Emerald Resources NL

Emerald Resources is pleased to announce the results of another impressive Quarter with a further 28,046 ounces of gold produced at the Company’s 100% owned Okvau Gold Mine in Cambodia., despite the previously reported minor wall slip. This also impacted costs with an ASIC of US$991/oz for the Quarter. Other highlights include: Gold sales for the June 2024 Quarter of 28.5koz at an average gold price of US$2,496/oz; Pre-tax operating cash flow from the Okvau Gold Mine for the Quarter of A$57.8m (US$38.7); The tenth tonne of gold poured during the Quarter at the Okvau Gold Mine. Emerald had cash and bullion on hand at 30 September 2024 of A$180.8m (US$125.3m), and the Company has divested the Southern Cross Gold Project to Golden Horse Minerals Limited which will see Emerald cornerstone a dual listing on the ASX. Emerald also paid tribute to Simon Lee AO, current Non-Executive Director, and the Company’s inaugural Chairman, who announced his intention to retire from the Board at the upcoming AGM. Emerald planted over 45,000 trees this Quarter as part of its first major carbon offset initiative in Cambodia, a direct result of Emerald’s commitment to achieving carbon neutrality from the Company’s operations by creating a positive impact on habitat restoration. The Company is committed to have safe workplace across all operations and there were no reportable injuries for the Quarter, with a TRIFR 12 month moving average of 0.53 as at September 2024. Feasibility and development work continued at the Memot Gold Project in Cambodia with the Stage 2 resource extensional and infill drill program completed. An updated interim Resource estimation is on track for delivery in calendar 2024. The Dingo Range Gold Project in Western Australia resource definition program continues to deliver significant gold mineralisation, with high-grade results from the recently discovered Northern Range Prospect.

Emerald Resources is pleased to release the most recent results of the Company's exploration program for both Cambodia and Australia.   Following on from the previously announced Memot Gold Project maiden open pit inferred resource, Stage 2 resource extension and infill drilling is now largely complete, with an updated resource estimation expected by the end of calendar 2024. Significant recent results received from current drilling include 9m @ 12.61g/t Au from 193m including 1m @ 64.5g/t Au from 197m, 0.8m @ 63.30g/t Au from 99m and 1.1m @ 44.30g/t Au from 214m.   Activities at Emerald’s flagship Okvau Gold Mine continue to focus on infilling and extending the currently open pit and maiden underground resource mineralisation proximally within and beyond the reserve pit shell. This Quarter drilling predominantly focussed on the Stage 7 pit floor, approximately 30m below the natural surface. Significant intercepts continue to be outside the existing resource and likely to extend the known mineralisation or have been intercepted in areas that previous modelling has indicated to be mineralised, enhancing our confidence in the existing resource. Emerald’s Dingo Range Gold Project drilling results to date continue to demonstrate the continuity of mineralisation at depth and along strike. During the Quarter exploration was focussed on further infill and extensional drilling at the Great Northern, Boundary, Neptune and Bungarra Prospects and the results will be included in Emerald’s maiden resource estimation. Regional exploration in the Dingo Range greenstone belt continued, focussing on the Stables Prospect located 8.5km south-east of the Bungarra Prospect. The program was designed to follow up significant historic gold-in-soil anomalies on the Stables Prospect.

Emerald Resources is pleased provide an update on the Company’s transaction with Golden Horse Minerals Limited (TSXV:GHML) (GHM) to sell Emerald’s tenements located in Southern Cross, Western Australia. As part of the transaction, Golden Horse is seeking a dual listing on ASX. 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. Golden Horse lodged a prospectus with ASIC on 28 October 2024 to issue up to 72,000,000 GHM CDIs at an issue price of A$0.25 each, to raise up to A$18 million at an issue price of A$0.25 each. This includes a Priority Offer to eligible Emerald shareholders of up to A$4,000,000 (represented by 16,000,000 CDIs) at an issue price of A$0.25 per CDI as part of the Prospectus. Golden Horse will send a letter to Emerald shareholders eligible to participate in the Priority Offer on Tuesday 5 November 2024. This letter will contain the unique GHM Priority Offer access code for each eligible shareholder of Emerald. Applications under the GHM Priority Offer can be made by eligible shareholders of Emerald online.

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.