# EMAS Positions Pani Gold Mine for Further Growth in 2027 Following 69% Q3 Production Increase

- Link: https://www.thailand-business-news.com/pr-news/emas-positions-pani-gold-mine-for-further-growth-in-2027-following-69-q3-production-increase
- Published: 2026-11-09T15:28:00+07:00
- Author: PR Newswire

JAKARTA, Indonesia, Nov. 9, 2026 /PRNewswire/ — PT Merdeka Gold Resources Tbk (the"
Company"; IDX: EMAS; HKEX: 6228) recorded a 69% quarter-on-quarter increase in gold
production to 26,331 ounces in the third quarter of 2026, as the ramp-up of heap
leach operations at the Pani Gold Mine in Pohuwato Regency, Gorontalo, continued
to gain momentum. At the same time, development of the Carbon-in-Leach ("CIL") facility
advanced into construction, supporting the next phase of Pani Gold Mine’s long-term
growth.

Since achieving first gold production in February 2026, Pani has continued to scale
rapidly. Gold production reached 10,952 ounces in September, up 12% from August,
with momentum extending into October as 6,190 ounces were produced during the first
two weeks, implying an annualised production rate of approximately 149,000 ounces.
Driven by this accelerating momentum, EMAS views the production trajectory of 2026
and 2027 as a continuous growth phase, firmly positioning the Company to deliver
a combined gold output of over 250,000 ounces during the two-year period.

"The third quarter demonstrates the continued momentum of Pani Gold Mine’s ramp-
up, with higher production, stronger operating throughput and improved cost performance.
At the same time, the CIL development is moving from engineering into construction,
marking an important step in the next phase of EMAS’ growth. Our focus remains on
scaling production responsibly, improving operational reliability and executing 
the CIL development with discipline as we build Pani Gold Mine into a larger, long-
life gold operation," said **Boyke P. Abidin**, President Director of PT Merdeka
Gold Resources Tbk.

Higher production volumes were accompanied by improved unit costs during the quarter.
Cash cost, excluding royalties and silver credits, declined 13% quarter-on-quarter
to US$778 per ounce, while all-in sustaining cost ("AISC") declined 12% to US$1,281
per ounce. EMAS expects quarterly costs to remain variable as the production ramp-
up continues and inventory moves through the production cycle, while full-year costs
are expected to remain within the Company’s 2026 guidance.

The next major growth phase at Pani Gold Mine is centred on CIL Phase 1. Basic engineering
has been completed, all major long-lead equipment has been ordered, construction
contractors have mobilised and civil works have commenced across key plant areas.
The facility is designed with approximately 20% surge capacity, allowing throughput
of up to 14.4 million tonnes per annum, and is targeted for commissioning in 2028.

EMAS is also advancing plans for a second CIL facility with the same capacity as
Phase 1, supported by shared infrastructure between the two plants. Subject to successful
development and commissioning, combined annual gold production capacity from the
CIL operations is expected to reach approximately 500,000-700,000 ounces, compared
with approximately 250,000-350,000 ounces from a single plant, in addition to production
from the existing heap-leach operation.

Exploration continued to strengthen Pani’s longer-term growth potential, with drilling
confirming extensions of gold mineralisation beneath the existing Resource envelope
at Pani Deeps and additional mineralisation across the Pani Gap Area and Kolokoa
Phase 2. Building on these results, EMAS has approved a US$11.4 million exploration
budget for 2027, including a 50,000-metre drilling programme aimed at expanding 
Pani’s Resource base and advancing additional exploration targets.

Combined heap-leach gold production for 2026 and 2027 is expected to exceed 250,000
ounces. Given that production is heavily weighted towards the remainder of the year,
EMAS is revising its production guidance to 85,000-100,000 ounces due to potential
timing difference that could shift 2026 production into early 2027. Hence, 2027 
gold production is expected to be well above the Company’s previous estimate of 
150,000 ounces, although conditional to RKAB approval. Cash cost guidance, excluding
royalties and silver credits, remains unchanged at US$900-US$1,100 per ounce, while
AISC guidance remains at US$1,300-US$1,450 per ounce.

Having only commenced gold production in February 2026, Pani Gold Mine has already
delivered strong operating performance by 3Q26, demonstrating the quality of the
asset and its ability to ramp up rapidly. This strong start provides a solid foundation
for EMAS’ next phase of growth, supported by continued heap leach expansion, an 
extensive 2027 exploration programme and the development of its CIL facilities. 
EMAS is firmly focused on unlocking Pani’s full potential and delivering sustained
production growth in the years ahead, while at the same time, maintaining its disciplined
cost management and allocation.

