Key Highlights

  • Revenue rose 40% to A$612.3 million, and EBITDA rose 93% to A$392.1 million.
  • Net profit after tax rose 196% to A$259.6 million for the year to 30 June 2026.
  • Okvau produced 100,405 ounces of gold at an All-In Sustaining Cost of US$972 per ounce.
  • The company is debt-free and unhedged and did not declare a Dividend for FY26.

What happens to a single-mine gold company when its profits triple and it has no debt, but its next two mines are still to be built? That is the position of Emerald Resources NL (ASX:EMR), which reported FY26 results on 27 August 2026. The Okvau mine in Cambodia has funded a substantial cash balance, and the company is now trying to turn that into a multi-mine producer with projects in Western Australia and Cambodia. The step from one asset to three is the central test, and one that carries real execution, funding and timing risk for a company of this size.

The central development: record Earnings from Okvau

The company did not declare a dividend for FY26. Cash, bullion and investments were A$491.1 million at 30 June 2026, and Emerald describes itself as debt-free and unhedged. The company's Annual Report put cash at A$433.6 million plus A$34.1 million of gold bullion, with the remainder in listed investments.

Okvau produced 100,405 ounces of gold in FY26 at an all-in sustaining cost (AISC) of US$972 per ounce. Gold sales were 95.9 thousand ounces at an average price of US$4,273 per ounce, according to the annual report. Cumulative output since production began in 2021 passed 509,600 ounces. The large percentage increases in profit reflect a sharply higher gold price against a cost base that is low in US dollar terms; they should not be extrapolated.

Business and Revenue drivers

Emerald's revenue is almost entirely Okvau gold sales, so earnings depend on ounces sold, the gold price and the exchange rate. Being unhedged means the company benefits fully from price rises and has no protection from falls. Costs are low by industry standards, at US$972 per ounce, which gives a wide Margin at current prices.

For FY27, the company guided Okvau production to 100,000 to 115,000 ounces at an AISC of US$980 to US$1,080 per ounce. Guidance is to be updated later in the year to include an underground expansion at Okvau. This means that FY27 costs are guided higher than FY26 at the low end, which is worth noting against the profit growth.

The growth projects: Dingo Range and Memot

Emerald's long-term target is to become a multi-mine producer of 300,000 to 400,000 ounces a year, which is roughly three to four times FY26 output. That relies on two projects.

Dingo Range (Western Australia) is fully permitted following a works approval in May 2026. The annual report says the camp is complete, long-lead items including a SAG mill (with a lead time of about 12 to 13 months) have been ordered, and MACA Mining was named the preferred mining contractor, with an estimated contract value of about A$562.5 million. Mining fleet mobilisation is scheduled for December 2026. A maiden ore reserve is still to come.

Memot (Cambodia) is fully permitted, with an Industrial Mining Licence and Mineral Investment Agreement granted in November 2025. An 8,000 kW SAG mill purchase was committed in May 2026, resettlement programmes are advancing, and development is anticipated to start in FY27. A maiden ore reserve is also pending.

The absence of ore reserves at both projects matters. Resources describe mineralisation; reserves reflect economic and technical studies. Until reserves and definitive feasibility results are published, production timing and costs for these projects are estimates.

Sector and competitive position

Its distinguishing features are a very low cost base, a net cash position and operations in two jurisdictions, one of them Cambodia, which most investors view as a less familiar mining location. Peers with Australian-only operations generally face higher costs, but they also have lower sovereign risk.

Material risks

Single-asset dependence. Okvau currently provides virtually all revenue.

Gold price. Being unhedged exposes earnings to price falls.

Project delivery. Dingo Range and Memot need reserves, feasibility results and construction on budget.

Jurisdiction risk. Cambodia involves regulatory, community and resettlement considerations.

Cost inflation. FY27 AISC guidance starts above FY26's level.

Funding. Growth capex may exceed internal Cash Flow if several projects proceed together.

No dividend.

What to watch next

Near-term events include the maiden ore reserves and updated feasibility studies for Dingo Range and Memot, mining fleet mobilisation at Dingo Range in December 2026, the guidance update that includes the Okvau underground expansion, and the start of Memot development in FY27. Quarterly reports will show whether Okvau stays within the production and cost range, and whether the cash balance is being drawn down as growth spending ramps up. The company's cash position, set against the scale of the projects, will indicate how much external funding, if any, is required.

For readers, the FY26 result establishes Emerald's financial capacity. What remains unproven is whether the company can repeat its Okvau execution across multiple sites.