Pani Gold Mine Begins Production, EMAS Targets Profitability This Year
Jakarta — Mining emitter PT Merdeka Gold Resources Tbk (EMAS) projects that it will achieve profitability in 2026, driven by its first gold sales, which will commence in the first quarter of this year.
EMAS recorded a net loss of US$27.49 million in 2025.
The company explained that its financial performance for the 2025 financial year reflected the project construction phase, resulting in a negative net profit position. Throughout the reporting period, the company focused on completing the development of the Pani Gold Mine in Pohuwato Regency, Gorontalo Province, which is the company’s primary gold project.
Following the completion of several major processing facilities and mining infrastructure, in February 2026, the Pani Gold Mine commenced primary gold production and signed a Gold Sales & Purchase Agreement (GSPA) with PT Aneka Tambang (Persero) Tbk (ANTM).
EMAS President Director Boyke Poerbaya Abidin stated that on 27 February 2026, the company realised the delivery of its first gold shipment to PT Aneka Tambang Tbk (ANTM), so the company will record its first sales in Q1 2026.
Supported by favourable gold prices and a competitive production cost structure, the company estimates that its financial performance will reverse towards profitability in the 2026 financial year. For 2026, the company targets gold production of 100,000-115,000 ounces.
“The commencement of gold production at Pani marks an important transition for the company from the construction phase towards more stable and measurable commercial production. Our current focus is to ensure the ramp-up process runs smoothly so that the Pani Gold Mine can achieve optimal production levels,” said Boyke in a written statement on Friday, 13 March 2026.
Boyke added that the project development, which began in 2022 until the first gold production in February this year, has provided a foundation for the company’s operational growth going forward.
“The Pani project has a large gold resource base and potential for a long-term mine life. With the commencement of production, we are entering a new phase that is expected to strengthen operational and financial performance to create long-term value for shareholders,” he added.
In the project development process, the company previously obtained financing support from its parent company, PT Merdeka Copper Gold Tbk (MDKA), which enabled the project development to be conducted efficiently prior to the company’s initial public offering.
As set out in the Prospectus, following the IPO, the company adjusted its capital structure as part of more optimal balance sheet management.
The Pani Gold Mine has an estimated mineral resource of more than 7 million ounces of gold and is designed as an open-pit mining operation using the heap leach method, with potential for incremental processing capacity expansion as the planned Carbon-in-Leach facility is scheduled to commence production in 2028.