Emerald Resources NL posted a record March quarter pre-tax operating cash flow of A$143 million from its Okvau Gold Mine, maintaining full-year gold production guidance while progressing development and exploration at its Dingo Range and Memot projects.
- Okvau Gold Mine produces 26.3Koz gold with AISC of US$897/oz
- FY2026 production guidance maintained at 105Koz–120Koz with strong cash flow
- Dingo Range Gold Project nears full permitting with 1.41Moz resource update
- Memot Gold Project resource grows 27% to 1.7Moz with full permits secured
- Significant high-grade drilling results sustain resource growth and mine life
Record Cash Flow from Okvau Gold Mine
Emerald Resources NL (ASX:EMR) has reported a standout March 2026 quarter, with its 100% owned Okvau Gold Mine in Cambodia delivering 26,269 ounces of gold production at an all-in sustaining cost (AISC) of US$897 per ounce. This marks a notable improvement from the previous quarter's AISC of US$1,032/oz and contributes to maintaining the company’s FY2026 production guidance of 105,000 to 120,000 ounces, albeit with output expected at the lower end of that range.
Financially, the quarter was exceptional, generating a record pre-tax operating cash flow of A$143 million (US$99.4 million), surpassing the previous December 2024 record of A$89.3 million. The mine’s processing plant maintained a high availability rate of 97%, processing 558,193 dry tonnes of ore at an average grade of 1.72 grams per tonne with 85.3% gold recovery. Since commencing commercial production in 2021, Okvau has produced nearly 495,000 ounces of gold at an average AISC of US$888/oz.
Dingo Range Gold Project Nears Development Milestone
In Western Australia, Emerald’s Dingo Range Gold Project is advancing steadily towards full development. The project, covering 1,110 square kilometres of the Dingo Range greenstone belt, now boasts an updated Measured, Indicated and Inferred Mineral Resource Estimate (MRE) of 40.9 million tonnes at 1.1 g/t gold for 1.41 million ounces, including 24.2 million tonnes at 1.4 g/t for 1.12 million ounces of higher-grade resources. The project is fully permitted for development, with the final Works Approval from the Department of Water and Environmental Regulation expected imminently.
Drilling programs continue to reinforce the resource base, with recent infill and extensional drilling at key deposits such as Boundary and Freeman’s Find returning high-grade intercepts, including 45 metres at 4.10 g/t gold and 15 metres at 7.09 g/t gold. The company is preparing to release its maiden Ore Reserve Estimate shortly, a critical step underpinning the finalisation of the Definitive Feasibility Study (DFS) and development plans. This progress aligns with Emerald’s broader ambition to establish its first standalone Australian mining and processing operation.
Memot Gold Project Resource Expansion and Permitting
Meanwhile, the Memot Gold Project in Cambodia saw a 27% increase in its Mineral Resource Estimate during the quarter, now standing at 45 million tonnes at 1.2 g/t gold for 1.7 million ounces, including a higher-grade portion of 21.6 million tonnes at 1.8 g/t for 1.24 million ounces. The project is fully permitted for development and operations, with all regulatory approvals secured. Ongoing infill drilling programs aim to improve reserve confidence and refine mining parameters ahead of a forthcoming maiden Ore Reserve Estimate.
Environmental and social initiatives are progressing alongside development, with resettlement programs in collaboration with Cambodian government agencies underway and an Environmental and Social Impact Assessment submitted. The project’s mineralisation remains open along strike and at depth, with further drilling planned to extend the resource base.
Sustained Exploration Success Supports Growth
Exploration drilling across Emerald’s portfolio continues to deliver encouraging results. At Okvau, near-mine prospects such as Okvau North and Granite Hill have seen extensive drilling that supports resource expansion and potential supplementary feed to the mine. High-grade intercepts, including 8 metres at 19.21 g/t gold and 2 metres at 34.58 g/t gold, underscore the potential to extend mine life.
Similarly, the Dingo Range greenstone belt has yielded new discoveries, notably the Stables Prospect, where regional air core drilling has identified gold-in-soil anomalies warranting follow-up. These findings complement the ongoing infill and extensional drilling at established deposits, maintaining momentum in resource growth and project development.
Emerald’s recent high-grade drilling success at Dingo Range and Cambodian mines reinforces the company’s exploration credentials and supports its growth trajectory across multiple jurisdictions.
Leadership and ESG Commitments
The company strengthened its senior leadership team with the appointment of Josh Redmond as Chief Operating Officer, positioning Emerald to manage its expanding operational footprint effectively as it enters a transformational growth phase. This includes the planned commencement of full development activities at Dingo Range, Memot, and underground mining at Okvau during the calendar year.
Emerald also remains committed to environmental, social, and governance (ESG) principles. The group recorded a 12-month moving average Total Recordable Injury Frequency Rate (TRIFR) of zero, reflecting a strong safety culture. Its carbon neutrality efforts in Cambodia continue through the Phnom 1500 Carbon Offset Restoration Project, with nearly 115,000 indigenous trees planted to date. Biodiversity initiatives, including canopy bridges to support arboreal wildlife, and community engagement programs such as the annual Okvau Community Open Day, further demonstrate Emerald’s dedication to sustainable mining practices.
With a robust cash, bullion, and listed investments position of A$399.3 million as at March 2026, Emerald is well-funded to advance its exploration and development pipeline, underpinning its strategy to grow production and extend mine life.
Bottom Line?
Emerald’s record cash flow and resource upgrades position it well for upcoming development milestones, but the timing and scale of maiden ore reserves remain key catalysts to watch.
Questions in the middle?
- How will maiden Ore Reserve announcements at Dingo Range and Memot influence project financing and development timelines?
- What impact will pending assay results have on resource confidence and potential production forecasts?
- How effectively can Emerald balance rapid growth with its ESG commitments amid expanding operations?