BRMS Management Actively Buys Shares, Share Price Pressure Deemed a Global Factor

The gold mining issuer jointly owned by the Salim Group and Bakrie Family, PT Bumi Resources Minerals Tbk (BRMS), assesses that the decline in its share price in recent times is more influenced by external factors, particularly macroeconomic conditions and global perceptions of Indonesia’s prospects. BRMS Director Herwin Hidayat stated that the pressure on the company’s shares is inseparable from changes in Indonesia’s outlook by international rating agencies. “The decline in BRMS’s share price is more due to macro sector factors, such as Indonesia’s country outlook being downgraded from stable to negative by Fitch & Moody’s, etc.,” said Herwin to Bisnis, quoted on Thursday (19/3/2026). Nevertheless, he emphasised that the company’s fundamentals remain solid and even show improved performance throughout 2025. BRMS’s gold production increased from 64,000 ounces in 2024 to 71,000 ounces in 2025. Financial performance also recorded significant growth. Revenue rose from US$162 million in 2024 to US$249 million last year. Meanwhile, net profit doubled from US$25 million to US$50 million. According to Herwin, several positive catalysts will also support the company’s future performance. One of them is the increase in gold mill capacity in Palu from 500 tonnes of ore per day to 2,000 tonnes of ore per day, targeted for completion in the fourth quarter of 2026. In addition, BRMS plans to operate a high-grade gold underground mine in Palu in the second half of 2027. The gold grade of that mine is estimated to be in the range of 3.5 to 4.9 grams per tonne. The company is also conducting drilling on copper mineral resource prospects in Gorontalo, with findings targeted to be announced in 2027. On the other hand, Herwin explained that the purchase of BRMS shares by Finance Director Charles Gobel is part of a personal investment strategy, as stated in the information disclosure. Management assesses that BRMS’s current share price does not yet reflect the company’s fair value. With various development plans and performance improvements, there is potential for share price increases in the future. He explained that several research institutions have also issued valuation reports on BRMS. Currently, more than eight securities companies provide an average target price in the range of Rp1,000 to Rp1,300 per share.