Emerald Resources NL
Emerald Resources' 100%-owned Okvau Gold Mine in Cambodia produced approximately 27,000 ounces in the June 2026 quarter with AISC at the lower end of guidance, helping build a cash, bullion and listed-investments position of A$468 million as of June 26, 2026; the company is also advancing new mining agreements at its Dingo Range project in Western Australia as it diversifies beyond its single-mine Cambodian production base.
Notable vs. Peers
- Jurisdiction risk score of 5/10 is meaningfully riskier than the peer average of 7.8/10.
- All-in sustaining cost of $818/oz is 58% lower than the peer producer average of $1,969/oz.
- Financials score of 8.1/10 is stronger than the peer average of 6.4/10.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Jul 2018 · Industrial mining licence for the Okvau Gold Project granted by Cambodia's Ministry of Mines & Energy. · Source
- Jun 2019 · US$60M Okvau Project Debt Facility with Sprott Private Resource Lending II, explicitly 'to be put towards the financing of the Okvau Gold Project' -- no separately labeled FID release found (see script header); this is the point full project construction financing was committed. · Source
- Reached — date not disclosed · Construction of the Okvau plant/mining fleet proceeded through 2019-2020 following the June 2019 Sprott financing (MACA was awarded the ~$230M mining contract in this window). No single primary-source release with a specific 'construction start' date was found -- recorded as reached-but-undated per the schema's convention rather than inventing a date. Cited to the MACA mining-contract award coverage as the clearest dated evidence of construction-phase activity in this period. · Source
- Jun 2021 · First gold pour at Okvau -- two gold bars weighing a combined 8.6kg, produced during a three-day commissioning of the gold room. · Source
- Reached — date not disclosed · ASX-listed Emerald does not use the TSX-style 'declares commercial production' term for Okvau -- the closest real, dated equivalent is 'practical completion' of construction/commissioning (steady-state production), reached September 2021, about 3 months after the June 24, 2021 first pour already on file. No single primary-source release disclosing an exact day was found -- recorded reached-but-undated rather than inventing one. · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.
Your Rankings
Management Team
Managing Director of Emerald Resources NL, appointed 30 Jul 2014. Geologist and mining executive with over 30 years of experience in Australian and international gold mining. Immediately before Emerald, Executive Director & COO of Regis Resources Ltd (already tracked in this DB, RRL), where he led development of three gold mines (Moolart Well, Garden Well, Rosemont) in four years. Also Non-Executive Chairman of Bullseye Mining Ltd (concurrent role, not scored).
Chief Financial Officer of Emerald Resources NL, joining the company as Financial Controller in 2019 and later serving as Acting CFO before her appointment as CFO. Certified Practising Accountant with over 17 years of resources-sector experience, including over 11 years in the gold sector. Earlier senior accounting/financial-management roles at Regis Resources Ltd (already tracked in this DB, RRL), Blackham Resources Ltd and Strike Resources Ltd.
Chief Operating Officer of Emerald Resources NL, promoted to the role in early 2026 after joining Emerald in 2023 as Operations Manager for the Dingo Range project. Qualified Mining Engineer, WA School of Mines; 2018-2019 Harvard Business School Alumni in Leadership Development. Immediately before Emerald, 16+ years with MACA Limited (Australia, Brazil, Cambodia), including nearly 2 years as Country Manager - Cambodia contributing to the Okvau Gold Project's construction, most recently as General Manager, Mining. Oversees Dingo Range (WA), Memot (Cambodia) and ongoing Okvau underground development.
Chief Corporate Officer of Emerald Resources NL, having transitioned into the role in Sep 2022 after serving as CFO & Company Secretary since Emerald's 2016 takeover of Renaissance Minerals Limited (where he had been CFO & Company Secretary, contributing to Okvau's permitting, financing, development and operations). Chartered Accountant with 25 years of corporate experience; began his career as an Audit Manager at a major international chartered accounting practice. Also held CFO/Secretary roles at Blackstone Minerals, Alicanto Minerals, AVZ Minerals, Critica Limited and Gryphon Minerals (chronology relative to Renaissance/Emerald not fully resolved this pass).
Executive Director of Emerald Resources NL, appointed 3 Oct 2018, having joined the company as Chief Operating Officer in May 2016. Over 25 years of experience in mining and processing across Australia, South-East Asia and Africa. Immediately before Emerald, 7 years with Regis Resources Ltd (already tracked in this DB, RRL) as Projects Manager then Chief Development Officer, building the processing plants at Moolart Well, Garden Well and Rosemont. Earlier, 10 years with Equigold NL, including construction of the Bonikro processing plant (Cote d'Ivoire).
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Four genuine gold-specialist funds appear on Emerald's register -- ASA Gold & Precious Metals at 3.32%, Franklin Gold and Precious Metals at 3.31%, VanEck's International Investors Gold Fund and VIP Global Gold funds at 1.70% combined, and OCM Gold at 0.27% -- but every one of those positions dates from 2020 or early 2021 and none of the managers reaches 5% even after aggregating its own vehicles. No producer or strategic investor holds a stake. The only insider transaction on record is a sale: Michael James Evans disposed of 300,000 shares at $5.33 in July 2026.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
The only completed technical-report-level DCF study found for Okvau is the May 2017 DFS (pre-tax NPV5%=US$223M/IRR=48% pre-tax (40% post-tax), 7+yr mine life at US$1,250/oz gold, AISC US$731/oz) -- NOT used to populate dcfNpvUsd/irrPct/mineLifeYears here. Okvau has been in production since 2021 (9+ years, well past the original 7-year mine life) and has been repeatedly extended via ongoing reserve upgrades (latest: Feb 2025, +245koz), with FY27 AISC guidance of US$980-1,080/oz -- both far outside the 2017 study's assumptions. No updated post-production whole-of-mine DCF study was found this pass (Emerald runs Okvau off reserve-replacement guidance, not a refreshed headline economic study), same shape as the BGL/ORV stale-study precedent. Left dcfNpvUsd/irrPct/mineLifeYears null rather than present an 8+-year-stale pre-production figure as current.
HY2026 (Dec 2025) accounts show cash-flow-statement repayment of borrowings and interest paid on the Sprott secured loan during the period, consistent with the company's own announcement that it became debt-free after the final repayment of its US$60M Okvau Debt Facility. Corroborated by TipRanks' report of the same announcement ('Emerald Resources achieves debt-free status'). Net assets $727.4M at 31 Dec 2025.