Why Amman Mineral’s Earnings Blast and Gold Guidance Hike Spark Bullish Price Targets up to Rp 7,100

JAKARTA, Investortrust.id — PT Amman Mineral Internasional Tbk (AMMN), Indonesia’s premier copper and gold mining powerhouse, delivered a dramatic earnings leap across the first half of 2026, prompting domestic equity analysts to reaffirm bullish calls and project substantial upside for the benchmark stock.

The mining conglomerate reported a decisive operational turnaround in the second quarter of 2026, generating between $338 million and $388 million in quarterly net profit to completely erase losses incurred during the prior-year period. The turnaround hoisted consolidated net income for the first six months of 2026 to around $498 million to $548 million, while first-half revenue expanded more than tenfold year-on-year to cross the $2 billion threshold.

Amman Mineral’s rapid earnings recovery underscores the commercial power of capturing record precious metal prices while simultaneously bringing major downstream metallurgical assets online. By aggressively ramping up high-grade ore mining from its flagship Phase 8 pit and commissioning both its copper smelter and precious metals refinery, the miner is successfully moving from heavy capital expenditure into high-margin industrial cash generation, reinforcing its status as an indispensable anchor of Southeast Asia’s mineral supply chain.

Precious Metals Engine Drives Explosive Growth

Gold emerged as the undisputed catalyst propelling the company’s commercial performance during the second quarter. Amman Mineral’s quarterly gold receipts reached $640 million, expanding 148% quarter-on-quarter and providing roughly 88% of the company's sequential top-line increase.

The revenue surge was fueled by accelerating product shipments, with sales of refined gold and gold in concentrate climbing 209% and 196% sequentially. In the base metals segment, copper turnover reached $604 million, up 10% quarter-on-quarter, as a 179% surge in copper concentrate deliveries comfortably cushioned a 31% dip in finished cathode sales.

Equity analysts at BRI Danareksa Sekuritas highlighted that Amman Mineral's bottom-line results met 60% of their full-year 2026 estimate and 58% of consensus projections, while revenue achieved 58% and 54% of respective targets. The firm retained its "Buy" recommendation on AMMN with a target price of Rp 6,000 ($0.38) per share.

Smelter Ramp-Up and Guidance Upgrades

Echoing the bullish sentiment, Mandiri Sekuritas analysts maintained their "Buy" recommendation while establishing an even higher target price of Rp 7,100 ($0.45) per share. The brokerage noted that the first-half financial delivery aligned with full-year expectations, driven by higher concentrate dispatch volumes, operational acceleration from Phase 8 mining, and the progressive commercial commissioning of the corporate smelter and Precious Metals Refinery (PMR).

Operational confidence is clearly visible in updated management projections. Amman Mineral increased its full-year 2026 guidance for gold contained in concentrate by 34%, elevating the target from 579,000 ounces to 775,000 ounces. The upgrade follows richer-than-anticipated ore grades, with head grades improving to 0.65 grams per metric ton in the first half from 0.54 grams per ton in the opening quarter.

Management also introduced inaugural commercial production guidance for its finished downstream metal units, penciling in 130,000 metric tons of copper cathodes and 350,000 ounces of refined gold bullion for full-year 2026.

Amman Mineral further reinforced its long-term asset value by updating its JORC-compliant resource statements as of June 30, 2026. Proved and probable ore reserves across the Batu Hijau complex expanded 10.2% to 777 million metric tons, formally stretching the commercial mine life to 2031–2032 from its previous terminal estimate of 2030–2031.