Expansion in the gold commodity business segment of the Merdeka Group, particularly driven by PT Merdeka Copper Gold Tbk (MDKA) through the Pani Gold Project, is reported to be on target.

General Manager Communications of Merdeka Copper Gold MDKA Project, Tom Malik, stated that the Pani Gold Project is targeted to commence operations by the end of this year, with initial gold production in Q1-2026.

"The Pani Gold Project remains on schedule and is targeted to begin operations by the end of 2025 and initial gold production in Q1-2026," he said when confirmed by Kontan, Thursday (September 4, 2025).

For initial production, Tom mentioned, Pani's gold production is targeted to reach 300,000 ounces per year. However, once it reaches its peak, the mine is estimated to be able to produce up to 500,000 ounces of gold per year.

According to MDKA's records, the mine located in Hulawa Village, Buntulia District, Pohuwato Regency, Gorontalo Province, Sulawesi, has reserves of over 7 million ounces.

Currently, the mineral mining issuer affiliated with PT Saratoga Investama Sedaya Tbk (SRTG) and Garibaldi 'Boy' Thohir is still boosting production from their other gold mine, the Tujuh Bukit Gold Mine.

This mine, located in Sumberagung Village, Pesanggaran District, Banyuwangi Regency, East Java Province, is targeted to produce 100,000-110,000 ounces of gold throughout 2025.

"In Q1-2025, Merdeka produced 25,481 ounces of gold with a total cash cost of USD 932 per ounce and All−In Sustaining Costs (AISC) of USD 1,319 per ounce," Tom revealed.

During this period, the average selling price (ASP) was USD 2,757 per ounce. Gold sales during Q1−2025 reached 36,796 ounces, generating unaudited revenue of USD 109.9 million, including silver byproduct revenue of USD 8.5 million.

"In Q1-2025, Merdeka produced 25,143 ounces of gold with a total cash cost of USD 1,320 per ounce and AISC of USD 1,972 per ounce," he added.

The average selling price (ASP) for the quarter was USD 3,207 per ounce. Gold sales during Q2−2025 reached 22,739 ounces, generating unaudited revenue of USD 78.6 million, including silver byproduct revenue of USD 5.7 million.

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