EMAS — 2Q26 Results MISS, as first operating profit lands but 60% of 1H26 ounces stay unsold

August 28, 2026

KEY HIGHLIGHTS

  • 2Q26 net loss USD 3.9Mn, narrowed 63.9% QoQ and 42.3% YoY, taking 1H26 to a USD 14.9Mn loss against a positive USD 147.9Mn FY26F consensus. Excluding USD 7.3Mn of HKEX listing costs, 2Q26 was profitable.
  • 2Q26 revenue USD 28.2Mn, +966.8% QoQ, but 1H26 revenue of USD 30.9Mn is just 6.4% of FY26F consensus: Pani produced 17,412oz in 1H26 and sold only 6,955oz.
  • 2Q26 EBITDA USD 13.7Mn at a 48.6% margin, EMAS’s first positive quarter, though USD 21.6Mn of the quarter’s production cost went into inventory rather than the P&L, flattering the 46.1% gross margin.
  • Our read: the ramp is working operationally but has not landed financially. 1H26 output of 17,412oz against 100,000-115,000oz FY26 guidance needs a fivefold 2H step-up, and ounces are being poured 2.5x faster than they are sold. At 20.8x forward EV/EBITDA, barely above its six-month -1SD of 20.4x, the de-rating already prices scepticism on that ramp. Key watch: whether the second heap leach cell converts inventory into 3Q26 revenue.

Regards, Aldiracita Research

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