Emerald Resources Boosts Okvau Ore Reserves by 245Koz, Surpassing 3Moz Global Resources
Emerald Resources NL has increased the Ore Reserve at its Okvau Gold Mine by 245,000 ounces, lifting total reserves to 700,000 ounces and global resources beyond 3 million ounces. This update underpins the company’s ambition to become a multi-mine gold producer.
- Okvau Gold Mine Ore Reserve increased to 14.5Mt @ 1.5g/t Au for 700Koz
- Global gold resources exceed 3 million ounces including Memot and Dingo Range projects
- Updated mine design adds a second ramp to improve underground access
- FY26 production guidance set at 110Koz–125Koz with life-of-mine AISC of US$966/oz
- Ongoing drilling aims to extend resources and reserves at Okvau and near-mine prospects
Emerald’s Okvau Gold Mine Reserve Expansion
Emerald Resources NL has announced a significant update to its Okvau Gold Mine in Cambodia, increasing the Ore Reserve by 245,000 ounces to a total of 700,000 ounces. This uplift follows extensive drilling and resource modelling, which also raised the Mineral Resource estimate to 1 million ounces at 16.2 million tonnes grading 1.9 g/t gold.
The updated Ore Reserve estimate of 14.5 million tonnes at 1.5 g/t gold reflects a 26% increase since March 2024, after accounting for mining depletion. Notably, the mine design now includes a second ramp, enhancing underground access and operational flexibility. This design improvement is expected to support more efficient extraction and potentially extend mine life.
Strong Production and Cost Outlook
Since commissioning in 2021, Okvau has produced nearly 384,000 ounces of gold, with FY24 production meeting guidance at 114,000 ounces. Emerald projects FY26 production between 110,000 and 125,000 ounces, maintaining a life-of-mine All-In Sustaining Cost (AISC) of approximately US$966 per ounce. Quarterly guidance for 2025 anticipates steady output with some cost variability due to increased stripping ratios and mining of lower-grade ore to access higher-grade zones.
The company’s processing plant has seen metallurgical recoveries improve to over 85%, a notable increase from the ~80% average since start-up. This operational efficiency supports Emerald’s robust cash flow generation from Okvau, which underpins its broader growth ambitions.
Global Resource Growth and Exploration Potential
Emerald’s global gold resources now exceed 3 million ounces, incorporating the Okvau Gold Mine alongside two key development projects: the 100%-owned Memot Gold Project in Cambodia and the Dingo Range Gold Project in Western Australia. Memot holds an open-pit indicated and inferred resource of 1.03 million ounces, while Dingo Range boasts a maiden resource of just over 1 million ounces.
Exploration remains a core focus, with ongoing drilling at Okvau targeting extensions below the current pit shell and near-mine prospects such as Prey Sror Lao, Okvau North, and O Rman. The company’s extensive tenure in Cambodia (1,428 km²) and Australia (~950 km²) provides a substantial pipeline for future resource growth.
Sustainability and Governance Commitments
Emerald emphasizes its commitment to environmental and social governance (ESG), aiming for net positive impacts near its operations. The company adheres to international standards, including IFC Performance Standards, and targets carbon-neutral operations in Cambodia. These initiatives align with growing investor expectations for responsible mining practices.
Managing Director Morgan Hart highlighted the strategic importance of the resource update, stating that the replenishment of resources supports Emerald’s vision to evolve into a multi-mine producer delivering over 300,000 ounces annually. The combination of strong cash flow from Okvau and promising development projects positions Emerald well for the next phase of growth.
Bottom Line?
With reserves and resources expanding alongside operational improvements, Emerald is poised to accelerate its transformation into a multi-mine gold producer, though ongoing exploration results and cost management will be critical to sustaining momentum.
Questions in the middle?
- How will ongoing drilling results at Okvau and near-mine prospects impact future reserve upgrades?
- What are the potential capital requirements to support increased earthmoving and mining fleets for higher stripping ratios?
- How might fluctuations in gold prices and operating costs affect Emerald’s production guidance and profitability?
