PT Merdeka Gold Resources (EMAS) Q2 2026 earnings summary

Executive summary

• H1 2026 gold sales generated $30.9m revenue versus $83.8k a year earlier; operating profit was $2.9m, but the period ended with a $14.9m net loss.

• Results reflected a transition to substantial gold sales alongside higher financing costs and a $7.3m secondary-listing expense.

Financial highlights

• Revenue was $30.9m versus $83.8k YoY; cost of revenue was $17.4m versus $65.1k, producing gross profit of $13.5m versus $18.7k.

• Operating profit was $2.9m versus $2.9m operating loss; finance expenses were $12.5m versus $11.0m, and other net expenses were $5.9m versus $92.2k.

• Net loss was $14.9m versus $16.1m; income tax benefit was $5.0k versus $1.9m tax expense.

• Operating cash outflow was $25.6m versus $15.5m; investing outflow was $86.6m versus $71.2m, while financing provided $127.9m versus $47.2m.

Segment performance

• Operations were managed as one integrated segment covering mining support services, mining and processing; all reported H1 sales were in Indonesia.

• Gold sales to third parties were $30.9m; related-party revenue was $0, compared with $83.8k in H1 2025.