# Annual Report 2021 Source Brief: https://evesgoldminers.com/research/source-briefs/emerald-resources-nl-2021-09-30-annual-report-2021-8a883f9d Original source: https://www.emeraldresources.com.au/wp-content/uploads/2023/09/2021-27-Sep-June-2021-Annual-Report.pdf Original published: 2021-09-30 EGM generated: 2026-09-04 Company: Emerald Resources Nl (EMR) ## Use Note This is the Eve's Gold Miners normalized Markdown copy of an official or regulatory public source. It is provided for readability, search discovery, and research resilience. The original source remains authoritative for legal, regulatory, and investment decisions. ## Extracted Document Text # Annual Report 2021 Source: https://www.emeraldresources.com.au/wp-content/uploads/2023/09/2021-27-Sep-June-2021-Annual-Report.pdf Published: 2021-09-30T00:00:00+00:00 Fetched: 2026-05-12T14:52:32.175+00:00 Source artifact: 8a883f9d-d876-4946-a118-4a7f293eee0b Normalizer input: text ## Content # Annual Report 2021 ABN 72 009 795 046 2021 Annual Report Contents CORPORATE DIRECTORY ..............................................................................................................................................................1 CHAIRMAN’S LETTER ...................................................................................................................................................................3 CHAIRMAN’S LETTER ...................................................................................................................................................................4 DIRECTORS’ REPORT ....................................................................................................................................................................5 SUSTAINABILITY REPORT ........................................................................................................................................................... 38 CORPORATE GOVERNANCE STATEMENT ...................................................................................................................................46 AUDITOR’S INDEPENDENCE DECLARATION ................................................................................................................................60 FINANCIAL STATEMENTS ........................................................................................................................................................... 61 DIRECTOR’S DECLARATION ........................................................................................................................................................ 93 INDEPENDENT AUDITOR’S REPORT ............................................................................................................................................ 94 ADDITIONAL SHAREHOLDER INFORMATION .............................................................................................................................. 98 ANNUAL MINERAL RESOURCE & ORE RESERVE STATEMENT.................................................................................................... 100 SCHEDULE OF MINERAL TENEMENTS ....................................................................................................................................... 102 Cover photo by Ben Marshall Emerald Resources NL | 1 _____________________________________________________________________________________________________________________________ CORPORATE DIRECTORY Non-Executive Chairman Simon Lee AO Managing Director Morgan Hart Executive Director Michael Evans Non-Executive Directors Ross Stanley Mark Clements Company Secretary Mark Clements Principal & Registered Office 1110 Hay Street West Perth WA 6005 Telephone: +61 8 9286 6300 Facsimile: +61 8 6243 0032 Share Registry Automic Group Level 2, 267 St Georges Terrace PERTH WA 6000 Telephone: 1300 288 664 Auditors HLB Mann Judd (WA Partnership) Level 4, 130 Stirling Street PERTH WA 6000 Bankers National Australia Bank 50 St Georges Terrace PERTH WA 6000 Macquarie Bank Limited Level 23, 240 St Georges Terrace PERTH WA 6000 Solicitors Steinepreis Paganin 16 Milligan Street PERTH WA 6000 Norton Rose Fulbright 108 St Georges Terrace PERTH WA 6000 Securities Exchange Listing Australian Securities Exchange (Home Exchange: Perth, Western Australia) Code: EMR Website Address www.emeraldresources.com.au Emerald Resources NL | 2 _____________________________________________________________________________________________________________________________ CHAIRMAN’S LETTER Dear Fellow Shareholders In my last letter to you I very much looked forward to reporting back to you on the success of our vision to delivering upon our strategy to become the first modern large-scale Cambodian gold producer. It gives me great pride to report that this transformational goal has been achieved. In a year in which the COVID-19 pandemic has brought with it restrictions in Australia and Cambodia I can share the absolute pride and sense of achievement with our unwavering staff, trusted contractors and suppliers in Australia and Cambodia who have battled unprecedented challenges to remain categorically focused on meeting our target of commissioning and first gold production from the Okvau Gold Mine on time and on budget. This could not have been achieved without our experienced executive and management team led by Managing Director Morgan Hart and Executive Director, Michael Evans. This also could not be achieved without the support and collaborative efforts from the Government of Cambodia and its people. We thank the Cambodian Prime Minister, Samdech Akkak Moha Sena Pedey Techo Hun Sen, the Ministry of Mines & Energy and its Minister, His Excellency Suy Sem, Secretary of State, His Excellency Meng Saktheara and the broader MME teams who have given continuous support and assistance with the development of this Okvau Gold Mine. We thank them for their transparent and collaborative efforts conducted in a professional manner to fully license the project for development. The tireless efforts of all stakeholders over many years from exploration through development have contributed ultimately to the Company becoming a gold producer today. There are also a number of other Ministries and Departments we wish to thank for their assistance from when we first invested in Cambodia to where we