Merdeka Gold Starts Production at Pani Ahead of Schedule

JAKARTA, Investortrust.id — PT Merdeka Gold Resources Tbk or EMAS has completed its first gold pour at the Pani Gold Mine in Pohuwato, Gorontalo on Friday, Feb 14, 2026, marking the start of commercial production ahead of its original end of first quarter target and lifting its initial output guidance as the company accelerates development to boost long term capacity. The milestone signals EMAS transition from project development to full scale gold operations, with higher early production expected to strengthen its portfolio and national output.

PT Merdeka Gold Resources Tbk completed the first doré bullion pour in mid first quarter 2026, earlier than the previously scheduled end of the quarter. The company had acquired the asset in 2020 and finished all major development stages before entering production.

The doré bullion was produced through a heap leach process, followed by gold recovery at the Adsorption, Desorption and Recovery facility. This marked the formal start of commercial gold production at Pani.

At the initial stage, the open pit mine targeted output of around 110,000 to 115,000 ounces of gold in its first year of operation. The figure exceeded the earlier 2026 target of 80,000 ounces.

The mine held ore reserves of about 4.8 million ounces and a mineral resource estimate of more than 7 million ounces of gold. With that scale, the project was regarded as one of Indonesia most prospective primary gold mines.

Expansion to 500,000 Ounces Target

In parallel with heap leach production, EMAS began construction of a Carbon in Leach facility, with earthworks starting in early 2026, earlier than the previous 2027 schedule. The facility was designed with a processing capacity of 12 million tons of ore per year.

The completion target was brought forward to 2028, compared with the earlier phased plan of 7 million tons in 2029 and expansion to 12 million tons by 2032. The acceleration aimed to lift annual gold production potential to around 500,000 ounces by 2029, three years ahead of the previous 2032 projection.

EMAS President Director Boyke Poerbaya Abidin said the first gold pour marked a key milestone for the company and the broader Merdeka Group. “This first gold pour is an important milestone that marks the success of EMAS in transitioning from the project development stage to commercial gold operations. The achievement was delivered ahead of the schedule previously communicated to the public, reflecting disciplined project execution and solid operational readiness. The operation of the Pani Gold Mine also forms the foundation for increasing production capacity in the next phase,” Boyke said in a statement on Wednesday, Feb 18, 2026.

He added that the project would strengthen the group gold portfolio and contribute to Indonesia gold output and the local economy in Gorontalo. “In addition to strengthening the Merdeka Group gold portfolio, the Pani Gold Mine also provides tangible contributions to Indonesia gold production and to the economic development of Gorontalo through job creation and community empowerment programs. All our operations are conducted in accordance with Good Mining Practices and high environmental, social and governance standards,” he said.