Emerald Resources NL (EMR) AI Stock Analysis

• Market Cap: AU$4.13B
• Dividend Yield: N/A
• Average Volume (3M): 1.84M
• Price to Earnings (P/E): 14.3
• Beta (1Y): 1.29
• Revenue Growth: 17.59%
• EPS Growth: 0.98%
• Country: AU
• Employees: 322
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): 0.11
• Shares Outstanding: 660,599,500
• 10 Day Avg. Volume: 2,556,209
• 30 Day Avg. Volume: 1,836,436
• PEG Ratio: 0.00
• Price to Book (P/B): 3.97
• Price to Sales (P/S): 5.93
• P/FCF Ratio: 18.98
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: AU$6.89
• Price Target Upside: 10.25% Upside
• Rating Consensus: Moderate Sell
• Number of Analyst Covering: 2
• EPS Forecast (FY): 0.38
• Revenue Forecast (FY): AU$644.58M

• Rating: 69 Neutral
• Price Target: AU$7.50 ▲(20.00% Upside)
• Action: Reiterated Date: 02/03/26
• Date: Action: Reiterated 02/03/26

The score is primarily supported by strong profitability and rapid revenue growth alongside a very low-leverage balance sheet, but is held back by declining free cash flow growth. Technical signals are mixed/neutral (longer-term uptrend but near-term weakness), and the high P/E valuation further limits the overall score.

Positive Factors

High profitability and revenue growth

Sustained high margins and strong top-line growth indicate durable operational efficiency and pricing power at the asset level. This supports internal funding for exploration, sustaining capital and debt-light expansion, improving long-term resilience to cyclical shocks.

Very low financial leverage

Minimal leverage gives the company strategic flexibility to fund capex or project development without heavy interest burdens. A strong equity base reduces insolvency risk during commodity downturns and preserves capacity to pursue M&A or opportunistic investments.

Strong cash conversion

High conversion of profits into cash enhances financial stability and decreases reliance on external funding for ongoing mining operations. This underpins the ability to finance sustaining capital and exploration, supporting steady operational execution over years.

Negative Factors

Declining free cash flow growth

A sustained drop in free cash flow growth erodes financial flexibility for reinvestment, dividends or debt reduction. If the negative trend persists it may force slower project development, increased external financing or tougher capital allocation choices, weakening long-term optionality.

Revenue growth volatility

Volatile top-line growth complicates multi-year planning and capital allocation for mining projects, which require lengthy lead times. Inconsistent sales momentum can amplify the operational impact of commodity cycles and make forecasting for investors and management harder.

Concentration on gold production

A business model heavily tied to gold volumes and spot prices leaves earnings exposed to long-term commodity cycles. Without material diversification or hedging, cash flows and investment capacity remain sensitive to price and operational variances, raising cyclicality risk.

Emerald Resources NL Business Overview & Revenue Model

Company Description

Emerald Resources NL engages in the exploration and development of mineral reserves in Cambodia and Australia. The company's exploration tenements include a combination of 100% owned granted licenses, applications, and earn-in and joint venture agreements covering a combined area of 1,239 square kilometers. Its principal property is the Okvau Gold project located in the city of Phnom Penh, province of Mondulkiri. The company was formerly known as Emerald Oil & Gas NL and changed its name to Emerald Resources NL in December 2014. The company was incorporated in 1969 and is headquartered in West Perth, Australia.

How the Company Makes Money

Emerald Resources NL generates revenue primarily through the exploration, development, and potential production of gold. The company's main revenue model is based on the extraction and sale of gold from its mining operations, particularly from the Okvau Gold Project, which has undergone significant development and is expected to enter production. Key revenue streams include the sale of mined gold and any associated by-products. Additionally, partnerships with local governments and mining entities may enhance operational efficiencies and reduce costs, contributing to profitability. The company may also benefit from fluctuations in gold prices, as higher market prices can lead to increased revenue from gold sales.

