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2026-11-06
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Producer · Gold · Cambodia · Australia Rating locked: sign in to view v8 · emr-20261024t192412-full
Last 2026-11-06
A$6.62
1D
—
1M
—
YTD
—
1Y
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Upside
Locked: sign in to view
Mkt cap
A$4.4B
EV
A$3.9B
Cash
A$483M
Debt
A$0
3 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$483M2025-06-30: 201,387,000 A$2026-06-30: 433,649,000 A$2026-09-30: 483,000,000 A$ Self Funding
Debt A$0 Net cash A$483M
Basic shares 663.4M 2026-10-09
Runway Self Funding Positive audited OCF A$324.641m in FY26; September preliminary cash grew while A$16m spent at Dingo/Memot. No current committed acquisition facility.

Liquidity

Financial position

Reported September cash A$483m. June income-tax payable94.3m may have partly settled; source does not disclose September tax payable. Explicit current bridge tests0/47.15/94.3m outstanding separately. Organic funding depends on development budgets and gold cash generation; acquisition mandate is restricted and conditional.

Inventory composition1

September bullion market value A$29.6m is a separate after-tax liquid asset in the valuation bridge. Paid June stockpiles95.157m carrying cost are mined inventory included within reserves, modelled at future processing cost with no second mining charge; other operating NWC bridges separately.

September gold bullion
— carrying

Capital structure

Ownership and dilution

Ordinary shares
663.4M
Fully diluted
678.3M

June660,775,844 ordinary shares bridge through completed employee cashless exercises to663,443,701 on October9. Reconcile concurrent Appendix2A exercises and3H cancellations; new200,000 and proposed160,000 options separately. Maximum diluted678,315,701 is a potential count; valuation uses only current intrinsic cashless claims.

Security classes14
ClassTypeQuantityStrikeExpiry
ASX ordinary fully paid sharesOrdinary Share663.4M——
Unquoted employee/director option; vesting conditions may applyOption700KA$8.272031-02-04
Unquoted employee/director option; vesting conditions may applyOption1MA$3.72029-02-28
Unquoted employee/director option; vesting conditions may applyOption1.7MA$2.842028-09-12
Unquoted employee/director option; vesting conditions may applyOption250KA$4.722029-09-30
Unquoted employee/director option; vesting conditions may applyOption2.5MA$6.632031-08-03
Unquoted employee/director option; vesting conditions may applyOption3.2MA$4.432029-07-31
Unquoted employee/director option; vesting conditions may applyOption650KA$6.882031-06-18
Unquoted employee/director option; vesting conditions may applyOption2.5MA$4.42030-08-14
Unquoted employee/director option; vesting conditions may applyOption570KA$1.942028-04-13
Unquoted employee/director option; vesting conditions may applyOption980KA$1.372027-10-17
Unquoted employee/director option; vesting conditions may applyOption500KA$3.512029-03-21
Unquoted employee/director option; vesting conditions may applyOption200KA$8.352031-09-23
160,000 director options proposed for AGM approval; included conservatively in diluted underwriting denominatorOption160KA$6.632031-08-03

KPI history

Operating metrics · Okvau Gold Mine

Okvau gold produced shown
07,58015,16022,74030,3212025-09-30: 22,035 oz Au2025-09-302025-12-31: 25,030 oz Au2025-12-312026-03-31: 26,269 oz Au2026-03-312026-06-30: 27,072 oz Au2026-06-302026-09-30: 20,280 oz Au2026-09-30
MetricUnitTrend2025-09-302025-12-312026-03-312026-06-302026-09-30
Okvau gold producedoz Au2025-09-30: 22,035 oz Au2025-12-31: 25,030 oz Au2026-03-31: 26,269 oz Au2026-06-30: 27,072 oz Au2026-09-30: 20,280 oz Au22,03525,03026,26927,07220,280
Operating metric source table8
MetricProjectPeriodPeriod typeValueStatus
Okvau gold producedOkvau2025-09-30Quarter22,035 oz AuReported
Okvau gold producedOkvau2025-12-31Quarter25,030 oz AuReported
Okvau gold producedOkvau2026-03-31Quarter26,269 oz AuReported
Okvau gold producedOkvau2026-06-30Quarter27,072 oz AuReported
Okvau gold producedOkvau2026-09-30Quarter20,280 oz AuReported
Group cashCompany2025-06-30Point In Time201,387,000 AUDReported
Group cashCompany2026-06-30Point In Time433,649,000 AUDReported
Group cashCompany2026-09-30Point In Time483,000,000 AUDReported
Company guidance3
MetricProjectPeriodLowHighStatus
ProductionokvauFY2027100,000115,000 oz Au/yearCurrent
AISCokvauFY20279801,080 USD/oz AuCurrent
ProductionokvauFY2026105,000120,000 oz Au/yearMissed

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-10-09RaisingA$0283.8K—Completed—
2026-09-16DebtUS$200M——Announced—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-13

Current annual report and latest facility/transaction notices reconciled with original Okvau fiscal and royalty terms. Legacy third-party cap discharge, ABC contract and final acquisition facility terms remain unverified.

Government royalty included explicitly in project revenue deductions.

Royalty · Active
Counterparties
Royal Government of Cambodia
Applies to
Okvau Gold Mine · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Royalty: 3 percent of gross sales
How it affects our valuation

No valuation treatment is available for this arrangement.

Historical capped royalty retained as unresolved residual obligation; no assertion that the cap has been discharged.

Royalty · Unknown
Counterparties
Legacy third party (not named in retrieved original summary)
Applies to
Okvau Gold Mine · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Original royalty: 1.5 percent of gross sales
Original cumulative cap: 22,500,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

3% gross-sales royalty included in conditional Memot mine cash flows.

Royalty · Active
Counterparties
Royal Government of Cambodia
Applies to
Memot Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Royalty: 3 percent of gross sales
How it affects our valuation

No valuation treatment is available for this arrangement.

FY26 all gold sold to ABC; no take-or-pay, floor price or forward commodity hedge evidenced.

Offtake · Active
Counterparties
ABC Refinery Australia Pty Ltd
Applies to
Okvau Gold Mine · Gold
Economic direction
Mixed
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Earn-in ownership is current 51%; future 70% is contingent and not applied to present physical quantities.

Earn In · Active
Counterparties
Santana subsidiary SMI · Southern Gold
Applies to
Snuol exploration joint venture · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Current effective stake: 51 %
Potential stake: 70 %
Partner free carry: 30 %
How it affects our valuation

No valuation treatment is available for this arrangement.

No present mine value; royalty is a conditional burden on any later development.

Royalty · Active
Counterparties
Southern Gold
Applies to
Snuol exploration joint venture · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Initial royalty: 2 percent gross
Following royalty: 1 percent gross
How it affects our valuation

No valuation treatment is available for this arrangement.

Signed mandate is neither existing debt nor committed undrawn cash; pricing margin and covenants unavailable.

Strategic Partnership · Conditional
Counterparties
Sprott Resource Lending · Macquarie Bank
Applies to
Company-wide · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Senior acquisition mandate: 200,000,000 USD
Uncommitted accordion: 200,000,000 USD
Availability: 36 months
Tenor: 5 years
How it affects our valuation

No valuation treatment is available for this arrangement.

Mining scope covers drill/blast/load/haul/ROM feed and mine development; included within forecast operating costs; no additional full contract liability deducted.

Other · Conditional
Counterparties
MACA Mining
Applies to
Dingo Range Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Preferred contract value: 562,500,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.