# Annual Report 2025

Source Brief: https://evesgoldminers.com/research/source-briefs/emerald-resources-nl-2025-06-30-annual-report-2025-8d871315
Original source: https://www.emeraldresources.com.au/wp-content/uploads/2025/08/Annual-Report-2025-Final.pdf
Original published: 2025-06-30
EGM generated: 2026-09-04
Company: Emerald Resources Nl (EMR)

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## Extracted Document Text

# Annual Report 2025

Source: https://www.emeraldresources.com.au/wp-content/uploads/2025/08/Annual-Report-2025-Final.pdf
Published: 2025-06-30T00:00:00+00:00
Fetched: 2026-05-12T14:51:49.775+00:00
Source artifact: 8d871315-b7d3-42cf-adc2-b5ffc7cdb876
Normalizer input: text

## Content

# Annual Report 2025
Emerald Resources NL | 1
CONTENTS
CORPORATE DIRECTORY 3
CHAIRMAN’S LETTER 4
REVIEW OF OPERATIONS 5
DIRECTORS’ REPORT 38
CORPORATE GOVERNANCE STATEMENT 60
AUDITOR’S INDEPENDENCE DECLARATION 75
FINANCIAL STATEMENTS 76
CONSOLIDATED ENTITY DISCLOSURE STATEMENT 105
DIRECTORS’ DECLARATION 106
INDEPENDENT AUDITOR’S REPORT 107
ADDITIONAL SHAREHOLDER INFORMATION 112
ANNUAL MINERAL RESOURCE AND ORE RESERVE STATEMENT 114
SCHEDULE OF MINERAL TENEMENTS 117
Figure 1 | Sunrise over Dingo Range
ABN: 72 009 795 046
Emerald Resources NL | 2
CORPORATE DIRECTORY
Non-Executive Chairman Website Address
Jay Hughes www.emeraldresources.com.au
Managing Director Principal and Registered Office
Morgan Hart 1110 Hay Street
West Perth, WA, 6005
Executive Director T: +61 8 9286 6300
Michael Evans F: +61 8 6243 0032
Non-Executive Directors Phnom Penh Office
Ross Stanley No. 31, St 71, Sangkat Boeng Keng Kang 1
Billie Slott Khan Boeng Keng Kang
Michael Bowen Phnom Penh, Cambodia
T: +855 23 238 327
Company Secretary F: +855 23 238 328
Mark Clements
Bankers
Share Registry National Australia Bank
Automic Group 50 St Georges Terrace
Level 5, 191 St Georges Terrace Perth, WA, 6000
Perth, WA, 6000
T: 1300 288 664 Macquarie Bank Limited
Level 23, 240 St Georges Terrace
Auditors Perth, WA, 6000
HLB Mann Judd
Level 4, 130 Stirling Street Citibank
Perth, WA, 6000 Level 2, 22 Park Street
Sydney NSW 2000
Solicitors
Steinepreis Paganin Securities Exchange Listing
Level 14, QV1 Building Australian Securities Exchange
250 St Georges Terrace (Home Exchange: Perth, WA)
Perth WA 6000 Trading Code: EMR
Norton Rose Fulbright
108 St Georges Terrace
Perth, WA, 6000
Murcia Pestell Hillard
Suite 183, Level 6
580 Hay Street
Perth, WA, 6000
Emerald Resources NL | 3
CHAIRMAN’S LETTER
Dear Fellow Shareholders
On behalf of Emerald Resources’ Board, management and team, I am pleased to present our 2025 financial report to you as a
debt-free, unhedged gold producer, fully funded to deliver our vision of becoming a multiple mine, +300koz p.a. gold
producer, with no further dilution to shareholders.
The Company has achieved strong growth across all our operations this financial year. We delivered a record after-tax profit
of $87.6 million (2024: $80.7 million), generated from revenues of $437.8 million (2024: $371.1 million), primarily from our
100% owned Okvau Gold Mine in Cambodia.
At the end of the financial year, we had cash and bullion on hand of $224.1 million, an increase from our 2024 balance of
$162.3 million largely due to the outstanding work of our operational team at Okvau who have delivered an AISC of
US$1,075/oz for FY25, one of the lowest in the industry. Since commercial production, we have produced 409,194oz at AISC
of US$863/oz. The stable operating cashflows from Okvau supported the final repayment of the US$60 million Okvau Debt
Facility in April as we continue to strengthen our balance sheet enabling us to fund our expansion plans.
This year, we achieved solid gold production of 98,110 ounces at the Okvau gold mine driven by sustained operational
improvements, including process flow optimisation and enhanced plant configurations which together delivered a step change
in overall process plant capacity and output resulting in an increase in gold recoveries of up to 87%.
The ongoing expansion of the Okvau gold mine underground resource continues to support the annual replenishment of our
