Emerald Resources (EMR) H2 2024 earnings summary

Executive summary

• Achieved record after-tax profit of $80.7m, up 50% year-over-year, on revenue of $371.1m, primarily from Okvau Gold Mine in Cambodia.

• Gold production reached 114,076oz at an AISC of US$818/oz, meeting guidance and marking the company's strongest operational year.

• Cash and bullion on hand at year-end totaled A$162.3m, an 80% increase from 2023.

• Expanded Okvau Gold Mine resources and advanced Memot and Dingo Range projects, with maiden and updated resources expected in late 2024.

• Recognized for inclusion in S&P ASX 300 and 200 indices and awarded Digger of the Year at the 2024 Diggers and Dealers Mining Forum.

Financial highlights

• Revenue rose 24% year-over-year to $371.1m, driven by higher gold production and prices.

• EBITDA increased 29% to $195.7m; profit before tax up 69% to $120.0m.

• Net profit after tax was $80.7m, up 50% from $53.8m in 2023.

• Basic EPS increased to 13.57 cents (2023: 10.00 cents).

• Cash and cash equivalents at 30 June 2024 were $144.1m (2023: $71.0m).

• No dividends declared or paid.

Outlook and guidance

• FY25 gold production guidance for Okvau Gold Mine set at 100,000–110,000oz, with AISC expected between US$810–US$880/oz.

• Updated resource estimates for Memot and Dingo Range projects expected in the second half of 2024, with development at Memot targeted for 2025.

• Focus remains on expanding resources, advancing feasibility studies, and progressing toward multi-asset, +300koz per annum production.