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PT Merdeka Copper Gold Tbk
Treasury Tower Lantai 67 – 68, District 8 SCBD Lot 28
Jl. Jend Sudirman Kav 52-53, Senayan, Kebayoran Baru
Jakarta Selatan 12190, DKI Jakarta, Indonesia
Phone: +62 21 3952 5580
Fax: +62 21 3952 5589
www.merdekacoppergold.com
10th October 2023
Exploration Report for Period Ending 30 September 2023
Activities Summary
PT Merdeka Copper Gold Tbk (IDX: MDKA) (“Merdeka” or the “Company”) continued its
exploration activities during the quarter ending on 30 September 2023 (“Q3”) across three
locations in Indonesia (Tujuh Bukit in East Java, Wetar Island in Southwest Maluku and Pani in
Gorontalo), as shown in Figure 1 below.
At Tujuh Bukit, our primary focus lies on copper-gold and gold-silver resources, while at Wetar,
our focus is on copper resources, and at Pani, our focus is gold resources.
The total spending on exploration by Merdeka in Q3 is approximately IDR312.5 billion (equivalent
to approximately US$20 million).
Figure 1: Merdeka Exploration Project Locations
PT Merdeka Copper Gold Tbk (IDX: MDKA) Page 1 of 12
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PT Merdeka Copper Gold Tbk
Treasury Tower Lantai 67 – 68, District 8 SCBD Lot 28
Jl. Jend Sudirman Kav 52-53, Senayan, Kebayoran Baru
Jakarta Selatan 12190, DKI Jakarta, Indonesia
Phone: +62 21 3952 5580
Fax: +62 21 3952 5589
www.merdekacoppergold.com
Copper and Gold: Tujuh Bukit Project
A. Expenditure:
The total exploration expenditure for the Tujuh Bukit copper and gold in Q3 is IDR143.3 billion
consisting of decline maintenance, underground resource definition drilling, and associated
test work.
B. Area:
Tujuh Bukit copper and gold resource, Banyuwangi, East Java.
C. Exploration Party:
All work was completed through a contracting agreement between Merdeka and PT Merdeka
Mining Servis.
D. Assessment Method:
Drilling from underground and surface with associated test work.
E. Election of Assessment Area:
The selected area for the current drilling program is an area of the Tujuh Bukit porphyry
deposit that contains the largest zone of high-grade drilling results for copper and gold to date
and is well positioned for drilling from the current decline location.
F. Results of Exploration:
Eight underground drill rigs conducted resource definition drilling totalling 9,917.8 metres as
shown in Table 1.
G. Action Plan:
Diamond drilling will continue with seven underground diamond drill rigs.
Table 1: Tujuh Bukit Project drilling statistics for Q3
Hole ID From (m) To (m) Interval (m) Comments
UHGZ-23-138W 785.8 952.9 167.1 UG
UHGZ-23-141 942.6 942.6 0 UG
UHGZ-23-142 575.4 1096.7 521.3 UG
UHGZ-23-143A 0 885.3 885.3 UG
UHGZ-23-143W 411.8 411.8 0 UG
PT Merdeka Copper Gold Tbk (IDX: MDKA) Page 2 of 12
Page 3
PT Merdeka Copper Gold Tbk
Treasury Tower Lantai 67 – 68, District 8 SCBD Lot 28
Jl. Jend Sudirman Kav 52-53, Senayan, Kebayoran Baru
Jakarta Selatan 12190, DKI Jakarta, Indonesia
Phone: +62 21 3952 5580
Fax: +62 21 3952 5589
www.merdekacoppergold.com
Hole ID From (m) To (m) Interval (m) Comments
