# Quarterly Activity Report – 31 December 2024

Source Brief: https://evesgoldminers.com/research/source-briefs/emerald-resources-nl-quarterly-activity-report-31-december-2024-a5be5c87
Original source: https://www.emeraldresources.com.au/wp-content/uploads/2025/01/ASX-EMR-Quarterly-Report-December-2024-Final-310125.pdf
EGM generated: 2026-09-27
Company: Emerald Resources Nl (EMR)

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## Extracted Document Text

# Quarterly Activity Report – 31 December 2024

Source: https://www.emeraldresources.com.au/wp-content/uploads/2025/01/ASX-EMR-Quarterly-Report-December-2024-Final-310125.pdf
Fetched: 2026-09-16T01:46:43.107+00:00
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## Content

# Quarterly Activity Report – 31 December 2024
ASX Announcement
& Media Release
31 January 2025
Fast Facts Quarterly Report December 2024
ASX Code: EMR
Shares on issue: 657,045,406
Market Cap: ~A$2.7 billion Highlights
Cash: A$217.5M (US$135.2M) (31 Dec 2024)
Bullion: A$25.5M (US$15.8M) (31 Dec 2024) Okvau Gold Mine Operations, Cambodia (EMR 100%)
▪ Record Okvau gold production for the December 2024 Quarter with 31.9Koz of gold
Board & Management produced (Sept 24: 28.0Koz), exceeding gold guidance;
Jay Hughes, Non-Executive Chairman ▪ December 2024 Quarter AISC of US$855/oz (Sept 24: US$991/oz) within guidance of
Morgan Hart, Managing Director US$810-US$880/oz;
Mick Evans, Executive Director
Ross Stanley, Non-Executive Director
▪ Sustained processing improvements implemented resulting in a step change to the
Billie Slott, Non-Executive Director Okvau Gold Mine production;
Michael Bowen, Non-Executive Director ▪ Gold sales for the December 2024 Quarter of 31.5Koz at an average gold price of
Mark Clements, Company Secretary US$2,669/oz;
Bernie Cleary, Operations Manager Okvau
Josh Redmond, Operations Manager DRGP ▪ Pre-tax operating cash flow from the Okvau Gold Mine for the Quarter of A$89.3M
Brett Dunnachie, Chief Corporate Officer (US$58.4M) (Sept 24: A$57.8M (US$37.8M));
Shannon Campbell, Chief Financial Officer ▪ No reportable injuries for the Quarter, with an industry leading TRIFR, 12 month moving
average of nil as at December 2024; and
Company Highlights ▪ Reserve/resource update along with life of mine guidance to be provided in the coming
Team week.
▪ Highly credentialed gold project
operational and in-house development Financial and Corporate
team;
▪ A proven history of building projects on ▪ Cash and bullion on hand at 31 December 2024 of A$243M (US$151M); and
time and on budget. ▪ Divestment of the Southern Cross Gold Project to Golden Horse Minerals Limited (ASX:
GHM) completed which sees Emerald become the largest shareholder with a 20.5%
Gold Production holding, with further deferred consideration upon achievement of milestones.
▪ Okvau Gold Mine commissioned on time
on budget in 2021;
▪ FY24 production guidance achieved of Environmental and Social
114Koz gold ▪ Maintenance at the Company’s Phnom1500 Carbon Offset Project including clearing
growth from around trees and maintaining fire breaks - aiming to significantly scale up
Growth planting activity in 2025.
▪ Significant exploration and resource
growth potential in Cambodia:
▪ Okvau Gold Mine reserve expansion; Feasibility and Development
▪ Memot Project (100%) open pit Memot Gold Project, Cambodia (EMR 100%)
indicated and inferred resource of ▪ Completion of Stage 2 - 50,000m Memot Resource extensional and infill program;
19.5Mt @ 1.65g/t Au for 1.03Moz
▪ 1,428km2 of prospective tenure ▪ Drill results underpin an Indicated and Inferred Mineral Resource Estimate upgrade to
▪ Significant exploration and resource 19.5Mt @ 1.65g/t Au for 1.03Moz;
growth potential in Australia: ▪ +85% metallurgical recoveries anticipated from conventional CIL flow sheet;
▪ Dingo Range Gold Project located on
the underexplored Dingo Range ▪ Feasibility studies continue in advance of a development decision and anticipated
greenstone belt commencement of development in 2025; and
▪ Dingo Range maiden open pit ▪ Significant results during the Quarter include:
measured, indicated and inferred
