Indonesia Miner 2026 was held on 5–7 May 2026 at The Westin Jakarta under the theme “Mining with Meaning: Driving Progress through Responsibility and Intelligence”. Attended by more than 1,800 international delegates, the event became one of Indonesia’s largest mining forums. Discussions covered a wide range of topics, including critical minerals, energy transition, mine project development, and the use of technology to support operational efficiency and sustainability.

The forum also served as a platform for exchanging ideas on the challenges and transformation of the global mining industry, including the adoption of technology and the development of sustainable projects.

Representing PT Merdeka Gold Resources Tbk, part of Merdeka Group, Project Development Senior Manager Zulfallah spoke in the “Fireside Chat: Pani Heap Leach Project” session alongside Metso. During the session, he shared updates on the Pani Gold Mine in Gorontalo, which is being developed as one of the largest primary gold mines in Indonesia and the Asia-Pacific region.

“We have completed the construction and commissioning of the main heap leach facilities, including supporting infrastructure such as mine roads, port facilities, and processing plants,” said Zulfallah. “The heap leach operation is now running and serves as the foundation for the next stage of development.”

He explained that the Pani heap leach facility was designed with an initial processing capacity of 8 million tonnes of ore per year, with further expansions planned in stages. In the next phase, Pani is also developing a Carbon-in-Leach (CIL) facility targeted to begin operations in 2028. “The CIL development is a strategic step to improve gold recovery and increase Pani’s long-term production capacity,” he said.

During the discussion, Zulfallah also highlighted the importance of technical collaboration with technology partners to ensure an optimal commissioning process. According to him, continuous technical support is essential to maintaining the project’s operational reliability.

“In the gold mining industry, reliability is not only a technical matter, but also closely linked to production sustainability and operational efficiency,” said Zulfallah. “That is why we select technologies and OEM [Original Equipment Manufacturer] support with strong reputations.”

In addition to gold mine development, Merdeka Group also highlighted digital transformation in mineral exploration through a presentation by Diki Nurul Huda, GIS (Geographic Information System) Technical Analyst at PT Merdeka Copper Gold Tbk. In the session “Empowering Mineral Exploration with Open-Source GIS: A Practical Workflow for Data Integration and Target Mapping”, Diki said that data complexity continues to grow alongside the expansion of exploration and mining operations.

“Almost all activities in the mining industry are location-based. Therefore, GIS plays an important role in ensuring data can be integrated, visualized, and used to support faster and more accurate decision-making,” said Diki.

Diki explained that Merdeka has developed the M-GIS platform, an open-source GIS-based system integrating QGIS, PostGIS, GeoServer, and Margin Maps to support real-time exploration data management.

The platform is currently used for various operational needs, ranging from regional mapping and drilling monitoring to grade control across Merdeka Group’s mining operations. “The open-source approach provides greater flexibility in workflow development and data integration. The system also helps improve cross-site collaboration and reduce dependence on manual processes,” Diki added.

Through its participation in Indonesia Miner 2026, Merdeka Group continues to support the development of a more integrated, adaptive, and innovation-driven mining industry. The presentations from both speakers demonstrated how the transformation of the mining industry is shaped not only by production capacity, but also by the ability to manage technology, data, and collaboration effectively.

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This step reflects the next phase in MGR’s journey to expand its access to global markets, following the successful listing of its shares on the Indonesia Stock Exchange (IDX: EMAS).

As the Company’s operations continue to grow, access to international investors has become increasingly relevant—not only to enhance share trading liquidity, but also to provide greater flexibility in accessing capital to support long-term growth. This initiative is undertaken in the best interests of the Company, while remaining subject to applicable regulatory requirements and prevailing market conditions.

On the operational front, MGR continues to demonstrate steady progress through the development of the Pani Gold Mine in Pohuwato Regency, Gorontalo Province. The project is expected to rank among the top two primary gold mines in Asia by production by 2030.

The Company has achieved several key milestones, including its first gold pour in February 2026 and its first gold sale in March 2026 to PT Aneka Tambang (Persero) Tbk (IDX: ANTM), pursuant to a two-year domestic gold sales agreement. These milestones mark the commencement of commercial gold production and represent a significant step forward in the Company’s operational journey.

“The submission of our listing application to HKEX represents an important milestone following our successful IPO on the Indonesia Stock Exchange in September 2025 and the commencement of production at Pani earlier this year,” said President Director of PT Merdeka Gold Resources Tbk, Boyke Poerbaya Abidin. “We remain focused on safely ramping up operations and delivering long-term value, while enhancing our access to international capital markets.”

