Merdeka Gold shares surge 125% since IPO, market cap tops Rp 105 trillion

JAKARTA, Investortrust.id — Listed gold miner PT Merdeka Gold Resources Tbk or EMAS jumps 18.18% on Tuesday, Jan 20, 2026 in Jakarta, hitting a new all time high of Rp 6,500 as record global gold prices and optimism over the low cost Pani Gold project drive the stock, pushing its market capitalization to Rp 105.17 trillion and helping the Jakarta Composite Index stay in positive territory.

The rally made EMAS one of the main supports for the Jakarta Composite Index, which closed up marginally by 0.83 points or 0.01% at 9,134 despite broader market pressure.

The stock has risen more than 125% from its IPO price of Rp 2,880 on Sept 23, 2025, marking a sharp gain in less than four months of trading on the Indonesia Stock Exchange.

The surge in EMAS also lifted shares of its parent company, PT Merdeka Copper Gold Tbk (MDKA), which climbed 4.90% to Rp 3,210, bringing its market capitalization to Rp 78.55 trillion.

Exchange data showed EMAS led gains among gold producers, trading in a range of Rp 5,400 to Rp 6,600, while other gold stocks such as ARCI, BRMS, ANTM, PSAB, and INDY also posted solid advances.

The rally tracked a sharp rise in global gold prices, which reached $4,734 per troy ounce, up 9.50% over the past month and more than 72% over the past year.

Analysts highlighted EMAS strong fundamentals, particularly its flagship Pani Gold project, which is positioned as one of the largest undeveloped gold assets in the Asia Pacific region.

Analysts at Indopremier Sekuritas Ryan Winipta and Reggie Parengkuan said the Pani Gold project holds gold reserves of 4.8 million ounces and total resources of 7.0 million ounces, with an average grade of 0.75 grams per tonne.

.

They added that EMAS is developing a heap leach plant with a capacity of 7 million tonnes per year, targeted for completion in early fiscal year 2026, followed by a carbon in leach plant with a capacity of 12 million tonnes per year scheduled for completion in FY2029.

“With the completion of the heap leach plant in the first quarter of 2026, the company is expected to start recording net profit in 2026, reversing the net loss in 2025,” Indopremier Sekuritas wrote in its research note.

“Net profit in 2027 is projected to grow by 35% in line with higher capacity and improved production efficiency,” the analysts added.

They also said Pani Gold is expected to become one of the world’s lowest cash cost gold producers, with estimated cash costs ranging from $600 to $1,070 per ounce during the 2026 to 2029 period.