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 55% lower than the peer producer average of $1,818/oz.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Jul 2018 · Source
- Jun 2019 · Source
- Reached — date not disclosed · Source
- Jun 2021 · Source
- Reached — date not disclosed · 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.
Combined view across 3 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
Jurisdiction (40%)5/10
Cambodia has a less-established mining regulatory framework than Tier-1 jurisdictions and Emerald's production is concentrated in a single mine, but the country has been politically stable for an extended period and Okvau has operated without major disruption since 2021.
Infrastructure (40%)10/10
A confirmed mill, confirmed road access, confirmed grid power, and a confirmed tailings facility at Okvau Gold Mine, Cambodia.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Chatree (Kingsgate Consolidated Limited), 776 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
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 in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:0/10
Nearest producing mine: Chatree (Kingsgate Consolidated Limited), 776 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:5/10
Cambodia: jurisdiction score 5/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
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, where he led development of three gold mines (Moolart Well, Garden Well, Rosemont) in four years. Also Non-Executive Chairman of Bullseye Mining Ltd.
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.
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.
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. 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
Emerald Resources produces gold from its 100%-owned Okvau mine in Cambodia, which poured first gold in June 2021, and is developing two further 100%-owned projects: Memot in Cambodia and Dingo Range in Western Australia's Leonora region, which is now fully permitted. Its June 2026 group statement gives 2,740,000 oz of gold in measured and indicated resources (100,000 oz measured, 2,640,000 oz indicated) plus 1,180,000 oz inferred, spread across Memot (1,180,000 oz indicated), Dingo Range (920,000 oz) and Okvau (630,000 oz). Okvau produced 27,072 oz in the June 2026 quarter at an all-in sustaining cost of US$818/oz, and FY2027 group production guidance is 100,000-115,000 oz. Maiden reserves and feasibility studies for Memot and Dingo Range are pending, and Emerald has not published a current economic study for Okvau.
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.