ore reserves. The recently updated pit design has improved both certainty and accessibility of these reserves, strengthening
the mine’s long-term production outlook and cash generation capability.
This progress alongside the successful acceleration of exploration and development activities at both our 100% owned Dingo
Range Gold Project in Western Australia and 100% owned Memot Gold Project in Cambodia strengthen our pipeline of
production capabilities. Both projects have continued to demonstrate their prospectivity with significant resource growth of
30% and 35% respectively, for a total additional 670koz contributing to our combined global gold resource now in excess of
3.66 million ounces of gold.
During the year, we expanded our market presence by becoming the largest shareholder in Golden Horse Minerals, securing
a 20.5% equity holding and maintaining our exposure to the Southern Cross Gold Project. We are excited for the growth
prospects that this strategic portfolio expansion offers in the Southern Cross region, a premier mining jurisdiction in Western
Australia.
Building on our commitment to achieving carbon neutrality, we commenced the First Stage of Tree Planting for the Phnom
1500 reforestation project in partnership with the Cambodian Ministry of Mines and Energy. As the Company’s first major
carbon offset initiative, we have now planted circa 115,000 trees of 16 different species in Pursat province, Cambodia.
Complementing our broader environmental efforts, including the Biodiversity Offset program, Phnom 1500 marks a significant
step forward in habitat regeneration, biodiversity enhancement, and long-term ecosystem protection in support of our carbon
neutral goals.
Having a culture of inclusion and diversity, we are proud that over 85% of our workforce in Cambodia is made up of local
employees. We are also committed to promoting gender diversity, with women representing 21% of our Cambodian team.
We have maintained our vigilant focus on workplace safety across our operations, where safety remains a core priority. This
year we recorded zero reportable injuries and achieved a 12-month moving average TRIFR of 0.45 across all sites.
Our achievements this year are a testament to the depth of expertise brought by our highly experienced operational, corporate
and exploration teams in Cambodia and Australia led by Managing Director, Morgan Hart and Executive Director, Mick Evans.
I am confident that our now strengthened debt free position, together with the key developments scheduled for FY26, including
underground expansion, pit extensions and near-mine exploration prospects at Okvau, further resource and reserve updates
at Dingo Range and Memot and development decisions on both these projects, we are on track to deliver on our strategic
objective of becoming a multi-mine gold producer exceeding 300Kozs per annum across two continents.
On behalf of Emerald Resources’ Board, I thank our management, staff, consultants and contractors for their considerable
efforts and look forward to reporting on the success of our key milestones in the year to come.
Yours faithfully
Jay Hughes
Chairman
Emerald Resources NL | 4
REVIEW OF OPERATIONS
HIGHLIGHTS
Operations
Okvau Gold Mine (EMR 100%) - Operations
 Okvau gold production for the financial year of 98.1Koz of gold produced (Jun24: 114.1Koz);
 Full Year AISC of US$1,075/oz (Jun24: US$818/oz);
 Gold sales for the year of 100.6Koz at an average gold price of US$2,770/oz;
 Industry leading TRIFR, 12 month moving average of 0.47 as at June 2025;
 Since commercial production 409,194 oz at AISC US$863/oz;
Okvau Gold Mine (EMR 100%) - Growth
 Updated Okvau Ore Reserve Estimate (‘ORE’) of 14.5Mt @ 1.5g/t Au for 700Koz;
 Includes current in-pit reserves of 10.7Mt @ 1.7g/t Au for 600Koz;
 Represents a 245Koz increase in the ORE; and
 Updated design increases certainty to open-pit access with a second ramp added.
 Updated Okvau Gold Mine Mineral Resource Estimate (‘MRE’):
 Underground Resource Estimate (diluted for mining) of 1.7Mt @ 5.5g/t Au for 310Koz.
 Total Open Pit and Underground Resource remaining 15.4Mt @ 1.9g/t for 960Koz
