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ASX Announcement & Media Release 30 April 2021 EMERALD RESOURCES NL Fast Facts ASX Code : EMR Shares on issue : 515,397,207 Market Cap : ~ $ 500 million Cash : A $ 47million ( at 31 Mar 2021 ) Board & Management Simon Lee AO , Non - Executive Chairman Morgan Hart , Managing Director Mick Evans , Executive Director Ross Stanley , Non - Executive Director Mark Clements , Non - Executive Director and Company Secretary Brett Dunnachie , Chief Financial Officer Company Highlights ■ First mover in an emerging gold province in Cambodia ; ■ Mineral Investment Agreement and Industrial Mining Licence granted over the Okvau Gold Project ( 100 % owned ) allowing for the development of the Okvau Deposit ; ■ Okvau Deposit : Indicated and Inferred Mineral Resource Estimate of 1.14Moz at 2.0g / t Au ; ■ DFS completed and demonstrates high grade , low cost , compelling development economics : - О Ore Reserve of 14.3Mt & 2.0g / t Au for 0.9Mozs in a single open pit with waste : ore ratio of 5.8 : 1 ; о О О LOM average annual production of 106,000ozs pa ; AISC US $ 754 / oz over LOM ; Using US $ 1.450 / oz Au gold price : - NPV ( 5 % ) US $ 337M pre - tax and US $ 238M post - tax ; - IRR 69 % pa pre - tax and 57 % post- tax ; Payback ~ 1.4 years pre - tax and 1.7 years post - tax . Highly credentialed gold project development team ; Significant resource growth potential . Registered Office 1110 Hay Street West Perth WA 6005 T : +61 8 9286 6300 F : +61 8 6243 0032 W : www.emeraldresources.com.au Highlights Quarterly Report for the period ended 31 March 2021 Development Activities - Okvau Gold Project Okvau Gold Mine Development continues to be “ On Time - On Budget ” ; Overall project construction is nearing practical completion ; Aspects of project commissioning expected to commence in May 2021 ; ■ First gold production expected before the end of current Quarter ; Earthmoving activities continued in line with project schedule with first ore delivered to ROM and first blasting during the Quarter . Exploration - Near Mine and Regional Licences ■ Okvau Gold Project - High grade intersections continue to support structural feeder zone interpretation ; ▪ Environmental assessment progressing on highly prospective Memot Project . Preliminary rock chip sampling undertaken including 40.4 , 27.3 , 23.6 and 13.7 g / t Au ; Significant gold - in - soil Auger soil sample results from infill programme on the previously announced O'Kapai Prospect ( O’Kthung Licence ) including 1,000 and 434 ppb Au . Funding Consolidated cash at 31 March 2021 was approximately A $ 47 million ; Emerald remains fully funded to develop the Okvau Gold Project with additional contingency . COVID - 19 ■ The commitment and dedication of the Company's construction and operational workforce has limited the impact of the COVID - 19 pandemic to a level that to date has not delayed the project from forecast or increased costs materially ; ■ Travel between Australia and Cambodia continues to be restricted but is being managed through longer rosters and regional sourcing and the dedication of key employees on site at Okvau ; Uncertainties around international freight have now been largely overcome with in excess of 95 % of all equipment on site , approximately 4 % in transit and less than 1 % remaining to be shipped . Commenting on the Quarter ended 31 March 2021 , Emerald's Managing Director , Morgan Hart , said : " The global pandemic has continued to present challenges during the Quarter . However , our suppliers , logistics team and construction crew have worked safely and efficiently so that we are now in the final stages of construction of the Okvau Gold Project and expect to deliver first gold production prior to the end of the current quarter . " " The expected first gold production will mark a significant milestone for Emerald and herald a new chapter for the Company as a +100,000 ounce per annum gold producer with an average LOM AISC of US $ 754 / oz . First gold production at Okvau represents the first step in the Company's stated strategy to become a multi - mine gold producer . "