PT Merdeka Gold Resources Tbk (“Merdeka Gold Resources”) released its 2026 Interim Report, unveiling a sharp operational pivot following the start-up of the Pani Gold Mine’s heap-leach operation in 1Q 2026.

Key Operating Highlights • First gold pour at Pani drove production of 17,412 oz in 1H 2026, supported by 3.10 Mt of ore mined and expanding leach-pad capacity. • Gold sales reached 6,955 oz at an average realised price of USD4,437/oz. • Maiden resource declared for the Kolokoa prospect: 42 Mt grading 0.33 g/t Au for 0.45 million oz (234 koz Indicated, 213 koz Inferred). • 4,761 m of drilling completed at the Lone Pine prospect; channel sampling (196 samples) undertaken across Kolokoa, Lone Pine and Ilota. • Carbon-in-Leach (CIL) plant progressing: basic engineering done, detailed design under way; construction contracts awarded to MCC16 and MCC-5, with tailings facility works advancing (1,758 personnel and 300 units of equipment mobilised).

Financial Performance (six months ended 30 June) • Revenue surged to USD30.86 million (1H 2025: USD0.08 million) on initial gold sales. • Gross profit reached USD13.46 million versus USD0.02 million a year earlier. • Net loss narrowed to USD14.88 million (1H 2025: USD16.05 million) despite USD7.28 million of one-off Hong Kong secondary-listing expenses. • Basic loss per share improved to USD0.0010 from USD0.0011.

Capital Expenditure & Cash Flow • Investing cash outflow totalled USD86.63 million, mainly for CIL plant, mining infrastructure and fleet expansion. • Financing inflows of USD127.93 million were driven by a USD215 million gross drawdown under bank facilities and USD14.13 million from new sale-and-leaseback agreements. • Net cash rose to USD62.14 million (31 Dec 2025: USD45.31 million).

Balance-Sheet Movements • Property, plant & equipment climbed to USD465.48 million (31 Dec 2025: USD317.20 million) on project development. • Inventories expanded to USD55.78 million, reflecting ore and finished-gold build-up. • Total assets grew 30% to USD964.33 million; however, higher capex and working-capital needs lifted net current liabilities to USD181.37 million. • Gross borrowings increased to USD395.15 million after securing a new USD150 million unsecured revolving credit facility (SOFR + 2%). • Net assets stood at USD361.57 million; treasury-share cancellation reduced share capital by USD13.74 million.

Post-Balance-Sheet Event On 23 July 2026 the Hong Kong over-allotment option was partially exercised for 3.04 million Hong Kong Depositary Receipts; trading commenced on 30 July 2026.

Outlook Merdeka Gold Resources plans to continue ramping up heap-leach throughput, advance CIL plant construction towards year-end completion, and sustain exploration drilling at Kolokoa, Lone Pine and deeper targets to underpin resource growth.