Emerald Resources NL Financial Statement Overview

Summary

Strong income statement quality (87.1% revenue growth; 57.6% gross margin; 20.0% net margin; solid EBIT/EBITDA margins), supported by a low-leverage balance sheet (debt-to-equity 0.03; equity ratio 86.7%). Score is tempered by weaker cash-flow momentum (free cash flow growth down 26.3%), despite good cash conversion (operating cash flow to net income 2.27; free cash flow to net income 0.89).

Income Statement

Emerald Resources NL has demonstrated strong revenue growth with a significant increase of 87.1% in the latest year, indicating robust expansion. The company maintains healthy profitability with a gross profit margin of 57.6% and a net profit margin of 20.0%. The EBIT and EBITDA margins are also strong at 38.7% and 45.8%, respectively, showcasing effective cost management and operational efficiency. However, the revenue growth rate has shown volatility in the past, which could pose a risk if not managed carefully.

Balance Sheet

The balance sheet of Emerald Resources NL is solid, with a low debt-to-equity ratio of 0.03, indicating minimal leverage and financial risk. The return on equity is healthy at 13.4%, reflecting efficient use of shareholder funds. The equity ratio stands at 86.7%, suggesting a strong equity base relative to total assets. However, the company should monitor its equity growth to sustain this stability.

Cash Flow

Emerald Resources NL's cash flow statement reveals a decline in free cash flow growth by 26.3%, which could be a concern if it persists. The operating cash flow to net income ratio is strong at 2.27, indicating good cash generation relative to profits. The free cash flow to net income ratio is also robust at 0.89, suggesting effective conversion of profits into cash. The company should focus on reversing the negative trend in free cash flow growth to enhance its financial flexibility.

Breakdown	TTM	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	450.67M	438.14M	366.04M	297.67M	206.47M	24.00K
Gross Profit	241.36M	252.37M	161.50M	115.02M	94.95M	-1.77M
EBITDA	226.69M	200.48M	179.39M	137.76M	110.90M	-16.56M
Net Income	101.06M	87.61M	84.27M	59.36M	45.37M	-16.70M
Balance Sheet
Total Assets	890.41M	756.12M	712.42M	495.23M	442.80M	250.11M
Cash, Cash Equivalents and Short-Term Investments	299.35M	201.39M	144.60M	71.47M	43.24M	22.96M
Total Debt	48.30M	21.93M	48.77M	79.91M	94.20M	93.37M
Total Liabilities	163.04M	100.68M	154.45M	171.25M	193.68M	145.04M
Stockholders Equity	727.37M	655.44M	557.97M	320.12M	244.64M	105.07M
Cash Flow
Free Cash Flow	135.47M	136.96M	114.69M	55.64M	15.04M	-102.05M
Operating Cash Flow	179.96M	154.67M	120.58M	64.25M	62.48M	-9.52M
Investing Cash Flow	-54.69M	-26.12M	-10.09M	-15.06M	-26.78M	-92.49M
Financing Cash Flow	-19.71M	-77.50M	-74.83M	-24.71M	-17.98M	282.00K

Emerald Resources NL Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 6.25
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:EMR, the sentiment is Neutral. The current price of 6.25 is below the 20-day moving average (MA) of 6.67, below the 50-day MA of 6.76, and above the 200-day MA of 5.08, indicating a neutral trend. The MACD of -0.02 indicates Positive momentum. The RSI at 39.55 is Neutral, neither overbought nor oversold. The STOCH value of 22.22 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AU:EMR.

Emerald Resources NL Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RMS	75 Outperform	$8.14B	-160.00	28.58%	1.92%	36.34%	110.55%
WAF	73 Outperform	AU$3.60B	7.01	26.84%	―	23.87%	92.57%
VAU	72 Outperform	AU$5.45B	-40.43	13.09%	―	130.98%	―
EMR	69 Neutral	AU$4.13B	14.26	14.25%	―	17.59%	0.98%
WGX	69 Neutral	AU$6.26B	7.97	12.65%	0.46%	89.86%	-81.65%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%

Emerald Resources NL Corporate Events

State Street Group Ceases to Be Substantial Holder in Emerald Resources

State Street Global Advisors and related State Street Corporation subsidiaries have filed a notice that they have ceased to be substantial holders in Emerald Resources NL, indicating their combined voting interest in the Australian gold producer has fallen below the substantial holding threshold required for disclosure under the Corporations Act. The change reduces the presence of a major institutional investor on Emerald’s share register, potentially altering the company’s shareholder base dynamics and liquidity profile, though the filing does not disclose specific transaction details or consideration for the change in holding.

