Insights

Why the Emerald Resources (ASX:EMR) share price jumped 12% this morning

The company’s shares enjoyed a significant, albeit temporary, boost today.
The post Why the Emerald Resources (ASX:EMR) share price jumped 12% this morning appeared first on The Motley Fool Australia. –

Emerald Resources NL (ASX: EMR) shares surged in morning trade after the mining company released a progress update on its 100% owned, flagship Okvau gold mine. The company announced it had its maiden gold pour, producing two gold bars weighing a combined 8.6kg.

As a result, the Emerald Resources share price jumped up by more than 12% this morning. Unfortunately for shareholders, the surge was short-lived, with the company’s shares closing flat for the day at 90 cents apiece.

First mover advantage

According to Emerald Resources, it was a first mover in the emerging gold province in Cambodia, securing a mineral investment agreement and an industrial mining licence over the Okvau Gold Project.

The Okvau mine’s gold production is expected to output more than 100,000 ounces of gold per annum. This is in line with the company’s definitive feasibility study released on 1 May 2017 and subsequently updated on 26 November 2019.

What did management say?

The past two months have been busy for Emerald Resources. The company has been focused on the construction of the Okvau substation and connecting the remotely located plant to key utilities.

Today’s update was seen “as a major milestone for the company and Cambodia, as the project becomes the first modern large scale mine to operate in the country”, according to Emerald Resources managing director Morgan Hart.

He further stated that “This marks the creation of a new industry for Cambodia bringing opportunities and benefits for the people of Cambodia”.

Hart also paid kudos to his team which had remained on schedule and on budget for the first gold pour, despite the logistical challenges brought on by the pandemic. 

Emerald Resources share price snapshot

Over the last 12 months, the Emerald Resources share price is up over 68%, beating the ASX Materials sector by around 42% over the same time. Based on the current share price, the gold miner has a market capitalisation of around $464 million.

The post Why the Emerald Resources (ASX:EMR) share price jumped 12% this morning appeared first on The Motley Fool Australia.

Should you invest $1,000 in Emerald Resources right now?

Before you consider Emerald Resources, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Emerald Resources wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of May 24th 2021

More reading

2 growing ASX dividend shares for income investors

ASX 200 drops again, Westpac falls, Transurban down

Why the Emeco (ASX:EHL) share price finished higher today
Pro Medicus (ASX:PME) share price jumps 7% following broker notes
These buy-rated ASX shares are growing rapidly

Motley Fool contributor Frank Tzimas has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!