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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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.

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.

Artikel Merdeka Wins the 2025 Business and Human Rights Award pertama kali tampil pada PT Merdeka Copper Gold Tbk.

The first ore crushing marked a key milestone confirming that OPP’s core facilities can operate under near-full-load conditions. This trial is part of C3 Commissioning, an operational test using real ore to verify equipment integration, process stability, and overall system readiness. Earlier stages—C1 and C2—validated the design and installation through documentation checks and static testing before the equipment was energized. C3 is the dynamic testing phase using actual material, while C4 will serve as the final optimization and performance-validation stage before the facility is declared ready for commercial operations.

With C3 completed, the technical team is now fine-tuning process parameters—from conveyor speed and crusher capacity to vibrating-screen frequency—to achieve the most efficient configuration ahead of C4 Commissioning. This process ensures the entire gold-production system operates stably and in full alignment with the design.

“This C3 milestone is the result of the team’s hard work and the support of our stakeholders,” said Boyke Poerbaya Abidin, President Director of PT Merdeka Gold Resources Tbk (MGR), the company operating the Pani Gold Mine, which recently listed on the Indonesia Stock Exchange following its parent company, PT Merdeka Copper Gold Tbk. “We are moving steadily toward full operations, which will bring economic benefits, job opportunities, and social value to surrounding communities.”

This progress builds on a series of key milestones achieved by the Pani Gold Mine throughout the year. On 1 October 2025, initial mining activities began with the first digging. Only after the completion of the OPP construction was the first crushing carried out as an initial step to verify processing readiness. With the completion of the C3 stage, the Pani Gold Mine is now moving closer to its first gold production, targeted for the first quarter of 2026.

To ensure first gold production stays on schedule, MGR has taken various steps throughout project development, including signing a Renewable Energy Certificate (REC) agreement with PLN to secure a renewable electricity supply for Pani operations. With ore reserves of 190 million tonnes containing 4.8 million ounces of gold—making it one of Indonesia’s largest primary gold deposits—the project is being developed to operate with stronger sustainability standards.

Artikel Pani Gold Mine Completes C3 Commissioning with First Ore Crushing pertama kali tampil pada PT Merdeka Copper Gold Tbk.

The OPP, or Ore Preparation Plant, is an essential part of the production process. Here, mined ore is crushed and prepared into smaller, more uniform sizes before being stacked on the heap leach pad. This stage ensures that the subsequent heap leaching process—the extraction of metal from ore—can run efficiently and consistently.

The completion of the OPP marks another milestone in the ongoing development of the Pani Gold Mine throughout 2025. Earlier in the year, MGR was officially listed on the Indonesia Stock Exchange (IDX: EMAS), raising Rp4.66 trillion through its initial public offering to support construction activities. Subsequently, electrical power with an installed capacity of up to 30 million volt-amperes (VA) began to be supplied gradually to the site in line with the advancement of supporting facilities, followed by the first mining activities as an initial step toward production. With the OPP completed, the Pani Gold Mine is progressing steadily toward full-scale operations.

“Commissioning of the OPP marks the next step for EMAS. This phase will be followed by the first ore stacking in November and the first gold pour in early 2026,” said Boyke Poerbaya Abidin, President Director of PT Merdeka Gold Resources Tbk.

Pani Gold Mine holds huge growth potential. Based on the latest technical study, the Pani Gold Mine’s Ore Reserve has increased to 190.3 million tons of ore containing 4.8 million ounces of gold, making it one of Indonesia’s largest primary gold deposits. Going forward, the development of production facilities and supporting infrastructure will continue progressively to ensure reliable, efficient, and sustainable operations at the Pani Gold Mine.

As the operator of the Pani Gold Mine, MGR adheres to good mining practices and sustainability principles. The company is committed to delivering economic value to communities in Pohuwato Regency, Gorontalo Province, and contributing to broader national growth. This commitment aligns with the approach of its parent company, PT Merdeka Copper Gold Tbk, which upholds high Environmental, Social, and Governance (ESG) standards across all mining operations and asset developments in Indonesia.

Artikel MGR Completes Ore Preparation Plant at Pani Gold Mine pertama kali tampil pada PT Merdeka Copper Gold Tbk.

This cooperation follows a power purchase agreement signed in 2023, under which PLN committed to provide a dedicated supply for the Pani Gold Mine, ensuring stable and reliable electricity for its large-scale operations.

