Emerald Resources (EMR) Q4 2024 TU earnings summary

Executive summary

• Achieved record full-year gold production of 114.1koz at Okvau Gold Mine, meeting guidance with AISC of US$818/oz for FY24 and US$829/oz for the June quarter.

• Gold sales in the June quarter totaled 28.6koz at an average price of US$2,345/oz, generating pre-tax operating cash flow of A$64.6m (US$42.6m).

• Completed 100% takeover of Bullseye Mining, now Emerald Resources (WA) Pty Ltd, enabling ramp-up at Dingo Range Gold Project.

• Strong safety record maintained with a TRIFR of 0.55 and no reportable injuries for the quarter.

Financial highlights

• Cash and bullion on hand at 30 June 2024 totaled A$162.3m (US$107.5m).

• Pre-tax operating cash flow from Okvau Gold Mine for FY24 was A$218.4m (US$146.4m).

• All-in sustaining costs (AISC) for the June quarter were US$829/oz, with total cash costs of US$19.9m.

• Principal repayments on Sprott debt facility reduced balance to US$19.5m at quarter end.

Outlook and guidance

• Quarterly production guidance remains at 25-30koz gold with AISC of US$810–US$880/oz.

• Updated annual guidance to be provided as studies progress on underground development in FY25.

• Dingo Range Gold Project DFS targeted for December 2024, with investment decision and development commencement planned for late 2024.

• Memot Project updated resource estimate expected in H2 2024; development targeted for 2025.