In connection with the application, a redacted draft application proof of the listing document has been published on the official website of the Hong Kong Stock Exchange for information purposes only. The document provides a detailed overview of the Company’s business, operations, financial condition, and risk factors. However, it is not in final form and remains subject to regulatory review and revision, and should not be relied upon as a basis for any investment decision.

MGR also emphasizes that this application does not constitute an offer to sell or a solicitation to purchase any securities (including shares or other investment instruments), nor does it constitute a public offering under the prevailing laws and regulations of the Indonesian capital market.

Shareholders and potential investors are advised to exercise caution, as the proposed listing remains subject to various factors, including regulatory approvals and market conditions, and there is no assurance that the process will proceed or be completed. MGR will make further announcements as appropriate in accordance with applicable regulations.

Photo: President Director of MGR, Boyke P. Abidin, observes the release of doré bullion during the first gold pour, marking an initial milestone in the Company’s gold production.

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The agreement is valid for two years with a total transaction volume of 3 metric tons (nearly 100,000 ounces of gold per year), with an option to increase by up to 3 additional metric tons per year. Under this partnership, BSI and PETS act as the sellers, while ANTAM serves as the buyer of domestically refined gold granules.

The gold production covered under this agreement comes from two of Merdeka Group’s key operations: the Tujuh Bukit Gold Mine in Banyuwangi, East Java, operated since 2017 by BSI, and the Pani Gold Mine in Pohuwato, Gorontalo, operated in part by PETS.

The Pani Gold Mine is the Group’s newest operation. The mine commenced first mining in October 2025 and successfully achieved its first gold pour on 14 February 2026 through the heap leach process. On 27 February 2026, the mine also delivered 44.04 kilograms of dore bullion to ANTAM for its first refining process. The first sale of refined gold under the GSPA is targeted to take place before the end of March 2026.

President Director of PT Merdeka Copper Gold Tbk, Albert Saputro, stated that the partnership represents a strategic step to ensure domestic absorption of the Group’s gold production while strengthening the integration of Indonesia’s gold industry supply chain. “With a growing production base from the Tujuh Bukit and Pani gold mines, we need a stable and measurable offtake structure. This GSPA provides certainty for production offtake while reinforcing our contribution to the domestic gold industry,” said Albert.

ANTAM Commercial Director Handi Sutanto added that the partnership reflects stronger national gold sovereignty, where Indonesia’s mined resources are refined into pure gold products accessible to the public. ANTAM’s gold bar products are accredited by the London Bullion Market Association (LBMA). Through this collaboration, the integration of Indonesia’s gold supply chain is expected to become even stronger.

Going forward, with an increasingly solid production base from the Tujuh Bukit and Pani gold mines and the support of strategic partnerships, Merdeka Group remains optimistic about further increasing its contribution to Indonesia’s gold industry.

Main photo: Representatives of MDKA, EMAS, and ANTAM during the agreement signing on 4 March 2026.

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Two subsidiaries of PT Merdeka Gold Resources Tbk that operate Pani Gold Mine received awards in the large company category: PT Gorontalo Sejahtera Mining (GSM) for achieving 7,666,280 person-hours without a lost time injury, and PT Puncak Emas Tani Sejahtera (PETS) for achieving 2,166,209 person-hours without a lost time injury.

The award was presented by the Governor of Gorontalo Province in recognition of the companies’ achievement in recording zero lost time injuries (LTI), in accordance with Minister of Manpower Regulation No. PER-01/MEN/I/2007. This milestone demonstrates that the consistent implementation of OHS management systems can create a safe, healthy, and productive workplace.

The award was received by Sasongko Heru Nugroho, Head of Mine Technical PETS, accompanied by Adi Firdaus, HR Manager of Pani Gold Mine. “Everyone Safe, Always is our core operational value. This achievement reflects the collective efforts of all employees and partners in upholding safety standards,” said Sasongko. “We remain committed to maintaining and further strengthening OHS standards across all operations.”

Adi said that the achievement reflects strong collaboration in building a safety culture. “This award is not just about numbers, but about our consistency in ensuring every worker returns home safely each day,” said Adi. “We build our safety culture through continuous training, strict supervision, and active engagement of employees and partners.”

