Emerald Resources NL reported solid December quarter gold production from its Okvau Gold Mine and significant resource upgrades at its Dingo Range and Memot projects, underpinning its growth trajectory.
- Okvau Gold Mine delivers 25,030oz gold at US$1,032/oz AISC
- FY2026 production guidance maintained at 105Koz–120Koz
- Dingo Range Gold Project resource updated to 1.41Moz gold
- Memot Gold Project resource grows 27% to 1.7Moz gold
- Strong cash position of A$372.7M supports development plans
Operational Performance at Okvau
Emerald Resources NL has reported a robust operational quarter ending December 2025, with its 100%-owned Okvau Gold Mine in Cambodia producing 25,030 ounces of gold. The mine’s all-in sustaining costs (AISC) improved to US$1,032 per ounce, down from US$1,186 in the previous quarter, reflecting operational efficiencies. Production remains on track to meet the company’s full-year guidance of 105,000 to 120,000 ounces at an AISC aligned with the life-of-mine estimate of US$966 per ounce.
Mining and processing activities at Okvau continue to perform well, with plant availability at 98% and gold recovery rates holding steady at 86.7%. The mine has now produced approximately 470,000 ounces of gold since commissioning in 2021, underscoring Emerald’s ability to deliver projects on time and budget.
Resource Growth in Australia and Cambodia
Emerald’s growth strategy is bolstered by significant resource upgrades at two key projects. The Dingo Range Gold Project in Western Australia, located on the underexplored Dingo Range greenstone belt, now boasts an updated measured, indicated, and inferred mineral resource estimate (MRE) of 40.9 million tonnes at 1.1 grams per tonne gold, equating to 1.41 million ounces. This includes a higher-grade subset of 24.2 million tonnes at 1.4 grams per tonne for 1.12 million ounces. The project is fully permitted, with a 264-room camp installed to support upcoming construction and operations.
Meanwhile, the Memot Gold Project in Cambodia has seen a 27% increase in its MRE, now estimated at 45.0 million tonnes at 1.2 grams per tonne gold for 1.7 million ounces. This includes a higher-grade portion of 21.6 million tonnes at 1.8 grams per tonne for 1.24 million ounces. The project received its Industrial Mining Licence and Mineral Investment Agreement in late 2025, fully permitting it for development and operations.
Exploration Success and Development Progress
Exploration drilling continues to deliver promising results across Emerald’s portfolio. At Dingo Range, infill and extensional drilling at the Boundary, Freeman’s Find, and newly discovered Stables prospects have returned high-grade intercepts, supporting future resource expansions and reserve upgrades. Similarly, near-mine exploration at Okvau and regional drilling at Memot are ongoing, with several assays pending.
Feasibility studies are advancing, with the Dingo Range project’s Definitive Feasibility Study (DFS) progressing alongside regulatory approvals. The company expects to announce maiden ore reserves following the updated resource estimates. At Memot, development studies continue, with a maiden reserve expected to underpin final investment decisions.
Financial Strength and ESG Commitment
Emerald’s financial position remains strong, with cash, bullion, and listed investments totaling A$372.7 million as of December 31, 2025. This liquidity supports ongoing exploration, development, and corporate activities, including a recent A$6.9 million investment in Golden Horse Minerals Limited.
The company maintains a firm commitment to environmental, social, and governance (ESG) principles. Initiatives include a carbon neutrality program in Cambodia, with over 136,000 indigenous trees planted to date as part of a carbon offset restoration project. Community engagement remains a priority, with investments in local infrastructure, education, and humanitarian support in project regions.
Bottom Line?
With solid production, expanding resources, and strong ESG credentials, Emerald Resources is poised for its next phase of growth; investors will watch closely for upcoming reserve announcements and development milestones.
Questions in the middle?
- When will Emerald release maiden ore reserves for the Dingo Range and Memot projects?
- How will pending assay results from recent drilling impact resource confidence and project timelines?
- What are the company’s plans to manage potential cost pressures given recent AISC fluctuations?