Morgan Hart

Career chronology

• Managing director from 20 August 2014; appointed director 30 July 2014: Emerald Resources NL — Managing Director. Annual Report 2026 (PDF page 53, director biography); Annual Report FY2015 (Printed page 3: 30 July director and 20 August managing director appointments)

• May 2009 to 25 February 2014: Regis Resources — Operations director / COO. 2014 financial year results and directors report (Directors report p. 13)

Contributions and company outcomes

Okvau mine production and FY26 profits

FY2026 and September quarter 2026 · issuer reported · medium materiality

Emerald reports 100,405 ounces of Okvau gold produced and A$259.6 million group after-tax profit in FY26. September 2026 output was 20,280oz versus 27,072oz in the preceding quarter; AISC rose from US$818 to US$1,210/oz. Dingo and Memot are development projects, not completed production.

Attribution: Role overlaps event; causation unproven. Company performance during managing director tenure; commodity prices and the wider team contribute, and an individual effect is not measured.

Relevance: Evidence of delivered operations alongside recent operating variability.

Annual Report 2026 (PDF pages 5–6, 43, 53 and 75: results, safety and named leadership); Quarterly Report September 2026 (Pages 1–4: quarter highlights, physicals and safety)

Business failures and setbacks

Regis flooding and impairment

2014 · issuer reported · medium materiality

In February 2014 flooding disrupted Garden Well and Rosemont. Regis later reported A$202.7m after-tax impairment and a A$147.8m FY2014 net loss; Hart resigned as operations director on 25 February 2014. The annual impairment includes periods and decisions after his departure, and the disclosure identifies multiple causes including rain and gold price.

Attribution: Role overlaps event; causation unproven. He was operations director during the flood; no source establishes personal fault or a causal link to the full-year impairment.

Relevance: Shows setbacks at a previous operating business.

2014 financial year results and directors report (FY2014 results and directors report, pages 1–3 and director biography); Quarterly Report to 31 March 2014 (Page 5, management restructure)

Governance and interests

Bullseye takeover required Panel intervention

2023–April 2024 · documented · high materiality

In 2023 the Takeovers Panel declared unacceptable circumstances relating to Emerald’s Bullseye takeover, shareholder intention statements and settlement; it considered Emerald had acquired a relevant interest in breach of the takeover threshold and ordered corrective disclosure and withdrawal rights. It cited Hart’s dual role in settlement negotiations, but found insufficient material to investigate alleged director association or conflicts further. In April 2024 PwC’s Panel-ordered independent expert opinion found the settling shareholders received no net benefit unavailable to other minority holders.

Attribution: Individual involvement documented. The Panel identified his involvement in negotiations; its decision concerns takeover circumstances and does not make a personal dishonesty finding. PwC’s separate opinion does not reverse the declaration.

Relevance: Relevant to governance in complex transactions.

Bullseye Mining Limited 06 [2023] ATP 11 (Paragraphs 27–28, 91–110 and Annexures C–D); Fourth Supplementary Target Statement and independent expert report (Section 4.2 and expert opinion, paragraphs 14–21)

Pre-acquisition Cambodian licence history

2006–2023 · documented · medium materiality

OZ Minerals said it self-reported possible improper benefits involving a former Cambodian subsidiary, and that prosecutors declined to prosecute it. In 2023 civil confiscation orders totalling at least A$9.3m were agreed. Renaissance bought the former OZ subsidiary in 2012; Emerald acquired Renaissance in 2016. The alleged conduct predated Emerald’s acquisition; these sources do not establish that Emerald or its executives participated.

Attribution: Responsibility unresolved. This concerns a former owner before Emerald’s involvement, not an allegation against Hart.

Relevance: Historical asset and governance context; not evidence of a personal breach.

OZ Minerals 2022 Annual Report (Note on former Cambodian operations); Global Legal Insights: Bribery and Corruption (Australian chapter, 2023 civil consent confiscation orders); Okvau project progress and historical acquisition (Page 1, 2012 acquisition of OZ Cambodian subsidiary); Re Emerald Resources NL [2025] WASC 94 (Factual background: Emerald 2016 acquisition of Renaissance)

Evidence gaps

• Operating decisions at Regis cannot be separated from exceptional rainfall and post-departure circumstances.

• Independent completion dates and full project economics at Bonikro were not independently established.

• The company says Hart became managing director on 30 July 2014; its 2015 annual report distinguishes appointment as director on 30 July and managing director on 20 August 2014.