Eberouge (Japan) (Disc 1).cue:

FILE "Eberouge (Japan) (Disc 1).bin" BINARY
  TRACK 01 MODE2/2352
    INDEX 01 00:00:00

Eberouge (Japan) (Disc 2).cue:

FILE "Eberouge (Japan) (Disc 2).bin" BINARY
  TRACK 01 MODE2/2352
    INDEX 01 00:00:00


Eberouge (Japan).m3u:

Eberouge (Japan) (Disc 1).cue
Eberouge (Japan) (Disc 2).cue

mednafen stdout.log:

Starting Mednafen 0.9.48
 Build information:
   Compiled with gcc 4.9.4
   Running with MinGW-W64 Runtime 5.0 (alpha - rev. 0) 0000-00-00
   Compiled against zlib 1.2.8, running with zlib 1.2.8(flags=0x00000055)
   Compiled against libiconv 15.1, running with libiconv 15.1
   Compiled against SDL 1.2.15, running with SDL 1.2.15
   Running with libsndfile-1.0.28
 Base directory: E:\games\mednafen-0.9.48-win32
 Emulation modules: nes snes gb gba pce lynx md pcfx ngp psx ssfplay vb wswan sms gg snes_faust pce_fast demo cdplay
 Loading settings from "E:\games\mednafen-0.9.48-win32\mednafen-09x.cfg"...
  Loaded 3338 valid settings and 0 unknown settings.
 Initializing joysticks...
  Joystick 0 - SideWinder Force Feedback 2 Joystick - Unique ID: 7d2210c35336a555
 Loading G:\ff\Eberouge (Japan).m3u...
  Loading SBI file "G:\ff\Eberouge (Japan) (Disc 1).sbi"...
   Error: Error opening file "G:\ff\Eberouge (Japan) (Disc 1).sbi": No such file or directory
Error opening CD: No such file or directory