Pani Gold Mine Begins Production; Merdeka Gold Resources (EMAS) Targets Profitability in 2026
JAKARTA – PT Merdeka Gold Resources Tbk (EMAS) has marked a new operational phase following the commencement of gold production at Pani Gold Mine in Pohuwato Regency, Gorontalo in February 2026. This initial production represents a pivotal transition for the company from the development stage towards commercial production.
The company has signed a Gold Sales & Purchase Agreement (GSPA) with PT Aneka Tambang Tbk (ANTM). The first gold shipment to ANTM was realised on 27 February 2026, with the company’s initial sales to be recorded in the first quarter of 2026.
President Director of EMAS Boyke Poerbaya Abidin described the commencement of gold production at Pani as an important milestone in the company’s business journey.
“The start of gold production at Pani marks an important transition for the company from the development stage towards more stable and measurable commercial production,” said Boyke.
“Our current focus is to ensure the ramp-up process proceeds smoothly so that Pani Gold Mine can achieve optimal production levels,” he continued.
“The Pani project has a large gold resource base and the potential for a long-term mine life,” Boyke stated.
“With the start of production, we are entering a new phase that is expected to strengthen operational and financial performance to create long-term value for shareholders.”
Throughout 2025, EMAS’s financial statements reflected the project construction phase, with net profit remaining in negative territory. However, the company anticipates financial performance will return to profitability in 2026.
This projection is supported by favourable gold price conditions and a competitive production cost structure. For 2026, the company targets gold production of approximately 100,000 to 115,000 ounces.
Following its initial public offering (IPO), the company has undertaken adjustments to its capital structure as part of more optimal balance sheet management.
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.
Initial ore processing capacity reaches 8 million tonnes per year, an increase from the original plan of 7 million tonnes per year. Further studies are also being conducted to increase capacity to 10 million tonnes per year after 2026.
The company is also planning the development of a Carbon-in-Leach (CIL) facility targeted to commence production in 2028 with a capacity of 12 million tonnes per year.
With the combination of heap leach and CIL facilities, peak production at Pani Gold Mine is estimated to reach up to 500,000 ounces of gold per year, making it one of the largest gold mines in the Asia-Pacific region.