On June 30, MERDEKAGOLD-DRS declined 5.19% in regular trading, trading at HK$25.12 per share, with turnover of HK$9.09 million. The newly listed Indonesian gold miner faced continued selling pressure just two trading days after its IPO.

The company disclosed its fiscal Q1 results on June 29, reporting revenue of just USD 2.64 million for the three months ended March 31, with a net loss attributable to shareholders of USD 10.93 million and basic loss per share of USD 0.0007. Gross margin came in at approximately 17.4%, while general and administrative expenses surged to USD 7.70 million from USD 2.55 million a year earlier. Operating cash outflow widened to USD 24.89 million from USD 8.18 million in the prior-year period, reflecting heavy ongoing investment in its Pani gold mine project which only achieved first gold production in February.

The broader gold mining sector also experienced sharp declines, with Zijin Mining down 3.47%, Zijin Gold International down 6.29%, SD Gold down 5.05%, Lingbao Gold down 6.49%, and Zhaojin Mining down 5.99%, adding further headwinds to the stock.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)