PT Merdeka Gold Resources Tbk (EMAS) has received support from a number of leading global investors for its plan to list its shares on the Hong Kong Stock Exchange (HKEX). This support reflects the confidence of international investors in the long-term prospects of the Pani Gold Mine in Gorontalo, one of the largest gold projects currently being developed in Asia.
This offering has the support of a number of reputable cornerstone investors, with a balanced composition between strategic industry players and global financial investors. The cornerstone investors include Wanguo Gold Group Limited and CNGR (Hong Kong Material Science & Technology) Co. Limited, as well as leading commodity trading companies such as Mercuria Holdings (Singapore) Pte. Ltd., Trafigura Pte. Ltd., Glencore International AG, and Intera Mining Investment Limited (wholly owned by JCHX Mining Management Co Ltd).
Meanwhile, financial investors include Ping An of China Asset Management (Hong Kong) Company Limited, GF (Guangfa) Fund Management Co., Ltd., Eurus Holdings SPC (ORIX), Dymon Asia Multi-Strategy Investment Master Fund, and Wind Sabre Fund SPC. The participation of these investors is a strong signal of confidence in the quality of the Pani Gold Mine and MGR's long-term growth strategy.
The Company will commence the offering period to international institutional investors (bookbuilding) this Wednesday until June 23, 2026. Ahead of the start of the marketing process, the cornerstone investors have committed to absorbing 50 percent of the number of shares offered in the base offering, which is the maximum limit according to the applicable listing provisions at HKEX. Overall, this global offering represents approximately 7 percent of the Company's issued capital after the exercise of the greenshoe option.
All shares offered in this transaction are secondary shares sold by minority shareholders. PT Merdeka Copper Gold Tbk (IDX: MDKA) as the controlling shareholder will not sell its shares and will retain all of its strategic holdings in Merdeka Gold Resources.
Boyke P. Abidin, President Director of Merdeka Gold Resources, said the support from global investors was an acknowledgment of the quality of assets, execution capabilities, and the Company's long-term growth prospects.
"The commitment of global investors in this transaction reflects confidence in the quality of the Pani Gold Mine, the Company's execution capabilities, and the long-term growth prospects we have," said Boyke, Thursday, June 17.
The Pani Gold Mine is a global-scale gold asset that is currently entering the production growth phase. Since listing its shares on the Indonesia Stock Exchange in 2025, the Company has managed to achieve a number of important milestones, including the first gold pour at the Pani Gold Mine in February 2026 and the first gold sale in March 2026.
As of December 31, 2025, the Pani Gold Mine has mineral resources of 7.0 million ounces of gold and ore reserves of 5.2 million ounces of gold, making it one of the significant primary gold deposits in Asia. Pani's mineral resources currently come from a relatively small area, namely 135 hectares around the main Pani pit, compared to the total area of the Company's concession which reaches 14,670 hectares.
This shows the still large exploration potential in the entire project area. The latest drilling in the Kolokoa Prospect, about 1 kilometer from the Pani main pit, lasted six months and added about 445 thousand ounces of gold to the Pani Gold Mine mineral resource estimate.
With the addition, the total estimated mineral resources of the Pani Gold Mine increased to 7.4 million ounces. The company has also started drilling deeper below the current design of the existing Pani main pit and will start drilling in the Lone Pine area, located north of the main pit, in the second half of 2026.
The series of exploration activities supports the potential for sustainable growth of mineral resources in the long term. Through a gradual development strategy, the processing capacity of the Pani Gold Mine is projected to increase to 22 million tons per year by 2028.
The development is expected to support peak annual gold production of around 545 thousand ounces, strengthening the Company's position as one of the major gold producers in the region. In addition to being supported by a large production scale, the Pani Gold Mine is also projected to have a competitive cost profile with an estimated life-of-mine all-in sustaining cost (AISC), before government royalties, of 794 US dollars per ounce.
The plan to list shares on the HKEX is supported by UBS and CITIC Securities as the main sponsors. Meanwhile, Morgan Stanley, HSBC, CICC, and Macquarie act as Joint Overall Coordinators, Joint Global Coordinators, and Joint Bookrunners. A number of other international financial institutions, including DBS, Mizuho, OCBC, UOB Kay Hian, Société Générale, Natixis, and Crédit Agricole, also participate as Joint Bookrunners and Lead Managers.
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