About emerald

About Emerald

Emerald Resources NL is an international, sustainable gold exploration and mining company listed on the Australian Securities Exchange (ASX:EMR).

With a strong and growing operational base, our business is underpinned by a demonstrated commitment to the highest standards of safety, responsibility and sustainability.

We have developed a reputation as a consistent and reliable performer, which will further develop as we continue to deliver against our stated plan to be a multi-asset gold producer.

Emerald’s growth and success has been underpinned by recognising that the Company’s 100% owned Okvau Gold Project in Cambodia could be brought to fruition, and we did so with the support of the Government of Cambodia and our loyal staff, contractors and shareholders.

Okvau serves as the foundation to significantly strengthen our financial position, allowing us to expand our impressive portfolio of assets in Australia and Cambodia.

 

Adding the Dingo Range Gold Project prospects from the acquisition of Bullseye Mining to Emerald’s suite of projects confirms the Company’s strategy to be a multi-asset +300koz per annum gold producer.

During Emerald’s journey to become Cambodia’s first modern, large-scale mining operation, we have committed to being socially and environmentally responsible. Our organisational culture fosters inclusivity and diversity. We take pride in the fact that our team in Cambodia includes 80% local employees. Additionally, we celebrate our commitment to providing career opportunities for female employees, who constitute approximately 22% of our workforce, an achievement we celebrate with all our staff on International Women’s Day annually.

Emerald’s values, leadership and skills as experienced explorers and gold producers is delivering successes and returns to the communities in which we operate as well as to our investors. This will continue, positioning us to capitalise on the considerable upside across our assets in Cambodia and Australia.

Our Vision

Emerald’s vision is to develop and operate gold mining projects that deliver shareholder return while having a net positive impact on the communities and the environment within which we operate.

Our Values

With an uncompromising focus on having a net positive impact on near-mine environmental and social values, targeting strict compliance with best practice corporate governance, meeting international guidelines (IFC PS’s) and local laws, our values of honesty, respect, safety, performance, accountability and collaboration will ensure that we earn and retain our social licence to operate.

With safety at the forefront of everything we do, if it is unsafe to operate, we will not operate.

Honesty

Respect

Safety

Performance

Accountability

Collaboration

Our history

May 2017

Emerald completed a Definitive Feasibility Study on the development of the Okvau Gold Project which showed a robust project with an Indicated and Inferred Mineral Resource Estimate of 1.14Moz at 2.0g/t Au producing approximately 106,000 ounces of gold per annum on average over seven years from a single open pit.
January 01, 2021
12 AM

July 2017

Emerald increased its ground position in Cambodia prospective for large scale intrusive related gold systems from 374km² to approximately 1,500km² following the grant of a new exploration licence and having reached agreements to earn-in to five additional exploration licences covering a combined area of approximately 1,124km² near the Okvau Gold Project.
January 01, 2021
12 AM

November 2017

Emerald achieved a significant development milestone by signing an Environmental Contract with the Cambodian Ministry of Environment providing environmental approval for the Okvau Gold Project to proceed.
January 01, 2021
12 AM

July 2018

The Company was granted the Industrial Mining Licence covering 11.5 km² which allowed for the development of the Okvau Gold Project. The Mining Licence has an initial 15-year period with the right to two renewals of up to ten-years for each renewal in accordance with Cambodian laws. The grant of the Mining Licence followed approval of the Okvau Gold Project by the Office of Council Ministers for both the rezoning of the project area to ‘Sustainable Use’ within the Phnom Prich Wildlife Sanctuary (‘PPWS’) and the granting of the Mining Licence. The rezoning of the Mining Licence area to ‘Sustainable Use’ lawfully permits commercial development under Cambodian law. This is significant as it ensures our operational activities can only take place with environmental and community returns at the forefront.
January 01, 2021
12 AM

November 2018

Emerald successfully completed a placement to raise A$27 million (including $12.2 million contributed by the Directors of Emerald) which provided funding to be used towards the commencement of development activities at the Okvau Gold Project.

Since 2018, the development activities have included successfully completing the resettlement of 62 local families and site works to remove abandoned structures away from the Okvau Mining Licence area, the installation of a security fence around the Project Development Area (“PDA”) to ensure the safety of personnel, visitors and wildlife, construction of a 35 tonne bridge across the Prek Te River, substantial completion of upgrades to the existing 50km of dirt roads and construction of 14km of new road to site which will allow for all year continuous access to the Okvau site.

January 01, 2021
12 AM

June 2019

The Company entered into an investment committee approved term sheet with Sprott Private Resource Lending II to provide a US$60 million facility to be put towards the financing of the Okvau Gold Project. Sprott's financing of the Okvau project combined the strong development credentials of the Emerald team with the financial strength of the respected Sprott Group.
January 01, 2021
12 AM

November 2019

In November 2019, Emerald critically examined and pursued improvements in all aspects of the Okvau Gold Project economics applied to the May 2017 Definitive Feasibility Study.

In summary, the DFS demonstrated high-grade, low-cost, compelling development economics.

  • Ore Reserve of 14.3Mt & 2.0g/t Au for 0.9Mozs in a single open pit with waste: ore ratio of 5.8:1
  • Life of mine average annual production of 106,000ozs per annum
  • AISC US$754/oz over the life of mine
  • Using US$1,450/oz Au gold price:
    • NPV(5%) US$337M pre-tax and US$238M post-tax
    • IRR 69% pre-tax and 57% post-tax
    • Payback ~1.4 years pre-tax and 1.7 years post-tax.

