Pt Merdeka Battery Materials Tbk · IDX:MBMA
Pt Merdeka Battery Materials Tbk — Q1 2026 Earnings Presentation
26 slides from Pt Merdeka Battery Materials Tbk's earnings presentation, Jun 29, 2026
Slide 1: Merdeka Group 1Q 2026 Financial Results
MERDEKA GROUP 1Q 2026 Financial Results 29 June 2026 1Q 2026 - Financial Results Presentation
Slide 2: Disclaimer
DISCLAIMER This presentation has been prepared by PT Merdeka Copper Gold Tbk (“Merdeka” or “MDKA”), PT Merdeka Gold Resources Tbk (“EMAS”), and PT Merdeka Battery Materials Tbk (“MBMA”) consists of written materials/slides for a presentation concerning Merdeka. By reviewing/attending this presentati
Slide 3: 1Q 2026 Highlights
1Q 2026 Highlights Financials Project Update MDKA MBMA EMAS Pani Gold Mine EMAS successfully transitioned from pre-production phase to Revenue commercial production and achieved inaugural sales in 1Q 2026. Subsequent to the quarter, EMAS announced maiden MRE from $620m $455m $3m Kolokoa, increasing
Slide 4: Nickel Mining Operations
Nickel Mining Operations Ore Mined (million wmt) Ore Sales1 (million wmt) 143% +93% 9.6 1.8 7.6 7.7 7.2 6.7 6.0 2.0 2.3 2.4 1.9 4.3 2.0 3.7 3.5 3.2 7.8 1.5 1.2 1.3 1.3 5.6 5.4 4.8 4.7 4.0 2.5 2.8 1.8 2.1 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26 Limonite Saprolite Limonite Saprolite • In 1Q
Slide 5: Nickel Processing Operations
Nickel Processing Operations NPI Production (tonnes) NPI & LGNM Sales (tonnes) +23% +23% 19,819 21,008 19,990 21,008 19,819 19,991 16,297 16,748 16,748 16,297 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26 HGNM Production (tonnes) HGNM Sales (tonnes) +9% -19% 10,000 10,473 8,961 9,525 10,361 8,05
Slide 6: Nickel ASP and Margin Analysis (1Q 2026)
Nickel ASP and Margin Analysis (1Q 2026) Saprolite1 NPI ($/wmt) Margin: 14% ($/t) Margin: 29% 28.5 13,489 24.6 20.6 9,507 8,341 4.0 (4.0) 3,982 2 ASP Cash Margin Cash Cost Royalty Cash Cost ASP Cash Margin Cash Cost Implied Cash (incl. royalty) (incl. royalty) (excl. royalty) Cost 3 Limonite HGNM ($
Slide 7: Gold and Copper Operations
Gold and Copper Operations Gold Production (ounces) Gold Sales (ounces) TB Gold Pani TB Gold Pani 25,481 27,195 26,652 36,796 25,143 25,338 1,818 29,629 24,987 22,739 516 24,835 15,004 24,470 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26 Copper Production (tonnes) Copper Sales (tonnes) Copper We
Slide 8: Gold and Copper – ASP and Margin Analysis (1Q 2026)
Gold and Copper – ASP and Margin Analysis (1Q 2026) Gold - TB Gold Gold - Pani ($/oz) Margin: 86% ($/oz) Margin: 76% 4,841 5,123 1,135 685 978 (842) 1,202 969 4,156 3,921 (233) ASP Cash Margin Cash Cost Silver Credit Royalty Cash Cost (incl. royalty & (incl. royalty & (excl.royalty & ASP Cash Margin
Slide 9: Consolidated Group Revenue
Consolidated Group Revenue $ million Gold Copper NPI HGNM Nickel Ore +22% 3 595 2 11 65 97 490 2 19 29 32 124 135 208 189 30 28 106 136 1 1Q 2025 Gold Copper NPI HGNM Nickel Ore 1Q 2026 • Merdeka Group reported consolidated revenue of $620 million in 1Q 2026, representing a 24% YoY increase. The gro
