PT Merdeka Gold Resources Tbk (“MGR”) released its audited results for the three months ended 31 March 2026.\n\nRevenue and Earnings\n• The Group booked its first operating revenue of USD 2.64 million from domestic gold sales, alongside cost of revenue of USD 2.18 million, generating a gross profit of USD 0.46 million.\n\n• General and administrative expenses of USD 7.70 million and finance costs of USD 4.97 million drove an operating loss of USD 7.24 million and a loss before tax of USD 11.58 million. After a USD 0.65 million deferred tax benefit, the period closed with a net loss attributable to shareholders of USD 10.93 million (Q1 2025: USD 9.21 million loss).\n\nBalance Sheet Highlights\n• Total assets rose 9 % to USD 809.31 million, driven by a USD 43.14 million increase in property, plant and equipment to USD 360.34 million and a USD 20.87 million rise in inventories to USD 31.38 million.\n\n• Interest-bearing bank loans expanded to USD 325.50 million (31 December 2025: USD 260.40 million) following a USD 65 million drawdown from a syndicated revolving credit facility. Lease liabilities climbed to USD 41.41 million (31 December 2025: USD 29.19 million).\n\n• Total liabilities increased to USD 441.19 million (31 December 2025: USD 359.70 million), lifting the net-debt-to-equity ratio to 85.84 % (31 December 2025: 63.47 %).\n\n• Cash and banks stood at USD 48.41 million, up USD 3.10 million from year-end 2025, supported by USD 65 million of new bank borrowings during the quarter.\n\nCash Flow\n• Operating activities used USD 24.89 million, reflecting initial production ramp-up and administrative spend.\n\n• Investing cash outflows totaled USD 42.19 million, dominated by USD 41.25 million for property, plant and equipment and USD 0.93 million for mining properties.\n\n• Financing activities provided USD 70.05 million, mainly from the USD 65 million facility drawdown and USD 14.13 million in new lease financing.\n\nOperational Update\n• Mining properties capitalized reached USD 304.00 million after USD 0.96 million additions in the quarter.\n\n• Provision for mining rehabilitation decreased to USD 3.59 million following USD 1.21 million in assumption adjustments and USD 0.13 million utilization.\n\nPost-Reporting-Date Events\n• 10 April 2026: MGR secured a new USD 150.00 million syndicated revolving credit facility maturing April 2027. The full amount was drawn after quarter-end.\n\n• 22 May 2026: Subsidiary PBT repaid USD 80.00 million of its existing USD 350.00 million syndicated revolving credit facility.\n\n• 15 June 2026: Hong Kong Stock Exchange granted in-principle approval for a secondary listing of 89.67 million Hong Kong Depositary Receipts (HDRs). Trading commenced on 26 June 2026 under the stock short name “MERDEKAGOLD-DRS” and code 6228. The HDRs represent existing shares; no new equity was issued.\n\nRegulatory Updates\n• Management noted no material financial impact from recent amendments to Indonesia’s Mining Law (Law 2/2025), updated royalties under Government Regulation 19/2025, revised foreign exchange placement rules (GR 2/2026), or new export duty tariffs for gold under Minister of Finance Regulation 80/2025.\n\nOutlook\nMGR continues to finance mine development through syndicated facilities while ramping up production at its Pani Gold Project, targeting operational scale-up in the coming years.