New Stock News | PT Merdeka Gold Resources Tbk undergoes hearing at the Hong Kong Stock Exchange, holding Indonesia's largest native gold mine.

According to the Hong Kong Stock Exchange's disclosure on June 1st, PT Merdeka Gold Resources Tbk (MGR) went through a listing hearing on the main board of the Hong Kong Stock Exchange, with UBS and CITIC SEC as its joint sponsors. According to the prospectus, MGR is a gold mining company listed on the Indonesian Stock Exchange and is one of the top gold producers in Asia. With the Pani gold mine as its cornerstone, according to data from CRU, based on resource and reserve benchmarks, this project is Indonesia's largest native gold mine, and is expected to rank among the top two native gold mines in Asia by production volume by 2030. MGR is in a unique position due to its future resource potential supported by reserve base, the lowest average stripping ratio globally, and its ability to ramp up production rapidly to peak levels. The Pani gold mine uses low-cost open-pit mining operations. MGR is a subsidiary of MCG, an Indonesian mining group that has been listed on the Indonesian Stock Exchange since June 2015. MCG has a strong track record in developing and operating large low-cost mines, including the Tujuh Bukit gold mine in East Java. Additionally, MCG's additional track record includes operational experience obtained through Sulawesi Cahaya Mineral (SCM) mine, which is a subsidiary of PT Merdeka Battery Materials Tbk (MBM), a controlled subsidiary of MCG. SCM successfully increased its production capacity in the period of 2024-2025, proving MCG's ability to execute large-scale mining projects and manage operational capacity upgrades for different minerals. Furthermore, MGR indirectly receives support from two of Indonesia's most reputable investment groups - PT Provident Capital Indonesia (PCI) and PT Saratoga Investama Sedaya Tbk (SRTG) through MCG. These groups collectively have decades of experience in creating and developing multibillion-dollar publicly listed companies and have a deep understanding of Indonesia's regulatory, economic, and operational environment. MGR is a subsidiary of MCG. MCG is a holding company with a diversified portfolio of mining and processing subsidiary investments in gold, copper, and battery materials, including operators of the Tujuh Bukit gold mine in East Java and the Konawe SCM mine (a controlled subsidiary of MBM). Through these subsidiaries, MCG has established a strong track record in developing and operating efficient, low-cost mines, reflecting its expertise in mine development, operational optimization, technology, and sustainable resource management. The Pani gold mine, located in Gorontalo, is the core asset of MGR and achieved its first gold production in February 2026, with the first gold sales completed in March 2026. Under the company's mining license, the Pani gold mine holds a mining rights area of 135 hectares, located within a block of approximately 8,100 hectares in the Pani area, within a total mining rights area of 14,670 hectares for the Pani gold mine project. The Pani gold mine has mineral resources of 291.5 million tons, with a gold grade of 0.75 grams per ton of gold and a gold metal content of 7 million ounces (218.6 tons), and ore reserves of 203.1 million tons, with a gold grade of 0.79 grams per ton and a gold metal content of 5.2 million ounces (160.5 tons). According to CRU data, based on resource benchmarks, the Pani gold mine is Indonesia's largest native gold mine, ranking fifth/fourth in Asia in terms of gold resources and reserves. The Pani gold mine primarily produces gold dore bars, followed by silver dore bars as a by-product of its gold production. In the current increasingly constrained gold supply landscape, the Pani gold mine represents a rare combination of scale, grade, ore type, and operational simplicity. Benefiting from its average stripping ratio of 0.7:1 (one of the lowest globally), the Pani gold mine is currently being developed in two value-adding phases. This phased development strategy is expected to significantly increase processing capacity and recovery rates, enabling MGR to achieve an annual peak gold production of approximately 545 thousand ounces over an estimated 15-year mine service life. In addition to the current mineral resources and ore reserves, the Pani gold mine has significant further upside potential for expansion within the existing mining area. Feasibility studies and ongoing infill drilling programs are expected to increase gold resources further and support additional reserve conversion. From 2023 to 2025 alone, total resources increased from 6.9 million ounces of gold to 7 million ounces, and ore reserves increased from 51.5 million tons (metal content of 1.2 million ounces of gold (37.3 tons)) to 203.1 million tons (metal content of 5.2 million ounces of gold (160.5 tons)). Continuous exploration drilling is expected to continue this trend, with mineral resources and ore reserves expected to further increase. In terms of market opportunities, according to CRU data, Indonesia recorded approximately 1.2 million ounces of gold processing demand in 2025, accounting for about 1.8% of global processing demand, and expected to continue growing at a compound annual growth rate of about 1.2% to reach around 1.3 million ounces by 2030. Jewelry remains the dominant sector (historically accounting for over two-thirds of total consumption), with an average projected share of 54% of total demand in the coming years. It is worth noting that the electronics industry is becoming a key driver of growth, with Indonesia's expanding consumer electronics market expected to surpass coins as the third-largest end-use category. Financially, the MGR group has not yet achieved profitability and recorded losses during the historical period. In 2023, 2024, and 2025, MGR's revenues were $1.394 million, $1.75 million, and $0.132 million, with annual losses of approximately $6.837 million, $12.7 million, and $27.494 million.