Emerald Resources (ASX:EMR) has started planning for the Dingo Range Gold Project to enter into production in FY2026, as the company continues momentum from its “strongest yet” year across all aspects of its operations.
The company says Dingo Range exploration activities continue to deliver “outstanding” results from the more than 70,000m of drilling including at the newly discovered Freeman’s Find, Banjawarn and Great Northern Prospects
In a note addressing shareholders today (29 November 2024), Chairman Jay Hughes says Emerald Resources anticipates announcing a resource for Dingo Range prior to the end of 2024.
According to Hughes, this reporting year has been the strongest yet across all aspects of Emerald’s operations.
“We met our gold production guidance and delivered an after-tax profit of $80.7 million generated from revenues of $371.1 million primarily from our 100% owned Okvau Gold Mine in Cambodia, with $33.4 million reinvested into growth and development during the year,” the Chairman says.
“In 2024 we produced 114,076 ounces of gold doré from Okvau delivered at an AISC for FY24 of $US818/oz. Total gold production since our first gold pour in June 2021 is now over 350,000oz ounces representing over 10 tonnes of gold. At the end of the financial year, we had cash and bullion on hand of $162.3 million.
“This represented an 80% increase on our 2023 balances and is a testament to the expertise of our outstanding teams in Cambodia and Australia. Since year end this has grown to $180.8 million. On a corporate level we saw the successful completion of our takeover of Bullseye Mining, and the incorporation of their exciting prospects including the Dingo Range Gold Project into our portfolio of projects.”
During the year the company focused its exploration work on growing the gold resources at the Okvau Gold Mine with both in and near mine prospects including Okvau North, Samnang and Preak Klong.
Hughes also notes that exploration at the company’s 100% owned Memot Gold Project continues and Emerald anticipates releasing an updated resource before the end of this calendar year.
Write to Adam Orlando at Mining.com.au
Images: Emerald
