Merdeka Gold Delivers Strong Q2 Production Ramp-Up as Pani Gold Mine Advances Toward Full-year Growth - TradingView

AI desk brief

PT Merdeka Gold reported a sharp Q2 production ramp at its Pani Gold Mine, with gold output jumping more than eightfold quarter-on-quarter to 15,594 oz and gold sales rising to 6,439 oz from 516 oz in Q1. Revenue increased to US$28.2 million in 2Q26 from US$2.6 million in 1Q26, while first-half revenue reached US$30.9 million versus just US$83,786 a year earlier as the mine moved into meaningful commercial sales. EBITDA turned positive at US$17.0 million in H1, supported by a gross margin of 44%.

Management said production should be weighted to H2 2026 as mining rates, stacking volumes and recoveries improve. The company is also advancing a larger CIL expansion: the CIL pad for tanks and pre-leach thickener was completed by end-June, with full pad completion targeted for end-December 2026 and commissioning expected in 2028. Merdeka says the broader Pani asset hosts 7.0 million oz of gold resources and has an estimated mine life of about 15 years.

For the gold market, this is a modest supply-side bearish signal at the margin as one of Indonesia’s larger development projects transitions into higher-volume production. The near-term impact on global pricing is limited, but continued ramp-up into H2 and eventual CIL commissioning could add to primary supply growth expectations if recoveries and throughput continue to improve. Watch for further production updates into year-end and any changes to the 2026–2028 growth trajectory.