Key Highlights

• Okvau Gold Mine produced 20,300 ounces at AISC of US$1,210/oz in the September 2026 quarter

• Cash, bullion, and listed investments totalled A$540.9 million (US$377.4 million) as at 30 September 2026

• Dingo Range development in Western Australia progressing with equipment orders placed and civil works commencing

• Drilling beneath the Okvau open pit returned 20m at 14.97g/t Au from 523m, including 5m at 45.93g/t Au

Emerald Resources(ASX:EMR) closed at A$6.82 on 05 November 2026, a gain of 12.54% for the trading session. The S&P/ASX 200 (XJO) advanced 2.61% (+230.60 points) to 9,065.10, while the S&P/ASX 300 Metal & Mining index (XMM) surged 7.90% (+580.50 points) to 7,930.90. Overnight Wall Street gains following the Democrats' decisive victory in the U.S. midterm elections provided a tailwind for Equity markets globally. Gold gained 1.77% to USD 4,145.70, silver advanced 1.00% to USD 53.22, and copper edged up 0.06% to USD 14,086.00. Emerald Resources is an ASX-listed gold producer with operations in Cambodia and development projects in Western Australia, having produced approximately 543,000 ounces of gold since commissioning its Okvau mine in 2021.

Okvau Gold Mine Operations

Emerald released its September 2026 Quarterly Report on 30 October 2026. The Okvau Gold Mine in Cambodia, which the company owns 100%, produced 20,300 ounces of gold during the quarter, down from 27,100 ounces in the June 2026 quarter. AISC came in at US$1,210 per ounce, compared to US$818 per ounce in the prior quarter. Gold sales totalled 23,800 ounces at an average realised gold price of US$4,255 per ounce, generating pre-tax Operating Cash Flow of A$112.4 million (US$79.4 million). Financial year 2027 production guidance remains unchanged at 100,000 to 115,000 ounces at an AISC of US$980 to US$1,080 per ounce.

Drilling beneath the Okvau open pit continued to return significant gold mineralisation, supporting the potential to extend existing resources. Notable intercepts for the quarter included 20m at 14.97g/t Au from 523m (including 5m at 45.93g/t Au from 527m), 3m at 8.49g/t Au from 389m, and 1m at 19.35g/t Au from 735m.

Development Pipeline Advances

Development activities continued at the Dingo Range Gold Project in Western Australia, where all required permits for development and operations have been received. During the quarter, orders were placed for the SAG mill and crushing circuit, along with additional critical long-lead processing plant equipment including CIL tanks, agitators, slurry pumps, and wet screens. Civil works covering earthworks and concrete commenced following the commissioning of the concrete batching plant, while airstrip construction began with completion targeted for the current quarter. The project holds a measured, indicated, and inferred mineral resource of 40.9 million tonnes at 1.1g/t Au for 1.41 million ounces, with mineralisation remaining open along strike and at depth.

At the Memot Gold Project in Cambodia, also fully permitted for development and operations, resettlement programs advanced in collaboration with central and local governments. The completed close-spaced RC infill program returned further gold mineralisation, with results including 6m at 6.31g/t Au from 28m and 5m at 3.52g/t Au from 25m. Memot holds an indicated and inferred mineral resource of 45.0 million tonnes at 1.2g/t Au for 1.7 million ounces.

Corporate and Financial Position

Emerald also secured a mandate for a corporate Acquisition Facility of US$200 million, scalable to US$400 million, signed with Sprott Resource Lending Corp. and Macquarie Bank for funding potential new acquisitions. Meanwhile, Manda Resources, in which Emerald holds a 19% interest, completed acquisitions consolidating gold and antimony Assets in North Queensland ahead of a proposed ASX IPO, with Emerald set to retain a 19.9% cornerstone investment.

About the Company

Emerald Resources is a mid-tier gold producer operating the Okvau Gold Mine in Cambodia's eastern Mondulkiri province. The company holds a pipeline of development projects including Dingo Range in Western Australia and Memot in Cambodia, with a combined gold resource base exceeding 3 million ounces across its portfolio.

Sector Context

The gold mining sector experienced a broadly positive session on 05 November, supported by rising gold prices and broader risk-on sentiment. The XMM index gained 7.90%, and several mid-tier gold producers recorded double-digit percentage gains.

Risks

Key risks include sovereign risk across Cambodia and Western Australia, execution risk on Dingo Range construction and Memot development, gold price volatility, currency movements, and the seasonal impact of wet weather on Cambodian operations. The lower quarterly production at Okvau compared to the prior quarter highlights operational variability.

Catalysts on Watch

Upcoming catalysts include the maiden ore reserve at Dingo Range, a Memot development update expected in the short term, continued resource extension drilling at Okvau, and progress on the Manda Resources IPO.

The Bigger Picture

Emerald Resources holds a cash and bullion position of A$540.9 million alongside a producing mine and two fully permitted development projects. The company's pipeline across Cambodia and Western Australia, combined with the newly arranged acquisition facility, positions it to pursue further growth within the gold sector.