarching objective to conserve cash and align the interests of the board with Shareholders. The maximum aggregate amount of fees that can be paid annually to non-executive directors is currently $250,000 which can only be increased with the approval of shareholders in General Meeting. Fees for non-executive directors are not linked to the performance of the Group. However, to align directors’ interests with shareholder interests, the directors are encouraged to hold shares in the Company and are able, subject to shareholder approval, to participate in equity remuneration arrangements. Company performance, shareholder wealth and key management personnel remuneration There is no relationship between the financial performance of the Company for the current or previous financial year and the remuneration of the key management personnel. Remuneration is set having regard to market conditions and to encourage continued services of key management personnel whilst balancing those demands against the Company’s financial wherewithal. Use of remuneration consultants The Group did not employ the services of any remuneration consultants during the financial year ended 30 June 2022. Details of Remuneration The Key Management Personnel (KMP) of the Group include the directors as per pages 6 and 7 above and CEO/general managers. Details of the remuneration of the directors and the key management personnel of the Group are set out in the following table. 10 DIRECTORS’ REPORT Key management personnel of the Group Short-Term Salary Nonand fees monetary $ $ Directors Peter Thomas 2022 2021 Gavin Rutherford 2022 2021 Terence Streeter 2022 2021 Tim Staermose 2022 2021 CEO/General Manager 2022 2021 Post-Employment SuperRetirement annuation benefits $ $ Share-based Payments* Total $ $ 44,000 103,840 - 4,400 4,180 - 18,000 - 66,400 108,020 32,877 32,877 - 3,287 3,123 - 18,000 - 54,164 36,000 36,000 36,000 - - - 18,000 - 54,000 36,000 36,000 36,000 - - - 18,000 - 54,000 36,000 275,454 276,650 - - - 18,000 - 293,454 276,650 Total key management personnel compensation 2022 424,331 2021 485,367 - 7,687 7,303 - 90,000 - 522,018 492,670 *See ‘Share based compensation’ (Refer Note 22) and Note 1(o) Share-based payments: for observations regarding the ascribed (notional) values Written Service agreements The Company has one current service agreement in respect of CEO services which are provided by Astrial Pty Ltd. The services are provided on an as required basis at a turnkey daily rate of $1,100 plus GST (rate is inclusive of all other costs). Shareholdings The relevant interest held during the financial year by each KMP is set out below. No shares were issued as compensation during the reporting period. 2022 Ordinary shares fully paid Peter Thomas Gavin Rutherford Terence Streeter Tim Staermose Balance at start Shares acquired of the period during period 8,790,473 4,474,072 1,000,000 10,627,387 1,000,000 1,000,000 24,891,932 2,000,000 11 Other Balance at end of the period - 8,790,473 4,474,072 2,000,000 11,627,387 26,891,932 DIRECTORS’ REPORT Share holdings (Continued) Ordinary shares paid To $0.03 with $0.03 to pay on call Peter Thomas Gavin Rutherford Terence Streeter Tim Staermose 9,420,651 1,884,281 750,000 12,054,932 - - 9,420,651 1,884,281 750,000 12,054,932 Option holdings The relevant interest* in options over ordinary shares in the Company held during the financial year by each director of Emu NL and other key management personnel of the Group is set out below (Note 1): 2022 Balance at Granted as start of the compensati Lapsed / year on Expired Peter Thomas 3,000,000 5,000,000 (3,000,000) Gavin Rutherford 3,000,000 5,000,000 (3,000,000) Terence Streeter 3,000,000 5,000,000 (3,000,000) Tim Staermose 3,000,000 5,000,000 (3,000,000) CEO 3,000,000 5,000,000 (3,000,000) 15,000,000 25,000,000 (15,000,000) Other changes - Balance at Vested and end of the exercisable (Note 2) Unvested year 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 25,000,000 25,000,000 - *Note 1: Using the expression “relevant interest” as if the options detailed above were included as “securities” in the definition of that expression. Each option on issue (or exercised) during the financial year entitles (or entitled) the holder to one contributing ordinary share in the capital of the Company if the option is exercised. All vested options are (or were) able to be exercised at any time until the expiry date. None of the options granted (except those granted to the CEO) were subject to any vesting or other performance conditions and no amount was paid or payable by the recipients in respect of the grant of the options. Note 2: These options were able to be exercised at the end of the year under review. Other equity-related KMP transactions There have been no other transactions during the financial year involving equity instruments apart from those described in the tables above relating to options, rights and shareholdings. Loans to key management personnel There were no loans to key management personnel during the year. Other transactions with key management personnel Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to third parties unless otherwise stated. The Company has one current service agreement in respect of the CEO which is detailed above. End of audited Remuneration Report 12 DIRECTORS’ REPORT DIRECTORS' MEETINGS During the year the Company held nine meetings of directors. The attendance of directors at meetings of the board were: Directors Meetings A* B** Peter Thomas 9 9 Gavin Rutherford 9 9 Terence Streeter 9 9 Tim Staermose 9 9 Notes *A – Number of meetings attended. **B – Number of meetings held during the time the director held office during the year. The full board discharged the functions of the audit, remuneration, risk and nomination committees regularly and during the course of ordinary director meetings. SHARES UNDER OPTION Ordinary shares which may be issued as a consequence of the exercise of options held at the date of this report are: Grant date 12 November 2021 Expiry date 15 March 2023 Exercise price (cents) 7.5 Total number of options over fully paid shares outstanding at the date of this report Number of options 33,320,000 33,320,000 Unissued contributing shares (on which 3 cents will be payable as called) of Emu NL under option at the date of this report are Grant date 9 February 2022 Expiry date 15 November 2022 Exercise price (cents) 0.01 Number of options 35,000,000 Total number of options over contributing shares outstanding at the date of this report 35,000,000 No option holder has any right under the options, save upon exercise, to participate in any share issue of the Company or any other entity. Other than as set out above or elsewhere in this annual report, no options have been granted over unissued shares or interests of any controlled entity within the Group during or since the end of the reporting period. PERFORMANCE RIGHTS ASX Waiver- Approval to issue securities On 6 April 20