UHGZ-23-144 592.5 832.2 239.7 UG
UHGZ-23-145 455 462.6 7.6 UG
UHGZ-23-145W 457.5 470.4 12.9 UG
UHGZ-23-146 0 1067.1 1067.1 UG
UHGZ-23-147 0 241.8 241.8 UG
UHGZ-23-148 0 1089.3 1089.3 UG
UHGZ-23-149 0 691.4 691.4 UG
UHGZ-23-150 0 931.3 931.3 UG
UHGZ-23-151 0 1005.5 1005.5 UG
UHGZ-23-152 0 874 874 UG
UHGZ-23-153 0 794 794 UG
UHGZ-23-154 0 569.5 569.5 UG
UHGZ-23-155 0 10.2 10.2 UG
UHGZ-23-156 0 487.4 487.4 UG
UHGZ-23-157 0 6.3 6.3 UG
UHGZ-23-158 0 135.5 135.5 UG
UHGZ-23-159 0 180.6 180.6 UG
PT Merdeka Copper Gold Tbk (IDX: MDKA) Page 3 of 12
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PT Merdeka Copper Gold Tbk
Treasury Tower Lantai 67 – 68, District 8 SCBD Lot 28
Jl. Jend Sudirman Kav 52-53, Senayan, Kebayoran Baru
Jakarta Selatan 12190, DKI Jakarta, Indonesia
Phone: +62 21 3952 5580
Fax: +62 21 3952 5589
www.merdekacoppergold.com
Figure 2: Tujuh Bukit Project, underground drill holes for Q3
Gold and Silver: Tujuh Bukit Project
A. Expenditure:
The total exploration expenditure for the Tujuh Bukit gold and silver project in Q3 is IDR55.7
billion consisting of life of mine resource definition drilling and regional exploration work.
B. Area:
Tujuh Bukit gold and silver project, Banyuwangi, East Java.
C. Exploration Party:
All work was completed through a contracting agreement between Merdeka and PT Merdeka
Mining Servis.
PT Merdeka Copper Gold Tbk (IDX: MDKA) Page 4 of 12
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PT Merdeka Copper Gold Tbk
Treasury Tower Lantai 67 – 68, District 8 SCBD Lot 28
Jl. Jend Sudirman Kav 52-53, Senayan, Kebayoran Baru
Jakarta Selatan 12190, DKI Jakarta, Indonesia
Phone: +62 21 3952 5580
Fax: +62 21 3952 5589
www.merdekacoppergold.com
D. Assessment Method:
Drilling from surface, regional mapping, sampling and geophysical surveys.
E. Election of Assessment Area:
The areas were selected for the life of mine drilling programs and for the regional work as
they are near the current pits and with anomalous geochemical results.
F. Results of Exploration:
One Reverse Circulation (RC) rig and 8 Diamond Drill (DD) rigs conducted drilling with a total
of 15,343.8 metres drilled.
G. Action Plan:
Life of Mine drilling will continue using 10 DD rigs and 1 RC rig for resource definition,
sterilisation and exploration.
Table 2: Tujuh Bukit surface drilling project statistics for Q3
Hole ID From (m) To (m) Interval (m) Comments
GTR-23-652 0 200 200 Surface
GTR-23-655 0 150 150 Surface
GTR-23-656 0 150 150 Surface
GTR-23-657 0 150 150 Surface
GTR-23-651 0 200 200 Surface
GTR-23-658 0 200 200 Surface
GTR-23-659 0 150 150 Surface
GTR-23-660 0 200 200 Surface
GTR-23-661 0 200 200 Surface
GTR-23-662 0 132 132 Surface
GTD-23-759 0 418 418 Surface
GTD-23-764 0 330.7 330.7 Surface
GTD-23-766 0 404.7 404.7 Surface
GTD-23-768 0 214.8 214.8 Surface
GTD-23-752 464.6 492.5 27.9 Surface
GTD-23-753 164.7 354.1 189.4 Surface
GTD-23-754 109.5 381 271.5 Surface
GTR-23-634 0 300 300 Surface
GTR-23-643 150 150 0 Surface
GTD-23-755 0 400 400 Surface
PT Merdeka Copper Gold Tbk (IDX: MDKA) Page 5 of 12