This recognition further Pani Gold Mine’s position as a mining operation that prioritizes safety alongside productivity and responsibility to its workforce.

Moving forward, the company will continue enhancing OHS training, operational supervision, and workforce competency to ensure safety remains the foundation as it advances toward full production.

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The open-pit mine, located in Hulawa Village, Pohuwato Regency, Gorontalo, has Gold Ore Reserves containing approximately 4.8 million ounces of gold, part of a Mineral Resource Estimate containing 7.01 million ounces of gold—positions it as one of Indonesia’s most prospective primary gold mines.

Since PT Merdeka Gold Resources Tbk (MGR), the mine operator, was listed on the Bursa Efek Indonesia under the ticker symbol EMAS, development of the Pani Gold Mine has accelerated rapidly. First mining was carried out on October 1, 2025, followed by the completion of the Ore Preparation Plant (OPP) two weeks later.

In the following months, the project reached several key milestones, including first ore crushing at the OPP, first ore stacking at the heap leach facility, and first irrigation, marking the start of the leaching process. The resulting pregnant leach solution was then processed at the Adsorption, Desorption, and Recovery (ADR) plant to extract and refine the gold into doré bullion.

During this initial operational phase, the Pani Gold Mine uses the heap leach method, targeting gold production of approximately 110,000–115,000 ounces in its first year, exceeding the initial 2026 target of 80,000 ounces.

The Pani Gold Mine has also begun construction of its Carbon-in-Leach (CIL) facility, with earthwork underway since early 2026, ahead of the original 2027 schedule. The CIL facility will complement the heap leach, enabling the mine to rely on two processing methods in parallel to optimize gold recovery.

The 12-million-ton-per-year CIL facility is now targeted for completion in 2028, earlier than the original phased plan extending to 2032. Once fully operational, total gold production at the Pani Gold Mine will be derived from a combination of heap leach and CIL processing. With this acceleration, peak production potential of up to 500,000 ounces of gold per year could be achieved by 2029, ahead of previous projections.

“This first gold pour marks a key milestone in EMAS’ successful transition from project development to commercial gold operations. Achieving this ahead of schedule reflects strong project execution discipline and operational readiness,” said Boyke Poerbaya Abidin, President Director of MGR, during the ceremony, which was also attended by Gorontalo Governor Gusnar Ismail and Vice Governor Ida Syahidah. Boyke added that the commencement of operations at the Pani Gold Mine also provides a foundation for further production growth.

In his remarks, Governor Gusnar Ismail expressed confidence that the mining industry will support economic growth in Gorontalo Province. “I am optimistic that with the mining industry, provincial economic growth could exceed 6 percent if managed properly,” he said, noting that current growth stands at 5.71 percent. With strong economic growth, he added, poverty level in the Gorontalo province is also expected to decline.

“In addition to strengthening Merdeka Group’s gold portfolio, the Pani Gold Mine will contribute to Indonesia’s gold production and support Gorontalo’s economic development through job creation and community empowerment programs,” Boyke added. “All our operations are conducted in accordance with Good Mining Practices and high environmental, social, and governance standards.”

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Main photo: The process of forming gold and silver into doré bullion.

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The Pani Gold Mine is a strategic project of PT Merdeka Gold Resources Tbk, a subsidiary of PT Merdeka Copper Gold Tbk. As part of the Merdeka Group, the development of the Pani Gold Mine draws on the Group’s experience in operating the Tujuh Bukit Gold Mine in Banyuwangi, East Java, which applies a similar processing method. This experience provides a strong foundation for technical planning, facility development, and the implementation of operational and sustainability standards at the Pani Gold Mine.

During the initial production stage, the Pani Gold Mine applies the heap leach method, whereby crushed gold ore is stacked on a heap leach pad and irrigated with a chemical solution to dissolve gold and silver from the ore. The resulting pregnant leach solution is then transferred to the ADR Plant (Adsorption, Desorption, and Recovery) for extraction and refining processes, producing gold and silver in the form of dore bullion. The Pani Gold Mine ADR facility has completed its commissioning phase and is ready to process pregnant leach solution.

President Director of PT Merdeka Gold Resources Tbk, Boyke Poerbaya Abidin, stated that the commencement of heap leach irrigation underscores the project’s readiness to achieve its first gold production target.

“This project is not only expected to drive long-term value for investors, but also to make a tangible contribution to regional development, particularly for communities in Pohuwato Regency, through increased local government revenue, job creation, and the development of local MSMEs,” said Boyke.

