Emerald Resources Reports 27,000oz Gold Output at Okvau Mine in June Quarter, AISC Maintains Lower Guidance Range

Okvau Gold Mine Delivers ~27,000oz in June Quarter Within Guidance Range

Emerald Resources confirmed that the Okvau Gold Mine produced approximately 27,000 ounces of gold during the quarter ending 30 June 2026. This output aligns with the company’s ongoing quarterly guidance range of 25,000 to 30,000 ounces, which remains the operational benchmark for the mine. Since commissioning in 2021, the 100%-owned Cambodian operation has surpassed 500,000 ounces of cumulative gold production.

The June quarter result reflects an operational improvement in the second half of FY2026. Both final quarters of the financial year achieved production within the guidance band, indicating that earlier operational challenges have been resolved. Emerald did not provide detailed mining volumes, ore grades, or mill throughput figures in this preliminary update, noting that a full operational report will be published later in July 2026.

FY2026 Annual Production of ~100,000oz Below Guidance Due to Early-Year Output

Despite meeting quarterly targets in the June quarter, Emerald acknowledged that FY2026 total gold production was approximately 100,000 ounces, below the annual guidance range of 105,000 to 120,000 ounces. The shortfall is attributed to lower production in the first half of the financial year rather than any decline in mine performance or resource quality. This distinction is important for investors evaluating whether the production gap is a temporary timing issue or a structural concern.

The company highlighted operational recovery in the second half of FY2026, with consecutive quarters meeting guidance, signaling stabilisation. The annual production figure remains significant for a single-asset gold producer. Furthermore, Emerald maintained disciplined cost control despite the volume shortfall. Investors will likely monitor whether the momentum continues into the first half of FY2027.

June Quarter AISC Estimated at Approximately US$880 per Ounce, Lower End of Guidance

Emerald Resources indicated that the June 2026 quarter’s all-in sustaining cost is expected to be near the lower end of guidance at around US$880 per ounce. This competitive cost structure is notable amid strong global gold prices and positions Okvau favorably among mid-tier Southeast Asian gold producers. The company did not provide a breakdown of specific cost components such as site operating expenses, royalties, sustaining capital, or corporate overhead in this preliminary update.

The AISC figure suggests the mine continues to generate solid operating margins relative to current gold prices. Emerald has consistently described Okvau as a low-cost operation, and this quarterly result supports that characterization. The forthcoming full quarterly report is expected to offer more detailed cost analysis, which investors and analysts will scrutinize for trends heading into FY2027.

Full-Year FY2026 AISC Expected to Align with Guidance at ~US$966 per Ounce

Despite the production shortfall, Emerald expects its full-year FY2026 AISC to remain in line with guidance at approximately US$966 per ounce. If confirmed in the detailed quarterly report, this will demonstrate effective cost management despite lower production volumes. Maintaining cost discipline during periods of reduced throughput is often viewed as a sign of operational maturity.

This full-year AISC remains well below prevailing gold spot prices, which have stayed elevated through 2025 and into 2026. The margin between AISC and gold prices supports strong cash generation, contributing to Emerald’s A$468 million liquidity position. The company did not provide FY2027 AISC guidance in this update; investors may seek updated cost and production outlooks in the full quarterly report or future announcements.

Cash, Bullion, and Listed Investments Total A$468 Million as of 26 June 2026

A key highlight in the update is Emerald’s strengthened liquidity, with cash, bullion, and listed investments totaling A$468 million (approximately US$322 million) as at 26 June 2026. This represents an increase from the March 2026 figures, which combined to around A$399.3 million. The rise indicates continued strong cash flow generation from Okvau during the June quarter.

Emerald described itself as "fully funded, debt free and unhedged." The lack of hedging allows full exposure to gold price upside, a deliberate strategic decision. The debt-free balance sheet and near A$468 million treasury position enable the company to pursue its multi-mine growth ambitions without immediate need for equity capital or project finance debt. No specific capital expenditure budget was disclosed for the development pipeline in this update.