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PT Merdeka Copper Gold Tbk
Treasury Tower Lantai 67 – 68, District 8 SCBD Lot 28
Jl. Jend Sudirman Kav 52-53, Senayan, Kebayoran Baru
Jakarta Selatan 12190, DKI Jakarta, Indonesia
Phone: +62 21 3952 5580
Fax: +62 21 3952 5589
www.merdekacoppergold.com
Hole ID From (m) To (m) Interval (m) Comments
GTD-23-756 0 164.3 164.3 Surface
GTD-23-757 0 351.2 351.2 Surface
GTD-23-758 0 120.4 120.4 Surface
GTD-23-760 0 543.9 543.9 Surface
GTD-23-761 0 120 120 Surface
GTD-23-762 0 275.1 275.1 Surface
GTD-23-763 0 126.8 126.8 Surface
GTD-23-765 0 351.5 351.5 Surface
GTD-23-767 0 121.8 121.8 Surface
GTD-23-769 0 155.7 155.7 Surface
GTR-23-663 0 312 312 Surface
GTR-23-664 0 330 330 Surface
GTR-23-665 0 238 238 Surface
GTR-23-666 0 360 360 Surface
GTR-23-667 0 372 372 Surface
GTR-23-668 0 300 300 Surface
GTR-23-669 0 300 300 Surface
GTR-23-670 0 288 288 Surface
GTR-23-671 0 280 280 Surface
GTR-23-672 0 180 180 Surface
GTR-23-673 0 160 160 Surface
GTR-23-675 0 350 350 Surface
GTR-23-676 0 350 350 Surface
GTR-23-677 0 350 350 Surface
GTR-23-678 0 354 354 Surface
GTR-23-679 0 350 350 Surface
GTR-23-680 0 350 350 Surface
GTR-23-681 0 383 383 Surface
GTR-23-682 0 192 192 Surface
GTR-23-644 0 340 340 Surface
GTR-23-645 0 315 315 Surface
GTR-23-646 0 230 230 Surface
GTR-23-647 0 220 220 Surface
GTR-23-648 0 260 260 Surface
GTR-23-649 0 200 200 Surface
GTR-23-650 0 270 270 Surface
GTR-23-653 0 230 230 Surface
GTR-23-654 0 282 282 Surface
PT Merdeka Copper Gold Tbk (IDX: MDKA) Page 6 of 12
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PT Merdeka Copper Gold Tbk
Treasury Tower Lantai 67 – 68, District 8 SCBD Lot 28
Jl. Jend Sudirman Kav 52-53, Senayan, Kebayoran Baru
Jakarta Selatan 12190, DKI Jakarta, Indonesia
Phone: +62 21 3952 5580
Fax: +62 21 3952 5589
www.merdekacoppergold.com
Hole ID From (m) To (m) Interval (m) Comments
GMD-23-001 0 150 150 Surface
GMD-23-002 0 122.2 122.2 Surface
GMD-23-003 0 150 150 Surface
LMD-23-001 0 25.1 25.1 Surface
LMD-23-002 0 33.5 33.5 Surface
GTD-23-770 0 97.3 97.3 Surface
Figure 3: Tujuh Bukit surface drilling map for Q3
PT Merdeka Copper Gold Tbk (IDX: MDKA) Page 7 of 12
Page 8
PT Merdeka Copper Gold Tbk
Treasury Tower Lantai 67 – 68, District 8 SCBD Lot 28
Jl. Jend Sudirman Kav 52-53, Senayan, Kebayoran Baru
Jakarta Selatan 12190, DKI Jakarta, Indonesia
Phone: +62 21 3952 5580
Fax: +62 21 3952 5589
www.merdekacoppergold.com
Copper: Wetar Copper Mine
A. Expenditure:
Total estimated exploration cost for the Wetar Copper Mine in Q3 is IDR33 billion.
B. Area:
Wetar Copper Mine, Wetar Island, West Maluku.
C. Exploration Party:
All work was completed through a contracting agreement between Merdeka and PT Merdeka
Mining Servis.
D. Assessment Method:
Geological interpretation, geochemical surveys, geophysical surveys and drilling.
E. Election of Assessment Area:
The exploration areas were selected from the previous significant drill intersections, ground
and airborne electromagnetic (EM) geophysical surveys and historical mining activity which
identified features with potential for VMS deposits.
