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.

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“First mining is an important milestone for MGR, its shareholders, and all stakeholders,” said Boyke P. Abidin, President Director of MGR. “It marks the start of mining activities, which will soon be followed by heap leach processing, gold recovery, and first production.”

The commencement of first mining took place shortly after MGR followed in the footsteps of its parent company, PT Merdeka Copper Gold Tbk (IDX: MDKA), by being listed on the Indonesia Stock Exchange on September 23, 2025. Under the ticker symbol EMAS, MGR successfully raised IDR 4.66 trillion to support mine development.

Located in Hulawa Village, Pohuwato Regency, Gorontalo Province, the Pani Gold Mine contains over 7 million ounces of gold with a multi-decade mine life. Managed by several MGR subsidiaries overseeing mining operations, processing facilities, and supporting infrastructure, the mine is designed as an open-pit mine to be developed in stages.

In the initial stage, MGR will apply heap leach processing with a capacity of 7 million tonnes of ore per year, targeting annual production of around 140,000 ounces of gold. In the next stage, the company will build a carbon-in-leach (CIL) processing facility with an initial capacity of 7.5 million tonnes of ore per year, which will be expanded to 12 million tonnes of ore by 2030.

When both facilities are operating at full capacity, the combined heap leach and CIL throughput will reach 19 million tonnes of ore per year, with peak production potential of up to 500,000 ounces of gold annually. First gold production from heap leach is expected in the first quarter of 2026.

In the long term, the Pani Gold Mine is projected to become an economic driver in Pohuwato Regency and Gorontalo Province. Boyke emphasized that the project will deliver broad benefits, including job creation, new business opportunities, and increased regional revenue.

“We are committed to operating responsibly, adhering to Good Mining Practices and high Environmental, Social, and Governance (ESG) standards, so that the benefits can be sustained over time,” Boyke said.

With first mining underway, the next steps—ore stacking and processing—will lead to first gold production next year. The journey of the Pani Gold Mine has officially begun, opening a new chapter for MGR to become one of the largest primary gold mines in Indonesia and providing positive benefits to the surrounding community.

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The training program is designed to prepare skilled workers who will eventually operate the Pani Gold Project, which is projected to begin production in the first quarter of 2026. Training takes place at the Tujuh Bukit Gold Mine because is applies the heap leach method, the same processing method that will be implemented at the Pani Gold Project. The Tujuh Bukit Gold Mine, managed by PT Bumi Suksesindo, is a key asset of PT Merdeka Copper Gold Tbk, which also oversees the Pani Gold Project.

The Pani Gold Project will be managed by applying responsible mining practices to ensure the safe and sustainable use of resources. Containing more than 7 million ounces of gold, the project is set to become one of the largest primary gold mines in the Asia-Pacific region.

Since late 2023, the TDP has run seven batches, with most focusing on enhancing the skills of heavy equipment operators, and one batch dedicated to mentoring vocational school teachers—bringing direct benefits to the local community. The program is a strategic initiative to ensure local workers are ready to compete in the modern mining industry.

Gorontalo Governor Gusnar Ismail, who attended the event, expressed his appreciation. “The Pani Gold Project has proven its commitment to improving education and human resources in Gorontalo Province through workforce training,” said Gusnar, before encouraging the trainees: “You must continue to push yourselves to grow.”

The Pani Gold Project’s contribution to education goes beyond workforce training. By mid-2025, four schools in Pohuwato Regency had been renovated—SD 02, SD 05, SMP 02 Buntulia, and SDN 09 Buntulia. These renovations, aimed at creating more comfortable learning environments, were complemented by sports equipment and other supporting facilities. The TDP event was also held at the newly renovated SDN 09 Buntulia, marking the official handover of the renovation to the school.

Pohuwato Deputy Regent Iwan S. Adam emphasized the importance of community support for investment and expressed his gratitude for the company’s contribution to school renovations.

Pani Gold Project Director Boyke P. Abidin added: “As a good neighbor, we continue to prove our commitment to developing human resources, both in Pohuwato Regency and Gorontalo Province.”

One training alumnus, Renard Andrey Van Gobel from Duhiadaa District, Pohuwato Regency, shared: “This program instills discipline and responsibility in us. Thank you for this valuable opportunity.”