resource of 28.0Mt @ 1.13g/t Au for ▪ 14.8m @ 3.94g/t Au from 288.4m including 0.6m @ 58.10g/t Au from 292.4m
1.01Moz (DD24MMT303);
▪ ~950km2 of prospective tenure ▪ 1m @ 35.70g/t Au from 264m (RCDD24MMT235); and
ESG
▪ 3.2m @ 11.11g/t Au from 120.8m incl 0.6m @ 58.10g/t Au from 292.4m
▪ Focussed on a net positive impact on (RCDD24MMT311).
near-mine environmental and social Dingo Range Gold Project, Western Australia (EMR 100%)
values by targeting strict compliance with
corporate governance, international ▪ Maiden Dingo Range Gold Project Measured, Indicated and Inferred Mineral Resource
guidelines (IFC PS’s) and local laws by Estimate of 28.0Mt @ 1.13g/t Au for 1.01Moz;
engaging and collaborating with all ▪ The Dingo Range Gold Project MRE includes a higher-grade resource totalling 17.5Mt
stakeholders.
@ 1.46g/t Au for 820Koz;
▪ Commitment to carbon neutral
operations in Cambodia ▪ +90% metallurgical recoveries anticipated from conventional CIL flow sheet (free
milling);
Registered Office
▪ Drilling continues in advance of further resource updates throughout 2025;
1110 Hay Street ▪ Feasibility studies continue in advance of commencement of development in 2025;
West Perth WA 6005 ▪ 256 room camp to support operations development and operations underway; and
T: +61 8 9286 6300 ▪ Significant results during the Quarter include:
F: +61 8 6243 0032 ▪ 1m @ 66.70g/t Au from 56m (RC24FMF060);
W: www.emeraldresources.com.au ▪ 7m @ 8.08g/t Au from 25m (RC24NPT142); and
▪ 19m @ 2.59g/t Au from 75m (RC24NPT132) (EOH).
ASX Announcement
& Media Release
31 January 2025
Exploration Activities
Fast Facts Dingo Range Gold Project, Western Australia (EMR 100%)
ASX Code: EMR
Shares on issue: 657,045,406 ▪ Ongoing regional programs continued to deliver high-grade results from the recently
Market Cap: ~A$2.7 billion discovered Great Northern prospect including:
Cash: A$217.5M (US$135.2M) (31 Dec 2024) ▪ 1m @ 28.30g/t Au from 57m (RC24GRN080);
Bullion: A$25.5M (US$15.8M) (31 Dec 2024)
▪ 0.5m @ 33.80g/t Au from 208m (RCDD24GRN018); and
▪ 5.36m @ 3.71g/t Au from 217.64m (RCDD24GRN050).
Board & Management
Jay Hughes, Non-Executive Chairman Okvau Gold Mine, Cambodia (EMR 100%)
Morgan Hart, Managing Director ▪ Underground and open pit extensional drilling continues to deliver significant gold
Mick Evans, Executive Director mineralisation at the Okvau Gold Mine;
Ross Stanley, Non-Executive Director
Billie Slott, Non-Executive Director ▪ Significant results during the Quarter include:
Michael Bowen, Non-Executive Director ▪ 8m @ 5.79g/t Au from 79m (DD24OKV589);
Mark Clements, Company Secretary ▪ 9m @ 5.14g/t Au from 252m (RCDD24OKV645);
Bernie Cleary, Operations Manager Okvau
Josh Redmond, Operations Manager DRGP ▪ 21m @ 1.98g/t Au from 60m (RC24OKV682);
Brett Dunnachie, Chief Corporate Officer ▪ 21m @ 1.86g/t Au from 81m (RC24OKV678);
Shannon Campbell, Chief Financial Officer
▪ 3m @ 11.43g/t Au from 42m (RC24OKV675);
▪ 2m @ 16.60g/t Au from 235m (RCDD24OKV583);
Company Highlights ▪ 1m @ 33.40g/t Au from 87m (RCDD24OKV647); and
Team
▪ Highly credentialed gold project ▪ 5m @ 6.21g/t Au from 322m (RCDD24OKV646).
operational and in-house development
team; Emerald’s Managing Director, Morgan Hart, commented:
▪ A proven history of building projects on
time and on budget. "We are pleased that the December Quarter delivered outstanding results across our operational,
exploration and corporate activities.
Gold Production
▪ Okvau Gold Mine commissioned on time “Record gold production was achieved at our 100% owned Okvau Gold Mine, with 31,888 ounces
on budget in 2021; produced, exceeding guidance with recoveries >85%, above our DFS target.
▪ FY24 production guidance achieved of
114Koz gold "We completed the 50,000m Stage 2 extensional and infill resource drill program at the 100%
owned Memot Gold Project with results culminating in a previously reported upgraded Indicated
Growth
▪ Significant exploration and resource and Inferred Mineral Resource estimate of 19.5Mt at 1.65 g/t Au with 1,030,000 ounces (at a 0.7g/t
growth potential in Cambodia: Au cut-off grade). In addition, the Company has continued progressing the Okvau near-mine
