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ASX Announcement & Media Release 27 October 2021 EMERALD RESOURCES NL Fast Facts ASX Code : EMR Shares on issue : 515,397,207 Market Cap : ~ A $ 515 million Cash : A $ 15.4 million ( at 30 Sept 2021 ) Board & Management Simon Lee AO , Non - Executive Chairman Morgan Hart , Managing Director Mick Evans , Executive Director Ross Stanley , Non - Executive Director Billie Slott , Non - Executive Director Mark Clements , Non - Executive Director and Company Secretary Bernie Cleary , Operations Manager Brett Dunnachie , Chief Financial Officer Company Highlights ■ First mover in an emerging gold province in Cambodia ; ■ Okvau Deposit : Indicated and Inferred Mineral Resource Estimate of 1.14Moz at 2.0g / t Au ; Project built in 2021 on time on budget and now in operation ; ▪ Forecast economics demonstrates high grade , low cost , compelling project ; 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 LOM average annual production of 106,000ozs pa ; AISC US $ 754 / oz over LOM ( at a US $ 1,450 gold price assumption ) ; ■ Mineral Investment Agreement governs significant tax and duty concessions for first 5 years and includes offshore arbitration process ; Highly credentialed gold project operational and development team ; Significant resource growth potential ; ■ Focussed on a net positive impact on near - mine environmental and social values by targeting strict compliance with corporate governance , international guidelines ( IFC PS's ) and local law by engaging and collaborating with all stakeholders . Quarterly Report for the period ended 30 September 2021 Highlights Construction and Commissioning Activities - Okvau Gold Project ■ Successful commissioning of the Okvau Gold Mine and ramp up of operations to full production Final capital and pre - production costs are under budget with actual costs of US $ 97.6m compared to budget of US $ 98.0m Operational Activities - Okvau Gold Project Gold production of ~ 23koz to end of quarter with ~ 17kozs gold poured Process plant throughput 10 % above 2.0Mtpa DFS targeted nameplate rate Actual mill production showing a strongly positive reconciliation ( + 21 % ) to reserve for fresh rock sulphide ore and oxide ore ( + 34 % for sulphide ore ) Sulphide ore gold recoveries consistent with expected recoveries for the areas mined ( ~ 82 % ) . Life of mine recoveries remain in line with the DFS of ~ 84 % Mining operations are on schedule and in line with milling requirements , meeting all ore and waste feed requirements Indicative AISC for August and September 2021 of US $ 723 per ounce AISC materially on budget with guidance for remainder of FY2022 in line with DFS forecasts at 25-30koz per quarter at cash costs in a range of US $ 720 - US $ 780 / oz Funding Consolidated cash at 30 September 2021 approximately A $ 15.4m with an additional A $ 17.3m ( US $ 12.5m ) of gold bullion on hand Gold deliveries to the refinery commenced with total gold sales and funds received of A $ 24.8m ( US $ 18.2m ) to end of Quarter COVID - 19 With the assistance of the Cambodian Ministry of Health , the Company continued its full site wide vaccinating of all Okvau Mine site staff with over 95 % of the workforce now fully vaccinated ■ 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 Emerald's Managing Director , Morgan Hart , said : " The Board and management of Emerald are extremely proud of the outstanding results delivered by the Company's workforce and contractors in achieving a near full production Quarter whilst still undertaking commissioning and ramp up activities . " " Additionally , the performance of the mining and milling / processing departments whilst operating on run of mine sulphide ore late in the Quarter , gives the Company confidence that the Okvau Gold Mine will continue to perform at or above Definitive Feasibility Study estimates . " Registered Office 1110 Hay Street West Perth WA 6005 T : +61 8 9286 6300 F : +61 8 6243 0032 W : www.emeraldresources.com.au 1 Refer Definitive Feasibility Study ( DFS ) ASX Announcements dated 1 May 2017 and 26 November 2019 .