Quarterly Activity Report – 30 June 2025

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# Quarterly Activity Report – 30 June 2025

Source: https://www.emeraldresources.com.au/wp-content/uploads/2025/07/EMR-Quarterly-Report-June-2025-Final-300725.pdf
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## Content

# Quarterly Activity Report – 30 June 2025
ASX Announcement
& Media Release
30 July 2025
Fast Facts Quarterly Report June 2025
ASX Code: EMR
Shares on issue: 659,790,123 Highlights
Market Cap: ~A$2.4B Okvau Gold Mine Operations, Cambodia (EMR 100%)
Cash, Bullion & Listed Investments (Jun 2025)
Cash: A$201.4M (US$131.9M) ▪ June 2025 Quarter gold production of 19.1Koz (Mar 25: 19.1Koz);
Bullion: A$22.7M (US$14.9M) ▪ Updated production and AISC guidance:
Listed Investments: A$13.6M (US$8.9M)
▪ Quarter Sept 2025: 25Koz–30Koz at AISC of US$900/oz-US$1,000/oz;
▪ Quarter Dec 2025: 25Koz–30Koz at AISC of US$900/oz-US$1,000/oz; and
Board & Management
Jay Hughes, Non-Executive Chairman
▪ Financial Year 2026 - 105Koz–120Koz (to be updated with Okvau underground
expansion) at AISC in line with life of mine US$966/oz.
Morgan Hart, Managing Director
Mick Evans, Executive Director ▪ June 2025 Quarter AISC of US$1,318/oz (Mar 25: US$1,321/oz);
Ross Stanley, Non-Executive Director ▪ June 2025 Quarter gold sales of 16.9Koz at an average gold price of US$3,297/oz;
Billie Slott, Non-Executive Director
Michael Bowen, Non-Executive Director ▪ Pre-tax operating cash flow from the Okvau Gold Mine for the Quarter of A$48.1M
Mark Clements, Company Secretary (US$30.8M) (Mar 25: A$66.1M (US$41.5M)).
Bernie Cleary, Operations Manager Okvau
Financial and Corporate
Josh Redmond, Operations Manager DRGP
Brett Dunnachie, Chief Corporate Officer ▪ Cash, bullion and listed assets at 30 June 2025 of A$237.7M (US$155.7M).
Shannon Campbell, Chief Financial Officer
Feasibility, Development and Growth
Dingo Range Gold Project, Western Australia (EMR 100%)
Company Highlights ▪ Updated Dingo Range Gold Project Measured, Indicated and Inferred Mineral Resource
Team Estimate (“MRE”) of 39.9Mt @1.1g/t Au for 1.36Moz:
▪ Highly credentialed gold project
operational and in-house development ▪ Includes high grade resources totalling 23.2Mt @ 1.4g/t Au for 1.07Moz.
team; ▪ Represents an increase of 35% from previously announced MRE on December 2024
▪ A proven history of building projects on (from 1.01Moz to 1.36Moz);
time and on budget.
▪ Current MRE constrained only by the drilling completed remaining open along strike
Gold Production and at depth;
▪ Okvau Gold Mine commissioned on time ▪ Drilling continues in advance of further MRE updates in 2025, significant results during
on budget in 2021; the Quarter include:
▪ ~420Koz gold produced project to date
▪ 27m @ 2.10g/t Au from 685m including 5.3m @ 6.46g/t Au from 686m
Growth (RCDD22BDY018);
▪ Significant exploration and resource ▪ 9.85m @ 5.04g/t Au from 330.15m including 2.85m @ 13.32g/t Au from
growth potential in Cambodia: 330.15m (DDRE-BDRC0061);
▪ Okvau Gold Mine reserve expansion;
▪ Memot Project (100%) open pit ▪ 14m @ 3.55g/t Au from 401m including 2.1m @ 19.86g/t Au from 407m (DDRE-
indicated and inferred resource of BDRC0061); and
31.4Mt @ 1.3g/t Au for 1.34Moz ▪ 4.2m @ 9.92g/t Au from 579m including 2.2m @ 18.58g/t Au from 581m
▪ 1,190km2 of prospective tenure (DDRE-BDRC0061).
▪ Significant exploration and resource
growth potential in Australia: ▪ Studies to support full permitting continue along with installation of 256 room camp in
▪ Dingo Range Gold Project located on advance of development.
the underexplored Dingo Range
greenstone belt Memot Gold Project, Cambodia (EMR 100%)
▪ Dingo Range open pit measured, ▪ Updated Memot Gold Project Indicated and Inferred MRE of 31.4Mt @1.3g/t Au for
indicated and inferred resource of 1.34Moz:
39.9Mt @ 1.1g/t Au for 1.36Moz
▪ 1,047km2 of prospective tenure
▪ Includes high grade resources totalling 16.9Mt @ 1.9g/t Au for 1.03Moz.
