PT Merdeka Gold Resources Tbk (Merdeka Gold) reported a 22.7% quarter-on-quarter increase in total liabilities to USD441.19 million as of 31 March 2026, up from USD359.70 million at 31 December 2025, according to an explanatory filing to the Indonesia Stock Exchange dated 29 June 2026.

The liability growth was driven primarily by two components:

1. Bank loans rose by USD65.09 million, reflecting funding drawn to finance production, processing and other operational expenditures following the start of commercial operations, as well as capital requirements for the Carbon-in-Leach (CIL) facility whose construction began in late 2025.

2. Finance lease liabilities expanded by USD12.22 million due to the acquisition of additional heavy equipment aimed at supporting higher mining activity.

Merdeka Gold submitted the disclosure in accordance with Indonesia Stock Exchange Regulation I-E, which mandates listed companies to explain any balance-sheet line item movements exceeding 20% on a quarterly basis.