EMU NL advised that results from multi-element assays have confirmed the Company's holdings over Booanya suite granites at its Condingup Project, near Esperance WA, to be highly fertile for rare earth elements, with outcropping rock samples reporting up to 2,124 ppm TREO (Total Rare Earth Oxides) with 25% MREO (Magnetic Rare Earth Oxides). Assays from Booanya granite rock samples, taken during EMU's reconnaissance at the Condingup Project, report a contained, significant 25% MREO with 12.7% HREO. This indicates excellent exploration upside for large-scale low-cost recovery clay hosted REE (Rare-Earth Elements) deposits.

Magnetic and Heavy rare earth element concentrations are highly desirable for their use in the strongest and most affordable permanent magnets. Higher values of Nd-Pr & Dy (Neodymium- Praseodymium and Dysprosium, key elements in rare earth magnets), recorded in the samples, provide significant encouragement for EMU's Condingup Project given the high value of those elements. Condingup Project: The Condingup Project is located just 35kms southeast of ASX:OD6 Splinter Rock Project which is achieving success in a similar setting within the REE enriched Booanya suite granites.

EMU's Condingup Project is situated just 60kms from the port of Esperance and essential infrastructure all accessible by sealed roads. Esperance is projected to become a central hub for major renewable energy and green hydrogen production and is located within a well-regarded exploration/mining support jurisdiction. Reconnaissance Work: A total of 8 rocks were collected and assayed from a reconnaissance programme in December 2022, including 3 rocks which were identified to be Booanya granite samples.

The Booanya granite samples all reported greater than 1,000 ppm TREO, with results ranging between 1,142 ppm TREO - up to 2,124 ppm TREO. Other rock types collected included: aplite, ironstone, vein-quartz and limestone. The primary focus of the reconnaissance sampling was to collect clay samples from dam surfaces from various farms in the region.

The earth dams are constructed and maintained utilising earthmoving equipment that excavates clay zones from depths of up to approximately 10m. The excavated clays have been largely identified to be located within the "transported" cover zone, at surface, which overlays the potentially more fertile, deeper saprolite "clay" layers. EMU determined significant anomalism from assay results in these leached clay samples with REE TREO reporting up to 518ppm.

Results from the sampled clays, provide EMU with excellent contour vector potential for deeper rare-earth clay enrichment for drill targeting beneath the surface sands and gravels in the Condingup area, expected to reflect oxide and enriched clay development. Mineralisation Model: Given the exploration success of near neighbour, OD6 Metals at Splinter Rocks, and the results from EMU's first pass reconnaissance work, EMU expects to identify REE supergene concentrations in clay zone traps through upcoming drilling and exploration vectoring. Due to geological weathering processes, any clay traps intersected in drilling will likely contain greater concentrations of TREO than the numbers reported in the Booanya granite rock samples detailed in this release highlighting the "fertility" significance of the rock sample results reported herein.

Sample Locations: The 3 Booanya suite granite rock samples tested reflect significant REE enrichment. Two of the three REE enriched granite samples were collected from the southern Booanya granite intrusion whilst the third REE enriched granite rock was collected from the eastern Booanya granite intrusion. Whilst no granite surface samples were collected from the northern Booanya granite intrusion, a limestone sample collected from above the clay horizon near a dam site, contained significantly anomalous TREO of 468ppm.

Limestone is known to act as a "sponge" for metallic minerals, making this sample a very good REE enrichment indicator. The multi-element assays of the Booanya granite rock samples indicate that the anomalous REE's are hosted within fractionated, metasomatized, alkaline Booanya suite granites. Globally, fractionated alkaline systems are known to be associated with significant REE deposits.

Follow Up Work Programme: EMU has initiated the necessary (and often drawn out) administrative processes to acquire access for planned air-core drilling over the northern, southern, and eastern granite intrusive areas, and a follow up rock chip sampling programme in order to further expand the fertility vectors of the outcropping Booanya suite granites. Booanya suite granites are recognised to host clay enrichment evolved from their weathering process, as indicated from work completed by neighbouring explorers. The deeper clay zones overlaying and adjacent to Booanya suite granites appear to host higher concentrations of REE.

EMU is currently reviewing all publicly available open-source information including hydrochemistry, radiometrics and (reprocessing) magnetic data to assist in determining vectors for deeper clay horizons over prospective zones to establish and refine its drill targets.