▪ Represents an increase of 30% from previously announced MRE in December 2024 (from
ESG 1.03Moz to 1.34Moz);
▪ Focussed on a net positive impact on near- ▪ 73% of the current MRE is classified as “Indicated”;
mine environmental and social values by
targeting strict compliance with corporate ▪ Current MRE constrained only by the drilling completed remaining open along strike
governance, international guidelines (IFC and at depth;
PS’s) and local laws by engaging and
collaborating with all stakeholders.
▪ Drilling continues in advance of further MRE updates in 2025, significant results during
the Quarter include:
▪ Commitment to carbon neutral operations
in Cambodia ▪ 4m @ 5.23g/t Au from 364.4m (DD25MMT399);
▪ 1m @ 21.10g/t Au from 168.3m (DD25MMT372); and
Registered Office ▪ 0.6m @ 24.60g/t Au from 339.6m (DD25MMT406).
1110 Hay Street ▪ Studies continue in support of permitting in advance of development.
West Perth WA 6005
Okvau Gold Mine and Near Mine Exploration, Cambodia (EMR 100%)
T: +61 8 9286 6300 ▪ Okvau Gold Mine below pit extensions continue to support resource growth at the
F: +61 8 6243 0032 current mine;
W: www.emeraldresources.com.au
▪ 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;
ASX Announcement
& Media Release
30 July 2025
Fast Facts ▪ Significant intersections during the period include:
ASX Code: EMR
Shares on issue: 659,790,123 ▪ 4m @ 29.00g/t Au from 157m (RCDD25OKV765) Okvau Gold Mine;
Market Cap: ~A$2.4B ▪ 4m @ 19.35g/t Au from 212m (RCDD25OKV712) Okvau Gold Mine;
Cash, Bullion & Listed Investments (Jun 2025)
Cash: A$201.4M (US$131.9M)
▪ 2m @ 34.58g/t Au from 50m (RC25GRH017) Granite Hill Prospect;
Bullion: A$22.7M (US$14.9M) ▪ 39.5m @ 0.99g/t Au from 9.5m (DD25OKA042) Okapai Prospect;
Listed Investments: A$13.6M (US$8.9M) ▪ 14m @ 2.15g/t Au from 16m (RC25GRH046) Granite Hill Prospect;
▪ 1m @ 26.70g/t Au from 91m (RC25GRH021) Granite Hill Prospect;
Board & Management ▪ 7m @ 3.84g/t Au from 120m (RCDD25OKV709) Okvau Gold Mine;
Jay Hughes, Non-Executive Chairman
Morgan Hart, Managing Director
▪ 5m @ 4.25g/t Au from 20m (RC25OKN020) Okvau North Prospect; and
Mick Evans, Executive Director ▪ 8m @ 2.91g/t Au from 5m (RC25GRH032) Granite Hill Prospect.
Ross Stanley, Non-Executive Director
Billie Slott, Non-Executive Director
Sustainability – Safety, Environmental and Social
Michael Bowen, Non-Executive Director ▪ Emerald group TRIFR (including Dingo Range Gold Project), 12 month moving average
Mark Clements, Company Secretary of 0.49 as at end of June 2025 Quarter;
Bernie Cleary, Operations Manager Okvau
Josh Redmond, Operations Manager DRGP
▪ Phnom1500 Carbon Offset Project – second stage of the offset initiative program
Brett Dunnachie, Chief Corporate Officer underway with a further 69,000 trees planted to June 2025, taking the total number of
Shannon Campbell, Chief Financial Officer trees planted since August 2024 to just over 114,000; and
▪ Continued initiatives to collaborate with local communities in which the Group operates
to enhance social well-being and effectively manage environment and heritage.
Company Highlights
Team
▪ Highly credentialed gold project
operational and in-house development
team;
▪ A proven history of building projects on
time and on budget.