January 01, 2021
12 AM

December 2019

A Mineral Investment Agreement with the Government of Cambodia was signed which provides certainty and stability of the fiscal regime for the development and operations of the Okvau Gold Project.

Following confirmation of the key fiscal incentives of the Agreement, the key assumptions and inputs of the DFS were reviewed resulting in a significant improvement in the NPV and IRR of the Project.

January 01, 2021
12 AM

January 2020

Emerald successfully completed a share placement to raise A$75 million which provided funding to be used primarily towards advancing development activities at the Okvau Gold Project and the regional exploration program on Emerald’s 1,426km² Cambodian exploration footprint.
January 01, 2021
12 AM

March 2020

Emerald and Sprott signed the Credit Agreement for the US$60 million Okvau Debt Facility. The signing of the Credit Agreement was a significant milestone for the development of the Okvau Gold Project and followed the completion of an extensive due diligence process and preparation of all facility related documentation.

The Okvau Debt Facility also provided access to a US$100 million Acquisition and Development Facility to fund future development and acquisition opportunities with the aim to grow the Company through the procurement of value adding assets for subsequent developments to create a multi asset gold producing company.

January 01, 2021
12 AM

April 2020

Emerald advised that that its application for 392km² of highly prospective land located 15 kilometres to the south of the Okvau Gold Project, had been successful. The MME granted initial approval to carry out gold exploration and licences were subsequently formally issued, following the completion of an exploration environmental impact assessment approved by the Cambodian Ministry of Environment.
January 01, 2021
12 AM

January 2021

Emerald’s application for 107km² of a highly prospective gold exploration licence located 95km to the south-east of the 1.14Moz Okvau Gold Project was successful and an exploration licence granted. The Memot Project would complement the Company’s existing portfolio of tenements in Cambodia with the aim to deliver a pipeline of development assets.
January 01, 2021
12 AM

June 2021

The first two gold bars were poured at the Okvau Gold Mine. This was a major milestone for both the Company and for Cambodia as the project became the first modern large scale mine to operate in the country, marking the creation of a new industry for Cambodia bringing opportunities and benefits for the people of Cambodia.
January 01, 2021
12 AM

July 2021

Emerald reached practical completion of construction and commissioning of the Okvau Gold Mine. The successful commissioning of the sulphide float regrind circuit and commencement of hard rock sulphide ore feed marked the commencement of run of mine ore processing and normal operations.

The successful commissioning of the sulphide float regrind circuit was the last significant milestone on the ramp up to full production at Okvau and allowed for higher grade sulphide ore to be processed delivering production guidance in line with the Definitive Feasibility Study of 100,000oz to 110,000oz Au on an annualised basis.

January 01, 2021
12 AM

December 2021

Emerald launched a takeover bid for unlisted gold exploration company Bullseye Mining Ltd. Bullseye’s assets including significant holdings in the Dingo Range greenstone belt in the north-eastern goldfield of Western Australia offered an opportunity for Emerald to acquire a highly prospective under-explored area, potentially delivering the Company a second gold mining project.

January 01, 2021
12 AM

January 2022

Emerald provided an interim exploration update for the ongoing maiden drilling program at the 100% owned Memot Gold Project 95km to the south-west of the Okvau Gold Mine. This confirmed multiple high grade, narrow vein gold mineralisation with structural continuity of circa 800m open at depth and along strike.
January 01, 2021
12 AM

September 2022

Emerald reported the Company’s maiden profit following the first full period of gold production from the Okvau Gold Mine. The operation continued to perform at or above Definitive Feasibility Study estimates and having poured over 3,000kgs of gold bullion with over 200 gold doré bars produced.
January 01, 2021
12 AM

October 2022

Emerald increased its exploration tenure 10km north of the Okvau Gold Mining project reaching an earn-in agreement with Antrong Metals Co., Ltd where Emerald may earn up to an 80% interest in two exploration licences located between Emerald’s Ochhung and Okvau tenements.

The agreement represented the potential expansion of Emerald’s exploration ground position in Cambodia from 1,239km² to 1,639km² with historical drilling results within the Antrong Licences, which have had limited follow up, demonstrating potential for significant new gold discoveries.

January 01, 2021
12 AM

January 2023

Emerald announced that significant exploration results continued from activities at the North Laverton Gold project in Western Australia and the Memot Gold project in Cambodia. The results confirm the Company’s view that these two projects offer growth opportunities to complement the Okvau Gold Mine’s production.
January 01, 2021
12 AM

July 2023

Emerald announced its commitment to carbon neutral operations in Cambodia with the Company’s decision to accrue funds annually to fund future programs to achieve a carbon neutral footprint within achievable time frames.

Emerald’s decision to set aside funds to progress carbon neutrality plans followed a review of a range of commercial schemes available on the market by Earth Systems who have extensive experience in South-East Asia. The Company’s policy is preservation of nature-based carbon offset projects supporting habitat propagation which already demonstrated significant results.

January 01, 2021
12 AM

December 2023

Emerald announced the Maiden Memot Gold Project Open Pit Inferred Resource of 8Mt @ 1.84g/t Au for 470koz based on 19,217 metres of diamond and RC drilling. The result and has given Emerald the confidence to ramp up drilling activities and invest in a further 50,000 metre Stage 2 drill program, planned to commence in early 2024. The Stage 2 program is designed to extend the known mineralisation and to increase confidence in the existing resource.
January 01, 2021
12 AM

April 2024

Emerald closes the takeover offer of Bullseye Mining Limited, with 99.5% acceptances with the remaining outstanding shares to be compulsorily acquired.
January 01, 2021
12 AM