PT Merdeka Gold Resources Tbk

Name: PT Merdeka Gold Resources Tbk financial statements and ratios
Creator: Annalist

EMAS · IDX · Materials, gold mining · Indonesia · SAK · Fiscal year ends December

Latest report: FY2025, the fiscal year ended 31 December 2025, its statements approved by the board on 11 March 2026. Snapshot FY2025_89c79cba.

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Overview

Revenue, fiscal year

−92.5% year on year

Operating profit, fiscal year

n.m. year on year

Net income, fiscal year

n.m. year on year

Diluted EPS, fiscal year

n/a

Operating margin, fiscal year

−7,273.0pp year on year

Return on equity, fiscal year

Select a figure to see the document it came from.

Key Findings

Findings for the latest fiscal year, with their history over earlier years.

Revenue for the fiscal year ended 31 December 2025 was US$131,964, 92.5% lower than in the previous fiscal year.
Newin FY2025 · first stated
Rule: Revenue against the previous fiscal year · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 NewRevenue for the fiscal year ended 31 December 2025 was US$131,964, 92.5% lower than in the previous fiscal year.Recorded from FY2025_89661911 · data update
2. FY2025 RetiredThe finding changed to lower than a year earlier.Recorded from FY2025_89661911 · data update
3. FY2024 NewRevenue for the fiscal year ended 31 December 2024 was US$2 million.Reconstructed · initial
The company reported a net loss of US$27 million for fiscal 2025, against a net loss of US$13 million in the previous fiscal year.
Strengthenedin FY2025 · stated since FY2024
Rule: Net income against the previous fiscal year · Sources Annual report 2025-12
History of this finding, 2 records
1. FY2025 StrengthenedThe company reported a net loss of US$27 million for fiscal 2025, against a net loss of US$13 million in the previous fiscal year.Recorded from FY2025_89661911 · data update
2. FY2024 NewThe company reported a net loss of US$13 million for fiscal 2024.Reconstructed · initial
The operating margin for fiscal 2025 was -7,298.7%, 7,273.0 percentage points lower than a year earlier.
Newin FY2025 · first stated
Rule: Operating margin against a year earlier · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 NewThe operating margin for fiscal 2025 was -7,298.7%, 7,273.0 percentage points lower than a year earlier.Recorded from FY2025_89c79cba · correction
2. FY2025 RetiredThe finding changed to lower than a year earlier.Recorded from FY2025_89c79cba · correction
3. FY2024 NewThe operating margin for fiscal 2024 was -25.7%.Reconstructed · initial
Return on equity for fiscal 2025 was -8.4%.
Newin FY2025 · first stated
Rule: Return on equity against a year earlier · Sources Annual report 2025-12
History of this finding, 1 record
1. FY2025 NewReturn on equity for fiscal 2025 was -8.4%.Recorded from FY2025_89661911 · initial
Operating cash flow for fiscal 2025 was an outflow of US$19 million, and free cash flow after purchases of property, plant and equipment an outflow of US$171 million.
Interpretation. The company spent more on capital expenditure than its operating cash flow, and paid the difference from cash, borrowing or asset sales.
Confirmedin FY2025 · stated since FY2024
Rule: Free cash flow · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 ConfirmedOperating cash flow for fiscal 2025 was an outflow of US$19 million, and free cash flow after purchases of property, plant and equipment an outflow of US$171 million.Recorded from FY2025_89c79cba · wording
2. FY2025 StrengthenedPurchases of property, plant and equipment exceeded operating cash flow by US$171 million in fiscal 2025.Recorded from FY2025_89661911 · data update
3. FY2024 NewPurchases of property, plant and equipment exceeded operating cash flow by US$98 million in fiscal 2024.Reconstructed · initial
Net debt was US$244 million at 31 December 2025.
Strengthenedin FY2025 · stated since FY2024
Rule: Net debt or net cash · Sources Annual report 2025-12
History of this finding, 2 records
1. FY2025 StrengthenedNet debt was US$244 million at 31 December 2025.Recorded from FY2025_89c79cba · correction
2. FY2024 NewNet debt was US$133 million at 31 December 2024.Reconstructed · initial

