【New Stock IPO】Indonesia's MGR Files Application　Gold Price Adjustment Does Not Hinder Listing Progress　Capturing First-Mover Advantage Among Indonesian Enterprises Coming to Hong Kong

Gold prices recently experienced a sharp decline, but it hasn’t stopped gold mining companies from planning to go public! The Indonesian-listed gold mining company MGR has submitted a secondary listing application to the Hong Kong Stock Exchange. If successful, it will become the second Indonesian company to list in Hong Kong, serving as a “pioneer.”

Secondary Listing in Hong Kong Is a Strategic Move

In November 2023, the Hong Kong Stock Exchange included the Indonesia Stock Exchange in its list of recognized stock exchanges, allowing companies listed on the main board to pursue a secondary listing in Hong Kong.

MGR disclosed in its documents that listing in Hong Kong is a strategic move aimed at strengthening its access to international capital markets, expanding its global investor base, and further enhancing its image among institutional investors. The company believes that, under applicable regulatory requirements and market conditions, Hong Kong will support its long-term development goals, positioning MGR as a gateway platform for international investors seeking to invest in Indonesia’s gold industry.

Indonesia’s Largest Native Gold Mine

Preliminary IPO documents cite data from research firm CRU, indicating that based on resource and reserve estimates, the Pani Gold Mine project is Indonesia’s largest native gold mine. It is expected to rank among Asia’s top two native gold mines by 2030 in terms of production.

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Pani Gold Mine is MGR’s flagship asset, located in Gorontalo, Indonesia. According to its mining license, the project covers a total area of 14,670 hectares, with the Pani Gold Mine occupying 135 hectares within the Pani block. It has mineral resources of 291 million tons, with 0.75 grams of gold per ton of ore, totaling 7 million ounces (218.6 tons). The ore reserves amount to 203 million tons, with 0.79 grams of gold per ton, totaling 5.2 million ounces (160.5 tons).

The company plans to achieve its first gold production in February 2026 and to complete its first gold sale in March 2026. With the operation of its cyanide leaching facilities, the output of the Pani Gold Mine is expected to increase significantly by 2028. The peak gold production is estimated to reach approximately 5,450 ounces in 2031.

Since gold production has not yet started last year, all previous revenue came from leasing heavy equipment from MMI. As of the end of last year, revenue was USD 132,000, a 92.46% decrease year-over-year; net loss was USD 27.33 million, compared to USD 13.32 million loss in 2024.

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