PT Merdeka Gold Resources (EMAS) investor relations material

Executive summary

• Interim consolidated financial statements for the three months ended 31 March 2026 were audited and received an unqualified opinion, confirming fair presentation in accordance with Indonesian Financial Accounting Standards.

• The audit identified the assessment of impairment indications for mining properties as a key audit matter due to the significant balance and management judgment involved.

Financial highlights

• As of 31 March 2026, total assets were $809.3 million, up from $740.6 million at 31 December 2025.

• Total liabilities increased to $441.2 million from $359.7 million, while total equity decreased to $368.1 million from $380.9 million.

• Revenue for the three months ended 31 March 2026 was $2.64 million, with a net loss of $10.93 million, compared to a net loss of $9.21 million in the same period last year.

• Basic loss per share was $0.0007, compared to $0.0006 for the same period in 2025.

• Cash and banks increased to $48.4 million from $45.3 million at year-end 2025.

Outlook and guidance

• Management concluded there were no impairment indications for mining properties as of 31 March 2026, based on assessments of gold prices, reserves, permits, and operating costs.

• No significant financial impact is expected from recent amendments to mining laws and regulations.