How Emerald Resources (ASX:EMR) Plans to Move Beyond Okvau, With Dingo Range and Memot

Aditi Sarkar

04 November 2026 07:58 PM AEDT

How Emerald Resources (ASX:EMR) Plans to Move Beyond Okvau, With Dingo Range and Memot

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Highlights

Emerald's FY26 numbers, show Earnings before interest, tax, Depreciation and Amortisation (EBITDA) of $392.1 million, up 93%.
Gold production was 100,405 ounces at an All-In Sustaining Cost (AISC) of US$972 per ounce.
That gap is visible in the June 2026 quarter.
Emerald produced 27,072 ounces at an AISC of US$818 per ounce and sold 25,932 ounces at an average price of US$4,491 per ounce.
For comparison, the March quarter delivered 26,269 ounces at US$897 per ounce.

Emerald Resources NL (ASX:EMR) explores, develops and produces gold in Cambodia and Australia, operating the Okvau Gold Mine while progressing the Memot and Dingo Range projects. Its FY26 results showed production and operating cash generation at Okvau, as development planning across its wider portfolio became a central operational priority.

FY27 guidance and the cost trend

Guidance for FY27 is for 100,000 to 115,000 ounces from Okvau at an AISC of US$980 to US$1,080 per ounce. That means flat to modestly higher production and costs that are above the FY26 average of US$972 and well above the June quarter. The guidance is a company forecast and not an outcome.

Dingo Range and Memot: the growth plan

Dingo Range, located in Western Australia, received its final approvals in May 2026 and is described by the company as fully permitted and fully funded. In early July 2026 Emerald announced a letter of award to MACA Mining for mining services valued at about $562.5 million over 74 months, with the contract starting in December 2026.

Sector position

Emerald competes in a gold sector that has enjoyed record prices, which has lifted the earnings of nearly every producer and made well-funded developers attractive. Its distinguishing features are the low unit cost at Okvau, an unhedged position that retains full exposure to the gold price, and a Balance Sheet that does not rely on lenders.

Risks to monitor

The first risk is the gold price. Because Emerald is unhedged, a fall would reduce Cash Flow quickly, and the company's expansion spending is committed in advance.

What to watch next

Key milestones include the maiden ore reserves and DFS results for Dingo Range and Memot, final Investment decisions and Capital cost estimates, the mobilisation of MACA at Dingo Range from December 2026, the September 2026 quarterly report, which the company usually issues in late October, and the first-half FY27 results in early 2027.

Key Insights

Key milestones include the maiden ore reserves and DFS results for Dingo Range and Memot, final investment decisions and capital cost estimates, the mobilisation of MACA at Dingo Range from December 2026, the September 2026 quarterly report, which the company usually issues in late October, and the first-half FY27 results in early 2027.

FAQs

Q: What were Emerald Resources NL's (ASX:EMR) latest financial results?

A: Emerald's FY26 numbers, show earnings before interest, tax, depreciation and amortisation (EBITDA) of $392.1 million, up 93%. Gold production was 100,405 ounces at an all-in sustaining cost (AISC) of US$972 per ounce.

Q: What is Emerald Resources NL's (ASX:EMR) outlook?

A: Guidance for FY27 is for 100,000 to 115,000 ounces from Okvau at an AISC of US$980 to US$1,080 per ounce. That means flat to modestly higher production and costs that are above the FY26 average of US$972 and well above the June quarter.

Q: What drives Emerald Resources NL's (ASX:EMR) business growth?

A: Dingo Range, located in Western Australia, received its final approvals in May 2026 and is described by the company as fully permitted and fully funded. In early July 2026 Emerald announced a letter of award to MACA Mining for mining services valued at about $562.5 million over 74 months, with the contract starting in December 2026.

Q: How does Emerald Resources NL (ASX:EMR) compete in its sector?

A: Emerald competes in a gold sector that has enjoyed record prices, which has lifted the earnings of nearly every producer and made well-funded developers attractive. Its distinguishing features are the low unit cost at Okvau, an unhedged position that retains full exposure to the gold price, and a balance sheet that does not rely on lenders.

Q: What are the key risks for Emerald Resources NL (ASX:EMR)?

A: The first risk is the gold price. Because Emerald is unhedged, a fall would reduce cash flow quickly, and the company's expansion spending is committed in advance.

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