EMAS Begins Production at PANI Mine as Losses Narrow and Revenue Surges 369-Fold
Fri 28 Aug 2026, 09:01 AM
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PT Merdeka Gold Resources Tbk (EMAS) recorded a 7.35% year-on-year (yoy) improvement in its loss in the first half of 2026, following the Pani Gold Mine’s commencement of commercial production.
EMAS’s loss narrowed to USD 14.87 million, or around IDR 263.42 billion, from USD 16.05 million in the same period last year.
The improvement came as the Pani Gold Mine’s contribution increased after it commenced commercial production in the first quarter of 2026. As a result, EMAS recorded a roughly 369-fold surge in revenue.
Throughout the first half of 2026, the company booked revenue of USD 30.9 million, or IDR 547.39 billion. This was an increase from USD 83,786 in the same period a year earlier.
Merdeka Gold Resources President Director Boyke P. Abidin said the company’s focus going forward is to accelerate production, improve operational performance, and execute the next growth phase of Pani in a disciplined manner.
“The first half of 2026 was an important period for EMAS, as the contribution from the Pani Gold Mine began to be reflected in the company’s revenue and EBITDA. This performance shows that Pani’s ramp-up in the second quarter of 2026 was on target, supported by increased production and sales volumes,” Boyke said, as quoted on Friday (Aug. 28, 2026).
For context, EMAS’s production increased more than eightfold quarter-on-quarter to 15,594 ounces in the second quarter of 2026. With this achievement, total gold production in the first half of 2026 reached 17,412 ounces.
Meanwhile, EMAS’s sales also rose sharply to 6,439 ounces in the second quarter of 2026 from 516 ounces in the previous quarter.
The increase in sales volume further strengthened the company’s operational performance.
Nevertheless, the company is seeking to improve its performance by preparing for the next growth phase at the Pani Gold Mine. One of the initiatives is the development of the Carbon-in-Leach (“CIL”) project.
The facility is expected to significantly increase the Pani Gold Mine’s long-term processing capacity while supporting higher gold recovery. Construction of the CIL pad for the CIL tanks and pre-leach thickener was completed at the end of June 2026, while the entire CIL pad is targeted to commence operations in 2028.
In terms of capital structure, EMAS’s liabilities and equity stood at USD 602.76 million and USD 361.56 million, respectively. As a result, its total assets stood at USD 964.32 million.
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