Emerald Resources NL

EOGSF

Gold · Basic Materials

Price

$4.10

+0.29 (+7.61%)

Market Cap

$2.72B

Exchange

Other OTC

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 9, 2026 · filings through Dec 31, 2025

Share count rising — dilution

+28.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 515.2M (2021) → 663.2M (2025)

Emerald Resources NL is an Australian gold mining company that finds, digs up, and sells gold. Its main operation is the Okvau Gold Mine in Cambodia, which began producing gold in 2021 and is one of the largest gold mines in Southeast Asia. The company sells gold to refiners and bullion dealers, with gold being its only product.

Emerald makes money by mining gold and selling it at market prices, so its revenue rises and falls with the gold price. The company operates primarily in Cambodia, with exploration projects also in Australia, and its roughly $2.5 billion market cap reflects strong profit margins driven by low operating costs at Okvau. The key growth driver is expanding production through exploration near Okvau and developing new deposits, but the main risks include operating in a single country with political and regulatory uncertainty, plus exposure to swings in the global gold price.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+1.9% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-35.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

21.0%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$215M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Emerald Resources NL is growing revenue at 2% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

52.7%

Healthy — 52.7% gross margin

Operating Margin

51.5%

Excellent — 51.5% operating margin

ROCE

17.2%

Strong — 17.2% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales YoY

+3.7%

Slow sales growth (+3.7% YoY)

EPS YoY

-1.0%

Earnings shrinking (-1.0% YoY)

Slight earnings drop. Typical near a cyclical low.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

178%

Turns 178% of profit into real cash

FCF Margin

30.1%

Converts sales into free cash efficiently (30.1%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.04

Conservative — low debt load (0.04)

Interest Cover

29.70x

Comfortably covers interest (29.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

27.3x

Growth-priced — P/E 27.3

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+24.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (27.3 → 3.1)

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Dividends

Not applicable for this business.

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