EMU NL (“EMU” or “the Company”) is pleased to provide an exploration update on the Fiery Creek Copper prospect located within the Georgetown Project in North Queensland. The company has deployed a skilled and seasoned exploration team to conduct extensive geochemistry and geophysics programs at Fiery Creek, aiming to delve deeper into and expand upon this potentially significant copper porphyry discovery.

Key Points:

• EMU's exploration team has identified significant extensions to the high-grade copper veining at the Fiery Creek prospect.

• The high-grade surface copper veining extends over 2.5km along strike within a major structural NNW setting, intersecting NNW striking mineralized shear zones ranging between 60-120m wide and situated amidst non-mineralized granodiorite.

• Interpretation of aeromagnetic data indicates a zone of structural geological disruption, potentially mineralized and hydrothermally altered, extending approximately 6km to the SSW within the Yataga Igneous Complex.

• The shear zones exhibit prevalent stockwork veining of quartz and copper oxides, showcasing substantial hydrothermal fluidization in several impulse phases.

• Increasing evidence (mineralogy and geochemistry) strongly suggests mineralization development directly above and in contact with the potassic copper shell of an interpreted porphyry copper system.

• EMU's field teams are conducting soil, rock, and termite sampling over the newly identified extension.

• A pXRF sampling program set to commence this week will offer immediate feedback on mineralization.

• A LIDAR and photogrammetry drone survey is underway to provide high-resolution topographical and photographic definition of structural settings, enhancing access routes and drill planning.

• A geophysics survey (including pole dipole, IP, resistivity, and MT) is scheduled to commence in August 2024.

• EMU is accelerating access for a drilling program at Fiery Creek after interpreting and pinpointing locations based on geophysics results.

EMU's Non-Executive Chairman, Peter Thomas, expressed his enthusiasm, stating, "The progress and updates from the field are incredibly gratifying and truly exhilarating. The expanding extent of the high-grade copper system at Fiery Creek is exceptionally promising. What was initially believed to be a substantial multimillion-tonne copper porphyry system continues to exceed expectations."

"All indications suggest that the Fiery Creek Copper prospect is situated at the magmatic-hydrothermal transition zone. Consequently, the postulated underlying porphyry copper shell, believed to be the origin of high-grade copper mineralization, appears to be located at a relatively shallow depth below the surface. Our geochemistry and geophysics surveys aim to provide optimized vectors for our inaugural drilling program."

Located within the core of the Yataga Igneous Complex, the Fiery Creek Copper prospect is situated within a significant NNW striking shear zone. This complex is characterized by a medium-grained, equigranular, ovoid granodiorite body, making it the largest igneous body of its kind in the Georgetown Inlier, spanning 29km2.

Fieldwork has revealed that this significant shear structural zone extends approximately 2.5km along the geological strike and spans up to 2.0km in width. This mineralized zone represents a considerable drilling target, characterized by visible veining, copper-enriched stockwork, and dissemination. Aeromagnetic data suggests that the shear zone is likely to continue along the strike for an additional 3.5-4.0km. During EMU's prior reconnaissance field trips, copper mineralization within these shear zones was first noticed from just 1.3 meters of exposed veining. Ongoing geological reconnaissance at Fiery Creek has identified that the main zones of shearing and cataclastic brecciation within the host Yataga Igneous Complex have formed over coherent widths ranging from 60 to 120m. Thus far, four of these cataclastic shear zones have been identified, with potential for further extensions to be discovered as the program progresses and the system undergoes further investigation.

The mineralization, indicated by geochemical and mineralogical characteristics, as well as the hydrothermal alteration signature, align with the interpretation that the Fiery Creek Copper prospect originated within the lower (deep) phyllic zone of the modeled porphyry copper system. This is evident from the prevalence of drusy quartz veining, accompanied by later infilling of copper and bismuth minerals, along with semi-massive to massive sulfide vein core replacement within laminated veins.