Alongside the operation of the heap leach facility, the Pani Gold Mine continues to advance the development of a downstream Carbon-in-Leach (CIL) processing facility as part of its medium- to long-term production capacity growth strategy. A Feasibility Study, targeted for completion in the first quarter of 2026, is currently being prepared based on a planned CIL processing capacity of 12 million tonnes per year, to be constructed and operated at full capacity from the outset. This approach replaces the previous plan, which envisaged starting operations at a capacity of 7.5 million tonnes before gradually ramping up to 12 million tonnes.

From a resource perspective, the Pani Gold Mine holds approximately 4.8 million ounces of gold Ore Reserves, derived from a Mineral Resource Estimate of more than 7 million ounces of gold. With this scale, the Pani Gold Mine is recognized as one of the largest primary gold deposits in Indonesia. Through the optimization of heap leach operations and the development of a large-scale CIL facility, the Pani Gold Mine has the potential to reach peak production exceeding 500,000 ounces of gold per year, positioning it as one of the largest gold mines in Indonesia and the Asia-Pacific region.

Artikel Heap Leach Irrigation Commences, Pani Gold Mine Moves Toward First Gold Production pertama kali tampil pada PT Merdeka Copper Gold Tbk.

According to Roelly Fransza, General Manager of Operations and Head of Mining Engineering at BSI, the award reflects the discipline and commitment of all BSI employees in implementing OHS across all operational activities, both at the Tujuh Bukit Gold Mine and the Tujuh Bukit Copper Project, which together form the Tujuh Bukit Operations (TBO).

Throughout 2025, BSI recorded 19.7 million work hours with zero lost time injuries and zero recordable injuries. This means no incidents occurred that required official reporting under mining safety standards.

This performance was further reinforced by a low Serious Potential Incident Frequency Rate (SPIFR) of 0.37—well below the target of <1.47. It demonstrates the company’s strong ability to manage major risks through effective systems, supervision, and disciplined work practices.

These achievements were previously announced during BSI’s National OHS Month ceremony at its operations site on 12 January 2026, two days before the provincial award was received. The 2026 National OHS Month program includes a series of strategic, promotional, and implementation-based activities, such as health webinars, BSI Fun Run, OHS Reflection Day, and the Internal Rescue Challenge.

“No production target is more important than human life,” said Roelly during the ceremony. He emphasized that everyone deserves to return home safely and in good health after work.

In 2026, BSI aims to take its OHS implementation to the next level under the theme On to the Next Level. The company has embedded Safety Beliefs and Duty of Care into its safety management system to further strengthen a safety-driven culture.

With a strong OHS foundation and continued commitment, BSI is determined to ensure that every worker at Tujuh Bukit Operations can work and return home safely.

Artikel Bumi Suksesindo Receives OHS Award from the Governor of East Java pertama kali tampil pada PT Merdeka Copper Gold Tbk.

The INSTAR 2025 Index serves as a form of appreciation for companies assessed as having implemented sustainable and integrity-driven business practices. The program is organized by Tempo Data Science in collaboration with Transparency International Indonesia (TII) and the Institute for Strategic Initiatives (ISI). These institutions play an important role in promoting transparency, accountability, and the strengthening of business governance and democracy in Indonesia.

This year, INSTAR assessed 900 companies out of a total of 1,019 companies that published annual and sustainability reports, including issuers listed on the Indonesia Stock Exchange and non-listed state-owned enterprises. The assessment applied 47 indicators across four key dimensions: Social and Human Rights, Environment, Business Integrity, and Corporate Resilience. Companies scoring 80 or above receive the Verified Badge, while those exceeding the assessment threshold but not yet reaching a score of 80 receive the Committed Badge.

Participating in the INSTAR assessment for the first time, PT Merdeka Battery Materials Tbk achieved an index score of 83.75, making it the only mining company in Indonesia to receive the INSTAR Verified Company Badge in 2025. Meanwhile, PT Merdeka Copper Gold Tbk recorded a total index score of 79.82, an increase of 16.67 percent from its 2024 score of 68.42.

The awards on behalf of the Merdeka Group were accepted by Tom Malik, Head of Corporate Communication of Merdeka. The ceremony was also attended by Deputy Minister of Investment Todotua Pasaribu and Deputy Commissioner for Financial System Stability at the Financial Services Authority (OJK), Agus E. Siregar, who emphasized the importance of integrity and sustainability in national business practices.

