Emerald Resources (EMR) H2 2025 earnings summary

Executive summary

• Achieved record after-tax profit of $87.6M (up 9% year-over-year) on revenue of $437.8M, primarily from Okvau Gold Mine in Cambodia.

• Ended FY25 debt-free, with cash and bullion of $224.1M, up from $162.3M in FY24.

• Produced 98,110oz gold at Okvau at AISC of US$1,075/oz; total production since commercial start is 409,194oz at AISC US$863/oz.

• Expanded global gold resources to 3.66Moz, with significant resource growth at Dingo Range (+35%) and Memot (+30%).

• Became largest shareholder in Golden Horse Minerals (20.5% stake) via Southern Cross Gold Project divestment.

Financial highlights

• Revenue increased 18% year-over-year to $437.8M; EBITDA rose 7% to $204M.

• After-tax profit reached $87.6M (FY24: $80.7M).

• Operating cash flow before tax was $212.3M, up $21.5M from FY24.

• Cash, bullion, and listed investments at year-end totaled $238M, up $76M from FY24.

• Sprott debt facility fully repaid; company is now debt-free and unhedged.

Outlook and guidance

• Okvau Gold Mine FY26 production guidance: 105,000–120,000oz, with AISC of US$900–1,000/oz for first two quarters.

• Focus on Okvau underground expansion, pit extensions, and near-mine exploration.

• Feasibility and permitting ongoing for Dingo Range and Memot projects, with development decisions expected.