EMERALD RESOURCES NL (EMR)
Share Price Analysis and Chart

04/02/2025

5

Downgrade to Sell from Hold

$3.50

-14.43%

Emerald Resources is downgraded to Sell from Hold with an unchanged target price of $3.50 by Ord Minnett, as much of the "investment attraction" is discounted in the share price, the analyst states.

The company's 2Q25 update met the pre-released numbers on January 6, with the Cambodian mine Okvau continuing to perform well.

Management is expected to announce a final investment decision on Dingo Range (WA) and the Memot project in Cambodia in 2025, with a target of raising gold output to more than 300kozpa in five years from 100koz per annum currently, the broker explains.

Sell rated. Target price $3.50.

18/02/2025

1

Buy

$5.30

29.58%

Emerald Resources has released and updated Ore Reserve, Mineral Resource and resulting guidance for the Okvau gold mine in Cambodia. The Okvau resource has increased by 4% to 1moz at 1.9g/t gold.

This results in increased guidance but costs have also increased.

Upon updating its model for new guidance, updated strip ratios, recoveries and costs, Canaccord Genuity's target reduces to $5.30 from $5.35, Buy retained.

On average, forecast FY25-26 costs have increased 7%-12%, while the broker's modelled production over the same periods is essentially flat.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 21.00 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 26.00 cents.