27 August 2026, PT Merdeka Gold Resources Tbk (Merdeka Gold or the Company; IDX: EMAS; HKG: 6228), the owner and operator of the Pani Gold Mine, reported a sharp improvement in its first-half financial performance, as the ramp-up of the Pani Gold Mine began to translate into stronger revenue and positive EBITDA.
Revenue increased to US$28.2 million in 2Q26 from US$2.6 million in 1Q26, reflecting higher gold sales volume as mining, processing and sales activities at Pani Gold Mine continued to increase.
For the first half of 2026, Merdeka Gold booked revenue of US$30.9 million, compared with US$83,786 in the same period last year, as the Pani Gold Mine began generating meaningful gold sales.
Gold production increased more than eightfold quarter-on-quarter to 15,594 ounces in 2Q26, bringing first-half production to 17,412 ounces. Gold sales also increased sharply to 6,439 ounces in 2Q26, compared with 516 ounces in 1Q26.
The stronger sales contribution lifted Merdeka Gold’s operating performance, with gross margin reaching 44% and EBITDA reaching US$17.0 million in the first half of 2026.
Mr. Boyke P. Abidin, President Director of PT Merdeka Gold Resources Tbk, said, “Merdeka Gold’s first-half performance shows that Pani is beginning to contribute meaningfully to the Company’s financial results. Following the strong ramp-up of the heap leach operation during the second quarter, production is expected to be significantly weighted toward the second half of 2026 as mining rates, stacking volumes and gold recoveries continue to improve. Our focus remains on accelerating production, improving operating performance and executing the next phase of growth with discipline.”
Beyond the near-term production ramp-up, Merdeka Gold is progressing the next phase of growth at the Pani Gold Mine through the development of its Carbon-in-Leach (“CIL”) project. The CIL pad for the CIL tanks and pre-leach thickener was completed by the end of June, with the overall CIL pad scheduled for completion by the end of December 2026. The CIL facility is expected to come on stream in 2028, strengthening Pani’s long-term production growth profile.
With the Pani Gold Mine now generating meaningful revenue and positive EBITDA, Merdeka Gold enters the second half of 2026 with stronger operating momentum. Production is expected to increase significantly as mining rates, stacking volumes and gold recoveries continue to improve, supporting higher sales volumes and stronger operating performance. At the same time, continued progress on the CIL project will lay the foundation for the next phase of Pani’s growth.
About PT Merdeka Gold Resources Tbk
PT Merdeka Gold Resources Tbk (“Merdeka Gold”; IDX: EMAS; HKG: 6228) is an Indonesian gold mining company majority-owned by PT Merdeka Copper Gold Tbk (IDX: MDKA). The Company was listed on the Indonesia Stock Exchange in September 2025 as part of the Group’s strategy to strengthen its capital structure and enhance transparency.
Merdeka Gold’s primary asset is the Pani Gold Mine in Gorontalo, Indonesia, one of the largest primary gold development projects in the country, with mineral resources of 7.0 million ounces of gold and an estimated mine life of approximately 15 years.
Production is supported by a Heap Leach facility with an initial capacity of 8 million tonnes per annum. The Pani Gold Mine commenced initial mining activities in October 2025, achieved first gold production in February 2026, and completed its first gold sales in March 2026.
The Company also plans to develop a Carbon-in-Leach facility, targeted to commence operations in 2028 and scale up to a capacity of 12 million tonnes per annum by 2029, enabling peak production of approximately 545,000 ounces of gold per year by 2031.
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