The most recent analyst rating on (AU:EMR) stock is a Hold with a A$7.35 price target. To see the full list of analyst forecasts on Emerald Resources NL stock, see the AU:EMR Stock Forecast page.

Emerald Resources Lifts Dingo Range Gold Resource to 1.41Moz and Secures Key Mining Approvals

Emerald Resources NL has updated the Mineral Resource Estimate for its 100%-owned Dingo Range Gold Project in Western Australia to 40.9 million tonnes at 1.1 g/t gold for 1.41 million ounces, including a higher-grade component of 24.2 million tonnes at 1.4 g/t gold for 1.12 million ounces. The resource, which covers deposits along the Boundary–Bungarra trend as well as the Great Northern and Freeman’s Find deposits, remains open at depth and along strike, indicating strong potential for further growth. Ongoing drilling is targeting underground extensions at the Boundary Prospect and is expected to support a maiden ore reserve and finalisation of development studies, while the project has now received full mining permits, with only works approval outstanding. Together with the recent resource update at the Memot Project, these developments position Emerald to advance into full development at both projects in 2026 and move towards its objective of becoming a 300,000–400,000 ounce per annum gold producer, reinforcing its growth trajectory in the gold sector.

The most recent analyst rating on (AU:EMR) stock is a Hold with a A$8.50 price target. To see the full list of analyst forecasts on Emerald Resources NL stock, see the AU:EMR Stock Forecast page.

Emerald Resources Extends High-Grade Gold Potential Across Dingo Range and Cambodian Projects

Emerald Resources has reported strong infill and exploration drilling results across its 100%-owned Dingo Range Gold Project in Western Australia and its Cambodian assets, the Memot Gold Project and Okvau Gold Mine. At Dingo Range, significant intercepts at the newly discovered Stables Prospect and ongoing resource infill and expansion drilling at the Freeman’s Find, Boundary and Neptune deposits highlight the continuity of high-grade mineralisation and support both open-pit extensions and potential underground development, reinforcing the district’s potential as a multi-deposit gold hub feeding a central mill. In Cambodia, near-mine drilling at the Granite Hill prospect near Okvau underpins an application for an Industrial Mining Licence in 2025, while high-grade results at Memot have fed into a recent resource update, collectively pointing to meaningful growth in Emerald’s resource base and future production options across its core jurisdictions.

The most recent analyst rating on (AU:EMR) stock is a Hold with a A$8.50 price target. To see the full list of analyst forecasts on Emerald Resources NL stock, see the AU:EMR Stock Forecast page.

State Street Group Ceases to Be Substantial Holder in Emerald Resources

State Street Corporation, through a group of its international asset management and trust subsidiaries, has lodged a notice that it has ceased to be a substantial shareholder in Emerald Resources NL as of 21 January 2026. The filing indicates that State Street and its related entities have reduced their relevant voting interest in Emerald Resources below the substantial holding threshold required for disclosure under Australian corporations law, signalling a change in the company’s institutional shareholder base that may modestly alter the composition and influence of major investors on Emerald’s register.

The most recent analyst rating on (AU:EMR) stock is a Hold with a A$8.50 price target. To see the full list of analyst forecasts on Emerald Resources NL stock, see the AU:EMR Stock Forecast page.