▪ Okvau Gold Mine reserve expansion; exploration drill programs with the aim of defining additional mineral resources to provide
▪ Memot Project (100%) open pit supplemental ore feed for the Okvau Gold Mine processing facility.
indicated and inferred resource of
19.5Mt @ 1.65g/t Au for 1.03Moz "On our Australian endeavours, we announced our 100% owned Dingo Range Gold Project’s
▪ 1,428km2 of prospective tenure Maiden Measured, Indicated and Inferred Mineral Resource Estimate of 28.0Mt @ 1.13g/t Au for
▪ Significant exploration and resource
1.01Moz (lower cut-off grade of 0.45g/t Au) including high grade resources of 17.5Mt @ 1.46g/t
growth potential in Australia:
▪ Dingo Range Gold Project located on Au for 820Koz (lower cut-off grade of 0.7g/t Au).
the underexplored Dingo Range
greenstone belt "We also finalised the divestment of the Company’s Southern Cross Gold Project as part of Golden
▪ Dingo Range maiden open pit Horse Mineral’s $18 million initial public offering. Emerald’s wholly owned subsidiary, Emerald
measured, indicated and inferred Resources (WA) Pty Ltd has received 32 million Golden Horse shares and now holds 20.5% equity
resource of 28.0Mt @ 1.13g/t Au for in Golden Horse.
1.01Moz
▪ ~950km2 of prospective tenure
“Our safety performance continues to reflect our commitment to best practice safety
ESG management, with no reportable injuries for the Quarter and a Total Reportable Injury Frequency
▪ Focussed on a net positive impact on Rate (TRIFR), 12 month moving average of nil.
near-mine environmental and social
values by targeting strict compliance with "The continued exceptional operating performance at Okvau has also seen cash and bullion
corporate governance, international increase to A$243 million (US$151 million) at the end of the Quarter to put us in a strong financial
guidelines (IFC PS’s) and local laws by position to advance growth opportunities with a view to delivering our multi-mine, diversified
engaging and collaborating with all gold mining strategy.”
stakeholders.
▪ Commitment to carbon neutral
operations in Cambodia
Registered Office
1110 Hay Street
West Perth WA 6005
T: +61 8 9286 6300
F: +61 8 6243 0032
W: www.emeraldresources.com.au
ASX Announcement& Media
Release
29 April 2022
Activities during the Quarter
Okvau Gold Mine, Cambodia (EMR 100%)
Figure 1 | Okvau Open Pit – January 2025
Operating Overview
During the Quarter, Emerald Resources NL’s (“Emerald” or “Company”) 100% owned Okvau Gold Mine produced a record
31,888oz of gold with 31,489oz poured and All-In Sustaining costs (“AISC”) of US$855/oz. The mine exceeded the December
2024 Quarter production guidance whilst the AISC was within guidance. During the coming week an expansion of the current
Okvau Gold Mine open pit resource is expected along with life of mine guidance.
Mining continued to perform in line with the schedule, delivering the required movements of ore and waste with spare
capacity. Process plant availability was high at 96% with 586,369 dry tonnes of ore processed with an average head grade of
1.98g/t and gold recovery of 85.4%.
Sustained processing improvements implemented at the Okvau Gold Mine during 2024 have resulted in a step change in
production output. Initiatives implemented include:
▪ Process flow optimisation leading to increased gold recovery of 85.4% for the Quarter (November/December 86.6%),
up from ~80% project to date; and
▪ Plant throughput improvements from July 2024, including SAG mill liner configuration, coupled with excellent process
plant availability of 96% saw throughput of 586kt for the Quarter (September 2024 quarter: 588kt), ~17% above
nameplate capacity. A step change from the previous average of ~510kt/quarter since commissioning taking Okvau
from ~2Mtpa to ~2.3Mtpa.
The excellent safety record continued at the Okvau Gold Mine as demonstrated with no reportable injuries for the Quarter
and a Total Reportable Injury Frequency Rate (TRIFR), 12 month moving average of nil.
Gold Production
During the Quarter, seven shipments totalling 31,490 ounces of gold were shipped to the refinery and sold at an average
price of US$2,6

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