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 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.

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The handover continues the first phase of rehabilitation covering 500 hectares that had been delivered earlier. With this second phase, the total rehabilitated area submitted by GSM now reaches 1,089.37 hectares. This exceeds the company’s forest-use permit obligation (PPKH) of 999.90 hectares by 89.47 hectares.

The handover documents were signed by GSM Director Cahyono Seto and received by Ir. Sri Handayaningsih, M.Sc, Director of Soil Conservation and Forest Reclamation (TKTRH), representing the Directorate General of Watershed Management and Forest Rehabilitation (PDASRH) of the Ministry of Forestry.

The rehabilitation sites are located in Suka Damai and Wonggasari Tengah villages, Lemito District, Pohuwato Regency, Gorontalo Province. Planting was carried out in two phases: the first from 2018 to 2022, and the second starting in 2022 and evaluated on November 12, 2025.

The evaluation results show a planting success rate of 83.09 percent, surpassing the Ministry’s minimum standard of 75 percent. The planted species include timber trees such as mahogany, nyatoh, and white teak, along with fruit trees like durian, cashew, clove, nutmeg, and rambutan.

Watershed Rehabilitation is a government-mandated effort to restore forest and watershed functions as compensation for forest areas used for business activities. Under the PPKH mechanism, each hectare of forest utilized must be replaced with rehabilitation on another hectare of land. This ensures ecological balance, soil and water conservation, and long-term environmental sustainability.

For GSM, the watershed rehabilitation program reflects the company’s environmental responsibility. “This watershed rehabilitation not only fulfills our regulatory obligations, but also delivers real benefits for the environment and surrounding communities,” said GSM Director Cahyono Seto. “We want to ensure that forest areas remain productive and sustainable.”

GSM is one of the permit holders for the Pani Gold Mine in Pohuwato, Gorontalo, alongside several other companies involved in its management. GSM is a subsidiary of PT Merdeka Gold Resources Tbk (MGR), which in turn is part of the PT Merdeka Copper Gold Tbk. With the completion of this second-phase handover, GSM has now fulfilled its entire watershed rehabilitation obligation.

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Artikel GSM’s Watershed Rehabilitation Reaches 1,089.37 Hectares, Beyond Regulatory Requirements 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.

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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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