How Emerald Resources’ 23% Profit Surge Sets Stage for Gold Growth in Cambodia and Australia

Financial Performance and Operational Highlights

Emerald Resources NL has delivered a robust financial performance for the half-year ended 31 December 2025, reporting a 23% increase in profit after tax to $73.1 million, up from $59.7 million in the prior corresponding period. This growth reflects steady gold production from the company’s flagship Okvau Gold Mine in Cambodia, alongside disciplined cost management and a strengthened balance sheet.

The Okvau Gold Mine produced 47,064 ounces of gold during the half-year, albeit down from 59,933 ounces in the previous period, with an all-in sustaining cost (AISC) rising to US$1,104 per ounce from US$919. Despite the higher costs, Emerald maintained its full-year production guidance of 105,000 to 120,000 ounces at an AISC aligned with the life-of-mine estimate of US$966 per ounce. The mine’s operational resilience is further evidenced by a high processing plant availability of 98% and a strong safety record with zero lost time injuries.

Growth Projects in Cambodia and Australia

Emerald’s growth strategy is anchored by two key projects: the Memot Gold Project in Cambodia and the Dingo Range Gold Project in Western Australia. Both projects have reached critical permitting milestones, with Memot now fully permitted following the receipt of its Mineral Investment Agreement and Industrial Mining Licence, and Dingo Range securing approvals for mining and clearing permits.

Resource upgrades have been a highlight, with Memot’s mineral resource estimate increasing by 27% to 1.70 million ounces of gold, including a higher-grade component of 1.24 million ounces. Similarly, Dingo Range’s resource estimate rose to 1.41 million ounces, supported by extensive drilling and infill programs. These expansions underpin the company’s confidence in advancing feasibility studies and progressing towards development decisions.

Exploration Success and Environmental Commitment

Exploration remains a core pillar of Emerald’s growth, with significant new discoveries such as the Stables Prospect in Western Australia delivering promising drill results. Near-mine exploration around Okvau continues to identify high-grade mineralisation, supporting the potential for resource replenishment and underground development.

Beyond the technical achievements, Emerald is demonstrating a strong commitment to environmental and social governance (ESG). The company’s Phnom 1500 Carbon Offset Restoration Project has planted nearly 115,000 indigenous trees since August 2024, with plans to scale up efforts. Biodiversity offset programs and community initiatives, including new school infrastructure and maternal health partnerships, highlight Emerald’s integrated approach to sustainable mining.

Financial Position and Outlook

Emerald’s financial position is notably strong, with consolidated cash, bullion, and listed investments totaling A$372.7 million at period end. The company is now debt free and unhedged, providing flexibility to fund ongoing exploration, development, and operational activities. Participation in capital raisings for its associate Golden Horse Minerals Limited further reflects strategic investment discipline.

Looking ahead, Emerald is poised to release maiden ore reserves for both the Memot and Dingo Range projects, which will be key milestones in finalising development plans. Continued drilling and resource updates throughout 2026 are expected to sustain the company’s growth trajectory.