EMAS - Production Ramp Supports a Path to Profitability

KBVS Update
1 September 2026

EMAS: Production Ramp Supports a Path to Profitability
(Maintain BUY with TP IDR10,700/ sh)

■ 2Q26 revenue surged to USD28.2mn (vs. USD2.6mn in 1Q26), driven by gold production of 15.6koz (vs. 1.8koz) and sales of 6.4koz (~11.5x QoQ).

■ Gross margin 46.1%, EBITDA margin 65.2%; 2Q26 net loss of -USD3.9mn distorted by USD7.3mn one-off HK listing costs.

■ We raise FY26F production raised to 52k oz, gold sales volume to 36.4k oz, with silver sales commencing in 2H26F; FY26F revenue to USD167 mn; we expect EMAS to turn profitable at USD20 mn net profit in FY26F.

■ Maintain BUY, TP raised to IDR10,700/sh (from IDR7,400). Catalysts: production ramp-up, higher gold prices, CIL in FY28F. Risks: production delays, lower gold prices, higher royalties.

Regards,
Ashalia Fitri – KBVS Research Team