Emerald Resources Lifts Memot Gold Resource to 1.7Moz, Clearing Path for 2026 Development

Emerald Resources has lifted the mineral resource at its 100%-owned Memot Gold Project in Cambodia to 1.7 million ounces of gold, a 27% increase from the July 2025 estimate, following further drilling and a lower cut-off grade. The updated Memot resource stands at 45.0Mt at 1.2g/t Au, including a higher-grade component of 21.6Mt at 1.8g/t Au for 1.24Moz, with a more than 22% increase in the Indicated category and mineralisation remaining open in all directions. With Memot now fully permitted through the grant of an Industrial Mining Licence and a Mineral Investment Agreement, Emerald plans extensional and regional drilling in 2026 and is preparing a maiden ore reserve to support final development studies, positioning the project for development start in 2026. Combined with ongoing progress at the Dingo Range project and strong performance from Okvau, the Memot upgrade underpins Emerald’s strategy to scale up to 300,000–400,000 ounces of annual gold production and signals a period of significant growth for shareholders and other stakeholders.

The most recent analyst rating on (AU:EMR) stock is a Buy with a A$7.50 price target. To see the full list of analyst forecasts on Emerald Resources NL stock, see the AU:EMR Stock Forecast page.

Emerald Resources posts strong December quarter output at Okvau amid robust cash position

Emerald Resources has reported quarterly production of 25,030 ounces of gold from its 100%-owned Okvau Gold Mine in Cambodia for the December 2025 quarter, with 21,372 ounces poured and 20,410 ounces sold at an average realised price of US$4,118 per ounce. The company expects all-in sustaining costs for the period to be at the upper end of its US$900–US$1,000 per ounce guidance range, delivered gold recoveries of 86.7%, and maintained a strong safety performance with a 12‑month group TRIFR of 0.42. Supported by a robust balance sheet of A$372.7 million in cash, bullion and listed investments, Emerald heads into 2026 with considerable financial flexibility to advance its ongoing operations and exploration programs in both Cambodia and Australia.

The most recent analyst rating on (AU:EMR) stock is a Buy with a A$5.50 price target. To see the full list of analyst forecasts on Emerald Resources NL stock, see the AU:EMR Stock Forecast page.

Emerald Resources Reports Institutional Trading Changes in Substantial Holding Notice

Emerald Resources NL has disclosed a notice of changes in substantial holdings relating to its ordinary shares, detailing a series of trades by fund managers T. Rowe Price Australia Limited and T. Rowe Price International Ltd. The filing lists multiple purchases and sales of Emerald’s ordinary shares during December, indicating active portfolio rebalancing by these institutional investors and shifts in their relevant interests, which may modestly influence the company’s share register composition and market perception of institutional support.

The most recent analyst rating on (AU:EMR) stock is a Buy with a A$5.50 price target. To see the full list of analyst forecasts on Emerald Resources NL stock, see the AU:EMR Stock Forecast page.

Emerald Resources Options Lapse Following Unmet Conditions

Emerald Resources NL has notified the market that 125,000 options with an exercise price of A$0.82, expiring on 4 January 2026, have lapsed after the conditions attached to these securities were not satisfied. The cessation of these options results in a small adjustment to the company’s issued capital structure, signalling no immediate operational impact but modestly reducing potential future equity dilution for existing shareholders.

The most recent analyst rating on (AU:EMR) stock is a Buy with a A$5.50 price target. To see the full list of analyst forecasts on Emerald Resources NL stock, see the AU:EMR Stock Forecast page.

Emerald Resources NL Releases Modern Slavery Statement 2025

Emerald Resources NL has released its Modern Slavery Statement for 2025, highlighting its commitment to identifying, mitigating, and addressing risks of modern slavery throughout its operations and supply chains. By implementing proactive measures and policies, the company aims to ensure responsible business practices and ethical governance, which strengthens its reputation and positions it as a socially responsible entity within the mining sector.

The most recent analyst rating on (AU:EMR) stock is a Buy with a A$5.50 price target. To see the full list of analyst forecasts on Emerald Resources NL stock, see the AU:EMR Stock Forecast page.

