EMAS Shares Surge After First Mining at Pani Gold Project, Bullish Outlook Toward Rp 5,000
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JAKARTA, investortrust.id – Shares of PT Merdeka Gold Resources Tbk, or EMAS, a subsidiary of PT Merdeka Copper Gold Tbk, soared close to the upper trading limit on Thursday, Oct 2, 2025, at the Indonesia Stock Exchange. The stock hit a new all-time high of Rp 4,950, climbing more than 23 percent after opening at Rp 4,010. The rally lifted EMAS’s market capitalization beyond Rp 80 trillion.
The surge followed the company’s announcement on Wednesday, Oct 1, 2025, that first mining had begun at the Pani Gold Project in Pohuwato, Gorontalo. The milestone marked the transition from overburden stripping to active mining operations.
The Pani project is one of Indonesia’s largest primary gold deposits, with reserves exceeding seven million ounces and a long mine life. In the initial stage, EMAS is deploying heap leach processing with an annual capacity of seven million tons of ore, projected to produce around 140,000 ounces of gold per year.
President Director of EMAS Boyke P. Abidin said the start of mining represented a critical milestone for the company. “The commencement of first mining is a defining moment for EMAS and all stakeholders. The Pani Gold Project now enters its operational phase, which will soon advance into heap leach, processing, and eventually first gold production,” Boyke said.
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EMAS was listed on the Indonesia Stock Exchange on Wednesday, Sept 24, 2025, at an initial public offering price of Rp 2,880 per share. The IPO price was considered conservative, compared with the project’s net present value of Rp 127 trillion, equivalent to a fair value of Rp 7,900 per share. Investor enthusiasm was evident when EMAS surged 25 percent on its first day of trading.
Capital market analyst Wahyu Tri Laksono projected that EMAS shares would remain on a bullish trajectory in the medium term, with potential to breach Rp 5,000 after a short consolidation. “The medium-term trend is expected to stay bullish, supported by solid fundamentals. The Rp 5,000 target remains within reach,” he said.
Trimegah Sekuritas, the IPO underwriter, estimated EMAS’s fair value at Rp 7,900 and set a medium-term target of Rp 5,800 with a buy recommendation. The firm highlighted EMAS’s position as the third-largest gold resource holder in Indonesia, its low-cost structure, and the global gold price rally as strong catalysts.
With total resources of around seven million ounces, EMAS ranks third among domestic gold miners. Its cash cost of production is about US$1,200 per ounce, significantly lower than PT Archi Indonesia Tbk, which averages US$1,881 per ounce. EMAS targets annual production of 495,000 ounces, a scale that positions the company to capitalize on the global gold price approaching US$4,000 per ounce.