Operations

Exploration

Exploration is fundamental to Emerald’s long-term success. This includes near mine as well as actively pursuing opportunities to materially increase our resources in the areas in which we operate.

Our exploration strategy focuses on both regional exploration targets, as we look to create a modern gold processing hub and broader landholding around the highly prospective Okvau Gold Project in Cambodia.

Our Western Australian interests are principally focused on the to date under explored, highly prospective Dingo Range greenstone belt, Dingo Range Gold Project, with new discoveries  made at Freeman’s Find, Banjawarn, Great Northern and recently identified Stables Prospects, highlighting the district-scale exploration potential of the belt.

CAMBODIA Exploration

Emerald’s Cambodian exploration tenements, which comprise of a combination of 100% owned granted licences and joint venture agreements cover a combined area of 1,190 km².

OKVAU GOLD PROJECT EXPLORATION PROGRAM

 Emerald’s flagship Okvau Gold Project reflects our commitment to developing a modern Cambodian gold mining industry.

Okvau has been in production since June 2021 Okvau and production guidance remains in line with the DFS of 105-120,000oz on an annualised basis.

The work during the Quarter comprised 205 collars for 18,780m of RC drilling, targeting three near mine prospects (Granite Hill, Rhau and Okvau North), located within 10km of the Okvau Gold Project.

At the Granite Hill prospect 80 RC drill collars for 9,722m were completed on a 50 x 25m grid pattern during the quarter, bringing the total RC meters drilled at Granite Hill to 30,800m with approximately 2,000 samples pending.

Mineralisation at the Granite Hill Prospect is primarily hosted within a granitoid intrusion and is associated with quartz veining and sulphide assemblages dominated by arsenopyrite, chalcopyrite, pyrrhotite, and pyrite.

During the quarter, RC drilling recommenced on the Okvau North prospect with 3,880m (21 collars) completed of the planned
5,000m.

To ensure the Project’s long-term sustainability in addition to in-mine exploration, Emerald is undertaking a comprehensive exploration program across tenements located near the Okvau project footprint with the potential to provide ongoing mineralised ore for the Okvau processing plant.

Memot Gold Project

Exploration at the Memot Gold Project continues to demonstrate strong resource growth potential, with drilling completed to late 2025 supporting the updated Indicated and Inferred Mineral Resource Estimate released in January 2026 of 45.0Mt @ 1.2g/t Au for 1.70Moz. The resource includes a significant higher-grade component of 21.6Mt @ 1.8g/t Au for 1.24Moz and represents a 27% increase on the July 2025 Mineral Resource Estimate, with a 22% increase in Indicated classification following targeted resource definition drilling.

ANTRONG North PROJECT

The Antrong North project comprises of 27 collars for 4,485m located between the Company’s Ochhung and Okvau tenements, 10km to the north-east of the Okvau Gold Project.

Significant results received during the October 2025 Quarter include:

  • 0.6m @ 46.00g/t Au from 48.8m (DD25KAR005)
  • 5.0m @ 2.31g/t Au from 103m (DD25KAR019); and
  • 1.0m @ 4.13g/t Au from 119m (DD25KAR016).

The mineralisation is hosted within both a diorite intrusion and the surrounding sedimentary sequence and is associated with sheared quartz veins containing massive arsenopyrite, pyrrhotite, and pyrite sulphides. These encouraging first-pass results confirm the prospectivity of Kang Roland North and will be followed up with further drilling programs.

Snuol Project (earning up to 70%)

The Snuol Project is in the southern Kratie Province approximately 90km south-west of the Okvau Gold Project.

An ongoing drilling program at the Anchor Prospect has tested parts of a 1.5km x 1.5km gold-in soil anomaly investigating the gradient array IP chargeability anomalies and follow up previous significant drill results. Significant results include:

  • 4m @ 7.72g/t Au from 72m including 1m @ 16.75g/t Au, 180g/t Ag, 0.5% Cu, 0.24% Pb and 2.29% Zn from
  • 73m (RC23SNU054);
  • 13m @ 1.36g/t Au from 18m (RC23SNU048);
  • 1m @ 7.97g/t Au from 46m (RC23SNU047);
  • 9m @ 0.88g/t Au from 16m (RC23SNU056) including 1m @ 3.56g/t from 16m and 0.77% Zn;
  • 1m @ 0.36g/t Au, 22.2g/t Ag, 0.6% Cu from 43m (RC23SNU037); and
  • 1m @ 0.18g/t Au, 7.70g/t Ag, 0.55% Cu from 20m (RC23SNU044).

