PT Merdeka Gold Resources Tbk ('Merdeka Gold' or the 'Company'; IDX: EMAS; HKEX: 6228), the owner and operator of the Pani Gold Mine and a subsidiary of PT Merdeka Copper Gold Tbk ('MDKA' or the 'Group'; IDX: MDKA), reported continued progress at the Pani Gold Mine in Gorontalo, Indonesia as Heap Leach ('HL') production ramps up and the larger Carbon-in-Leach ('CIL') project advances toward the next phase of growth, following its first gold production in February 2026.

HL Ramp-Up Accelerates, Quarterly Output Surges 757.8%

- Gold production increased to 15,594 ounces in the second quarter of 2026 from 1,818 ounces in the first quarter, supported by the ongoing ramp-up of HL operations.

- Cells 1 and 2 have been constructed, with embankments being raised through the remainder of 2026 to increase capacity. Further work will continue into 2027 to bring the cells to full size, while construction has also begun on a third cell.

- Once completed, Pani's HL facility is expected to hold approximately 62 million tonnes of ore in total.

CIL Facility Advances on Schedule, Laying Foundation for Long-Term Expansion

- The CIL project will add a nameplate processing capacity of 12 Mtpa in its first phase, with the plant designed to accommodate a future expansion to 24 Mtpa. Together with the HL operation, the CIL project positions Pani as one of the largest gold mines in the Asia-Pacific region.

- Development of the CIL facility is underway, with site preparation progressing and first concrete targeted for early Q4 2026.

- Supporting infrastructure is also advancing in parallel, including the first tailings storage facility, where construction is advancing and embankment fill is targeted for early 2027.

- Additional power infrastructure is also being developed with Indonesia's state-owned electric utility company, PT Perusahaan Listrik Negara, to support the expanded operation.

Mr. Boyke P. Abidin, President Director of PT Merdeka Gold Resources Tbk, said, 'Merdeka Gold is entering an important growth phase as we expand HL production while progressing the larger 12 Mtpa CIL development. The staged expansion of the HL facility and continued progress on the CIL project are key to increasing Pani's production capacity. With engineering, procurement, construction and supporting infrastructure advancing as planned, we remain focused on building Merdeka Gold into a large-scale, long-life gold producer.'

With HL production continuing to ramp up and all major workstreams for the 12 Mtpa CIL project progressing, Merdeka Gold remains on track to expand Pani's production capacity and support the next phase of long-term growth.

About PT Merdeka Gold Resources Tbk

PT Merdeka Gold Resources Tbk ('Merdeka Gold'; IDX: EMAS; HKEX: 6228) is an Indonesian gold mining company majority-owned by PT Merdeka Copper Gold Tbk (IDX: MDKA). The Company was listed on the Indonesia Stock Exchange in September 2025 as part of the Group's strategy to strengthen its capital structure and enhance transparency.

Merdeka Gold's primary asset is the Pani Gold Mine in Gorontalo, Indonesia, one of the largest primary gold development projects in the country, with mineral resources of 7.0 million ounces of gold and an estimated mine life of approximately 15 years.

Production is supported by a Heap Leach facility with an initial capacity of 8 million tonnes per annum. The Pani Gold Mine commenced initial mining activities in October 2025, achieved first gold production in February 2026, and completed its first gold sales in March 2026.

The Company also plans to develop a Carbon-in-Leach facility, targeted to commence operations in 2028 and scale up to a capacity of 12 million tonnes per annum by 2029, enabling peak production of approximately 545,000 ounces of gold per year by 2031.

Source: PT Merdeka Gold Resources Tbk

COMTEX_491446159/2268/2026-08-25T22:31:09