Merdeka Gold Resources. Pani Gold Mine NAV Financial Model

Merdeka Gold Resources and Pani Gold Mine Financial Model

Evaluate the economics and valuation of PT Merdeka Gold Resources Tbk, listed as EMAS on the Indonesia Stock Exchange and through HDRs as 6228.HK on the Hong Kong Stock Exchange.

This institutional-style Excel model provides a detailed operating, financial, and valuation analysis of the Pani Gold Mine, one of Indonesia’s largest primary gold developments.

Built for investors, equity research analysts, investment bankers, and mining professionals, the model translates the project’s reserves, production schedule, operating costs, capital expenditure, royalties, and financing requirements into a fully integrated valuation framework.

What’s Included

• Detailed Pani Gold Mine operating model from 2026 to 2040
• Separate heap-leach and carbon-in-leach production schedules
• Gold and silver production, revenue, and royalty calculations
• Activity-based mining and processing cost build-up
• Development, sustaining, and closure capital expenditure
• Project free cash flow and discounted cash flow valuation
• Integrated income statement, balance sheet, and cash flow statement
• Debt drawdown, interest expense, and repayment schedules
• Corporate NAV bridge
• NAV per underlying share and per Hong Kong HDR
• Gold-price and discount-rate sensitivity analysis
• Break-even gold price analysis
• Ore reserve and mineral resource reconciliation
• Risked valuation of non-reserve resource optionality
• Model checks, source notes, and methodology disclosures

Key Model Outputs

The model includes analysis of:

• 5.2Moz of contained gold reserves
• 7.445Moz of resources including Kolokoa
• 4.585Moz of modelled life-of-mine gold production
• Production growth toward more than 500koz per year
• US$1.738bn of life-of-mine capital expenditure
• US$3.509bn of life-of-mine operating costs
• Project NPV, corporate NAV, and implied value per HDR
• Valuation sensitivity across multiple gold-price and discount-rate assumptions

Ideal For

• Public-equity and gold-mining investors
• Equity research and investment banking professionals
• Corporate finance and mining analysts
• CFA candidates and finance students
• Independent analysts preparing investment reports
• Investors evaluating EMAS or 6228.HK

File Format

Microsoft Excel workbook with integrated formulas, operating schedules, financial statements, valuation analysis, sensitivities, and model checks.

Important Notice

This model is provided for research and educational purposes only. It does not constitute investment advice, an offer to buy or sell securities, or a guarantee of future performance. Certain annual production, cost, capital expenditure, tax, and valuation assumptions are analyst estimates based on publicly available information. Buyers should perform their own due diligence before making investment decisions.