Emerald Resources-backed Manda Resources has completed a suite of North Queensland asset acquisitions, lifting its combined global JORC gold resource to 1.33Moz. The vehicle has started drilling and appointed experienced explorer Tara French as CEO ahead of a proposed ASX listing later in 2026.
- Emerald holds a 19.8% stake in Manda
- North Queensland acquisitions completed
- Combined global JORC resource reaches 1.33Moz of gold
- Tara French appointed chief executive
- Manda drilling and proposed ASX listing now underway
Manda Completes North Queensland Asset Roll-Up
Emerald Resources NL (ASX:EMR) is turning a private exploration investment into a potential listed growth vehicle, after its 19.8%-owned Manda Resources completed the acquisition of several gold and antimony assets in North Queensland.
The transactions bring the Alice River, St George Gold-Antimony, Tregoora and Northcote Goldfields projects under Manda’s control or joint-venture structure. Alongside its existing Western Australian potash and gold exploration interests, Manda now reports a combined global JORC mineral resource of 1.33Moz of gold.
Drilling Starts as Tara French Takes Charge
Manda has begun drilling at Tregoora and Northcote using funds from a $9 million pre-IPO capital raising, to which Emerald contributed $6.4 million. The company has appointed Tara French as CEO, bringing more than 25 years of exploration experience, including senior roles at Cazaly Resources and Regis Resources.
That combination gives Manda an operating platform rather than a collection of dormant titles, although the announcement does not provide new drilling results or revised resource estimates. The immediate test is whether exploration can add substance to the existing resource base and give prospective public-market investors something more than acreage and geological promise.
Emerald Plans to Remain a Cornerstone Investor
Emerald intends to participate as a cornerstone investor in Manda’s proposed IPO and retain approximately 19.9% of the company after listing. Manda is targeting an ASX debut late in calendar 2026, subject to market conditions, formal admission requirements and other conditions.
For Emerald, the structure offers exposure to a separate Australian exploration vehicle while its core management focus remains the Okvau mine in Cambodia and the Memot and Dingo Range projects. It also leaves several valuation questions unresolved: Manda’s listing timetable, the market’s appetite for a newly assembled exploration portfolio, and whether drilling can convert the 1.33Moz headline resource into a more developed investment proposition.
Bottom Line?
Manda now has assets, funding and a CEO, but the next meaningful proof point will come from drilling and the terms of any eventual IPO.
Questions in the middle?
- Will drilling at Tregoora and Northcote produce results capable of supporting a larger resource base?
- Can Manda satisfy ASX admission requirements and complete its proposed listing in late 2026?
- What valuation and ownership structure will Emerald secure when the IPO proceeds?