Emerald Resources NL (EMR) AI Stock Analysis

• Market Cap: AU$3.84B
• Dividend Yield: N/A
• Average Volume (3M): 1.84M
• Price to Earnings (P/E): 14.3
• Beta (1Y): 1.32
• 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$6.93
• Price Target Upside: 19.23% 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$6.50 ▲(11.88% 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

Strong profitability

Sustained high margins and rapid top-line expansion indicate the business converts sales to profits efficiently. Durable profitability supports reinvestment in mines and exploration, provides buffers through cycles, and underpins sustainable free cash generation over multiple quarters.

Very low leverage

Extremely low leverage and a strong equity base give Emerald financial flexibility to fund capex or exploration without reliance on high-cost debt. This capital structure reduces solvency risk, helps absorb gold-price shocks, and supports long-term project execution.

Strong cash conversion

High operating cash conversion shows earnings translate into cash, enabling funding of sustaining capital and development spend internally. Consistent cash conversion strengthens liquidity and reduces reliance on external financing across multi-quarter planning horizons.

Negative Factors

Declining FCF growth

A 26.3% fall in free cash flow growth, if persistent, erodes the company’s capacity to self-fund expansions and maintain buffers. Continued FCF weakness could force external financing, delay projects, or weaken resilience to lower gold prices over the medium term.

Revenue volatility

Historic swings in revenue growth suggest production, grade or timing variability. Such volatility complicates forecasting and capital allocation, may induce margin pressure in weaker periods, and raises execution risk for multi-quarter development plans.

Concentrated commodity exposure

Heavy dependence on gold sales makes cash flows and profitability structurally sensitive to metal price cycles and production volumes. Limited revenue diversification increases earnings volatility and the company's exposure to macro commodity risks over several quarters.

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

EMR primarily makes money by producing and selling gold from its mining operations. Revenue is generated from gold sales (typically priced with reference to prevailing market gold prices) after the gold is produced and delivered into the market. The company’s earnings are therefore mainly driven by (i) production volumes, (ii) realized gold prices, and (iii) operating costs (mining, processing, sustaining capital, and site administration). It may also generate or affect cash flows through exploration and development activity (which can increase future production potential but is generally a cost in the period incurred), and through financing activities and potential asset transactions (e.g., acquisitions, divestments, or joint venture arrangements), but specific details on significant partnerships or material non-gold revenue streams are null.

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: Negative
• Last Price: 5.81
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:EMR, the sentiment is Negative. The current price of 5.81 is below the 20-day moving average (MA) of 6.51, below the 50-day MA of 6.72, and above the 200-day MA of 5.12, indicating a neutral trend. The MACD of -0.19 indicates Positive momentum. The RSI at 34.38 is Neutral, neither overbought nor oversold. The STOCH value of 9.57 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	AU$7.83B	-160.00	28.58%	1.92%	36.34%	110.55%
WAF	73 Outperform	AU$3.23B	7.01	26.84%	―	23.87%	92.57%
VAU	72 Outperform	AU$5.14B	-40.43	13.09%	―	130.98%	―
EMR	69 Neutral	AU$3.84B	14.26	14.25%	―	17.59%	0.98%
WGX	69 Neutral	$5.87B	7.97	12.35%	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 Entities Exit Substantial Holder Position in Emerald Resources

Emerald Resources NL has disclosed that State Street Corporation and several of its asset management and trust subsidiaries have ceased to be substantial holders in the company as of 27 February 2026. The notice lists multiple State Street entities across the U.S., U.K., Ireland and Australia, indicating that their combined relevant interest in Emerald’s voting securities has fallen below the substantial holding threshold.

This change suggests a reduction in Emerald’s institutional ownership by one of the world’s largest custodians and fund managers, which may alter the composition of the company’s shareholder base. While the filing does not detail the specific transactions or volumes involved, it signals a possible rebalancing or repositioning by State Street-managed funds in relation to Emerald’s stock.

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 Appoints New COO to Drive Multi-Mine Gold Growth

Emerald Resources NL has strengthened its senior leadership team with the appointment of Josh Redmond as Chief Operating Officer across its global operations. Redmond, a mining engineer with more than 16 years’ experience in Australia, Brazil and Cambodia, joined Emerald in 2023 and previously played a key role in starting mining activities at the Okvau Gold Mine.

The move comes as Emerald enters a major growth phase, preparing full development of its Dingo Range project in Western Australia and Memot project in Cambodia from 2026, alongside underground expansion at Okvau. Redmond will oversee group operational performance while Executive Director Mick Evans focuses on construction and commissioning, supporting Emerald’s strategy to evolve into a multi-mine gold producer targeting 300,000 to 400,000 ounces a year.

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.

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.