Sprott note out on the back of the drilling report
" We expect Emerald to continue to progress towards itsambitious target of mine build start at both Dingo Range (SCPe 3Q25) and Memot (relocation start in4Q25) targeting production lift to 350-400kozpa from 2027. The key here is that with SCPe A$30-40m ofFCF/quarter from Okvau, SCPe ~A$185m net cash, and a total SCPe US$215m combined capex budget forMemot and Dingo Range, we think Emerald can deliver this growth profile without additional shareissuance or dilution. We maintain our BUY rating and A$5.20/sh price target based on 1.0x NAV5%-2300/oz. Our SCPe NAV lifts from A$3.5bn at our US$2,300/oz LT gold price to A$5.6bn at spotUS$3,300/oz so we see significant value uplift as Emerald delivers on its growth plans, with interimcatalysts being an updated MRE at Dingo Range (we think targeting 1.5Moz MRE for ~1Moz at 1.5-1.7g/treserve) and permitting and FID catalysts and Dingo Range and Memot (relocation more so the timelinedriver at Memot than the MRE or other permits in our view)"
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(20min delay)