Of the Batch 1 TDP VII participants who had just returned from Banyuwangi, 92 percent were from Pohuwato Regency. This reflects the company’s commitment to prioritizing local workers, preparing them for the workforce while also supporting the future operations of the mining project. By combining technical training, mental readiness, and the opportunity to learn from an internationally recognized mine, the company is building a strong foundation for the community’s long-term sustainability.

Annisa Nur Fitriani, HR Senior Supervisor at the Pani Gold Project, also reminded the departing participants: “Uphold the reputation of your hometown, maintain proper conduct and ethics during training. Learning doesn’t stop with one program. Curiosity must always be nurtured.”

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Merdeka was represented throuh the exhibition booth of PT Merdeka Copper Gold Tbk and PT Merdeka Battery Materials Tbk. The booth featured videos, posters, and infographics highlighting ESG and Sustainability achievements across Merdeka’s operational areas. To engage visitors and deliver sustainability messages in an enjoyable way, the booth also offered interactive activities such as a Dart Game and a photobooth. The visit by Minister of Environment, Hanif Faisol Nurofiq, to Merdeka’s booth underscored the government’s appreciation for Merdeka’s commitment as a responsible mining group that embraces sustainability principles.

In addition to the booth, Merdeka also participated in a talk show titled “Building a Competitive Ecosystem Aligned with Economic Growth, Environmental Preservation, and Sustainability.” Representing Merdeka, Bahtiar Manurung, ESG and Climate Change Manager, spoke about the company’s role in supporting energy resilience through the mining of critical metals and minerals—such as copper, gold, and nickel—which are essential raw materials for renewable energy technologies including wind, solar, and hydro power generation, as well as electric vehicle batteries. Through these contributions, Merdeka supports the clean energy transition by enabling a supply chain that powers the renewable energy industry.

Bahtiar also emphasized that Merdeka is a responsible energy user and applies sustainability principles across all of its operational. The company’s commitment to responsible and sustainable mining practices has earn recognition from international ESG rating agencies such as MSCI, Sustainalytics, and CDP, as well as inclusion in two KEHATI-IDX ESG Indexes.

Merdeka Group’s participation in the 2025 WED Exhibition reflects the company’s commitment to responsible environmental management and its contribution to energy resilience through the supply of critical minerals for the clean energy transition.

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These indexes are developed by IDX in collaboration with the Indonesian Biodiversity Foundation (KEHATI) as part of a broader effort to promote sustainable investment in the capital market. The ESG Sector Leaders IDX KEHATI Index includes companies that demonstrate above-average Environmental, Social, and Governance (ESG) performance within their respective sectors, while maintaining adequate market liquidity. Meanwhile, the ESG Quality 45 IDX KEHATI Index features 45 top-performing companies selected based on a combination of strong ESG practices, sound financial fundamentals, and high liquidity.

Merdeka’s inclusion in both indexes reflects national recognition of its commitment to sustainability and operational excellence. It further strengthens Merdeka’s position as a leader in ESG implementation within sector. Currently, Merdeka ranks #1 in ESG Risk Rating among Indonesian mining companies, accoprding to Sustainalytics, with a score of 27.2, and also holds an MSCI ESG Rating of ‘A’.

Being listed in these ESG indexes is expected to enhance investor and stakeholder confidence, while reinforcing Merdeka’s dedication to long-term value creation through responsible and sustainable mining practices.

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This annual award program, organized by TopBusiness magazine in collaboration with various CSR associations, consulting firms, and strategic partners, has become a benchmark for corporate social responsibility in Indonesia. The 2025 event was held under the theme: “CSR for Sustainable Business Growth and Asta Cita Government Program.”

Participation in this year’s awards increased significantly. Of nearly 1,000 eligible companies, 238 registered, and 218 completed the full assessment, marking a 20.2% increase from 2024.

MTI’s recognition is closely tied to its effective implementation of Creating Shared Value (CSV) and adherence to ISO 26000 on Social Responsibility, embodied in various strategic programs. One of the highlights is BUMILOKA, a flagship initiative implemented in Makarti Jaya Village, Morowali Regency.

BUMILOKA is a collaborative effort between MTI and local Village-Owned Enterprises (BUMDes) to empower farmers and micro-entrepreneurs by modernizing agricultural tools and establishing supply partnerships with company vendors. In just six months, the program helped BUMDes generate Rp1.2 billion in revenue, directly increasing individual incomes and the village’s original revenue (PADes).

