Pt Merdeka Gold Resources Tbk · IDX:EMAS
Pt Merdeka Gold Resources Tbk — H1 2026 Earnings Presentation
11 slides from Pt Merdeka Gold Resources Tbk's earnings presentation, Aug 28, 2026
Slide 1: Merdeka Gold Resources 1H 2026 Financial Results
Merdeka Gold Resources 1H 2026 Financial Results 28 August 2026
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by PT Merdeka Gold Resources Tbk (“EMAS”) consists of written materials/slides for a presentation concerning EMAS. By reviewing/attending this presentation, you agree to be bound by the following considerations: • No representation or warranty (express
Slide 3: 1H 2026 Highlights
1H 2026 Highlights Financials & Operations Update HKEX Secondary Listing Revenue Gold Production EMAS completed its secondary listing on the Main Board of $31m 17koz The Stock Exchange of Hong Kong Limited (“HKEX”) in the form of Hong Kong Depository Receipts (“HDRs”) and officially commenced tradin
Slide 4: Gold and Silver Operations
Gold and Silver Operations Gold Production (ounces) Gold Sales (ounces) 758% 1,147% 15,594 17,412 6,439 6,955 1,818 516 1Q26 2Q26 1H26 1Q26 2Q26 1H26 Silver Production (ounces) 752% 33,292 29,797 3,496 1Q26 2Q26 1H26 • Following the successful completion of Pani's production ramp-up, gold production
Slide 5: ASP & Margin Analysis (1H 2026)
ASP & Margin Analysis (1H 2026) Margin : 73% 4,437 1,185 898 3,252 (287) ASP Cash Margin Cash Cost Royalty Cash Cost (incl. royalty) (excl. royalty) • EMAS margin 1H 2026 was 73% or $3,252/oz, with the 2Q 2026 margin 18% lower QoQ, mainly due to lower ASP during 2Q 2026. • As Pani completed the ramp
Slide 6: 1H 2026 Profit & Loss
1H 2026 Profit & Loss 17.9 (14.9) (11.9) 0.0 (5.9) (14.8) EBITDA D&A Finance Other Tax Expense Net Loss Expenses, Net Expenses, Net • 1H 2026 EBITDA reached $17.9 million, supported by higher gold sales volume despite lower ASP. • Net finance expense totaled $11.9 million in 1H 2026, mainly comprisi
Slide 7: 1H 2026 Cashflow
1H 2026 Cashflow 31 135 1 62 (14) 45 (57) 6 (87) Beg. Cash Cash Cash Capex Proceeds Loan Financing Exc. Rate End. Cash Inflow Outflow from Finance Drawdown Cost Effect Lease CFO : $(26)m CFI : $(87)m CFF : $128m 7
Slide 8: Consolidated Financial Statement
Consolidated Financial Statement In $ million 1Q 2026 2Q 2026 1H 2026 • EMAS reported a revenue of $30.9 million in 1H 2026. Revenue 2.6 28.2 30.9 Revenue increased significantly to $28.2 million in 2Q Cost of Revenue (exclusive of D&A) 4.4 (6.8) (2.4) 2026 from $2.6 million in 1Q 2026, driven by hi
Slide 9: Thank You
Thank You investor.relations@merdekagoldresources.com www.merdekagoldresources.com 9
Slide 10: 2026 Outlook
2026 Outlook Pani is targeting gold production of 100,000-115,000 ounces, with cash cost and AISC guidance (excluding royalties and silver credits) of $900- $1,100/oz and $1,300-$1,450/oz respectively. Silver as a by-product is forecasted to be 100,000-200,000 ounces of production. Production is exp
Slide 11: EMAS ASP & Margin Analysis - Quarterly
EMAS ASP & Margin Analysis - Quarterly QoQ YoY Unit 2Q25 3Q25 4Q25 1Q26 2Q26 1Q26-2Q26 2Q25-2Q26 Gold Production oz n/a n/a n/a 1,818 15,594 758% n/a Sales oz n/a n/a n/a 516 6,439 1147% n/a ASP $/oz n/a n/a n/a 5,123 4,382 -14% n/a Au Royalty $/oz n/a n/a n/a 233 293 26% n/a Cash cost (incl. royalt
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