Jakarta.  Merdeka Gold Resources President Director Boyke Poerbaya Abidin said investors remain confident in the company’s long-term outlook, even though its flagship Pani Gold Project in Gorontalo will only begin production in the first quarter of 2026.

“Investors are not looking at today, but at the next five years,” Boyke said after the company’s listing on the Indonesia Stock Exchange (IDX) on Tuesday. “Even if the company is still recording losses now, the focus is on how we can deliver value over time.”

The Pani mine is projected to be a long-life, low-cost producer with peak annual output of up to 500,000 ounces of gold and resource potential estimated at 7 million ounces.

Despite the delayed production, EMAS shares soared 25 percent on debut to hit the upper trading limit, closing at Rp 3,600 per share. The company raised Rp 4.66 trillion from its IPO after offering 1.61 billion shares, or 10 percent of its paid-up capital.

The proceeds will be used to strengthen subsidiaries’ working capital and to reduce debt to parent company Merdeka Copper Gold (MDKA). Boyke stressed the IPO was not merely ceremonial but a commitment to deliver value for shareholders, communities, and to position EMAS as a future icon of Indonesian mining.

Still, the company faces steep financial hurdles. EMAS has booked net losses since 2022, including $12.7 million in 2024 and $9.2 million in the first quarter of 2025, nearly double the year-earlier deficit. Its total liabilities reached $280 million as of March 31, with $77.9 million in short-term debt.

Around Rp 3.88 trillion of the IPO proceeds will go toward repaying MDKA loans under a financing deal first signed in 2022 and revised this August. EMAS still owed Rp 4.2 trillion to its parent as of Sept. 10. The company also plans to allocate $20 million to Pani Bersama Tambang for raw material purchases and staffing, and another $20 million to Puncak Emas Tani Sejahtera.

EMAS is the 23rd company to list on the IDX this year, following 22 listings that collectively raised Rp 10.4 trillion through early September, exchange data show.