MDKA Q2 2026 Performance: Will Pani and Nickel Become the Growth Engines?

Gold prices worldwide briefly set an all-time record at US$5,595 per ounce in January 2026, before correcting to around the US$4,000 range by early August. 

Merdeka Copper Gold (MDKA) appears to have capitalized on that momentum quite well: the Q2 2026 report shows an average gold selling price of US$4,511 per ounce, well above the market price at the time of writing. 

The combination of high prices and continuously rising production pushed MDKA’s Q2 2026 revenue to US$775.6 million.

Key Takeaways

• MDKA’s Q2 2026 revenue reached US$775.6 million, supported by gold, copper, and nickel.
• Production at the Pani Gold Mine jumped from 1,818 ounces to 15,594 ounces quarter-on-quarter.
• MBMA’s nickel line grew double digits across almost all products, from saprolite to HGNM.

Q2 2026 Gold Sales: TB Gold Stable, Pani Surges

The gold segment remained MDKA’s largest revenue contributor. Total gold sales in Q2 2026 stood at 36,574 ounces, consisting of 30,135 ounces from the Tujuh Bukit Gold Mine (TB Gold) and 6,439 ounces from the Pani Gold Mine. At an average selling price of US$4,511 per ounce, this segment contributed US$165 million in revenue.

As usual, TB Gold remained the operational backbone. Its production was relatively flat at 24,567 ounces, but sales actually jumped 23% compared with the previous quarter to 30,135 ounces — driven more by inventory normalization than by a new production surge. 

Its cash cost also rose to US$1,743 per ounce, following the disappearance of the silver credits that had supported margins in Q1. 

Rikopedia Research notes that this increase in cash cost occurred due to the normalization of "exceptional silver credits" that had previously propped up first-quarter performance.

Read Also: Gold Price Plunges to Rp3 Million Amid Middle East Crisis: Here’s Why

What is particularly interesting is the Pani Gold Mine. Operated by PT Merdeka Gold Resources Tbk (EMAS), this mine only began production in February 2026, and in Q2 its output surged from 1,818 ounces to 15,594 ounces of gold — plus 29,796 ounces of silver, up from 3,496 ounces in the previous quarter. 

MDKA President Director Albert Saputro said Pani is “moving toward higher-volume production,” as reported by investortrust.id.

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Source: LinkedIn/Merdeka Copper Gold Tbk

Wetar Copper Becomes More Efficient, MBMA Nickel Grows Larger

At the Wetar Copper Mine, the story is not about large volumes but about efficiency. Copper production in Q2 2026 was recorded at 1,484 tonnes, with sales of 1,924 tonnes at an average price of US$5.83 per pound. 

What changed significantly was the cost: cash cost fell to US$2.27 per pound and all-in sustaining cost (AISC) improved to US$2.80 per pound, thanks to optimization of copper recovery from the heap leach pad — including bioleaching trials to boost recovery rates.

Meanwhile, the nickel line under PT Merdeka Battery Materials Tbk (MBMA) recorded more aggressive growth. Saprolite ore production surged 130% year-on-year, while limonite rose 87%. 

Read Also: Gold Price and XAUT/IDR Forecast: Outlook from January through 2026

Nickel pig iron (NPI) production grew 16% to 19,505 tonnes of nickel, while high-grade nickel matte (HGNM) reached 9,165 tonnes of nickel equivalent — its sales even rose 30% quarter-on-quarter to 10,457 tonnes.

MDKA’s nickel downstreaming is also branching out further. The AIM facility sold 383,177 tonnes of sulfuric acid, PT ESG New Energy Material produced 4,831 tonnes of nickel in the form of Mixed Hydroxide Precipitate (MHP), and PT Sulawesi Nickel Cobalt is targeting first MHP sales from its HPAL project in the second half of 2026. 

These three entities show that MBMA is not only mining but building a nickel production chain from upstream to downstream. 

MDKA stock price movement today. Source: TradingView

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Strong Cash Position and the TB Copper Project: MDKA’s Provisions for the Future

As of the end of June 2026, MDKA held cash and cash equivalents of US$683 million, plus undrawn loan facilities amounting to US$252.6 million. 

This liquidity position is important because the Company is currently funding two things at once: the ongoing Pani ramp-up, and the Tujuh Bukit Copper (TB Copper) project, which has officially entered the Feasibility Study stage with a dual underground and open-pit mining scheme.

MDKA also maintained its 2026 production guidance: TB Gold targeted at 80,000–90,000 ounces of gold, Pani at 100,000–115,000 ounces, Wetar copper at 4,000–5,000 tonnes, saprolite at 8–10 million wet metric tonnes, and limonite at 20–25 million wet metric tonnes. 

If these targets are achieved, the combination of the three commodities — gold, copper, and nickel — has the potential to continue driving MDKA’s revenue through the end of the year.

Read Also: Is Gold Crashing? Bearish Breakdown Accelerates Price Decline 

Conclusion: Have Pani and Nickel Truly Become the Growth Engines?

Based on the Q2 2026 data, the answer tends toward yes — but with a caveat. Pani did surge from a very small base, so the percentage jump naturally looks dramatic. 

MBMA also grew solidly, but its growth is supported by multiple entities at once (saprolite, limonite, NPI, HGNM, MHP), each of which carries its own operational risks.

What is clear is that MDKA’s Q2 2026 results show a pattern consistent with previous quarters: TB Gold as a stable cash foundation, Wetar as a cost-efficiency story, while Pani and MBMA serve as the two growth engines that will most determine the Company’s performance direction going forward.

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FAQ

What is MDKA? 

MDKA is the stock code of PT Merdeka Copper Gold Tbk, a mining issuer of gold, copper, and nickel listed on the Indonesia Stock Exchange.

Why was MDKA’s gold selling price higher than the current market price? 

Because the US$4,511 per ounce figure is the average throughout Q2 2026, while gold prices were much higher earlier in the year before correcting.

What is the Pani Gold Mine? 

Pani is MDKA’s new gold mine operated by PT Merdeka Gold Resources Tbk (EMAS). It began production in February 2026 and is currently in the ramp-up phase toward a target of 100,000–115,000 ounces in 2026.

What is TB Copper? 

TB Copper is MDKA’s new copper mining project at Tujuh Bukit that has now entered the Feasibility Study stage with both underground and open-pit mining schemes.