Okvau Underground Expansion and Pit Extensions Drive Cambodia Growth Strategy

Emerald’s growth plans at Okvau focus on three main strategies: expanding the underground mine beneath the existing open pit, extending the current pit design, and developing near-mine exploration prospects within its tenure. The company holds 1,085 square kilometres of prospective tenure in Cambodia, offering a substantial exploration footprint around the operation. These initiatives are central to achieving the company’s goal of exceeding 300,000 ounces per annum across multiple mines.

The Okvau resource base supports this expansion. Emerald’s Memot Gold Project, also 100%-owned and located in Cambodia, contains an open pit indicated and inferred mineral resource of 45.0 million tonnes at 1.2 grams per tonne gold for 1.7 million ounces. This sizable second project is planned as a future standalone operation. No updated development timeline or capital cost estimates for Memot were provided in this preliminary update; further details are expected in the full quarterly report and subsequent announcements.

Memot and Dingo Range Projects Form Core of Emerald’s 300,000oz Production Target

Beyond Okvau, Emerald has identified the Memot Gold Project in Cambodia and the Dingo Range Gold Project in Australia as key assets towards its 300,000-ounce annual production target. The Dingo Range project, situated on the underexplored Dingo Range greenstone belt in Australia, holds a combined open pit measured, indicated, and inferred resource of 40.9 million tonnes at 1.1 grams per tonne gold for 1.41 million ounces, supported by 1,110 square kilometres of prospective tenure.

Developing Dingo Range would mark Emerald’s entry into Australian gold production, diversifying its operational footprint beyond Cambodia. The company has not disclosed feasibility study results, construction decisions, or targeted production dates for Dingo Range in this update. Similarly, capital cost estimates, development timelines, and financing arrangements for Memot and Dingo Range were not included. A comprehensive update on exploration and project development is expected with the full June 2026 quarterly report.

Debt-Free and Unhedged Balance Sheet Supports Expansion Across Multiple Mines

Emerald’s financial position is notable given its development ambitions across three projects in two countries. Being debt free removes interest expenses and covenant restrictions common at similar growth stages, while the unhedged status allows full participation in gold price gains. The A$468 million in cash, bullion, and listed investments provides significant internal funding capacity for exploration, development studies, and early construction.

The company’s successful commissioning of the Okvau Gold Mine on time and budget in 2021 is cited as evidence of its project execution capability, bolstering investor confidence as it advances Memot and Dingo Range. Emerald has not indicated plans to pursue debt financing, royalty financing, or other capital structure options for upcoming projects. Such details are expected to emerge as development studies progress toward final investment decisions.

Comprehensive June 2026 Quarterly Report Due in July with Detailed Operational Data

Emerald Resources confirmed that the production and cost figures in this update are preliminary and indicative. A full June 2026 quarterly report, including detailed operational data, exploration results, project development progress, and financial performance, is scheduled for release later in July 2026. The report will likely provide updated mine grade and tonnage metrics, progress on the Okvau underground expansion, and developments at Memot and Dingo Range.

For investors monitoring Emerald’s progress toward its 300,000-ounce production goal, the full quarterly report will be a critical information milestone. It may also include updated FY2027 production and cost guidance, which has not yet been provided. The immediate market reaction to this preliminary update was unclear at the time of writing. Investors are advised to review the full quarterly report and any subsequent guidance before making investment decisions.

Emerald Resources’ ESG Commitment and Carbon Neutral Goal at Okvau

Emerald Resources maintains a commitment to responsible mining practices at its Cambodian operations, aiming to comply with International Finance Corporation Performance Standards and local regulations as part of its environmental, social, and governance (ESG) framework. The company lists carbon neutral operations in Cambodia as a core ESG objective, which may appeal to institutional investors with sustainability mandates as Emerald’s profile grows.

The company engages local stakeholders around its Cambodian sites, aiming for a net positive impact on environmental and social values near the mine. This preliminary update did not include specific ESG metrics, carbon offset volumes, community investment figures, or progress on the carbon neutrality target. More detailed ESG disclosures are expected in the full quarterly report and annual sustainability reports.