are now. These include Academy General His Excellency Dr Aun Pornmoniroth, Deputy Prime Minister, Minister of Ministry of Economy & Finance and His Excellency Dr Say Samal, Minister of the Ministry of Environment and His Excellency Keo Rottanak. Minister attached to the Prime Minister, Managing Director of Electricite du Cambodia. Their support and assistance throughout the life of the project has been a major factor and crucial to its successful development. This success is a reflection of our dedicated employees, locals and internationals who have demonstrated great effort and hard work during the year. We thank our trusted and respected strategic partner, the Sprott Group who backed the strong development credentials of the Emerald team which, combined with Sprott’s financial strength, ensured the Okvau Gold Mine was a possibility. We thank our advisors, Euroz Hartleys and the globally recognized institutional shareholders who demonstrated their faith in the Okvau Gold Mine and the potential for Emerald and our local subsidiary, Renaissance Minerals (Cambodia) Limited becoming the first modern large-scale Cambodian gold producer. We have great pride in celebrating our success with MACA Mining’s local company, OPMS (Cambodia) and Outotec who we have worked closely with on previous development projects and who have once again shown that having such experienced operators work alongside our team gave us great confidence in the Okvau Gold Mine. Our success creates value for our shareholders but also benefits the people of Cambodia who have become part of our family. At Emerald, our focus is on sustainable development and to demonstrate the Company’s commitment to the environment and local communities which may be affected by our operations we have supported several community and environmental based initiatives including tree planting programs and funds for water wells to improve access to water for remote villages. These contributions to the health and wellness of local communities will evolve as we continue to develop our friendships and partnerships with the local community and stakeholders. Emerald recognises the importance of its people in building a strong and successful organisation, particularly in developing a new operation. To achieve this, we have focused on developing the right culture across the organisation, which is strongly based on a Board, executive team and key staff who demonstrate the right attributes, qualities and share a strong belief of the benefits of our engagement and development in Cambodia for our employees and the Cambodian people in general. We pride ourselves on placing the highest priority on the health and wellbeing of our people, contractors and stakeholders. Our team in Cambodia and Australia have implemented suitable protocols to minimise the potential transmission of COVID-19 and strict adherence to Government directives. I am pleased to report that the Company has created a workplace that is free from serious injuries while advancing construction activities and we will continue to prioritise this going forward. Emerald Resources NL | 3 _____________________________________________________________________________________________________________________________ CHAIRMAN’S LETTER I also congratulate our experienced management team for their ongoing effort to critically examine opportunities to expand our regional footprint in Cambodia. We are excited about the potential for substantial increases in resources and reserves at and around Okvau and we have similar hopes for discovering further economic resources in the Company’s large exploration licences in the wider region. Our goal is to become a multi-asset gold producer and we continue to assess viable global gold projects to accompany the Okvau Gold Mine. On behalf of the Board, I cannot overstate the pride the Board has in the efforts of everyone that has contributed to the success of the Company to date and the manner in which our employees, consultants and contractors have conducted themselves as representatives of Emerald and Renaissance Minerals (Cambodia) to the people of Cambodia. I look forward to reporting back to you this time next year on the success of our vision to deliver a highly profitable gold mine for the benefit of our shareholders, staff, contractors and people of Cambodia. Yours faithfully Simon Lee AO Chairman Emerald Resources NL | 4 _____________________________________________________________________________________________________________________________ DIRECTORS’ REPORT The Directors of Emerald Resources NL (‘Emerald’ or ‘the Company’) submit herewith the consolidated financial statements of the Company and its controlled entities (‘consolidated entity’ or ‘Group’) for the year ended 30 June 2021 in order to comply with the provisions of the Corporations Act 2001. Directors The following persons were Directors of Emerald during the whole of the financial year and up to the date of this report, unless otherwise stated: Simon Lee AO Non-Executive Chairman Morgan Hart Managing Director Michael Evans Executive Director Ross Stanley Non-Executive Director Mark Clements Non-Executive Director Principal Activities The principal activity of the consolidated entity during the financial year was the development of the Company’s 100% owned Okvau Gold Mine and mineral exploration and evaluation activities at its exploration assets, primarily in Cambodia. Given the successful licencing and financing of the Okvau Gold Mine during the year, the focus of the consolidated entity’s principal activities during the financial year changed to development activities at the Okvau Gold Mine. Operating Results The loss attributable to owners of the Company after providing for income tax amounted to $16,700,000 (2020: $11,471,000). Dividends Paid or Recommended The directors do not recommend the payment of a dividend and no amount has been paid or declared by way of a dividend to the date of this report. Financial Position The consolidated entity has $23 million in cash and cash equivalents as at 30 June 2021 (2020: $136 million) which includes the full draw down of the US$60 million Sprott facility. During the current year the Company completed construction of the Okvau Gold Mi [Excerpt trimmed for readability. Open the original source for the complete filing or document.]