Emerald Resources NL

Today Emerald sent its Annual Report and Annual General Meeting materials to shareholders. Emerald welcomes shareholders to attend the AGM which is taking place at 11.00am WST on Friday 29 November 2024 at 1304 Hay Street, West Perth, WA.

Emerald Resources is pleased to announce that the Company continues to achieve gold production guidance at the 100% owned Okvau Gold Mine in Cambodia with 28,046 ounces of gold produced despite a minor wall slip during the period. Access to the pit was fully restored well ahead of schedule, with mill feed drawn from existing stockpiles. Gold poured during the Quarter was 29,475 ounces.   The indicative AISC for the September 2024 Quarter is expected to be 10% to 15% above guidance as a result of the deferred stripping costs of the cut-back and processing of stockpiles, but remains below US$1,000/oz.   Cash and bullion increased from A$162.3 million to A$180.8 million (US$107.5 million to US$125.3 million) during the Quarter.   There were no reportable injuries for the Quarter, with a TRIFR 12 month moving average consistent at 0.53 as at September 2024.   Significant progress has been made on resource work at Okvau, Memot and Dingo Range and updated resource numbers for each are expected and will be reported following the completion of third-party estimation work.

Emerald Resources wishes to advise that Non-executive director, Simon Lee AO has decided to retire from his working commitments in the mining industry and will retire from the Emerald Board effective from the date of the Company’s annual general meeting on 29 November 2024.   Under Mr Lee's guidance and support and drawing on his considerable experience of developing successful gold mining companies, the Company has created significant shareholder value through the development of the 100% owned Okvau Gold Mine in Cambodia.   Mr Lee is leaving the Company in a solid financial position as we look to progress the development of our 100% owned Memot Gold Project in Cambodia and 100% owned Dingo Range Gold Project in Western Australia which form part of the Company’s ambition to become a +300koz per annum multi-project gold producer.   Emerald Resources thanks Mr Lee for his support, guidance, immense generosity, friendship and loyalty over many years. We wish him well in his retirement.

Emerald Resources is pleased to advise that access to all parts of the pit at the Company’s Okvau Gold Mine in Cambodia has been fully restored and normal operations resumed following the minor wall slip announced on 16 September 2024. The cutback of the affected area was completed well ahead of schedule and a comprehensive update will be provided in the September 2024 Quarterly Report to be released in October.

Emerald Resources advise that there has been a minor wall slip at the Company’s Okvau Gold Mine in Cambodia, affecting the access ramp at a relatively shallow depth. This area was already scheduled for a cutback in an updated mine plan. There were no injuries or equipment damage and the affected area was secured immediately. Access to the pit is expected to be impacted for the next 21 days and in the interim ore will be sourced from existing stockpiles, ensuring that the quarterly production guidance of 25-30koz gold remains unaffected, with the grade maintained at approximately 2.0g/t. The AISC for the quarter may exceed the range of US$810- 880/oz due to increased waste mining in the cutback. However, this will be offset at a future date by a commensurate reduction in earthmoving. 

Emerald Resources is pleased to announce that it has signed a binding term sheet with Golden Horse Minerals Limited (TSXV:GHML) to sell the Company’s tenements located in Southern Cross, Western Australia. As part of the transaction, Golden Horse will seek a dual listing on ASX. Emerald will receive 32 million Golden Horse shares at a deemed issue price of A$0.25 per share subject to the satisfaction of a number of conditions precedent. Golden Horse’s flagship project is complimentary to Emerald’s highly prospective tenements in Southern Cross, and on completion of the transaction Emerald will hold a cornerstone investment in Golden Horse. It will also add to Emerald's portfolio of gold projects including the Okvau Gold Mine and the Memot Gold Project in Cambodia, as well as the Dingo Range Gold Project in Western Australia.

Emerald Resources is pleased to announce a record after tax profit of $A80.7 million for the year to 30 June 2024. The year saw record gold production at the Company's Okvau Gold Mine in Cambodia, and was the result of strong production numbers and a sustained increase in the gold price. The excellent production and cost performance at Okvau resulted in 114,076 ounces of gold delivered at an all-in sustaining cost of US$818 per ounce. The Company is also proud of the exceptional safety record at its Cambodian operations with safety in the workplace central to Emerald's operational culture. There were no reportable injuries for the year, with a TRIFR 12 month moving average of 0.55 as at 30 June 2024 which is an industry-leading outcome that the Company strives to maintain. As at 30 June 2024 the Company’s cash and bullion totalled A$162.3 million, an 80% increase on the 30 June 2023 balance. The full Annual Report can be read here.

Emerald Resources is pleased to announce the release of the Company’s FY 2024 Sustainability Report.   The Report encompasses Emerald’s projects in Cambodia – primarily the 100% owned operating gold mine at the Okvau Gold Mine, the 100% owned Dingo Range Gold Project in Western Australia and other exploration projects in both regions.   Emerald operates with a set of strong values and principles ensuring that we protect our people, the environments in which we operate and support local communities through employment and training, and community partnerships.   The Company also strives to ensure the safety of our people each and every day with well-established safety management systems across all sites. In FY24 Emerald achieved safety frequency rates of 1.58 for Total Recordable Injury Frequency Rate (TRIFR) and 0.00 for Lost Time Injury Frequency Rate (LITFR).   Our commitment to the environment both local and global is exemplified by the Company pursing carbon neutral operations in Cambodia. Emerald provisions funds for activities which support the Company’s climate strategy. Emerald’s Board and management believe that more accurately encompasses our commitment rather than purchasing offset credits. A direct result of this was the launch of the Company's first major carbon offset initiative, the Phnom 1500 project, which is directed to creating a positive impact on habitat restoration.

Emerald Resources is pleased to advise the expansion to the underground resource and continued replenishment of resources at the 100% owned Okvau Gold Mine in Cambodia as part of the Okvau Gold Mine Resource and Reserve update. This is the result of an ongoing drilling program to extend the current pit shell, below pit for underground potential and near mine prospects. In addition, Emerald has ramped up exploration and development activities at its two 100% owned projects, the Dingo Range Gold Project in Western Australia and the Memot Gold Project in Cambodia with updated resources for both projects on track for the second half of calendar 2024.

Emerald Resources is pleased to announce that it has signed an agreement with MACA Mining Pty Ltd to continue partnering on the Company’s mine developments. The exclusivity agreement sees MACA to continue partnering as Emerald's mining contractor on all future mine developments. This reflects the long-standing relationship Emerald and MACA have had spanning more than 20 years which has seen the successful delivery of numerous projects, including the Okvau Gold Mine which continues to achieve strong operational performance. Emerald is entering an exciting stage in the Company's remarkable growth story, embarking on two new developments both in Australia and Cambodia over the next two years. Capitalising on the well-established synergies between the Emerald and MACA teams the initial key objective is to deliver these projects on time and on budget.