 Okvau Gold Mine and Near Mine Exploration:
 Okvau Gold Mine below pit extensions continue to support resource growth at the current mine;
 Near-mine resource delineation drilling results, including those from the Okvau North Prospect,
Okapai Prospect and the newly defined Granite Hill Prospect, support the submission of Industrial
Mining Licence application in CY25.
Feasibility and Development
 Emerald Global Resources in excess of 3.66Mozs (86.7Mt @ 1.3g/t Au for 3.66Moz);
Dingo Range Gold Project, Western Australia (EMR 100%)
 Dingo Range Gold Project Mineral Resource Estimate of 39.9Mt @ 1.1g/t Au for 1.36Moz (upgraded
from 28.0Mt @ 1.13g/t Au for 1.01Moz);
 The Dingo Range Gold Project MRE includes a higher grade resource totalling 16.9Mt @ 1.9g/t Au
for 1.03Moz;
 +90% metallurgical recoveries anticipated from conventional CIL flow sheet (free milling);
 Feasibility studies continue in advance of commencement of development; and
 Construction of 256 room camp to support development and operations underway.
Memot Gold Project, Cambodia (EMR 100%)
 Indicated and Inferred Mineral Resource Estimate upgrade to 31.4Mt @ 1.3g/t Au for 1.34Moz
(upgraded from 19.5Mt @ 1.65g/t Au for 1.04Moz);
 +85% metallurgical recoveries anticipated from conventional CIL flow sheet (free milling); and
 Feasibility studies continue in advance of commencement of development.
Financial and Corporate
 Pre-tax cash flow from operating activities of $212M for the 30 June 2025 financial year;
 EBITDA for the 30 June 2025 financial year of $204M;
 Cash, bullion and listed investments on hand at 30 June 2025 of $238M (at market pricing) up $76M
from 30 June 2024;
 Sprott Finance Facility repaid during the year with Emerald now debt free and unhedged; and
 Divestment of the Southern Cross Gold Project to Golden Horse Minerals Limited (ASX: GHM)
completed which sees Emerald become the largest shareholder with a circa 20% holding (with further
deferred consideration upon achievement of milestones).
Exploration
 New discoveries:
 In Western Australia, Great Northern and Freeman’s Find prospects, both discovered in FY24, had
maiden resources defined during the year and were included in the June 2025 Dingo Range Resource
Estimate;
 In Western Australia, new exploration targets identified through a large-scale geochemistry program
undertaken during the year; and
 In Cambodia, Granite Hill and Okvau North prospects discovered during the year, with Okvau North
planned to be included in future resource estimates to support Industrial Mining Licence applications.
Emerald Resources NL | 5
REVIEW OF OPERATIONS
HIGHLIGHTS
Safety
 No Lost Time Injuries during the year, across all sites; and
 Group TRIFR, 12 month moving average of 0.45 as at June 2025.
Environmental & Social
 First major carbon offset initiative, Phnom 1500, to achieve carbon neutrality from operations by creating a
positive impact on habitat restoration continued with:
 Forest restoration project at Phnom 1500 within a significant ecological area and social landmark, in
collaboration with the Cambodian Ministry of Mines and Energy (‘MME’);
 Since commencement in 2024, ~115,000 trees planted to August 2025, within 147 hectares of
degraded land; and
 Targeting a further 50,000 trees at Phnom 1500 in 2026.
 In addition, project to date we have planted ~18,000 Beng trees (critically endangered tree in Southeast
Asia), planted in biodiversity offsets and the Company is seeking to identify new carbon offset initiatives to
with the aim of planting a further 100,000 trees in 2026 ;
 Supporting the EveryMum Project (formerly the 2H Project), which connects Australian health professionals
with frontline maternity care in developing countries.
Figure 2 | Seedlings at Okvau Nursery
Emerald Resources NL | 6
REVIEW OF OPERATIONS
OPERATIONS
Okvau Gold Mine (EMR 100%) - Cambodia
Figure 3 │ Cambodian Gold Project │ Location Okvau Gold Mine Overview
The Okvau Gold Mine is located
approximately 275km north-east of
Cambodia’s capital city of Phnom Penh in
the province of Mondulkiri (refer Figure 3).
The town of Kratie i

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