EMERALD RESOURCES NL (EMR)
Share Price Analysis and Chart

01/07/2026

4

Downgrade to Lighten from Hold

$5.40

-0.55%

Ord Minnett reviews its commodity price forecasts for the end of the June quarter and with the resolution in the Middle East war looking increasingly likely.

Oil and gas prices reflect this outcome, having retreated to pre-war levels, although it will take some time for production to normalise.

Gold suffers the largest downgrades to the broker's 2026-2028 estimates, down -9-15%, although the long-term price forecast is unchanged.

Emerald Resources is downgraded to Lighten from Hold with the target lowered to $5.40 from $6.20.

06/07/2026

1

Buy

$8.20

51.01%

Canaccord Genuity maintains a Buy rating for Emerald Resources with an $8.20 target price, following a preliminary production and cash update.

The company reported gold production of 27koz from the Okvau mine in Cambodia, bringing total FY26 production to 100koz and missing the lower end of management's annual guidance range.

The analyst points out a robust operational cost profile with expected quarterly all-in sustaining costs of US$880/oz, keeping the entity positioned as the lowest-cost gold producer under broker ASX coverage.

Total cash, bullion, and listed investments increased to $468m, tracking below initial expectations due to potentially accelerated development expenditures across regional multi-mine growth projects.

The investment thesis remains intact because, as Canaccord Genuity explains, the producer continues to generate substantial underlying cash flow to fully fund its asset expansion strategy.