Key Highlights

• Emerald reported FY26 Revenue of A$612.3 million, up 40 per cent on FY25, EBITDA of A$392.1 million, up 93 per cent, and net profit after tax of A$259.6 million, up 196 per cent.

• In the June 2026 quarter, Okvau produced 27,072 ounces, compared with 26,269 ounces in the March quarter, and AISC fell to US$818 from US$897 per ounce.

• FY27 guidance for Okvau is production of 100,000 to 115,000 ounces, with AISC of US$980 to US$1,080 per ounce, based on coverage of the quarterly report.

• The company reports total resources of more than 3.9 million ounces of gold across its projects.

Why would a debt-free, unhedged gold producer with a single operating mine be working so hard on new projects? Emerald Resources' (ASX:EMR) FY26 results, released on 27 August 2026 for the year ended 30 June 2026, point to the reason: the Okvau mine in Cambodia is generating encouraging cash, but its guided output for FY27 is roughly flat, so growth must come from Memot in Cambodia and Dingo Range in Western Australia. The company has a stated ambition to become a multi-mine producer of 300,000 to 400,000 ounces a year.

The central development: encouraging cash from one mine

Emerald reported FY26 revenue of A$612.3 million, up 40 per cent on FY25, EBITDA of A$392.1 million, up 93 per cent, and net profit after tax of A$259.6 million, up 196 per cent. Gold production was 100,405 ounces, with Okvau passing the 100,000-ounce mark, and All-In Sustaining Cost (AISC) was US$972 per ounce. Cumulative Okvau production since 2021 exceeds 509,600 ounces.

The sharp rise in profit relative to revenue indicates encouraging Operating Leverage to a higher gold price, since AISC is a fraction of the realised price. In the June 2026 quarter, gold sold was 25,932 ounces at an average of US$4,491 per ounce, against a quarterly AISC of US$818 per ounce.

How Emerald makes money

Emerald earns almost all of its revenue from gold sold from Okvau, with revenue denominated in US dollars through the gold price and reported in Australian dollars. This means the Australian-dollar Exchange Rate affects reported revenue and profit. The company reported that it is debt-free and unhedged, so profit moves directly with the gold price.

In the June 2026 quarter, Okvau produced 27,072 ounces, compared with 26,269 ounces in the March quarter, and AISC fell to US$818 from US$897 per ounce. Pre-tax Operating Cash Flow in that quarter was A$127.3 million.

Guidance and the growth gap

FY27 guidance for Okvau is production of 100,000 to 115,000 ounces, with AISC of US$980 to US$1,080 per ounce, based on coverage of the quarterly report. That compares with FY26 production of 100,405 ounces and AISC of US$972, so the company is guiding to a mine that is stable rather than growing, with costs similar to or slightly higher than FY26.

This is why new mines matter. Reaching the 300,000 to 400,000 ounce ambition would require adding two or three times Okvau's current output, a major step that depends on feasibility studies, financing and construction.

Projects: Memot and Dingo Range

Memot, a fully permitted project in Cambodia, has a definitive feasibility study that was described as nearing completion, with resettlement programs advanced and infill drilling completed to support resource confidence. Dingo Range, a fully permitted project in Western Australia, has had major infrastructure works progress and a preferred Mining contractor appointed.

The company reports total resources of more than 3.9 million ounces of gold across its projects. Near-mine exploration at Okvau continued to return significant intercepts, but no grades or widths were available to us. Emerald was also a cornerstone investor in the pre-IPO Placement of Manda Resources, which is described as supporting gold and antimony Assets in North Queensland. This is a minor side investment, and its materiality is unknown.

Balance sheet and Capital returns

Cash, bullion and listed investments were reported as A$481.1 million in coverage of the June Quarterly Report and A$491.1 million in coverage of the annual result, both at 30 June 2026. Either way the company reported no debt.

Sector and competitive position

Emerald operates in a competitive mid-tier gold sector where Australian-listed producers of similar size have also benefited from higher prices. Its position is unusual because its only producing asset is in Cambodia, which brings jurisdictional risk, and its development pipeline spans Cambodia and Western Australia.

Risks and what to monitor

Single-asset concentration means any disruption at Okvau affects most of the company's earnings. Cambodian regulatory and political risks, gold price falls, cost inflation, and delivery risk in new projects are all relevant. Higher costs in the FY27 guidance range could also compress margins.

Items to watch are the maiden ore reserves for Memot and Dingo Range, the definitive feasibility studies and any Investment decisions, the September quarter report, exploration results at Okvau, and capital allocation decisions.