Additionally, significant intersections of precious and base metal results in RC23SNU054 and RC23SNU056 are located along a 500m structural corridor.

Additional drilling is planned to follow up these encouraging results on the Anchor prospect and other untested anomalous gold-in-soil results on the Snuol Licence.

Other Cambodian Exploration

;Emerald continues to look to expand on its prospective tenure in Cambodia by seeking to make further applications for tenure when identified and advancing discussions with third parties.

The Company continues to assess the exploration data from the geochemical survey, geophysical surveys and drill programs on the Ochhung, Preak Klong and Oktung licences.

Specifically, a ~4,200m RC resource infill program has been scheduled on the Preak Klong NW and Gossan prospects which are located within 15km of the Okvau Gold Mine – on the Preak Klong Licence. The program is designed to infill the previously announced intersections. Such as:

  • 3m @ 31.09g/t Au from 65m (RC24PRK016);
  • 11m @ 3.53g/t Au from 79m (RC24GSN039);
  • 3m @ 9.87g/t Au from 139m (RC24GSN043); and
  • 2m @ 14.07g/t Au rom 21m (RC22GSN025).

Infill geochemical sampling and drilling programs are being planned for the prospects on the Oktung Licence. Such as 39.5m @ 0.99g/t AU from 9.5m (DD25OKV042).

Emerald remains vigilant for opportunities to expand our regional footprint in Cambodia.

Australia Exploration

Emerald’s Australian exploration program is focused on the Dingo Range Gold Project’s tenements, in the Dingo Range greenstone belt.

Dingo Range Gold Project

Since commencing resource definition and exploration drilling in July 2022, Emerald has completed 1,654 drill holes for a total of 193,065m. This comprises 1113 RC drill holes (140,411m), 38 diamond drill holes (5,183m), 107 RC holes with diamond tails (13,415m RC and 16,779m diamond), and 396 shallow aircore collars (17,277m).

Drilling results to date (current and historical) continue to demonstrate the continuity of mineralisation at depth and along strike.

Recent drill intercepts have been incorporated into the January 2026 Dingo Range Resource Estimate and include:

  • 8m @ 1.30g/t Au from 432.2m including 29.23m @ 1.46g/t Au from 479.77m, 7m @ 5.54g/t Au from 433m and 3m @ 9.71g/t Au from 539m (RCDD23BDY064);
  • 8m @ 15.69g/t Au from 51m (RC25BDY305);
  • 21m @ 5.77g/t Au from 20m including 3m @ 33.59g/t Au from 22m (RC25BDY417);
  • 16m @ 7.33g/t Au from 42m (RC25NPT243);
  • 17m @ 6.77g/t Au from 83m including 7m @ 15.25g/t Au from 88m (RC25BDY389); and
  • 6m @ 11.97g/t Au from 55m (RC25BDY296) (EOH).

The January 2026 Dingo Range Resource Estimate is constrained only by the drilling completed and remains open at depth and along strike throughout a significant portion of the deposits (refer Figures 2 through to 4). Ongoing drilling continues to test underground potential at the Boundary Prospect. The Company is expecting results in the short term from recently completed drilling targeting down-plunge extensions beneath the Resource open pit optimisation of significant intercepts.

Exploration at Dingo Range clearly demonstrates the potential of this largely underexplored area. In January 2026 the Company released the Project’s updated Mineral Resource Estimate which consists of 40.9Mt @ 1.1g/t Au for 1.41Moz (at a 0.45g/t Au cut-off grade), and includes a higher grade resource totaling 24.2Mt @ 1.4g/t Au for 1.1Moz (at a 0.7g/t Au cut-off grade) confirming the Project to be Emerald’s first stand-alone mining and processing operation in Australia. Emerald is undertaking further development work in advance of an investment decision and commencement of development in 2026.

Dingo Range Gold Project – Tenement Map with the prospect locations