Emerald Resources (EMR) Q1 2025 TU earnings summary

Executive summary

• Okvau Gold Mine achieved upper end of quarterly production guidance with 28,046oz produced at AISC of US$991/oz, despite a 12-day pit access restriction due to a minor wall slip.

• Cash and bullion increased by US$17.8m during the quarter, supporting ongoing exploration and development.

• Tenth tonne of gold poured at Okvau, with total project-to-date production of 351,940oz.

• Major carbon offset initiative launched, planting 45,174 trees in Cambodia to progress toward carbon neutrality.

• Divestment of Southern Cross Gold Project to Golden Horse Minerals, with Emerald to cornerstone a dual ASX listing.

Financial highlights

• Gold sales for the quarter totaled 28,543oz at an average price of US$2,496/oz, generating US$71.2m in revenue.

• Pre-tax operating cash flow from Okvau Gold Mine was A$57.8m (US$38.7m) for the quarter.

• Cash and bullion on hand at 30 September 2024 was A$180.8m (US$125.3m).

• All-in sustaining cost (AISC) for the quarter was US$991/oz, 13% above guidance due to deferred stripping and stockpile processing.

• Principal repayments on Sprott debt facility reduced balance to US$13.0m at quarter end.

Outlook and guidance

• Quarterly production guidance maintained at 25,000–30,000oz with AISC of US$810–US$880/oz.

• Updated resource estimates for Memot and Dingo Range projects expected in calendar 2024.

• Dingo Range Definitive Feasibility Study (DFS) to be delivered in December 2024, with investment decision targeted for late 2024.