MDKA- Advancing the Pani Gold Project in Indonesia

MDKA- Advancing the Pani Gold Project in Indonesia Key Study Highlights : The project targets peak gold production of 500,000 ounces annually, starting with heap leach processing and expanding with a CIL circuit. NPV8 (WACC 8%) ranges from US$1.85 to US$2.89 bn, with IRRs of 32% and 41%. AISC is estimated at US$872/oz, ensuring robust profitability. Initial expenditure is around USD250 mn, supported by completed on-site development work totaling USD114 mn. Financing is progressing for a planned late 2025 commissioning and and first gold pour in early 2026. (Source : Company) Comment : We view the news favorably as the projected NPV for MDKA, assuming a conservative estimate of USD1.85 bn for the Pani Project , stands at approximately USD1.3 bn, given MDKA's 70% stake in the project. This surpasses our EV/reserve valuation of US$445 million, potentially leading to a re-rating for MDKA.