Slide 10: Consolidated Group EBITDA
Consolidated Group EBITDA $ million Gold Copper NPI HGNM Nickel Ore Others +182% 250 10 2 40 48 24 25 40 67 89 14 8 34 19 2 27 5 89 55 (8) 1Q 2025 Gold Copper NPI HGNM Nickel Ore Others 1Q 2026 • Merdeka Group reported 182% YoY increase in consolidated EBITDA to $250 million for 1Q 2026, primarily d
Slide 11: 1Q 2026 Profit & Loss (100%)
1Q 2026 Profit & Loss (100%) $ million 250 (55) (35) (12) 120 (27) 57 (63) EBITDA D&A Finance Expense, Net Other Expense, Net Tax Expense Net Income Net Income - Net Income - Minority Interest Parent Entity Portion • Net finance expenses of $35 million mainly derived from $29 million in bonds intere
Slide 12: 1Q 2026 Cash Flow
1Q 2026 Cash Flow $ million • Pani Gold Mine ($42m) • TB Gold ($14m) • TB Copper ($3m) • Wetar ($0.4m) 662 • HPAL Investment ($34m) • SCM ($9m) • RKEF ($1m) • Others ($7m) 265 5 545 (1) (505) 355 (111) (51) (36) (37) (1) CFO: $157m CFI: ($111m) CFF: $145m 12 1Q 2026 - Financial Results Presentation
Slide 13: MDKA Consolidated Financial Statements (100%)
MDKA Consolidated Financial Statements (100%) In $ million 1Q 2025 1Q 2026 • Merdeka reported consolidated revenue of $620.3 million in 1Q Revenue 502.2 620.3 2026, representing a 24% YoY increase from $502.2 million. Cost of Revenue (exclusive of D&A) (400.0) (349.0) Mining (39.3) (97.1) • The incr
Slide 14: MBMA Consolidated Financial Statements (100%)
MBMA Consolidated Financial Statements (100%) In $ million 1Q 2025 1Q 2026 • MBMA reported revenue of $455.1 million in 1Q 2026, Revenue 366.1 455.1 representing a 24% YoY increase from $366.1 million in 1Q 2025. Cost of Revenue (exclusive of D&A) (327.9) (300.8) The increase was primarily driven by
Slide 15: EMAS Consolidated Financial Statements (100%)
EMAS Consolidated Financial Statements (100%) In $ million 1Q 2026 • During the quarter, EMAS reached an important operational milestone by Revenue 2.6 achieving its first gold pour and initiating gold sales. In 1Q 2026, Pani Cost of Revenue (exclusive of D&A) 4.4 produced 1,818 of gold, 3.5 koz of
Slide 16: Project Development
Project Development TB Copper Pani Gold Project HPAL Operations TB Copper advanced into the FS phase • In April 2026, initial drilling results from the • PT ESG produced 5,194 tNi of MHP in 1Q following completion of PFS: Kolokoa prospect indicate the presence of a 2026. The new FPP at SCM and slurr
Slide 17: Thank you
Thank you investor.relations@merdekacoppergold.com www.merdekacoppergold.com 1Q 2026 - Financial Results Presentation
Slide 18: 2026 Outlook
2026 Outlook TB Gold targets production of 80,000–90,000 ounces, with cash cost and AISC guidance (excluding royalties and silver credits) of $1,150-$1,250/oz and $1,900-$2,050/oz respectively. Silver as a by-product is forecasted to be 800,000-900,000 ounces of production. Pani is targeting gold pr
