EMERALD RESOURCES NL (EMR)
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08/10/2026

5

Sell

$5.40

-22.30%

Emerald Resources reported production in the September quarter was softer than anticipated as the Okvau gold mine in Cambodia was affected by mine sequencing requirements and a redesign of the ramp.

Ord Minnett suspects the weak start will put pressure on delivery in subsequent quarters, given management has retained FY27 production guidance of 100,000-115,000 ounces at an AISC of US$980-$1,080/oz.

Sell rating and $5.40 target maintained.

FORECAST
Ord Minnett forecasts a full year FY27 dividend of 0.00 cents and EPS of 38.00 cents.
Ord Minnett forecasts a full year FY28 dividend of 20.00 cents and EPS of 54.00 cents.

03/11/2026

1

Upgrade to Buy from Hold

$7.30

5.04%

Canaccord Genuity upgrades its rating for Emerald Resources to Buy from Hold with its target price lowered to $7.30 from $7.40 following a recent share price pullback and the release of its September quarter report for the Okvau Gold Mine.

Okvau production softened to 20koz at an AISC of US$1,210/oz due to mine sequencing requirements under the Stage 6 cutback and lower head grades of 1.23g/t, though mill throughput increased to 597kt.

Management reiterated FY27 production guidance of 100koz–115koz from Okvau, while Canaccord Genuity updates its model to reflect delayed commissioning at Memot and compressed development capital at Dingo Range.

The company finished the quarter with a robust balance sheet comprising $483m in cash and $30m in bullion, supporting its multi-asset production growth strategy.

FORECAST
Canaccord Genuity forecasts a full year FY27 dividend of 10.00 cents and EPS of 49.00 cents.
Canaccord Genuity forecasts a full year FY28 dividend of 34.00 cents and EPS of 175.00 cents.