Emerald Resources (ASX:EMR): How Are FY26 Earnings and Australian Gold Projects Shaping FY27?

Aditi Sarkar

29 October 2026 03:15 PM AEDT

Emerald Resources (ASX:EMR): How Are FY26 Earnings and Australian Gold Projects Shaping FY27?

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Highlights

Emerald Resources (ASX:EMR) reported FY26 revenue of AUD 612.3 million and net profit of AUD 259.6 million.
Okvau produced 100,405 ounces of gold in FY26 at an all-in sustaining cost of USD 972 per ounce.
FY27 Okvau guidance stands at 100,000–115,000 ounces with AISC of USD 980–1,080 per ounce.
Dingo Range and Memot were fully permitted for development and operations as at the FY26 report.

Emerald Resources NL operates the Okvau Gold Mine in Cambodia while developing additional gold projects in Cambodia and Western Australia. Its FY26 accounts recorded increased revenue and profit, alongside further work on the Dingo Range and Memot projects. During trading on 29 October 2026, Emerald Resources (ASX:EMR) was quoted at AUD 6.25, down 0.79% for the session. The company’s next operational milestones concern Okvau production, mine expansion, development studies and construction activity across its project portfolio.

Company Business

Emerald Resources (ASX:EMR) derives its existing gold production from the wholly owned Okvau operation in Cambodia’s Mondulkiri province. The open-pit mine includes a processing plant and associated infrastructure, with drilling evaluating extensions to its resources and potential underground mining. At Okvau, the group is also progressing open-pit cutbacks and work to access further mineralisation.

Its wholly owned Memot project, also in Cambodia, holds an indicated and inferred mineral resource of 45.0 million tonnes grading 1.2 grams of gold per tonne for 1.70 million ounces. In Western Australia, the wholly owned Dingo Range project has a mineral resource estimate of 40.9 million tonnes at 1.1 grams per tonne for 1.41 million ounces. These are mineral resources rather than equivalent quantities of economically recoverable reserves.

Recent Development

Emerald Resources (ASX:EMR) reported in its FY26 annual report that both Dingo Range and Memot had obtained the permits needed for development and operations. At Dingo Range, site accommodation and supporting infrastructure advanced, orders were placed for long-lead processing equipment, and MACA Mining was selected as preferred mining contractor. The report anticipated mining fleet mobilisation in December 2026.

At Memot, further drilling supported work towards a maiden ore reserve and definitive feasibility study. Okvau drilling remained directed at underground extensions, open-pit extensions and nearby prospects that might provide additional processing feed. The group reported a Dingo Range mineral resource increase from 1.36 million to 1.41 million ounces and outlined its broader ambition to operate multiple mines. An ambition is not a production forecast.

Financial Performance and Sector Context

For the year ended 30 June 2026, Emerald Resources (ASX:EMR) reported revenue of AUD 612.3 million, compared with AUD 437.8 million in FY25. Net profit after tax increased to AUD 259.6 million from AUD 87.6 million. The annual report recorded EBITDA of AUD 392 million and pre-tax operating cash flow from Okvau of AUD 439.5 million. Group cash, bullion and listed investments were valued at AUD 491 million at 30 June 2026, using market prices.

Okvau produced 100,405 ounces in FY26, compared with 98,110 ounces in FY25. Its all-in sustaining cost fell to USD 972 per ounce from USD 1,075 per ounce. The mine sold approximately 95,900 ounces during FY26 at an average realised price of USD 4,273 per ounce. FY27 guidance was 100,000–115,000 ounces at AISC of USD 980–1,080 per ounce. Gold prices, exchange rates, processing recoveries and sustaining expenditure remain relevant to operating margins. Emerald does not hedge its gold production, leaving realised prices exposed to market movements.

Risks to Consider

Emerald Resources (ASX:EMR) faces exposure to changes in gold prices and currency exchange rates. Ore grades, equipment availability, pit sequencing and processing recoveries can affect output and unit costs at Okvau. Development of Dingo Range and Memot requires construction, contractor mobilisation, capital spending and successful completion of technical studies. Estimated mineral resources may not convert fully into ore reserves. Operations in more than one jurisdiction also involve permitting, environmental, community and regulatory obligations. Mining safety and operational interruptions remain additional considerations.

What to Watch Next

Future reports can be assessed against Okvau’s FY27 guidance of 100,000–115,000 ounces and AISC of USD 980–1,080 per ounce. Updates on the timing and cost of underground expansion, resource conversion and additional processing feed will be relevant. For Dingo Range, the maiden reserve, definitive feasibility study, development timetable and anticipated December 2026 contractor mobilisation remain key milestones. At Memot, attention turns to the first ore reserve and finalisation of feasibility work. Gold sales, cash generation and capital commitments will help indicate how development spending affects liquidity.

Key Insights

Emerald Resources (ASX:EMR) ended FY26 with higher reported earnings, approximately 100,400 ounces of annual Okvau gold production and an expanded development pipeline. Its annual report identified fully permitted projects at Dingo Range and Memot, although future output depends on construction and reserve-development decisions. FY27 mining performance, operating costs, development expenditure and delivery of project milestones provide the principal measurable indicators for subsequent reporting periods.

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