Slide 19: MDKA – ASP and Margin Analysis (Quarterly)
MDKA – ASP and Margin Analysis (Quarterly) QoQ YoY Unit 1Q25 2Q25 3Q25 4Q25 1Q26 4Q25-1Q26 1Q25-1Q26 Gold Production oz 25,481 25,143 25,338 27,195 24,835 -9% -3% Sales oz 36,796 22,739 29,629 15,004 24,470 63% -33% ASP $/oz 2,757 3,207 3,275 3,695 4,841 31% 76% Silver credit $/oz 333 225 291 162 1,
Slide 20: MBMA – ASP and Margin Analysis (Quarterly)
MBMA – ASP and Margin Analysis (Quarterly) QoQ YoY Unit 1Q25 2Q25 3Q25 4Q25 1Q26 4Q25-1Q26 1Q25-1Q26 Saprolite1 Production m wmt 1.3 1.2 2.0 2.4 2.3 -5% 72% Sales m wmt 1.3 1.5 2.0 1.8 1.9 6% 42% ASP $/wmt 25.8 25.0 24.8 27.0 28.5 6% 10% Cash costs (incl. royalty) $/wmt 24.6 24.0 23.3 24.0 24.5 2% 0
Slide 21: EMAS – ASP and Margin Analysis (Quarterly)
EMAS – ASP and Margin Analysis (Quarterly) QoQ YoY Unit 1Q25 2Q25 3Q25 4Q25 1Q26 4Q25-1Q26 1Q25-1Q26 Gold Production oz n/a n/a n/a n/a 1,818 n/a n/a Sales oz n/a n/a n/a n/a 516 n/a n/a ASP $/oz n/a n/a n/a n/a 5,123 n/a n/a Au Royalty $/oz n/a n/a n/a n/a 233 n/a n/a Cash cost (incl. royalty) $/oz
Slide 22: MDKA Consolidated Financial Statements (Quarterly)
MDKA Consolidated Financial Statements (Quarterly) In $ million QoQ YoY 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 4Q25-1Q26 1Q25-1Q26 Revenue 502.2 352.4 432.5 607.7 620.3 2% 24% Cost of Revenue (exclusive of D&A) (400.0) (252.7) (297.6) (505.0) (349.0) 31% 13% Mining (39.3) (36.8) (56.7) (60.7) (97.1
Slide 23: MBMA Consolidated Financial Statements (Quarterly)
MBMA Consolidated Financial Statements (Quarterly) QoQ YoY In $ million 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 4Q25-1Q26 1Q25-1Q26 Revenue 366.1 261.6 307.3 499.5 455.1 -9% 24% Cost of Revenue (exclusive of D&A) (327.9) (210.1) (234.0) (409.5) (300.8) 27% 8% Mining (42.7) (46.9) (68.3) (86.5) (77.9
Slide 24: EMAS Consolidated Financial Statements (Quarterly)
EMAS Consolidated Financial Statements (Quarterly) QoQ YoY In $ million 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 20261 4Q25-1Q26 1Q25-1Q26 Revenue - 0.1 0.0 0.0 2.6 n.m. n/a Cost of Revenue (exclusive of D&A) - (0.0) (0.0) (0.2) 4.4 n.m. n/a Mining - - - - (7.0) n/a n/a Processing - - - - (9.1) n/a n/a In
Slide 25: MDKA Loan Maturity Profile
MDKA Loan Maturity Profile Net Debt to EBITDA as of 31 March 2026 Debt Maturity Profile as of 31 March 2026 ($ million) in $ million MDKA IDR Bonds MDKA RCF BSI RCF MDKA IDR Bonds 646 EMAS RCF MBMA IDR Bonds MBMA IDR Sharia Bonds MDKA RCF 85 MBMA RCF BSI RCF 60 MBMA IDR Bonds 610 585 MBMA IDR Sharia
Slide 26: MBMA Loan Maturity Profile
MBMA Loan Maturity Profile Net Debt to EBITDA as of 31 March 2026 Debt Maturity Profile as of 31 March 2026 ($ million) in $ million MBMA IDR Bonds MBMA IDR Sharia Bonds MBMA RCF MBMA IDR Bonds 610 264 MBMA IDR Sharia Bonds 200 237 10 MBMA RCF / Term Loan 250 228 3 Total Debt 1,060 53 189 99 Cash an
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