Merdeka Gold Resources Sells First Gold Shipment to Antam: 16 Kg
PT Merdeka Gold Resources Tbk (EMAS) has announced its first gold sale from the Pani Gold Mine, marking its entry into the commercial production phase.
The sale was conducted through its subsidiary PT Puncak Emas Tani Sejahtera (PETS) to PT Aneka Tambang (Persero) Tbk (ANTM) on Monday, 16 March 2026, amounting to 16.0597 kilograms or 516.287 ounces of gold.
This transaction is part of a strategic partnership between Merdeka Group and Antam through a Gold Sales and Purchase Agreement (GSPA) to support domestic gold production absorption whilst strengthening the integration of Indonesia’s gold supply chain.
The company has also reported a significant increase in its gold reserve base. Based on the latest estimate as of 31 December 2025, the company’s total ore reserves increased to 203.1 million tonnes of ore with an average grade of 0.79 g/t gold, containing approximately 5.2 million ounces of gold.
This represents a significant increase compared to ore reserves reported in October 2025 of 190.3 million tonnes containing 4.8 million ounces of gold and end-2024 ore reserves of 77.5 million tonnes containing approximately 1.9 million ounces of gold.
Ore reserves represent the portion of mineral resources that have undergone technical and economic assessment and are deemed viable for mining. In other words, this figure reflects the ore reserves currently planned for production in the company’s mining plan.
The increase in ore reserves has been primarily driven by the success of advanced exploration programmes and updates to geological modelling and mining planning conducted throughout 2025. Meanwhile, the company’s total mineral resources as of end-2025 were recorded at approximately 7 million ounces of gold and 6.6 million ounces of silver, declining compared to 2024 reporting which reflects the commencement of ore mining activities since October 2025.
President Director of PT Merdeka Gold Resources Tbk Boyke Poerbaya Abidin stated that the commencement of first gold sales from the Pani Gold Mine represents an important milestone for the company’s financial performance.
“At the same time, the significant increase in ore reserves in a relatively short timeframe demonstrates the quality of the deposit and the success of our continuous exploration programme. We are increasingly confident in the long-term potential of Pani as one of Indonesia’s major gold mines,” Boyke said in a written statement on Monday, 16 March 2026.
The company targets gold production of approximately 100,000–115,000 ounces in 2026, in line with the acceleration of processing facility development and mining operation optimisation.
The company continues to pursue exploration programmes to expand its resource base in the Pani area. Currently, four diamond drill rigs are operating at the project site, with an additional two diamond drill rigs and one reverse circulation rig scheduled to arrive within the coming months to support the planned drilling programme of over 32,000 metres this year.
Beyond operational development, the company remains committed to conducting responsible mining practices through the application of Environmental, Social and Governance (ESG) principles, including sustainable environmental management, workplace safety and community empowerment programmes in the surrounding operational areas.
With a strengthened reserve base, increased operational capacity and strategic partnerships in Indonesia’s domestic gold supply chain, the company is optimistic that the Pani Gold Mine will become one of the key pillars of long-term growth for Merdeka Group.