The program also supports several national development goals: Asta Cita Goal 6: Economic equality and poverty alleviation; Presidential Priority Program 2024–2029 Goal 14: Economic equality and SME empowerment; SDG 8: Decent work and economic growth; and SDG 12: Responsible consumption and production.

At the award ceremony held on June 11, 2025, at Raffles Hotel Jakarta, Diaz Vatriando expressed his gratitude. “I dedicate this award to the entire MTI team who have worked with full dedication and heart,” said Diaz. “We believe that business growth and sustainability can only be achieved by making a real contribution to the community.”

Further testimony came from Zul Masrika’il, Director of BUMDes Sejahtera Bersama Makarti Jaya Village, a key program partner. “This program is proof of the company’s presence in driving the BUMDes economy. We can contribute to increasing PADes for the village’s operational programs,” said Zul. “We hope the program continues to grow through improved quality and expanded partnerships, ultimately enhancing community welfare.”

Wachid Ramdanu Imandoyo, MTI’s External Affairs Manager, also shared his appreciation. “This award motivates us to maintain determination and positive energy in advancing sustainable business operations,” said Wachid.

MTI’s CSR programs like BUMILOKA reflect the company’s serious commitment to creating shared value in rural communities. The initiative also plays a role in MTI’s food crisis risk mitigation strategy, especially since Morowali is a disaster-prone region.

MTI’s success at the 2025 TOP CSR Awards clearly demonstrates the company’s critical role in supporting social and economic transformation through targeted and sustainable social investment.

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CDP (formerly the Carbon Disclosure Project) is a globally recognized non-profit organization that provides a platform for companies, cities, states and regions to report on their climate, deforestation, and water security impacts. It operates the world’s most comprehensive environmental database and is regarded as the gold standard for climate-related reporting. CDP scores play a crucial role in guiding investment and procurement decisions towards a low-carbon, sustainable economy. Globally, two-thirds of market capitalization, including 85% of the S&P 500 and 93% of the FTSE 100, disclose environmental data through CDP.

The CDP scoring system consists of eight levels, from A to D-. The ‘B’ rating achieved by Merdeka reflects the company’s proactive approach to managing climate risks and opportunities, as well as its ongoing efforts to reduce greenhouse gas (GHG) emissions.

CDP’s climate disclosure framework evaluates companies based on various criteria, including the identification of climate-related risks and opportunities, Scope 1, 2, and 3 GHG emissions, corporate governance related to climate strategy, emission reduction initiatives, target setting, value chain engagement, and overall environmental policies. Companies that score well in CDP’s framework demonstrate strong environmental leadership and attract increased confidence from investors, stakeholders, and global supply chains committed to sustainability.

Merdeka’s participation in CDP aligns with its broader sustainability goals, reinforcing its dedication to international environmental standards and corporate responsibility. As climate change concerns intensify, businesses worldwide are being urged to enhance transparency and accelerate decarbonization efforts. By achieving a ‘B’ score in its first CDP disclosure assessment, Merdeka has taken a significant step forward in strengthening its climate governance and environmental stewardship.

Main Photo: Bahtiar Manurung, Merdeka ESG & Climate Change Manager and Yudha Estiono, Merdeka ESG & Climate Change Senior Analyst.

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The series of activities began in late September 2024 with human rights training for security personnel and the External Affairs team at the Pani Gold Project in Gorontalo. This was followed by training for security personnel at PT Bumi Suksesindo, which manages the Tujuh Bukit Gold Mine in Banyuwangi, in mid-November 2024. Conducted by Merdeka’s Sustainability team, the training aimed to socialize the Merdeka Human Rights Policy and foster a culture of respect for human rights within the company’s operations.

The training series concluded in early December at PT Merdeka Tsingshan Indonesia (MTI) in Morowali, Central Sulawesi, and PT Sulawesi Cahaya Mineral (SCM) in Konawe, Southeast Sulawesi. Human rights training at MTI focused on security personnel, while at SCM, it included security personnel, External Affairs staff, and contractor employees. This initiative underscores Merdeka’s commitment to respecting human rights, not only for its internal workforce but also parties in its supply chain.

On Human Rights Day, Merdeka representatives attended the event “Human Rights Day: The Launch of Study of the 2023 Sustainability Reports of Publicly Listed Companies in Indonesia”. Organized by the Foundation for International Human Rights Reporting Standards (FIHRRST) with support from Belgian Government, The event aimed to promote the integration of human rights aspects into sustainability reports of companies in Indonesia.