Emerald Resources NL Issues New Securities to Bolster Operations

Emerald Resources NL has announced the issuance of 82,088 ordinary fully paid securities, which will be quoted on the Australian Securities Exchange (ASX) as of December 15, 2025. This move is part of the company’s strategy to enhance its financial flexibility and support its ongoing exploration and development activities. The issuance of these securities could potentially strengthen Emerald Resources’ market position and provide additional resources for its operations, benefiting stakeholders by potentially increasing the company’s value and market reach.

The most recent analyst rating on (AU:EMR) stock is a Buy with a A$5.50 price target. To see the full list of analyst forecasts on Emerald Resources NL stock, see the AU:EMR Stock Forecast page.

Emerald Resources Issues New Shares to Employees Under Incentive Plan

Emerald Resources NL has issued 82,088 fully paid ordinary shares to employees following the exercise of 110,000 unlisted options. This move is part of the company’s Incentive Plan, allowing option holders to use a cashless facility to pay the exercise price. The issuance was conducted without disclosure under the Corporations Act, and the company has complied with all relevant legal provisions. This action reflects Emerald’s ongoing efforts to incentivize its workforce and adjust its capital structure, potentially impacting its market positioning and stakeholder interests.

The most recent analyst rating on (AU:EMR) stock is a Buy with a A$5.50 price target. To see the full list of analyst forecasts on Emerald Resources NL stock, see the AU:EMR Stock Forecast page.

Emerald Resources Advances Gold Projects with Drilling Success

Emerald Resources NL has announced updates on its infill drill programs at the Dingo Range Gold Project in Australia and the Memot Gold Project in Cambodia. The company has completed significant drilling activities aimed at enhancing grade control and confidence in mining areas, with results feeding into upcoming resource updates. These updates, along with maiden ore reserves, are expected to be released in January 2026, supporting Emerald’s goal of becoming a 300,000 to 400,000 ounces per annum gold producer. The developments mark a period of growth as the company prepares for full development activities across both projects in 2026.

The most recent analyst rating on (AU:EMR) stock is a Buy with a A$5.50 price target. To see the full list of analyst forecasts on Emerald Resources NL stock, see the AU:EMR Stock Forecast page.

Emerald Resources NL Issues New Securities to Boost Market Position

Emerald Resources NL announced the issuance of 249,168 fully paid ordinary securities, which are set to be quoted on the Australian Securities Exchange (ASX) under the code EMR. This move is part of the company’s ongoing efforts to enhance its capital structure and potentially increase its market liquidity, which could have positive implications for its stakeholders and strengthen its position in the mining industry.

The most recent analyst rating on (AU:EMR) stock is a Buy with a A$5.50 price target. To see the full list of analyst forecasts on Emerald Resources NL stock, see the AU:EMR Stock Forecast page.

Emerald Resources Enhances Capital Structure with New Share Issuance

Emerald Resources NL has issued a total of 249,168 fully paid ordinary shares to employees following the exercise of unlisted options. This move reflects the company’s ongoing commitment to its employee incentive plan and compliance with the Corporations Act 2001. The issuance of these shares is part of Emerald’s strategy to enhance its capital structure and further align employee interests with company growth.

The most recent analyst rating on (AU:EMR) stock is a Buy with a A$5.50 price target. To see the full list of analyst forecasts on Emerald Resources NL stock, see the AU:EMR Stock Forecast page.

Emerald Resources Advances Dingo Range Gold Project with Key Approvals

Emerald Resources NL announced the approval of the Mining Proposal and Mine Closure Plan for its Dingo Range Gold Project in Western Australia, marking a significant milestone in its development. The completion of a 264-room camp enhances the project’s infrastructure, supporting Emerald’s strategic objective of becoming a multi-mine gold producer. The company is fully funded and debt-free, positioning it well for future growth in the gold mining industry.

The most recent analyst rating on (AU:EMR) stock is a Buy with a A$5.50 price target. To see the full list of analyst forecasts on Emerald Resources NL stock, see the AU:EMR Stock Forecast page.

Emerald Resources NL Successfully Passes AGM Resolutions

Emerald Resources NL announced that all resolutions were passed by poll at their recent annual general meeting. The meeting included the adoption of the remuneration report and the re-election of directors, which reflects strong shareholder support and may positively impact the company’s governance and strategic direction.