Records before FY2025 are reconstructed from the latest snapshot. Ledger: findings.json. Correction of 28 October 2026: Annalist did not capture the operating loss of Merdeka Gold ("Rugi usaha") and its cash ("Kas dan bank"), and left out its loan from a related party of US$174 million at 31 December 2024. Records 10 to 16 state the findings that the corrected figures give, among them net debt of US$244 million at 31 December 2025; records 10 to 12 are reconstructed from the corrected snapshot.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents1 document, latest Annual report for the year to 31 December 2025List

DownloadsExcel workbook · JSON

SnapshotFY2025_89c79cba

Corporate Events

Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.

Earnings, Returns and Balance Sheet

Revenue

By fiscal year, US dollars

Operating Profit

By fiscal year, US dollars

Profit Attributable to Owners of the Parent

By fiscal year, US dollars

Margins

By fiscal year, per cent

Returns

By fiscal year, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by fiscal year, US dollars

Net Debt

Total debt less cash and short-term investments, at fiscal year end, US dollars

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

FY2025

Annual report for the year to 31 December 2025. Changes are against the previous report, and each figure shows its period.

0changes2thresholds crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 2

ConfirmedFree Cash Flow
Operating cash flow for fiscal 2025 was an outflow of US$19 million, and free cash flow after purchases of property, plant and equipment an outflow of US$171 million.
Interpretation. The company spent more on capital expenditure than its operating cash flow, and paid the difference from cash, borrowing or asset sales.
StrengthenedLiquidity Cover
Cash, short-term investments and operating cash flow for fiscal 2025 equalled 0.2 times the sum of debt due within 12 months, capital expenditure and dividends.
Interpretation. Cash on hand and 1 year of operating cash flow fall short of the debt due in the next 12 months, capital expenditure and dividends. The company pays the difference with new borrowing, its undrawn credit lines, asset sales or lower spending.

Fiscal years, with balances at each fiscal year end. Select a value for its formula and the figures it uses.

Credit MetricsLease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

By Fiscal Year

Ratio	FY202431 Dec 2024	FY202531 Dec 2025
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt: borrowings + lease liabilities, or the lines that present them together; IFRS 16 puts every lease on the balance sheet
Operating cash flow to debtOperating cash flow after interest paid, as a share of debt with lease liabilities. A higher share means the debt could be repaid sooner from operating cash.Operating cash flow after interest paid / lease-adjusted debt; interest paid that the company classifies as financing activities is deducted
Free operating cash flow to debtOperating cash flow less capital spending, as a share of lease-adjusted debt: the cash left for the debt after the company maintains and expands its assets.(Operating cash flow after interest paid - capital expenditure) / lease-adjusted debt
Discretionary cash flow to debtCash left after capital spending, dividends and share repurchases, as a share of lease-adjusted debt. A negative figure means the company paid out more than it generated.(Operating cash flow after interest paid - capital expenditure - dividends - purchases of own shares) / lease-adjusted debt
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt

Reconciliation of the Credit Figures

Item	FY202431 Dec 2024	FY202531 Dec 2025
Borrowings	$178m	$260m
Lease liabilities	$22.4m	$29.2m
Borrowings and lease liabilities presented as one line	$0	$0
Lease-adjusted debt	$200m	$290m

Method

Total debt is borrowings and lease liabilities, current and non-current, before the deduction of cash. Under IFRS 16 every lease is on the balance sheet, depreciation includes that of right-of-use assets and finance costs include the interest on lease liabilities, so no lease cost or lease interest is added.
Adjusted EBITDA adds share-based payments, and the impairment that the company reports with depreciation and amortisation, to EBIT and depreciation and amortisation. FFO deducts cash interest and cash taxes.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesUses above sourcesLiquidity cover 0.16x, Debt due within 12 months $10.6m · FY2025

