Saratoga Group’s Merdeka Gold Resources (EMAS) Schedules Extraordinary General Meeting: Strategic Plans and Stock Targets in Focus
On 10 December 2025, EMAS, a branch of MDKA and part of the Saratoga Group run by Boy Thohir, will hold a special shareholder meeting. The list of points is not public yet. Hints point to new moves at this gold mining firm.
Leadership Change May Shift the Plan
Hardi Wijaya Liong quit his role as Chief Commissioner. He sent his note on 3 November 2025. The firm did not share his reasons, which makes people watch the news.
Tom Malik, head of Communications, said the meeting will include a vote on Hardi’s exit. He added that some other key points will join the list.
The Firm Tests and Grows Its Mines
EMAS stays committed to its mining work, especially at the Pani project in Gorontalo. In the third quarter of 2025, tests cost nearly Rp 9.84 billion (about USD 0.6 million). PT Gorontalo Sejahtera Mining and PT Puncak Emas Tani Sejahtera run these tests under set deals with MDKA and Merdeka Teknik Servis.
The firm now looks at test drilling at the Kolokoa spot. They map the ground and take channel samples. The aim is to build resource estimates and get set for more mining.
Share Price and Market View
On the morning of 10 November 2025, EMAS shares rose 0.98% to Rp 4,110, with a market value near Rp 66.5 trillion. Analysts from Trimegah Sekuritas set a target price of Rp 5,800 per share. Their work uses a cash flow view that counts on a 16-year mine life (2026–2041) and a cost rate of 9.6%.
Models show a price-to-earnings ratio of 58.9 times for 2026, a mark higher than global peers by 333%. By 2029, the ratio may drop to near 11, a bit lower than that of local firms.
Output Rise and Money Forecasts
Trimegah expects the mine to start in early 2026 with an output of 79,000 ounces. Production may grow to about 500,000 ounces by 2033. The plan uses both heap leach and carbon-in-leach methods to work on high-grade and low-grade ores. Extensions to the CIL plant in 2029 and 2032 would speed up production.
Money plans hint at revenue growing from USD 293 million in 2026 to USD 1.27 billion in 2029. EBITDA might climb from USD 180 million to USD 806 million, a jump near 61% per year. Net profit may rise from USD 97 million to USD 519 million, an increase of 42% each year.
Gold Price Effects
EMAS’s net income may shift by about ±2.5% for every ±1% change in gold price. This shows a close link between market gold and the firm’s profit.
What Comes Next
The special meeting on 10 December 2025 may set the firm’s future amid leadership changes and more mining tests. Even though the full list is private, investors and partners will watch the news that may affect mining, growth, and share value.
With its steady testing and plans for growth, EMAS aims to grow in Indonesia’s gold scene and draw in more support.
—
📝 About This Article
This article was generated by Hivebox AI in collaboration with AuCan Gold.
—
⚠️ Disclaimer
This content is for informational purposes only and does not constitute financial or investment advice.
Please consult with a qualified financial advisor before making any decisions related to investments, markets, or assets.
—
Note on Accuracy & Liability
While we strive to provide accurate and up-to-date information, neither Hivebox AI nor AuCan Gold guarantees completeness, reliability, or suitability.
Use this content at your own risk. Neither party assumes liability for any losses you may incur.
—
Thank you for reading.
