Not sure if it helps, but when executing qemu with firmware="boot=1" with a bootflag enabled sd card image with Magic Lantern on it, I get some SDIO errors and I can see that it is trying to execute AUTOEXEC.BIN before it locks up:
00000000 - 3FFFFFFF: eos.ram
40000000 - 7FFFFFFF: eos.ram_uncached
DF000000 - DFFFFFFF: eos.ram_extra
E0000000 - E1FFFFFF: eos.rom0
E2000000 - E3FFFFFF: eos.rom0_mirror
E4000000 - E5FFFFFF: eos.rom0_mirror
E6000000 - E7FFFFFF: eos.rom0_mirror
E8000000 - E9FFFFFF: eos.rom0_mirror
EA000000 - EBFFFFFF: eos.rom0_mirror
EC000000 - EDFFFFFF: eos.rom0_mirror
EE000000 - EFFFFFFF: eos.rom0_mirror
F0000000 - F1FFFFFF: eos.rom1
F2000000 - F3FFFFFF: eos.rom1_mirror
F4000000 - F5FFFFFF: eos.rom1_mirror
F6000000 - F7FFFFFF: eos.rom1_mirror
F8000000 - F9FFFFFF: eos.rom1_mirror
FA000000 - FBFFFFFF: eos.rom1_mirror
FC000000 - FDFFFFFF: eos.rom1_mirror
FE000000 - FFFFFFFF: eos.rom1_mirror
BFE00000 - DEFFFFFF: eos.mmio
[EOS] loading './EOSRP/ROM0.BIN' to 0xE0000000-0xE1FFFFFF
[EOS] loading './EOSRP/ROM1.BIN' to 0xF0000000-0xF1FFFFFF
[MPU] FIXME: using generic MPU spells for EOSRP.
[MPU] FIXME: no MPU button codes for EOSRP.
Start address: 0xE0000000
Setting BOOTDISK flag to FFFFFFFF
[CPU0] E0008450: MRC p15,0,Rd,cr0,cr0,5: MPIDR -> 0x80000000
[CPU0] E0008460: MCR p15,0,Rd,cr12,cr0,0: VBAR <- 0xE000001D
[CPU0] E000848C: MRC p15,0,Rd,cr1,cr0,0: SCTLR -> 0x8C50078
[CPU0] E0008482: MCR p15, ... : CACHEMAINT x1 (omitted)
[CPU0] E000848C: MCR p15,0,Rd,cr1,cr0,0: SCTLR <- 0x48C50878
[CPU0] E0004B62: MRC p15,0,Rd,cr1,cr0,0: SCTLR -> 0x48C50878
[CPU0] E0004B62: MCR p15, ... : CACHEMAINT x2 (omitted)
[CPU0] E0004B62: MCR p15,0,Rd,cr1,cr0,0: SCTLR <- 0x48C51878
[CPU0] E00084D8: MRC p15,0,Rd,cr0,cr0,5: MPIDR -> 0x80000000
[CPU0] E0004B86: MRC p15,0,Rd,cr1,cr0,0: SCTLR -> 0x48C51878
[CPU0] E0004C50: MCR p15, ... : CACHEMAINT x512 (omitted)
[CPU0] E0004B86: MCR p15,0,Rd,cr1,cr0,0: SCTLR <- 0x48C50878
[CPU0] E0004B96: MCR p15, ... : CACHEMAINT x1 (omitted)
[CPU0] E0004AE2: MCR p15,0,Rd,cr3,cr0,0: DACR <- 0x55555555
[CPU0] E0004AEA: MCR p15,0,Rd,cr2,cr0,0: TTBR0_EL1 <- 0xE0004800
[CPU0] E0004AEE: MCR p15,0,Rd,cr2,cr0,1: TTBR1_EL1 <- 0xE0000080
[CPU0] E0004AF2: MCR p15,0,Rd,cr13,cr0,1: CONTEXTIDR(S) <- 0x0
[CPU0] E0004AF6: MCR p15,0,Rd,cr2,cr0,2: TTBCR <- 0x7
[CPU0] E0004AFE: MCR p15,0,Rd,cr8,cr7,0: TLBIALL <- 0x0
[CPU0] E0004B06: MRC p15,0,Rd,cr1,cr0,0: SCTLR -> 0x48C50878
[CPU0] E0004B06: MCR p15,0,Rd,cr1,cr0,0: SCTLR <- 0x48C50879
[CPU0] E0008546: MRC p15,0,Rd,cr1,cr0,0: SCTLR -> 0x48C50879
[CPU0] E0008546: MCR p15, ... : CACHEMAINT x1 (omitted)
[CPU0] E0008546: MCR p15,0,Rd,cr1,cr0,0: SCTLR <- 0x48C51879
[CPU0] E000855E: MRC p15,0,Rd,cr1,cr0,0: SCTLR -> 0x48C51879
[CPU0] E000855E: MCR p15,0,Rd,cr1,cr0,0: SCTLR <- 0x48C5187D
[CPU0] E000856A: MRC p15,0,Rd,cr1,cr0,1: ACTLR_EL1 -> 0x45
[CPU0] E000856A: MCR p15,0,Rd,cr1,cr0,1: ACTLR_EL1 <- 0x45
[CPU0] E000856A: MRC p15,0,Rd,cr15,cr0,0: A9_PWRCTL -> 0x0
[CPU0] E000856A: MCR p15,0,Rd,cr15,cr0,0: A9_PWRCTL <- 0x1
[CPU0] E000858A: MRC p15,0,Rd,cr15,cr0,1: A9_DIAG -> 0x0
[CPU0] E000858A: MCR p15,0,Rd,cr15,cr0,1: A9_DIAG <- 0x400000
[CPU0] E0004900: MRC p15,0,Rd,cr0,cr0,5: MPIDR -> 0x80000000
[CPU0] E00049A6: MCR p15,0,Rd,cr12,cr0,0: VBAR <- 0xDF000000
BootLoad[SDIO] Error
[SDIO] Error
Now jump to AUTOEXEC.BIN(0x00800000)!!
I think I am now at a point where I have to dive deeper into how the initialization process works and how to find out the proper device addresses / RAM size etc. to get even further on the boot process.