The Pani Gold Mine is one of the key assets of PT Merdeka Gold Resources Tbk (IDX: EMAS), part of the PT Merdeka Copper Gold Tbk Group (IDX: MDKA). The project holds large-scale gold production potential with a multi-decade mine life. With Gold Ore Reserves of 190.3 million tonnes containing approximately 4.8 million ounces of gold, Pani is set to become one of Indonesia’s largest primary gold mines.

Located in Hulawa Village, Pohuwato Regency, Gorontalo Province, Pani commenced mining activities on 1 October 2025. First gold was successfully poured in the first quarter of 2026.

Pani is designed as an open-pit mine and is being developed in phases. The initial development phase utilizes heap leach processing with an initial capacity of 8 million tonnes of ore per annum, increased from the original plan of 7 million tonnes, with further studies underway to expand capacity to 10 million tonnes per annum after 2026.

In the subsequent phase, MGR has reconfigured the development plan for the Carbon-in-Leach (CIL) facility, which is designed to commence operations in 2028 with a capacity of 12 million tonnes of ore per annum, significantly increased from the original design of 7.5 million tonnes  of ore. At full capacity, Pani has the potential to reach peak gold production of approximately 500,000 ounces per year.

Drawing on its proven experience operating the Tujuh Bukit Gold Mine in Banyuwangi, East Java, Merdeka is committed to unlocking the potential of Mount Pani—a historic gold-producing region since the 19th century—into a modern gold mine that delivers lasting value for Gorontalo and Indonesia.