Merdeka Gold Resources production and ownership expansion

PT Merdeka Gold Resources Tbk (EMAS) has experienced significant operational growth and increased investment from its parent company, PT Merdeka Copper Gold Tbk (MDKA), during the second quarter of 2026.

EMAS reported a production surge at the Pani Gold Mine in Gorontalo, where gold production rose to 15,594 ounces in Q2 2026, compared to 1,818 ounces in Q1 2026. This increase follows the initial production milestone achieved on February 14, 2026, and the ramp-up of heap leach operations.

To support further growth, the company is advancing two major infrastructure projects. First, it is expanding its heap leach facilities in stages; Cell 1 and Cell 2 are complete, with capacity increases targeted for late 2026. Once fully developed, the facility is expected to handle approximately 62 million tons of ore.

Second, through its subsidiary PT Pani Industri Nusantara, the company is investing approximately Rp 2.45 trillion (RMB 1.02 billion) to construct a Carbon-in-Leach (CIL) processing plant. Supported by Vision Green Energy (Beijing) Tech Co., Ltd., the CIL facility will have an initial capacity of 12 million tons per year (Mtpa), with potential expansion to 24 Mtpa. This plant is designed to complement heap leach operations and increase gold recovery rates from approximately 80% to over 90%.

In response to these developments and to align with long-term interests in the Pani Gold Mine, MDKA increased its ownership in EMAS. Through share purchases conducted between late July and mid-August 2026, MDKA raised its voting rights from 63.33% to 64.01%, maintaining its position as the controlling shareholder.