**About Merdeka Gold Resources**

PT Merdeka Gold Resources Tbk (IDX: EMAS) is an Indonesian gold mining company majority-
owned by PT Merdeka Copper Gold Tbk (IDX: MDKA). The Company was listed on the Indonesia
Stock Exchange in September 2025 as part of the Group’s strategy to strengthen its
capital structure and enhance transparency.

MGR’s primary asset is the Pani Gold Mine in Gorontalo, Indonesia, one of the largest
primary gold development projects in the country, with mineral resources of 7.0 
million ounces of gold and an estimated mine life of approximately 15 years.

Production is supported by a heap leach facility with an initial capacity of 8 million
tonnes per annum. The Pani Gold Mine commenced initial mining activities in October
2025, achieved first gold production in February 2026, and completed its first gold
sales in March 2026.

The Company also plans to develop a Carbon-in-Leach ("CIL") facility, targeted to
commence operations in 2028 and scale up to a capacity of 12 million tonnes per 
annum by 2029, enabling peak production of approximately 545,000 ounces of gold 
per year by 2031.

**Disclaimer**

This document: (i) is for information purposes, (ii) may or may not contain certain"
forward-looking statements", (iii) does not constitute or form part of any offer
for sale or subscription of or solicitation or invitation of any offer to buy or
subscribe for, or sell any securities of PT Merdeka Gold Resources Tbk ("**EMAS**"
or the "**Company**") and its subsidiaries (together referred to as "**EMAS Group**")
or to enter into any transaction under Indonesia Capital Markets Law or any other
prevailing laws in any jurisdiction. All statements, other than statements of historical
fact, which address activities, events, or developments that EMAS Group believe,
expect, or anticipate will or may occur in the future, are forward-looking statements.
Forward-looking statements are often, but not always, identified by the use of words
such as "seek", "anticipate", "believe", "plan", "estimate", "targeting", "expect","
project", and "intend" and statements that an event or result "may", "will", "can","
should", "could", or "might" occur or be achieved and other similar expressions 
including the negative of those terms or other comparable terminology. These forward-
looking statements, including but not limited to those with respect to permitting
and development timetables, mineral grades, metallurgical recoveries, and potential
production, reflect the current internal projections, expectations, or beliefs of
EMAS Group based on information currently available to EMAS Group. Statements in
this document that are forward-looking and involve numerous risks and uncertainties
that could cause actual results to differ materially from expected results are based
on EMAS Group’s current beliefs and assumptions regarding many factors affecting
its business (including affect the outcome and financial effects of the plans and
events described herein); statements in documents are provided to allow potential
investors and/or the reader understand EMAS Group management’s opinions in respect
of future. There can be no assurance that (i) EMAS Group have correctly measured
or identified all the factors affecting its business or the extent of their likely
impact, (ii) the publicly available information with respect to these factors on
which EMAS Group’s analysis is complete and/or accurate, and/or correct and/or (
iii) EMAS Group’s strategy, which is based in part on this analysis, will be successful.
EMAS Group expressly undertakes no obligation to update and/or revise any such forward-
looking statements if circumstances or EMAS Group management’s estimates or opinions
should change except as required by applicable laws. The reader is cautioned not
to place undue reliance on forward-looking statements and extra cautions on capital
market trading.

**No Representation, Warranty or Liability**

Whilst it is provided in good faith, no representation or warranty is made by EMAS
and/or any of its affiliates, its advisers, consultants, agents, employees, or any
of its authorised representatives as to the accuracy, completeness, currency, or
reasonableness of the information in this document and/or provided in connection
with it, including the accuracy or attainability of any forward-looking statements
set out in this document. EMAS Group does not accept any responsibility to inform
you and/or update of any matter arising and/or coming to EMAS Group’s notice after
the date of this document which may affect any matter referred to in this document.
Any liability of EMAS Group and/or any of its affiliates, consultants, agents, employees,
or any of its authorised representatives to you or to any other person or entity
arising out of this document pursuant to any applicable law is, to the maximum extent
permitted by law, expressly disclaimed and excluded. This document is not guarantee
of future performance, and undue reliance should not be placed on them as they involve
known and unknown risks and uncertainties, which may cause actual performance and
financial results in future periods to differ significantly from any projections
of future performance and/or result expressed and/or implied by such forward-looking
document.

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