JAKARTA, Indonesia, Nov. 9, 2026 /PRNewswire/ — PT Merdeka Gold Resources Tbk (the “Company”; IDX: EMAS; HKEX: 6228) recorded a 69% quarter-on-quarter increase in gold production to 26,331 ounces in the third quarter of 2026, as the ramp-up of heap leach operations at the Pani Gold Mine in Pohuwato Regency, Gorontalo, continued to gain momentum. At the same time, development of the Carbon-in-Leach (“CIL”) facility advanced into construction, supporting the next phase of Pani Gold Mine’s long-term growth.
Since achieving first gold production in February 2026, Pani has continued to scale rapidly. Gold production reached 10,952 ounces in September, up 12% from August, with momentum extending into October as 6,190 ounces were produced during the first two weeks, implying an annualised production rate of approximately 149,000 ounces. Driven by this accelerating momentum, EMAS views the production trajectory of 2026 and 2027 as a continuous growth phase, firmly positioning the Company to deliver a combined gold output of over 250,000 ounces during the two-year period.
“The third quarter demonstrates the continued momentum of Pani Gold Mine’s ramp-up, with higher production, stronger operating throughput and improved cost performance. At the same time, the CIL development is moving from engineering into construction, marking an important step in the next phase of EMAS’ growth. Our focus remains on scaling production responsibly, improving operational reliability and executing the CIL development with discipline as we build Pani Gold Mine into a larger, long-life gold operation,” said Boyke P. Abidin, President Director of PT Merdeka Gold Resources Tbk.
Higher production volumes were accompanied by improved unit costs during the quarter. Cash cost, excluding royalties and silver credits, declined 13% quarter-on-quarter to US$778 per ounce, while all-in sustaining cost (“AISC”) declined 12% to US$1,281 per ounce. EMAS expects quarterly costs to remain variable as the production ramp-up continues and inventory moves through the production cycle, while full-year costs are expected to remain within the Company’s 2026 guidance.
The next major growth phase at Pani Gold Mine is centred on CIL Phase 1. Basic engineering has been completed, all major long-lead equipment has been ordered, construction contractors have mobilised and civil works have commenced across key plant areas. The facility is designed with approximately 20% surge capacity, allowing throughput of up to 14.4 million tonnes per annum, and is targeted for commissioning in 2028.
EMAS is also advancing plans for a second CIL facility with the same capacity as Phase 1, supported by shared infrastructure between the two plants. Subject to successful development and commissioning, combined annual gold production capacity from the CIL operations is expected to reach approximately 500,000-700,000 ounces, compared with approximately 250,000-350,000 ounces from a single plant, in addition to production from the existing heap-leach operation.
Exploration continued to strengthen Pani’s longer-term growth potential, with drilling confirming extensions of gold mineralisation beneath the existing Resource envelope at Pani Deeps and additional mineralisation across the Pani Gap Area and Kolokoa Phase 2. Building on these results, EMAS has approved a US$11.4 million exploration budget for 2027, including a 50,000-metre drilling programme aimed at expanding Pani’s Resource base and advancing additional exploration targets.
Combined heap-leach gold production for 2026 and 2027 is expected to exceed 250,000 ounces. Given that production is heavily weighted towards the remainder of the year, EMAS is revising its production guidance to 85,000-100,000 ounces due to potential timing difference that could shift 2026 production into early 2027. Hence, 2027 gold production is expected to be well above the Company’s previous estimate of 150,000 ounces, although conditional to RKAB approval. Cash cost guidance, excluding royalties and silver credits, remains unchanged at US$900-US$1,100 per ounce, while AISC guidance remains at US$1,300-US$1,450 per ounce.
Having only commenced gold production in February 2026, Pani Gold Mine has already delivered strong operating performance by 3Q26, demonstrating the quality of the asset and its ability to ramp up rapidly. This strong start provides a solid foundation for EMAS’ next phase of growth, supported by continued heap leach expansion, an extensive 2027 exploration programme and the development of its CIL facilities. EMAS is firmly focused on unlocking Pani’s full potential and delivering sustained production growth in the years ahead, while at the same time, maintaining its disciplined cost management and allocation.
About Merdeka Gold Resources
PT Merdeka Gold Resources Tbk (IDX: EMAS) 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.
MGR’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 (“CIL”) 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.
Disclaimer
This document: (i) is for information purposes, (ii) may or may not contain certain “forward-looking statements”, (iii) does not constitute or form part of any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for, or sell any securities of PT Merdeka Gold Resources Tbk (“EMAS” or the “Company“) and its subsidiaries (together referred to as “EMAS Group“) or to enter into any transaction under Indonesia Capital Markets Law or any other prevailing laws in any jurisdiction. All statements, other than statements of historical fact, which address activities, events, or developments that EMAS Group believe, expect, or anticipate will or may occur in the future, are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “targeting”, “expect”, “project”, and “intend” and statements that an event or result “may”, “will”, “can”, “should”, “could”, or “might” occur or be achieved and other similar expressions including the negative of those terms or other comparable terminology. These forward-looking statements, including but not limited to those with respect to permitting and development timetables, mineral grades, metallurgical recoveries, and potential production, reflect the current internal projections, expectations, or beliefs of EMAS Group based on information currently available to EMAS Group. Statements in this document that are forward-looking and involve numerous risks and uncertainties that could cause actual results to differ materially from expected results are based on EMAS Group’s current beliefs and assumptions regarding many factors affecting its business (including affect the outcome and financial effects of the plans and events described herein); statements in documents are provided to allow potential investors and/or the reader understand EMAS Group management’s opinions in respect of future. There can be no assurance that (i) EMAS Group have correctly measured or identified all the factors affecting its business or the extent of their likely impact, (ii) the publicly available information with respect to these factors on which EMAS Group’s analysis is complete and/or accurate, and/or correct and/or (iii) EMAS Group’s strategy, which is based in part on this analysis, will be successful. EMAS Group expressly undertakes no obligation to update and/or revise any such forward-looking statements if circumstances or EMAS Group management’s estimates or opinions should change except as required by applicable laws. The reader is cautioned not to place undue reliance on forward-looking statements and extra cautions on capital market trading.
No Representation, Warranty or Liability
Whilst it is provided in good faith, no representation or warranty is made by EMAS and/or any of its affiliates, its advisers, consultants, agents, employees, or any of its authorised representatives as to the accuracy, completeness, currency, or reasonableness of the information in this document and/or provided in connection with it, including the accuracy or attainability of any forward-looking statements set out in this document. EMAS Group does not accept any responsibility to inform you and/or update of any matter arising and/or coming to EMAS Group’s notice after the date of this document which may affect any matter referred to in this document. Any liability of EMAS Group and/or any of its affiliates, consultants, agents, employees, or any of its authorised representatives to you or to any other person or entity arising out of this document pursuant to any applicable law is, to the maximum extent permitted by law, expressly disclaimed and excluded. This document is not guarantee of future performance, and undue reliance should not be placed on them as they involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ significantly from any projections of future performance and/or result expressed and/or implied by such forward-looking document.
