EMAS Stock Correction Opens Opportunity as Company Eyes Profit Turnaround in 2026
Investment opportunities in gold mining stocks are emerging again after shares of PT Merdeka Gold Resources Tbk (EMAS) experienced a sharp correction amid a broad decline in the Indonesian stock market on Wednesday (March 4, 2026).
Despite the short-term pressure, analysts believe the gold mining company still holds strong long-term prospects as it has officially entered the commercial gold production phase.
On Wednesday’s trading session, EMAS shares closed at IDR 8,100, falling 350 points or 4.14% in a single day. During intraday trading, the stock even slipped below the IDR 8,000 level.
The decline in EMAS shares came alongside a broader market downturn. The Jakarta Composite Index (JCI) also dropped sharply, closing at 7,577.06, down 362.70 points or 4.57% on the same day.
Analysts See EMAS Correction as Accumulation Opportunity
Several market analysts view the recent correction in EMAS shares as a potential buying opportunity for investors looking to accumulate the stock at lower levels.
The optimism is supported by the start of production and commercialization at the Pani Gold Mine, which is expected to become the company’s key growth driver.
After completing its first gold pour on February 14, 2026, EMAS also conducted its first shipment of 44.04 kilograms of dore gold for refining at the facility of PT Aneka Tambang Tbk (ANTM).
EMAS President Director Boyke Poerbaya Abidin stated that the refining process is a crucial step before the company enters its full commercial phase.
According to him, the process ensures the quality of gold produced from the Pani Gold Mine before it is marketed.
The dore shipment also highlights the operational readiness of one of EMAS’ most strategic gold projects.
Company Accelerates Processing Facility Development
As a subsidiary of PT Merdeka Copper Gold Tbk (MDKA), EMAS is currently focused on ensuring disciplined production in line with its targets this year.
The company is also accelerating the construction of its Carbon-in-Leach (CIL) processing facility, which is expected to significantly increase production capacity.
“Additionally, the company is accelerating the development of the Carbon-in-Leach (CIL) facility to achieve higher and more optimal production,” Boyke said in an official statement.
Pani Gold Mine Production Target
EMAS has set a production target of 110,000 to 115,000 ounces of gold in 2026 from the Pani Gold Mine.
As part of its medium-term strategy, the company is accelerating the development of the CIL facility to complement the existing heap leach processing method.
The integration of both processing methods is projected to boost gold production to approximately 500,000 ounces per year at optimal long-term capacity.
The Pani Gold Mine itself holds more than 7 million ounces of gold resources, with a competitive production cost profile.
Analysts Expect EMAS to Return to Profit in 2026
Head of Research at Korea Investment & Sekuritas Indonesia (KISI), Muhammad Wafi, said the company’s first gold shipment marks an important transition toward full commercial production.
If production and sales proceed smoothly, EMAS could turn losses into profits in 2026.
Wafi also expects EMAS to deliver a growing contribution to its parent company, MDKA.
“The Pani Mine is projected to become one of the largest primary gold assets in the Asia-Pacific region,” Wafi said.
He added that the company’s main strategy is to accelerate the integration of gold processing facilities, particularly the CIL facility, which is targeted to begin operations in 2028.
Key Risks Investors Should Watch
Despite its promising outlook, several risks could still impact EMAS’ performance this year.
These include global gold price volatility, potential lower-than-expected recovery rates, and possible operational disruptions caused by extreme weather conditions.