Jakarta. Merdeka Copper Gold (MDKA) has outlined a stronger gold production outlook for 2026, banking on the ramp-up of the Pani Gold Mine and steady output from its flagship Tujuh Bukit operation, after posting resilient performance in a challenging commodity cycle.

President Director Albert Saputro said disciplined execution throughout 2025 has given the company “strong visibility” on production growth next year. MDKA is targeting total gold output of 180,000–205,000 ounces in 2026, subject to regulatory approval of its annual work plan and budget (RKAB).

The growth is expected to be driven by first production at the Pani Gold Mine and sustained performance at Tujuh Bukit. On the nickel front, operations under Merdeka Battery Materials (MBMA) are targeting 8–10 million wet metric tonnes (wmt) of saprolite and 20–25 million wmt of limonite, also pending RKAB approval, as the company looks to scale up operations, strengthen cash flow, and bolster earnings resilience.

“With the Pani Gold Mine nearing first production, continued solid performance at Tujuh Bukit, and the scaling up of our nickel business, Merdeka is well positioned to enter its next growth phase and create long-term value for shareholders and stakeholders,” Albert said in a statement on Tuesday.

MDKA reported unaudited revenue of $1.89 billion for 2025, supported by contributions from gold and its diversified operations, which helped offset weaker revenue from nickel and copper amid a tough commodity environment.

The Tujuh Bukit Gold Mine recorded gold production of 103,156 ounces in the 2025 financial year, underpinned by consistent mining performance, fleet optimization, and operational discipline. Gold sales reached 104,168 ounces, with an average selling price of $3,138 per ounce, up 32% year-on-year, boosting margins and cash flow.

At the Pani Gold Mine, operated by Merdeka Gold Resources (EMAS), commissioning activities were completed in the fourth quarter of 2025, including the start of mining, ore crushing, and stacking of crushed ore on the heap leach pad. Commissioning of the adsorption, desorption, and recovery (ADR) facility is also progressing as planned, positioning Pani for irrigation and first gold production in the first quarter of 2026.

Nickel operations at the Sulawesi Cahaya Mineral (SCM) mine delivered strong growth, with saprolite production reaching 7 million wmt, up 42% YoY, and limonite production at 14.7 million wmt, a 45% YoY increase in 2025.

Albert added that downstream processing facilities, including nickel pig iron (NPI), acid iron metal (AIM), and high-pressure acid leach (HPAL) projects, continue to advance according to plan. These developments are strengthening Merdeka’s integrated position in the battery materials value chain and supporting Indonesia’s role in the global energy transition.

Meanwhile, the Wetar Copper Mine produced 2,990 tonnes of copper in the fourth quarter of 2025 and 10,454 tonnes for the full year. Studies are ongoing to evaluate options to extend mine life and improve long-term copper recovery rates.

The Tujuh Bukit Copper Project, one of the world’s largest undeveloped copper-gold projects, also made progress on its feasibility studies in 2025, with advances in integrated mine planning, metallurgical programs, and processing optimization to support a long-term, integrated development pathway.