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Highlights

  • Emerald Resources shares rose 3.79% on 24 February 2026, following the release of its half-year results.
  • Profit after tax increased 23% to AUD 73.1 million in the half-year to 31 December 2025.
  • EBITDA for the December 2025 Half stood at AUD 143.1 million.
  • Cash, bullion and listed investments totalled AUD 372.7 million on 31 December 2025.
  • FY26 production guidance maintained at 105Koz–120Koz.

Emerald Resources NL (ASX:EMR) shares advanced 3.79% to AUD 6.91 during the afternoon session on 24 February 2026, extending one-year gains to 72.75%. Today’s move followed the release of the company’s results for the half-year ended 31 December 2025, highlighting profitability growth, favourable cash generation and maintained production guidance.

Profit Growth Underpinned by Okvau Operations

For the half-year to 31 December 2025, Emerald reported profit after tax of AUD 73.1 million, representing a 23% increase from AUD 59.7 million in the prior corresponding period. The result included exploration expenditure of AUD 23.9 million, compared to AUD 28.9 million in the previous half, and a net foreign exchange loss of AUD 1.0 million versus a gain of AUD 4.6 million a year earlier.

Sales revenue for the December 2025 Half rose 7% to AUD 252.5 million from AUD 236.0 million in the December 2024 Half. EBITDA increased 13% to AUD 143.1 million, while profit before tax climbed 40% to AUD 129.1 million.

Income tax expense increased 71% to AUD 56.0 million, resulting in the 23% lift in net profit after tax.

The operating performance was driven by consistent production from the 100% owned Okvau Gold Mine in Cambodia, supporting investment across development and exploration while strengthening the balance sheet.

Production and Cost Performance

During the December 2025 Half, Okvau produced 47,064 ounces of gold, compared to 59,933 ounces in the December 2024 Half. All-in sustaining cost (AISC) rose to USD 1,104 per ounce from USD 919 per ounce in the prior period.

Gold sales totalled 43.7Koz at an average realised gold price of USD 3,781 per ounce for the half-year.

Despite lower production and higher AISC compared to the prior corresponding period, Emerald maintained its FY26 production guidance of 105Koz to 120Koz at an AISC in line with life-of-mine guidance of USD 966 per ounce.

The operation also recorded an industry-leading Total Recordable Injury Frequency Rate (TRIFR) 12-month moving average of 0.42 as of 31 December 2025, with no Lost Time Injuries reported during the period.

Strengthened Balance Sheet and Cash Generation

Pre-tax cashflow from operating activities for the December 2025 Half totalled AUD 150.3 million.

As on 31 December 2025, cash, bullion and listed investments stood at AUD 372.7 million (USD 249.4 million at market pricing). Consolidated cash increased to AUD 299.4 million from AUD 201.4 million on 30 June 2025, while gold bullion holdings rose to AUD 35.6 million from AUD 22.7 million.

Net assets improved from AUD 655.4 million on 30 June 2025 to AUD 727.4 million on 31 December 2025.

Growth Pipeline and Project Development

Emerald continued advancing its growth portfolio during the half.

At Okvau, the June 2025 Ore Reserve Estimate stands at 13.6Mt at 1.5g/t Au for 650Koz, including in-pit reserves of 9.9Mt at 1.8g/t Au for 560Koz. The Mineral Resource Estimate totals 15.4Mt at 1.9g/t Au for 960Koz, including an underground resource of 1.7Mt at 5.5g/t Au for 310Koz.

In Western Australia, the Dingo Range Gold Project is now fully permitted for mining following key approvals received in December 2025 and January 2026. The project hosts a Mineral Resource Estimate of 40.9Mt at 1.1g/t Au for 1.41Moz, including a higher-grade component of 24.2Mt at 1.4g/t Au for 1.12Moz.

The Memot Gold Project in Cambodia is also fully permitted for development, with an upgraded Mineral Resource Estimate of 45.0Mt at 1.2g/t Au for 1.70Moz, including 21.6Mt at 1.8g/t Au for 1.24Moz in higher-grade resources.

What Investors are Watching?

Emerald’s half-year result reflects solid revenue growth, favourable profitability and a materially improved cash position, despite lower gold production compared to the prior corresponding period.

Maintained FY26 production guidance, expanding mineral resources and a strengthened balance sheet appear to have supported the positive share price reaction. Investors will likely monitor production performance in the second half alongside development milestones across Dingo Range and Memot.

Frequently Asked Questions (FAQs)

  1. Why did Emerald Resources shares rise on 24 February 2026?

Shares of Emerald Resources NL (ASX:EMR) increased 3.79% to AUD 6.91 after the company reported higher profit and favourable cash generation for the December 2025 Half.

  1. How did Emerald perform in the December 2025 Half?

Profit after tax rose 23% to AUD 73.1 million, revenue increased 7% to AUD 252.5 million, and EBITDA grew 13% to AUD 143.1 million.

  1. What is Emerald’s FY26 production guidance?

Emerald maintained FY26 guidance of 105Koz to 120Koz at an AISC in line with life-of-mine guidance of USD 966 per ounce.