Emerald Resources Advances Dingo Range Development Amid Strong Okvau Production

Okvau Gold Mine Maintains Steady Production and Low Costs

Emerald Resources NL (ASX:EMR) reported a solid quarter at its 100%-owned Okvau Gold Mine in Cambodia, producing 27,072 ounces of gold with an all-in sustaining cost (AISC) of US$818 per ounce, down from US$897/oz in the March quarter. Processing plant availability remained high at 94%, with throughput slightly above design capacity, reinforcing operational efficiency. Gold sales reached 25,932 ounces at an average realised price of US$4,491/oz, generating pre-tax operating cash flow of A$127.3 million (US$90.3 million) for the quarter.

Since commencing commercial production in September 2021, Okvau has produced over 520,000 ounces of gold at an average AISC of US$884/oz, underscoring its role as a cornerstone asset for Emerald. The company reaffirmed FY2027 guidance of 100,000 to 115,000 ounces at AISC between US$980 and US$1,080 per ounce, reflecting confidence in sustained performance amid ongoing mine development.

Dingo Range Project Advances with Full Permitting and Mining Contract

In Western Australia, Emerald’s Dingo Range Gold Project reached a key milestone with full permitting secured following receipt of the final Works Approval from the Department of Water and Environmental Regulation. The project, covering 1,110 square kilometres of prospective tenure along the underexplored Dingo Range greenstone belt, holds a combined measured, indicated, and inferred resource of 40.9 million tonnes at 1.1 grams per tonne gold for 1.41 million ounces.

Development activities are underway, including commissioning of a 264-person camp and site works for infrastructure. Orders have been placed for critical long lead equipment such as the SAG mill and crushing circuit. MACA Mining Pty Ltd has been appointed as the preferred mining contractor with mobilisation scheduled for December 2026 under a contract valued at approximately A$562.5 million over 74 months. Emerald expects to announce its maiden ore reserve estimate and definitive feasibility study (DFS) updates shortly, setting the stage for project construction and production ramp-up.

Memot Project Progresses with Resource Infill and Resettlement

Emerald’s 100%-owned Memot Gold Project in Cambodia, located about 95 kilometres from Okvau, is fully permitted and advancing towards development. The company completed a near-surface close-spaced reverse circulation drilling program designed to refine grade control and reserve parameters. Significant assay results include high-grade intercepts such as 2 metres at 32.11 g/t gold from 38 metres and 4 metres at 13.83 g/t from 14 metres.

Resettlement programs are progressing in collaboration with Cambodian authorities, and a maiden ore reserve estimate is expected shortly to underpin the DFS finalisation. The Memot resource currently stands at 45 million tonnes at 1.2 g/t gold for 1.7 million ounces, with mineralisation remaining open along strike and at depth, indicating potential for further expansion.

Exploration Success Extends Resources and Near-Mine Potential

Exploration drilling continues to bolster Emerald’s resource base across both continents. At Okvau, underground and open pit extensional drilling intercepted high-grade mineralisation, including 18 metres at 16.67 g/t gold from 535 metres and 4 metres at 19.53 g/t from 529 metres. Near-mine prospects such as Okvau North and Granite Hill are undergoing ore definition drilling, with significant assays supporting potential supplementary feed for the mine.

In Australia, infill and extensional drilling at the Boundary and Great Northern deposits within the Dingo Range Project returned notable intercepts including 11 metres at 18.35 g/t gold and 7 metres at 24.83 g/t. Regional air core drilling is testing new targets along structural corridors, with promising first-pass results warranting follow-up.

Financial Position and Strategic Investments

Emerald’s cash, bullion, and listed investments totalled A$481.1 million at the end of June 2026, providing a strong financial foundation to support ongoing exploration, development, and operational activities. The company also holds a strategic 19.9% cornerstone stake in Manda Resources Ltd, which is consolidating North Queensland gold and antimony assets ahead of a proposed ASX initial public offering targeting a minimum $21 million capital raise.

Sustainability and Community Engagement

Emerald maintains a firm commitment to environmental, social, and governance (ESG) principles. The company is advancing carbon neutrality in Cambodia through the Phnom 1500 Carbon Offset Restoration Project, which has planted over 148,000 trees to date. Safety performance remains strong with a 12-month moving average total recordable injury frequency rate of 1.25. Community initiatives include infrastructure improvements, health centre support, and educational programs such as the School Nursery Initiative, which fosters environmental stewardship and provides financial benefits to local schools.