Emerald Resources' (ASX:EMR) March quarter results delivered slightly lower than expected production but at improved costs, with cash continuing to build, said Euroz Hartleys in a Thursday note.
The company's Okvau gold mine operations in Cambodia recorded March quarter gold production of 26,300 ounces at an all-in sustaining cost (AISC) of $897 per ounce.
Euroz Hartleys expected 29,000 ounces at AISC of $1,050.
The research firm said that the company's AU$42 million cash and bullion addition to the bank showed another "strong" cash generation quarter.
Euroz Hartleys maintained its buy rating on Emerald Resources with a price target of AU$8.10.
The company's shares fell 5% in recent Friday trade.
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