The most recent analyst rating on (AU:EMR) stock is a Buy with a A$5.50 price target. To see the full list of analyst forecasts on Emerald Resources NL stock, see the AU:EMR Stock Forecast page.

Emerald Resources Expands Gold Production Capacity

Emerald Resources NL announced its strategic advancement from a single mine gold producer to a multi-mine operation, significantly increasing its annual production capacity. This expansion is expected to enhance the company’s market position and potentially deliver greater value to stakeholders by leveraging increased production capabilities.

The most recent analyst rating on (AU:EMR) stock is a Buy with a A$5.50 price target. To see the full list of analyst forecasts on Emerald Resources NL stock, see the AU:EMR Stock Forecast page.

Emerald Resources Reports Record Profit and Advances Expansion Plans

Emerald Resources NL reported a record after-tax profit of $87.6 million for the year, driven by strong performance at its Okvau Gold Mine in Cambodia, which produced 98,110 ounces of gold. The company has repaid its Okvau Debt Facility and is focusing on expansion plans, including underground resource development at Okvau and exploration at its Dingo Range and Memot projects. Emerald Resources is also advancing its environmental initiatives, such as the Phnom 1500 reforestation project, and maintains a strong safety record with zero reportable injuries.

The most recent analyst rating on (AU:EMR) stock is a Buy with a A$5.50 price target. To see the full list of analyst forecasts on Emerald Resources NL stock, see the AU:EMR Stock Forecast page.

Emerald Resources NL Announces Change in Substantial Holding

Emerald Resources NL has announced a change in the substantial holding of its voting securities. This notice indicates a shift in the ownership or control of shares, which could impact the company’s governance and decision-making processes. The implications of this change for stakeholders, including potential shifts in company strategy or influence over corporate actions, remain to be seen.

The most recent analyst rating on (AU:EMR) stock is a Buy with a A$5.50 price target. To see the full list of analyst forecasts on Emerald Resources NL stock, see the AU:EMR Stock Forecast page.

Emerald Resources NL Seeks Quotation for New Securities on ASX

Emerald Resources NL has announced the application for the quotation of 137,059 ordinary fully paid securities on the Australian Securities Exchange (ASX) as of November 18, 2025. This move reflects the company’s ongoing efforts to enhance its market presence and expand its financial base, potentially impacting its operational capabilities and offering new opportunities for stakeholders.

The most recent analyst rating on (AU:EMR) stock is a Buy with a A$5.50 price target. To see the full list of analyst forecasts on Emerald Resources NL stock, see the AU:EMR Stock Forecast page.

Emerald Resources NL Issues Shares Following Option Exercise

Emerald Resources NL has issued 137,059 fully paid ordinary shares following the exercise of 150,000 unlisted options by employees. This move reflects the company’s ongoing commitment to its incentive plans and compliance with corporate regulations, potentially impacting its capital structure and shareholder value.

The most recent analyst rating on (AU:EMR) stock is a Buy with a A$5.50 price target. To see the full list of analyst forecasts on Emerald Resources NL stock, see the AU:EMR Stock Forecast page.

Emerald Resources Secures Full Permits for Memot Gold Project and Extends Okvau Agreement

Emerald Resources NL has announced that its Memot Gold Project in Cambodia is now fully permitted for development and operation, following the receipt of necessary agreements and licenses from Cambodian authorities. This development, along with the extension of the Okvau Gold Mine Mineral Investment Agreement to include underground operations, signifies strong governmental support and positions the company for further expansion in the region. The Memot project will benefit from fiscal incentives, including tax exemptions, and the Okvau extension allows for the importation of equipment to support underground activities, enhancing the company’s operational capabilities and growth potential.

The most recent analyst rating on (AU:EMR) stock is a Buy with a A$5.50 price target. To see the full list of analyst forecasts on Emerald Resources NL stock, see the AU:EMR Stock Forecast page.