Gold Production
▪ Okvau Gold Mine commissioned on time
on budget in 2021;
▪ ~420Koz gold produced project to date
Growth
▪ Significant exploration and resource
growth potential in Cambodia:
▪ Okvau Gold Mine reserve expansion;
▪ Memot Project (100%) open pit
indicated and inferred resource of
31.4Mt @ 1.3g/t Au for 1.34Moz
▪ 1,190km2 of prospective tenure
▪ Significant exploration and resource
growth potential in Australia:
▪ Dingo Range Gold Project located on
the underexplored Dingo Range
greenstone belt
▪ Dingo Range open pit measured,
indicated and inferred resource of
39.9Mt @ 1.1g/t Au for 1.36Moz
▪ 1,047km2 of prospective tenure
ESG
▪ Focussed on a net positive impact on near-
mine environmental and social values by
targeting strict compliance with corporate
governance, international guidelines (IFC
PS’s) and local laws by engaging and
collaborating with all 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 – July 2025
Operating Overview
During the Quarter, Emerald Resources NL’s (“Emerald” or “Company”) 100% owned Okvau Gold Mine produced 19,115oz of
gold with 18,227oz poured and All-In Sustaining costs (“AISC”) of US$1,318/oz. As noted in the Company’s announcement
dated 24 June 2025, production was below previously provided guidance due to accelerated earthworks and waste
movements related to cut back activities restricting floor access to ore zones during the Quarter.
Normal ore access is expected throughout CY2025 with expected quarterly production trending toward the upper end of
guidance of 25-30koz of gold.
Mining continued to perform in line with the schedule. Process plant availability was high at 97% with 596,243 dry tonnes of
ore processed with an average head grade of 1.18g/t and gold recovery of 84.9%.
Gold Production
During the Quarter, eight shipments totalling 18,819 ounces of gold were shipped to the refinery. Seven of these shipments
were outturned by Quarter end with 16,866 ounces of gold sold at an average price of US$3,297 per ounce. A total of 4,578
ounces of gold doré remain on hand ahead of refinery outturn.
Since commercial production in September 2021 to the end of the Quarter, the Okvau Gold Mine has produced 409,194
ounces of gold at an average AISC of US$863 per ounce. Total project to date gold produced is 422,004 ounces with 418,740
ounces poured.
Page 3 of 24
ASX Announcement& Media
Release
29 April 2022
Table 1 | Okvau Gold Mine Physicals and Costs
Operating Physicals Sep 24 Dec 24 Mar 25 Jun 25
for the Quarter
Ore mined ‘000 BCM 194 213 201 213
Waste mined ‘000 BCM 1,408 1,453 1,522 1,699
Stripping ratio w:o 7.27 6.81 7.57 7.98
Ore mined ‘000 t 524 646 557 622
Ore milled ‘000 t 589 586 579 596
Head grade milled g/t 1.82 1.98 1.20 1.18
Recovery % 81% 85.4% 85.6% 84.9%
Gold production Oz 28,046 31,888 19,062 19,115
Mining US$M 13.1 13.9 11.0 10.2
Milling US$M 8.7 8.9 8.9 8.9
Administration US$M 1.9 1.7 1.7 1.7
Change in inventory US$M (0.1) (0.9) 0.8 1.6
Total Cash Costs US$M 23.6 23.6 22.4 22.4
Royalties US$M 3.4 2.5 1.8 1.8
Refining and by-product US$M - - - -
Rehabilitation US$M - 0.5 0.4 0.4
Sustaining capital US$M 0.1 - - -
Corporate overheads US$M 0.6 0.6 0.6 0.6
All-in sustaining costs US$M 27.8 27.3 25.2 25.2
All-in sustaining costs US$/oz 991 855 1,321 1,318
Figure 2 | Okvau Gold Mine Open Pit – July 2025
Mining
During the Quarter, mining operations advanced Stages 5 and
6 with ore and waste movements achieving budget
movement levels. Stage 6 provided the majority of sulphide
ore feed across the period. The Company continues to
maintain a substantial circa 1.30g/t stockpile (342Kt), with a
further 3.38Mt of low grade stockpiled at 0.67g/t Au. Total
surveyed movement for the Quarter was 1,911,904 BCM’s of
ore and waste with 1,449,564 BCM’s blasted.
Processing
The process plant continues to perform well with gold
recovery of 84.9% with high plant availability of 97% for the
Quarter. Throughput was ~19% above nameplate capacity
with plant throughput this Quarter of 596,243 dry tonnes
(DFS: 500,000t), consistent with the prior quarter at 6,552 dry
tonnes per day (Mar 2025: 6,429 dry tonnes per day).
Capital and Sustaining Capital Expenditure
Capital items totalling US$5.3M were incurred at the Okvau Gold Mine which mainly related to the expansion of the Okvau
Tailing Storage Facility due to the expanded ore rese

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