Three Directors of Merdeka Gold Resources (EMAS) Resign Simultaneously, What's Going On?

Jakarta, CNBC Indonesia - The gold mining issuer PT Merdeka Gold Resources Tbk (EMAS) has announced the simultaneous resignation of three board members. The company stated that it received resignation letters from the three directors on 18 March 2026. The three directors are Albert Saputro, David Thomas Fowler, and Adi Adriansyah Sjoekri. “In accordance with the company’s Articles of Association and applicable laws and regulations, the resignation requests of these three Directors will be decided at the company’s General Meeting of Shareholders (GMS),” as quoted from the IDX disclosure on Wednesday (25/3/2026). Furthermore, this subsidiary of PT Merdeka Copper Gold Tbk (MDKA) stated that the directors’ resignations will only take effect after obtaining approval from the GMS. This resignation announcement comes shortly after EMAS officially conducted its first gold pour, or maiden gold pouring, at the Pani Gold Mine in Pohuwato Regency, Gorontalo Province, on 14 February 2026. The first gold pour, which produced doré bullion, marks the beginning of the commercial gold production phase at the Pani Gold Mine. The doré bullion produced is obtained through a heap leaching process followed by gold recovery via the Adsorption, Desorption and Recovery (ADR) facility. EMAS shares were recorded at Rp 9,500 during trading on Tuesday (17/3/2026). Meanwhile, its market capitalisation reached Rp 132.64 trillion.