The inauguration of the power supply and substation maintenance was held on 1 October 2025 at the Marisa Substation in Paguat District, Pohuwato Regency. From there, electricity flows to the substation of PT Gorontalo Sejahtera Mining (GSM)—one of the mine operators under PT Merdeka Gold Resources Tbk (MGR), which recently listed its shares on the Indonesia Stock Exchange under the ticker EMAS. From GSM’s substation, electricity is distributed across operational sites, from the Pioneer Camp to ore processing facilities such as the Ore Preparation Plant (OPP) and the Adsorption–Desorption–Recovery (ADR) plant. As each facility is completed, electricity connections are immediately commissioned.

In the next phase, the Pani Gold Mine will also utilize renewable electricity through a renewable energy certificate (REC) scheme. This initiative is aligned with the sustainability values of its parent company, PT Merdeka Copper Gold Tbk. To support this, at the same event, PT GSM, together with PT Pani Bersama Tambang (PBT) and PT Pani Industri Nusantara (PIN), signed an agreement with PT Energy Management Indonesia (EMI), a subsidiary of PLN. The green supply will be sourced from the Bakaru Hydroelectric Plant (PLTA) in Pinrang, South Sulawesi.

The inauguration event was attended by PLN’s Director of Retail and Commerce Adi Priyanto and his team, Pohuwato Regent Saipul A. Mbuinga, Pohuwato Deputy Regent Iwan S. Adam, Speaker of Pohuwato Regional Parliament Beni Nento, as well as representatives of Merdeka and Pani management, including President Director of PT MGR and PT GSM Boyke Poerbaya Abidin, and Director of PT PBT Cahyono Seto.

The power inauguration took place just six hours after the first mining at the Pani Gold Mine. On that occasion, MGR announced the commencement of mining activities after years of preparation, starting with overburden stripping and initial material extraction.

“This will greatly benefit the community,” said Pohuwato Regent Saipul A. Mbuinga. “Electricity operations will increase regional revenue.”

Boyke Poerbaya Abidin, MGR President Director, expressed his appreciation to all employees, their families, and stakeholders. “With the hard work of everyone, we will move on to the next stages,” he said. “This power operation is the gateway to the future phases.”

“The presence of PT GSM in Gorontalo not only makes a strong contribution to the industrial sector, but also brings tangible benefits to local communities,” said PLN Director of Retail and Commerce Adi Priyanto. “When new businesses emerge and grow, it will encourage other enterprises—from shops and laundries to boarding houses.”

With PLN’s total electricity supply of 30 million VA now in operation, the Pani Gold Mine has secured a solid energy foundation to move forward. The availability of this power not only supports mining operations but also plays an important role in strengthening infrastructure development in Pohuwato Regency and the surrounding areas.

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On Saturday, August 16, 2025, the mosque’s management and congregation held a thanksgiving ceremony to mark the completion of the latest improvements, including the renovation of ablution and restroom facilities for men and women, as well as the construction of a connecting corridor leading from the purification area to the mosque’s main prayer hall. The upgraded facilities now appear cleaner and more organized.

Pohuwato Deputy Regent Iwan S. Adam, who attended the event, expressed his appreciation for the company’s support. “On behalf of the local government, we extend our sincere gratitude for this renovation,” he said. “The ablution area is now comparable to those in major city mosques.” He also encouraged the congregation to maintain the new facilities and voiced his hope that similar support would reach mosques at the subdistrict level.

Ramon Abdjul, Chairman of the mosque’s management board, noted that the Pani Gold Project has consistently supported renovations in stages. “We hope the company will continue these improvements, as they will enhance the devotion of our congregation,” he said.

The thanksgiving ceremony was also attended by Pohuwato Regional House Speaker Beni Nento, Provincial Assembly Member Muhammad Dzikyan, Assistant I for Government and Welfare Arman Mohamad, religious leader KH Fahri Djafar, and dozens of orphans from Sumayah Orphanage and Hidayatullah Islamic Boarding School. From the company, Pani Gold Project President Boyke P. Abidin and his management team were present.

“This is proof that the prayers of the Grand Mosque congregation have been answered,” Boyke said. “We ask for your prayers so that by March next year, the Pani Gold Project can begin production.” He also reaffirmed the company’s commitment to the local community. “Do not regard the company as outsiders. We are part of the people of Bumi Panua,” he added, referring to the local nickname for Pohuwato Regency.

In his brief sermon, KH Fahri Djafar reminded the congregation of the importance of gratitude, quoting Surah Ibrahim, verse 7. He urged worshippers to care for the newly renovated facilities so they can continue to benefit the 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.

Artikel Merdeka’s Commitment to the Environment and Energy Resilience at the 2025 WED Exhibition pertama kali tampil pada PT Merdeka Copper Gold Tbk.