The event was attended by the Director of Human Rights Cooperation from Indonesia’s Ministry of Law and Human Rights, the Director of Finance and Human Resources of the Indonesia Stock Exchange, representatives from the National Commission on Human Rights of Indonesia (Komnas HAM), non-governmental organizations (NGOs), and other publicly companies. During the event, PT Merdeka Copper Gold Tbk’s 2023 Sustainability Report received an A+ rating for its compliance with the Global Reporting Initiative (GRI) standards, Financial Services Authority Regulation No. 51/2017, and performance in human rights respect.

On the same day, Merdeka also participated in the “Socialization of Norms and Standards No. 13 on Business and Human Rights” organized by Komnas HAM. The event was attended by various stakeholders, including government representatives, business associations, companies, and NGOs. Merdeka’s participation reflects its commitment to supporting the development of Business and Human Rights standards in Indonesia.

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Main Photo: Satriyo Giri, ESG & Climate Change Specialist at PT Merdeka Copper Gold Tbk, receiving the 2023 Sustainability Report award for PT Merdeka Copper Gold Tbk.

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In her opening speech, Risa E. Rustam, Director of Finance, Human Resources, and General Affairs at the IDX, emphasized the significance of climate investment in addressing global challenges.

“Investments in climate action also presenting strategic opportunities to foster sustainable economic growth,” she stated.

Bahtiar Manurung, ESG & Climate Change Manager at PT Merdeka Copper Gold Tbk, expressed the company’s pride in receiving the award. “This recognition highlights Merdeka’s commitment to contributing to climate solutions, as outlined in our Climate Change Policy,” he said, following the award ceremony.

Managing Director of Investing on Climate, Ardian Taufik Gesuri, elaborated on the rigorous criteria for selecting award recipients. Companies were evaluated on budget allocations for emission reduction technologies, net-zero implementation, sustainability reporting in compliance with GRI Standards, and adherence to Financial Services Authority regulations. Additional assessments included employee participation, strategic emission reduction initiatives, and community and stakeholder engagement.

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Main Photo: Bahtiar Manurung, ESG & Climate Change Manager at PT Merdeka Copper Gold Tbk, receives the Investing on Climate Editors’ Choice Award 2024.

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Adi Adriansyah Sjoekri, President Director of BSI, expressed his gratitude for this achievement. “This success is the result of the hard work of our employees and the support of various stakeholders in Banyuwangi,” Adi remarked as he accepted the award from Julian Ambassadur Shiddiq, Director of Program Development for Minerals and Coal, Tuesday, 26 November 2024.

This recognition is not the first for this subsidiary of PT Merdeka Copper Gold Tbk. In the previous year, BSI received the 2023 Tamasya Award for its efforts to improve the quality of life in Pesanggaran Subdistrict, Banyuwangi. Various PPM initiatives, such as skill training, infrastructure development, and economic assistance, have delivered long-lasting positive impacts.

BSI’s PPM programs focus on eight key pillars, covering education, health, economy, environment, and infrastructure—all designed to foster self-sufficiency in the communities around the mine. The primary beneficiaries of these programs are the residents of Ring 1 areas, including the villages of Sumberagung, Pesanggaran, Sumbermulyo, Kandangan, and Sarongan.

BSI’s ability to consistently earn the Tamasya Award is a testament to its commitment to sustainable mining practices while delivering substantial benefits to the local community.

The 2024 Tamasya Award ceremony took place during the Minerba Expo 2024, organized by the Directorate General of Minerals and Coal, Ministry of Energy and Mineral Resources (ESDM), at Balai Kartini, Jakarta, on November 25–26, 2024. With the theme “Minerals and Coal Driving Indonesia”, the event showcased the mining sector’s contributions to national development.

At the Minerba Expo, Merdeka Group also participated by showcasing its innovations and contributions to the mining industry. The Merdeka Group’s exhibit drew significant attention, including from Minister of Energy and Mineral Resources Bahlil Lahadalia, who praised Merdeka’s role in advancing Indonesia’s mining sector.

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Main Photo: Adi Adriansyah Sjoekri, President Director of BSI (fifth from the left), receives the 2024 Tamasya Award.

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