Merdeka Gold Resources: 3 Directors Resign After First Gold Pour

Merdeka Gold Resources Directors Resign Amid Production Ramp-Up

Jakarta – Three directors of Indonesian gold mining company PT Merdeka Gold Resources Tbk (EMAS) have submitted resignations, the company announced Wednesday, March 25, 2026. Albert Saputro, David Thomas Fowler, and Adi Adriansyah Sjoekri all tendered their resignations on March 18, 2026, pending approval at an upcoming shareholders’ meeting.

The resignations come shortly after EMAS achieved its first gold pour at the Pani Gold Mine in Pohuwato Regency, Gorontalo Province, on February 14, 2026, marking the commencement of commercial gold production. The initial dore bullion production was achieved through heap leaching followed by gold recovery via an Adsorption, Desorption and Recovery (ADR) facility, according to the company.

Merdeka Gold Resources, a subsidiary of PT Merdeka Copper Gold Tbk (MDKA), stated that the resignations will be formally effective upon shareholder approval at a forthcoming General Meeting of Shareholders (RUPS). The company disclosed the information in a filing to the Indonesia Stock Exchange (BEI).

As of Tuesday, March 17, 2026, EMAS shares were trading at Rp 9,500, with a market capitalization of Rp 132.64 trillion.

Separately, Merdeka Copper Gold is targeting gold production of up to 205,000 ounces in 2026, according to recent reports. Merdeka Gold Resources is also reportedly exploring a potential listing on the Hong Kong Stock Exchange, as indicated in filings earlier this month.