Emerald Resources NL (ASX: EMR) has announced a significant update to the Mineral Resource Estimate (MRE) for its wholly owned Dingo Range Gold Project in Western Australia, lifting total contained gold to 1.41 million ounces. The updated resource is expected to underpin the Company’s maiden ore reserve and support the advancement of development studies toward potential production.
Figure 1: Location of Emerald Resources’ Dingo Range Gold Project in Western Australia, the Company’s most advanced Australian development asset. (Source: Emerald Resources)
The revised MRE comprises 40.9 million tonnes at an average grade of 1.1 grams per tonne gold, reported above a 0.45g/t cut-off grade and in accordance with the JORC Code (2012). The update includes a higher-grade component of 24.2 million tonnes at 1.4g/t gold for 1.12 million ounces, highlighting the Project’s improving grade profile.
Located on the underexplored Dingo Range greenstone belt in Western Australia, the Project is positioned within a tier-one mining jurisdiction and represents Emerald’s most advanced Australian growth asset. The updated resource follows sustained drilling activity and incorporates new data from the Boundary, Neptune, Bungarra, and Freeman’s Find deposits.
Key Resource Highlights
The January 2026 resource update reflects ongoing exploration success and improved geological confidence across multiple deposits within the Project area. Key highlights include:
- Total Mineral Resource: 40.9Mt @ 1.1g/t Au for 1.41Moz
- Higher-grade component: 24.2Mt @ 1.4g/t Au for 1.12Moz
- Measured, Indicated, and Inferred resources reported above a 0.45g/t cut-off grade
- Resource remains open at depth and along strike, constrained only by current drilling
- Discovery cost of approximately A$42 per ounce, excluding acquisition costs
The updated estimate represents a material increase from the December 2024 resource of 1.01Moz and the July 2025 estimate of 1.36Moz, reflecting Emerald’s accelerated exploration and infill drilling strategy.
Grades reported at Dingo Range compare favourably with global open-pit gold operations, particularly within the Western Australian goldfields, where average grades typically range between 0.8g/t and 1.2g/t gold.
Economic and Strategic Implications
The resource update comes amid a supportive gold price environment, with spot gold trading near A$7,100 per ounce and a 12-month average price of approximately A$5,479 per ounce. The MRE has been constrained using an optimisation price of A$6,000 per ounce, providing a conservative basis for future economic studies.
Emerald Managing Director Morgan Hart said the updated resource provides a strong foundation for development planning and reserve estimation.
“We are pleased to announce the updated mineral resource estimate, which underpins Emerald’s maiden ore reserve at the Dingo Range Gold Project and supports completion of studies and commencement of development,” Mr Hart said.
He added that recent drilling has confirmed the presence of high-grade mineralisation extending beneath the current open-pit design, reinforcing the Project’s underground potential and long-term growth optionality.
Exploration and Development Progress
Emerald has completed more than 248,000 metres of drilling across the Dingo Range Project, including resource definition, infill, and deep diamond drilling programs. Since the June 2025 resource update alone, the Company has added more than 21,000 metres of drilling, materially improving confidence in early mining areas.
Figure 2: Exploration drilling underway at the Dingo Range Gold Project as Emerald Resources advances resource definition and infill programs. (Source: Emerald Resources)
The updated resource incorporates extensive new drill intercepts, including multiple high-grade zones at depth within the Boundary Prospect. Ongoing drilling throughout 2026 will continue to target both open-pit extensions and underground mineralisation, with further resource updates expected.
Importantly, the Project is now fully permitted for mining, with approval granted for the Mining Proposal, Mine Closure Plan, and Clearing Permit under the Mining Act 1978. A Project Works Approval is anticipated in the first quarter of calendar year 2026.
Market Reaction and Share Price Performance
Emerald Resources’ updated Dingo Range resource announcement was positively received by the market. The Company’s shares last traded at A$7.875, up A$0.205 or 2.67%, on volume of approximately 1.39 million shares. The stock traded within a narrow bid–offer range of A$7.870 to A$7.880, indicating orderly trading conditions following the release.
Figure 3: Emerald Resources Share Price: (Source: ASX)
At the current share price, Emerald Resources commands a market capitalisation of approximately A$5.06 billion, placing the Company among Australia’s more significant listed gold producers and developers. The price movement suggests growing investor confidence in the scale, grade profile, and development potential of the updated Dingo Range resource.
Also Read: Osisko Development Raises $125M for Cariboo Gold Project – Colitco
Valuation Support and Strategic Positioning
Emerald’s valuation continues to be underpinned by its established production base at the Okvau Gold Mine in Cambodia, which has delivered approximately 450,000 ounces of gold since commissioning in 2021, alongside its expanding Australian and Cambodian development pipeline.
The Company also maintains a strong balance sheet, with substantial cash, bullion, and listed investments, supporting ongoing exploration, feasibility studies and early-stage development activities.
The combination of operational cash flow, rising resource inventory and exposure to a supportive gold price environment reinforces Emerald’s strategic positioning as it advances toward its stated objective of becoming a 300,000 to 400,000 ounce per annum gold producer over the medium term.
