Emerald Resources (EMR) H2 2024 earnings summary

Executive summary

• Achieved record after-tax profit of $80.7 million, up 50% year-over-year, on revenues of $371.1 million, primarily from the Okvau Gold Mine in Cambodia.

• Gold production reached 114,076 ounces, meeting guidance, with an AISC of US$818/oz.

• Cash and bullion on hand increased 80% to A$162.3 million at year-end.

• Expanded resource base at Okvau and advanced Memot and Dingo Range projects.

• Recognized for operational excellence, safety, and inclusion in ASX 200.

Financial highlights

• Revenue rose 24% to $371.1 million compared to the prior year.

• EBITDA increased 29% to $195.7 million.

• Net profit after tax was $80.7 million, up from $53.8 million in FY23.

• Operating cash flow before taxes was $180.8 million, up $70.5 million year-over-year.

• Cash and cash equivalents at year-end were $144.1 million (2023: $71.0 million).

Outlook and guidance

• FY25 gold production guidance for Okvau is 100,000–110,000oz, with AISC expected in the US$810–880/oz range.

• Updated resource estimates for Memot and Dingo Range projects expected in the second half of 2024.

• Focus remains on expanding multi-asset production to over 300koz per annum.