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash, short-term investments and operating cash flow for fiscal 2025 equalled 0.2 times the sum of debt due within 12 months, capital expenditure and dividends.
Interpretation. Cash on hand and 1 year of operating cash flow fall short of the debt due in the next 12 months, capital expenditure and dividends. The company pays the difference with new borrowing, its undrawn credit lines, asset sales or lower spending.
Strengthenedin FY2025 · stated since FY20240.16x from 0.62x in FY2024
Rule: Liquidity cover · Sources Annual report 2025-12
History of this finding, 2 records
1. FY2025 StrengthenedCash, short-term investments and operating cash flow for fiscal 2025 equalled 0.2 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2025_89c79cba · correction
2. FY2024 NewCash, short-term investments and operating cash flow for fiscal 2024 equalled 0.6 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · initial

Sources and Uses, Fiscal 2025

Sources	Amount
Cash and short-term investments	$45.3m
Operating cash flow	−$19.1m
Sources	$26.2m

Uses	Amount
Debt due within 12 months	$10.6m
Capital expenditure	$152m
Dividends paid	$0
Uses	$163m

Liquidity cover 0.16x

By Fiscal Year

Ratio	FY202431 Dec 2024	FY202531 Dec 2025
Liquidity coverCash on hand plus a year of operating cash flow, against the cash needed in the next 12 months for maturing debt, capital spending and dividends. Above 1, these sources cover the uses without new borrowing.(Cash + short-term investments + operating cash flow) / (debt due within 12 months + capital expenditure + dividends); the flows of the fiscal year or of the last 4 quarters are taken as those of the next 12 months, and undrawn facilities are not included
Debt due within 12 monthsBorrowings and lease liabilities due within the next 12 months, which the company must repay or refinance.Current borrowings + current lease liabilities, or the current line that presents them together

Method

Debt due within 12 months is current borrowings and current lease liabilities.
Capital expenditure and dividends of the fiscal year are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −1.3% · FY2025

Accruals and the cash backing of reported earnings.

Operating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 1.3% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Newin FY2025 · first stated
Rule: Cash backing of earnings · Sources Annual report 2025-12
History of this finding, 1 record
1. FY2025 NewOperating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 1.3% of average total assets.Recorded from FY2025_89661911 · initial

By Fiscal Year

Ratio	FY202531 Dec 2025
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresPublished distress and misstatement models, with their original coefficients and thresholds.

Published distress and misstatement models, with their original coefficients and thresholds.

These ratios have no value for the figures of this company.

Source Documents

Documents of this snapshot, latest first. A report that states no date of publication carries the date on which its board approved the statements.

Document	Date	Id	SHA-256
Annual report for the year to 31 December 2025	11 Mar 2026, the date on which the board approved the statements	AR:merdeka-gold-2025-12-31	9ee05f0df7e7

Checks

6767 checks, all passed

Statement arithmetic56 passedIn every annual report used, the lines of each statement add up to the totals printed under them, profit before tax less income tax gives the profit, the balance sheet balances, and the cash at the end of each year is the cash at its start with its change. A report that fails one is not used. Checked at error level.

Fiscal calendar3 passedFiscal years last 350 to 380 days, and each starts on the day after the one before. Checked at error level.

Coverage2 passedThe latest fiscal year gives total assets and a profit figure. Checked at error level.

Balance sheet identity2 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Gross profit2 passedRevenue less cost of sales equals the gross profit that the company presents. A gross profit that differs is withheld, and so is a cost of sales that the company gives without gross profit. Checked at warning level.

Earnings per share2 passedProfit divided by earnings per share gives a number of shares in line with the other years. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	76
Confirmed by other figures	15.8%, 12 values
Confirmed by a second document	0.0%, 0 values
Derived from reported figures	0.0%, 0 values
Values withheld	0
Restated figures tracked	0
Changes compared on one basis	0
Company lines mapped	0 of 0 reviewed

Citation

Annalist, PT Merdeka Gold Resources Tbk, snapshot merdeka-gold/FY2025_89c79cba (as of FY2025); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2025_89c79cba · dataset SHA-256 89c79cba793f78e0a2d25618d1f5316216a5fa3cc0cb97e824ba608318dc6a6f · findings rules 0.4

Data: info.json · dataset.json · validation.json · documents.json