We are initiating coverage on Emerald Resources (EMR) with a BUY rating and set $4.80 Price Target. EMR’s single operating asset, Okvau, is located in Cambodia and since commissioning in FY22 has been a consistent operation for EMR with over 339koz produced at an AISC of US$817/oz. Beyond Okvau, EMR is seeking to emulate the same success with plans to construct two new standalone developments over the next three years at Memont and Dingo Range, which could lift EMR’s group production to 350-400kozpa by FY30. Successful execution of new mill constructions at Dingo Range and Memot underpins our $4.80 Price Target with management’s track record as a key enabler allowing EMR to meet its growth plans.
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