Emerald Resources NL (EMR) AI Stock Analysis

• Market Cap: $4.92B
• Dividend Yield: N/A
• Average Volume (3M): 1.84M
• Price to Earnings (P/E): 55.8
• Beta (1Y): 0.99
• Revenue Growth: 17.59%
• EPS Growth: 0.98%
• Country: AU
• Employees: 322
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): 0.04
• Shares Outstanding: 660,559,750
• 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: 0.96
• Enterprise Value/Revenue: 10.82
• Enterprise Value/Gross Profit: 18.79
• Enterprise Value/Ebitda: 23.65
• 1Y Price Target: $6.92
• Price Target Upside: -7.05% Downside
• Rating Consensus: Moderate Sell
• Number of Analyst Covering: 2
• EPS Forecast (FY): 0.66
• Revenue Forecast (FY): $989.43M

• Rating: 68 Neutral
• Price Target: AU$8.50 ▲(14.09% Upside)

The score is driven primarily by strong financial performance (rapid revenue growth, healthy margins, and low leverage). Technicals are supportive due to a strong uptrend, but extremely overbought RSI/Stoch readings increase near-term risk. The main drag is valuation, with a very high P/E and no dividend yield provided.

Positive Factors

High operating margins

Sustained high gross and operating margins indicate durable cost discipline and scalable project economics. Strong margins support internal funding of development, cushion commodity price swings, and enable continued reinvestment into exploration and mine build-out over the next 2–6 months.

Very low financial leverage

Minimal leverage provides long-term financial flexibility for capital-intensive mining development. A strong equity base reduces refinancing risk, allows opportunistic funding of the Okvau project or acquisitions, and preserves resilience against commodity-driven revenue volatility.

Strong cash conversion metrics

High operating-cash-to-profit conversion demonstrates quality earnings and solid cash generation capacity, which supports project capital expenditure and working capital needs. This cash strength is a durable enabler for development and decreases reliance on external financing.

Negative Factors

Declining free cash flow growth

A sustained decline in free cash flow growth can impair the company’s ability to self-fund project development and growth initiatives. If the trend persists, management may need to seek external capital, diluting shareholders or increasing leverage and reducing strategic optionality.

Volatile revenue growth history

Revenue volatility complicates capital planning for mine development and raises forecasting risk for cash flows. For a developer reliant on staged investment, inconsistent top-line trends can delay project milestones, increase financing costs, and strain stakeholder confidence.

Single-asset and geography concentration

Concentration in one flagship Cambodian project concentrates operational, permitting, and geopolitical risk. Any delays, local regulatory changes, or site-specific issues would materially affect production timelines and revenues, limiting diversification benefits over the medium term.

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 performance (87.1% revenue growth, solid profitability with 20.0% net margin and 38.7% EBIT margin) and a very low leverage balance sheet (debt-to-equity 0.03) support the score. It is tempered by weaker cash flow trends, with free cash flow growth down 26.3% despite good cash conversion.

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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	438.14M	438.14M	366.04M	297.67M	206.47M	24.00K
Gross Profit	252.37M	252.37M	161.50M	115.02M	94.95M	-1.77M
EBITDA	200.48M	200.48M	179.39M	137.76M	110.90M	-16.56M
Net Income	87.61M	87.61M	84.27M	59.36M	45.37M	-16.70M
Balance Sheet
Total Assets	756.12M	756.12M	712.42M	495.23M	442.80M	250.11M
Cash, Cash Equivalents and Short-Term Investments	201.39M	201.39M	144.60M	71.47M	43.24M	22.96M
Total Debt	21.93M	21.93M	48.77M	79.91M	94.20M	93.37M
Total Liabilities	100.68M	100.68M	154.45M	171.25M	193.68M	145.04M
Stockholders Equity	655.44M	655.44M	557.97M	320.12M	244.64M	105.07M
Cash Flow
Free Cash Flow	136.96M	136.96M	114.69M	55.64M	15.04M	-102.05M
Operating Cash Flow	154.67M	154.67M	120.58M	64.25M	62.48M	-9.52M
Investing Cash Flow	-26.12M	-26.12M	-10.09M	-15.06M	-26.78M	-92.49M
Financing Cash Flow	-40.75M	-77.50M	-74.83M	-24.71M	-17.98M	282.00K

Emerald Resources NL Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 7.45
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• 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 Positive. The current price of 7.45 is above the 20-day moving average (MA) of 6.96, above the 50-day MA of 6.16, and above the 200-day MA of 4.78, indicating a bullish trend. The MACD of 0.46 indicates Negative momentum. The RSI at 60.40 is Neutral, neither overbought nor oversold. The STOCH value of 77.76 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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	81 Outperform	AU$9.09B	11.48	28.58%	1.92%	36.34%	110.55%
WAF	73 Outperform	AU$4.22B	12.72	26.84%	―	23.87%	92.57%
VAU	72 Outperform	AU$6.13B	25.96	13.09%	―	130.98%	―
WGX	69 Neutral	AU$6.95B	191.17	2.43%	0.46%	89.86%	-81.65%
EMR	68 Neutral	$4.92B	55.85	14.25%	―	17.59%	0.98%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%

Emerald Resources NL Corporate Events

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.

Emerald Resources Reports Steady Gold Production and Resource Growth

Emerald Resources NL reported its September 2025 quarterly results, highlighting a steady gold production of 22.0Koz from the Okvau Gold Mine in Cambodia, with sales at an average price of US$3,486/oz. The company maintained its production and cost guidance for the fiscal year 2026, despite a slight decrease in production. The Dingo Range Gold Project in Australia saw significant resource growth, with a 35% increase in its mineral resource estimate. The Memot Gold Project in Cambodia also received in-principle approval for its mining license, marking a significant step towards project development. These developments underscore Emerald’s strategic focus on expanding its resource base and enhancing its operational capabilities.

The most recent analyst rating on (AU:EMR) stock is a Hold with a A$5.00 price target. To see the full list of analyst forecasts on Emerald Resources NL stock, see the AU:EMR Stock Forecast page.