The INSTAR 2025 awards reflect the results of an independent assessment of the companies’ governance and sustainability practices. This achievement serves as a reference for the Merdeka Group to continue evaluating and strengthening its business integrity practices and sustainability reporting going forward, in line with evolving regulations and stakeholder expectations.

Main photo: Tom Malik, Head of Corporate Communication, receives the INSTAR Verified Company Badge on behalf of PT Merdeka Battery Materials Tbk. Second photo: Tom Malik, Head of Corporate Communication, receives the INSTAR Committed Company Badge on behalf of PT Merdeka Copper Gold Tbk. Third photo: Representatives of companies receiving the INSTAR Committed Badge.

Artikel Two Merdeka Group Companies Receive INSTAR 2025 Verified and Committed Badges pertama kali tampil pada PT Merdeka Copper Gold Tbk.

These recognitions underscore the Merdeka Group’s consistent efforts to enhance transparency and accountability through sustainability reporting. PT Merdeka Copper Gold Tbk earned the Platinum Rank for the first time— ASRRAT’s highest rating—while PT Merdeka Battery Materials Tbk (MBM) successfully retained its Gold Rank, as it did the previous year.

The award for Merdeka Copper Gold was received by Bahtiar Manurung, ESG and Climate Change Manager of the Merdeka Group, while the award for MBM was received by Satriyo Giri, ESG and Climate Change Specialist at Merdeka. Both achievements reflect the strong quality of both companies’ sustainability reports, which transparently and responsibly disclose their performance, commitments, and sustainability strategies.

In his keynote speech at ASRRAT 2025, Prof. Dr. Bambang Permadi Soemantri Brodjonegoro, S.E., M.U.P., Ph.D., Chairman of the NCCR Board of Trustees, emphasized the urgency of aligning sustainability reporting standards with global frameworks. He highlighted how IFRS S1–S2, TCFD, and the GRI Standards increasingly require companies to present information that is measurable, consistent, comparable, and useful for stakeholders. Businesses, he noted, must adapt quickly to these developments.

Meanwhile, NCCR Executive Director, Dr. (Hon) Ali Darwin, Ak., M.Sc., CSRS, CSRA, CSP., stressed that sustainability reporting has become a foundation of accountability and trust in responsible business practices. He underscored that companies are expected not only to meet technical reporting requirements but also to demonstrate long-term commitment in managing material impacts.

This recognitions strengthen the Merdeka Group’s efforts to continually improve the quality of its sustainability disclosures and to deepen the integration of ESG considerations into decision-making processes. The company remains committed to ensuring that every operational activity generates tangible benefits for communities and the environment, while contributing to sustainable development in Indonesia.

Main Photo: Bahtiar Manurung, ESG & Climate Change Manager Merdeka, received the Platinum Rank on behalf of MDKA.
Second Photo: Satriyo Giri, ESG & Climate Change Specialist Merdeka, received the Gold Rank on behalf of MBMA.
Third Photo: Merdeka ESG & Climate Change Team at ASRATT 2025.

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Developed by SETARA Institute with support from the Tarumanagara Jakarta Foundation, the RBC Benchmark aims to strengthen responsible, human-rights–based business practices in Indonesia. The instrument assess the extent to which Business and Human Rights principles—particularly those referring to the UN Guiding Principles on Business and Human Rights (UNGPs)—as well as ESG (Environmental, Social, and Governance) and sustainability principles have been systematically integrated into companies’ policies, governance structures, and operational practices.

The assessment is carried out comprehensively through a review of documented practices, public reporting, internal mechanisms, and companies’ responses to human rights risks and impacts. In the study’s results, Merdeka was listed among the highest-scoring companies out of 18 mining companies evaluated.

As the organizer, SETARA Institute is known for promoting pluralism, humanity, democracy, and human rights. Through SIGI—a dedicated unit focusing on inclusive and sustainable governance based on the UNGPs—SETARA continues to advance responsible business practices in Indonesia.

The event was attended by various stakeholders, including the Director General of Human Rights Services and Compliance at the Ministry of Human Rights, Munafrizal Manan; Chair of the SETARA Institute National Council, Hendardi; Chair of the SETARA Institute Governing Board, Ismail Hasani; Executive Director of SETARA Institute, Halili Hasan; as well as representatives from companies achieving the highest scores in the RBC Benchmark study.

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