Jakarta. Merdeka Gold Resources (EMAS), a subsidiary of  miner Merdeka Copper Gold (MDKA), has confirmed it is exploring the possibility of listing its shares on the Hong Kong stock exchange, while stressing that discussions remain at a preliminary stage.

In a clarification filed with the Indonesia Stock Exchange (IDX) on Thursday, EMAS Corporate Secretary Adi Adriansyah Sjoekri said the company is still conducting an initial assessment of a potential Hong Kong initial public offering and has yet to finalize any concrete plans.

“As the process is still in its early stages, the company does not yet have detailed or definitive plans as reported, nor is there any material information that can be disclosed to the public at this time,” Adi said in the company's public disclosure on Thursday.

Adi added that EMAS is currently unable to provide further details regarding the objectives of a potential Hong Kong listing, its indicative timeline, or the possible impact on the company’s performance and long-term strategy. The company also stated it has no other material information or events that could affect its business continuity or share price.

The clarification follows a Bloomberg report, which said EMAS had appointed Citic Securities Co., Morgan Stanley, and UBS Group AG to advise on a possible Hong Kong share sale. EMAS did not confirm the appointment of advisers in its disclosure.

Hong Kong has emerged as an increasingly attractive destination for regional mining and resource companies seeking access to deeper pools of international capital. In 2023, Hong Kong Exchanges & Clearing Ltd. signed a cooperation agreement with the IDX to explore cross-border listings between the two markets, a move aimed at broadening investor access and improving market connectivity.

EMAS is the operator of the Pani Gold Mine in Pohuwato, Gorontalo province, on the island of Sulawesi. The project is the company’s flagship asset and is being developed using a heap leach processing method, with plans to add a carbon-in-leach (CIL) facility in a later phase. The company is targeting first gold production in the first quarter of 2026.