Merdeka Gold Resources Begins First Gold Shipment to Antam Refinery
PT Merdeka Gold Resources Tbk (IDX: EMAS) has officially completed its first gold shipment to the refining facility of PT Aneka Tambang Tbk (Antam), marking a major milestone toward stable commercial production.
The milestone follows the company’s first gold pour on February 14, 2026. A total of 44.04 kilograms of dore gold was delivered for refining, signaling operational readiness and strengthening the transition phase toward full-scale commercial output.
First Shipment Signals Operational Readiness
The first dore shipment represents a critical step in EMAS’ production ramp-up strategy. Dore refining is the final stage in gold processing, where impurities such as silver and other metals are separated from gold through chemical or electrolysis methods. This process results in high-purity gold and silver products ready for market distribution.
President Director Boyke Poerbaya Abidin stated that the refining phase reflects the company’s dynamic progress toward commercial production while ensuring that output from the Pani Gold Mine meets strict quality standards.
The delivery of dore to Antam’s refining facility further underscores the operational readiness of the Pani project.
Focus on 2026 Production Target
As a subsidiary of PT Merdeka Copper Gold Tbk (MDKA), EMAS is focused on maintaining disciplined production aligned with its 2026 targets.
The company is targeting gold production from the Pani Gold Mine at 110,000–115,000 ounces in 2026. To support this objective, EMAS is accelerating the development of its Carbon-in-Leach (CIL) processing facility, which will complement existing heap leach operations.
The integration of heap leach and CIL technology is designed to gradually increase output toward a long-term production capacity of approximately 500,000 ounces of gold per year.
“Additionally, the company is expediting the development of the Carbon-in-Leach (CIL) facility to achieve higher and more optimal production levels,” Boyke said in an official statement on Thursday (February 26).
Long-Term Growth Strategy and ESG Commitment
With more than 7 million ounces in gold resources and a competitive cost profile, the Pani Gold Mine is projected to become a key contributor to the Merdeka Group’s production growth and cash flow in the coming years.
EMAS remains committed to responsible mining practices, implementing Good Mining Practices (GMP) principles alongside high Environmental, Social, and Governance (ESG) standards.
The first gold shipment not only marks a technical achievement but also strengthens investor confidence in EMAS’ long-term production roadmap and sustainable growth strategy.