Amman Mineral Directors Snap Up $1.1 Million in Shares, Signaling Confidence Despite Stock Slump

JAKARTA, Investortrust.id — Executives at PT Amman Mineral Internasional Tbk (AMMN), Indonesia's second-largest copper and gold miner, have collectively purchased more than Rp17 billion ($1.07 million) worth of company shares, a strong vote of confidence as the stock struggles through one of its steepest declines in years.

The coordinated insider buying comes as investors weigh near-term market volatility against improving fundamentals, rising copper and gold prices, and expectations that Amman is entering a new phase of earnings growth.

Insider buying is often viewed by investors as one of the strongest signals that management believes a company's shares are undervalued. The purchases are particularly notable because they occurred after AMMN shares lost more than 44% of their value this year.

The transactions also coincide with expectations of stronger copper demand driven by electric vehicles, artificial intelligence infrastructure and data center construction, positioning Amman as a key beneficiary if commodity prices remain elevated.

Management Bets on Its Own Stock

Indonesia Stock Exchange disclosures show President Director Arief Sidarto purchased 1.6 million shares on June 30 at Rp3,105 per share, investing approximately Rp4.97 billion ($313,000).

Director Anthony Mathias followed by buying 1.69 million shares between July 1 and July 2 at prices ranging from Rp3,120 to Rp3,510, spending roughly Rp5.6 billion ($352,000).

Director Aditya Sasmito acquired 850,000 shares on July 6 for approximately Rp3 billion ($189,000).

Director Lal Naveen Chandra also purchased 1 million shares at Rp3,565 apiece, increasing his holdings to 53.16 million shares.

All transactions were reported to Indonesia's Financial Services Authority (OJK), the country's financial regulator, and the Indonesia Stock Exchange (IDX) in compliance with insider ownership disclosure rules. The filings stated that each purchase was made for personal investment purposes.

A Collective Vote of Confidence

Market participants said the series of purchases carries greater significance because multiple senior executives accumulated shares within a short period.

"The buying spree by Amman's directors indicates that management sees a positive future for the company, supported by solid business performance," M. Nafan Aji Gusta, Senior Technical Analyst at Mirae Asset Sekuritas Indonesia, told Investortrust.id on Wednesday.

"Current market pressure, driven by macroeconomic concerns and foreign capital outflows, does not reflect the company's underlying fundamentals or business performance," he added.

Growth Story Gains Momentum

The optimistic outlook is shared by BRI Danareksa Sekuritas, which maintained its Buy recommendation and Rp6,000 price target for AMMN.

Analyst Andhika Audrey Eko Nugroho expects 2026 to mark the beginning of a stronger growth cycle, driven by higher output from the Phase 8 Batu Hijau copper and gold mine and increasing contributions from the company's new copper smelter and Precious Metal Refinery (PMR).

The brokerage forecasts revenue will surge to approximately $4 billion in 2026, up 117% from the previous year, while EBITDA is projected to jump 97% to around $2 billion.

Its valuation also incorporates long-term upside from the planned Elang Project, one of Indonesia's largest undeveloped copper and gold deposits.

Commodity Tailwinds Could Drive Recovery

Despite the improving outlook, AMMN shares remained under pressure, falling 44.28% year to date to Rp3,580 as of Monday's close.

The stock has nevertheless rebounded about 8% over the past month, suggesting investors are beginning to reassess the company's earnings trajectory.

Nafan attributed the recovery to strengthening global copper and gold prices.

Copper demand continues to expand as automakers accelerate electric vehicle production and technology companies invest heavily in artificial intelligence infrastructure and data centers, all of which require significant volumes of the industrial metal.

"As long as production growth, operational efficiency and development projects remain on track, those fundamentals could become positive catalysts for both earnings and the share price over the medium and long term," Nafan said.

For global investors seeking exposure to copper's structural demand story, the recent insider purchases suggest Amman's management believes the market may be underestimating the company's next phase of growth.