Q: What makes Emerald’s presence in Cambodia so significant? 

Morgan Hart, Managing Director: Emerald Resources NL is a relatively new Australian-based gold company with a management team with a long track record of successfully developing and operating projects across Africa, Australia and now Asia. In Cambodia, through our subsidiary Renaissance, we have established the country’s first modern, large-scale gold mine at Okvau, which commenced operations in 2021. I have been privileged to lead the Company’s efforts in bringing this project into production, and today the Okvau Gold Mine stands as a landmark achievement for Cambodia’s resources sector. Beyond contributing to government revenue, it demonstrates that Cambodia can host responsible, world-class mining operations that meet international standards. This elevates the country’s profile on the global gold industry stage and positions it as an attractive emerging investment destination.  

Q: How have strong gold prices shaped your strategy? 

MH: The strength of the gold price environment has reinforced our operating margins, which in additional to the resulting increase in government taxes and royalties it has enabled us to accelerate reinvestment into both exploration and community development. 

At the Okvau Gold Mine, we have been able to reinvest into the current pit expansion, both open pit and underground, and also near mine prospects. Results to date continue to demonstrate increases to the Okvau Gold Mine life. 

We have also reinvested into regional exploration activities which has resulted in the discovery and advancement of the Memot Gold Project which is expected to be Renaissances second operation in Cambodia. 

Importantly, the strong cash flow has allowed us to reinvest in the communities where we operate—supporting education, health and infrastructure initiatives—ensuring that the benefits of gold mining are shared more broadly. 

Q: How does the refinement process work? 

MH: Our current refining model leverages Australia’s established infrastructure, ensuring that our gold is refined to the highest global standards. However, we fully support the Cambodian government’s vision of developing a domestic refining industry. By producing semi-finished alloys locally we have built a US$100 million gold processing facility that extracts gold from rock, produces a gold rich concentrate and pours a +90% "pure dore" bar, ready for shipment to a refiner. Should the right conditions—economic scale, technical expertise and logistical efficiencies—be realized, we would welcome the opportunity to refine a greater proportion of our production within Cambodia. This would not only enhance national value-add but also create downstream employment and skills transfer. 

Q: How is Renaissance creating value beyond royalties? 

MH: At Renaissance, we recognize that mining success is measured not just by ounces produced but by the positive impact we leave behind. Today, 85% of our workforce is Cambodian, with structured training programs ensuring that local employees progress into skilled and supervisory roles. We work closely with local schools, health providers and community groups to deliver initiatives that directly improve quality of life. These range from vocational training to biodiversity and habitat restoration programs, ensuring that our host communities share the benefits of long-term, sustainable development. 

Q: What comes next for Emerald in Cambodia? 

MH: The Okvau Gold Mine is just the beginning. Our reinvestment in exploration activities across a highly prospective land package has already resulted in the discovery of the Memot Gold Project, expected to become the Company’s second operation in Cambodia. Our goal is to build a multi-mine gold business in Cambodia, leveraging the infrastructure and expertise developed at the Okvau Gold Mine. Over the coming years, we anticipate multiple resource growth opportunities, which will underpin production expansion and extend the country’s role as a regional gold producer. 

Q: How do you approach sustainability on an operational level? 

MH: Sustainability is central to our strategy as demonstrated by compliance with the 13 relevant (to our business) United Nations Sustainability Goals. The Phnom 1500 Carbon Offset Restoration Project is a prime example of how we combine environmental and social goals—rehabilitating degraded land through reforestation while simultaneously funding unexploded ordnance (UXO) clearance, which directly improves community safety and attests our commitment to the 18th Sustainability Goal. To date, we have planted more than 114,000 trees at Phnom 1500 and are targeting a further 50,000 trees in the coming year. Beyond this, to date we have planted over 18,000 trees as part of our Biodiversity Offset program in Phnom Prich Wildlife Sanctuary and are deeply committed to education programs, clean water initiatives and local business development—projects that deliver long-term benefits well beyond the life of the mine. 

Q: What keeps you motivated in this work? 

MH: What inspires me most is the transformative impact we can make. Mining, when done responsibly, creates opportunities that last for generations—through jobs, infrastructure and skills. Seeing young Cambodians develop into skilled professionals and communities benefiting from better infrastructure including water, schools and health services provides a sense of purpose that goes well beyond financial results. It’s about leaving a positive legacy that endures long after the final ounce of gold is mined. 

Q: How can international investors join Emerald’s growth story? 

MH: Emerald Resources is an ASX-listed company under the code EMR, providing international investors with a direct opportunity to participate in Cambodia’s mining growth story via share purchase and trade on the Australian Securities Exchange. Shareholders benefit from a combination of strong free cash flow, production growth potential and alignment with a proven management team that has delivered multiple successful gold projects globally. Our disciplined capital management and strong balance sheet mean we are well positioned to deliver shareholder value while maintaining a clear focus on sustainability and community engagement. 

Q: Why should global investors consider Cambodia's mining sector? 

MH: Cambodia is an emerging but highly promising mining jurisdiction. While the sector is still developing, the country offers strong political stability, supportive government policy and a wealth of untapped geological potential. Personally, I have learned the importance of adaptability—every new jurisdiction requires respect for local culture and collaboration with communities. Cambodia has been particularly rewarding in that regard: we’ve built trusted partnerships at every level, which has been critical to our success. Our underlying mantra is that Renaissance is a guest in Cambodia and there must be a fair and equitable benefit to Cambodia from our work. 

Cambodia is open for business, and Emerald Resources is proud to be at the forefront of unlocking its potential. With a combination of world-class geology, supportive government and a strong social and sustainability framework, Cambodia represents a unique opportunity for responsible investors and stakeholders. We are confident that the story we are building here will stand as a benchmark for how mining can drive sustainable economic growth in emerging markets.