F. Results of Exploration:
Two drill rigs operated during the quarter with 69 drill holes completed for a total drilled depth
of 9,337.8 metres in Partolang. The progress of the current drilling program is shown in Figure
4.
G. Action Plan:
Infill and extension resource drilling will continue in the Partolang area, included metallurgical
drilling utilising 1 DD and 1 RC rig.
Table 3: Wetar Copper Mine drilling statistics for Q3
Holes Metres
Drill Type Hole ID Details
Completed Drilled
PTCM0141-0142, Extension drilling to
DD PTCR0414, define resources. 3 holes
12 1,302.8
Partolang PTDM0140, drilled for metallurgical
PTDM0143, and 1 hole
PT Merdeka Copper Gold Tbk (IDX: MDKA) Page 8 of 12
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PT Merdeka Copper Gold Tbk
Treasury Tower Lantai 67 – 68, District 8 SCBD Lot 28
Jl. Jend Sudirman Kav 52-53, Senayan, Kebayoran Baru
Jakarta Selatan 12190, DKI Jakarta, Indonesia
Phone: +62 21 3952 5580
Fax: +62 21 3952 5589
www.merdekacoppergold.com
Holes Metres
Drill Type Hole ID Details
Completed Drilled
PTDR0144-0149, drilled as twin hole
BMRD0053
RC PTCM0141-0142, Infill drilling and
57 8.035
Partolang PTRR0402-0456 extension drilling
Totals 69 9,337.8
Figure 4: Drilling status for DD & RC holes in Partolang for Q3
PT Merdeka Copper Gold Tbk (IDX: MDKA) Page 9 of 12
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PT Merdeka Copper Gold Tbk
Treasury Tower Lantai 67 – 68, District 8 SCBD Lot 28
Jl. Jend Sudirman Kav 52-53, Senayan, Kebayoran Baru
Jakarta Selatan 12190, DKI Jakarta, Indonesia
Phone: +62 21 3952 5580
Fax: +62 21 3952 5589
www.merdekacoppergold.com
Gold: Pani Gold Project
A. Expenditure:
Total estimated exploration costs for the Pani Gold Project in Q3 is IDR80.5 billion.
B. Area:
Pani Gold Project, Gorontalo Province, Sulawesi.
C. Exploration Party:
All work was completed through a contracting agreement between Merdeka and PT Merdeka
Mining Servis.
D. Assessment Method:
Diamond Drilling, relogging historical drill core, geological mapping and alteration mineral
analysis by LIBS and XRF.
E. Election of Assessment Area:
The areas selected for drilling were chosen to upgrade and infill the mineral resource and to
sterilise areas for infrastructure.
F. Results of Exploration:
138 drill holes were completed for total of 16,459.5 metres during Q3, for resource definition,
metallurgy and sterilisation drilling programs. The progress of the current drilling program is
shown in Figure 5.
G. Action Plan:
The Diamond Drilling program will continue using 10 Diamond Drill rigs for resource definition
and geotechnical drilling programs.
Table 4: Pani project drilling statistics for Q3
Campaign Holes Metres
Hole ID Details
Completed Drilled
GSM GSDG0001 -
2 462.0 Geotech Drilling
Geotech GSDG0002
PBDG0001 -
PBT Geotech 7 368.7 Geotech Drilling
PBDG0007
PT Merdeka Copper Gold Tbk (IDX: MDKA) Page 10 of 12
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PT Merdeka Copper Gold Tbk
Treasury Tower Lantai 67 – 68, District 8 SCBD Lot 28
Jl. Jend Sudirman Kav 52-53, Senayan, Kebayoran Baru
Jakarta Selatan 12190, DKI Jakarta, Indonesia
Phone: +62 21 3952 5580
Fax: +62 21 3952 5589
www.merdekacoppergold.com
Campaign Holes Metres
Hole ID Details
Completed Drilled
PETS PEDG0001 -
10 1324.7 Geotech Drilling
Geotech PEDG0010
PETS PEDR0178 -
Resource 119 14,304.1 PEDR0297, ResDef Drilling
Definition PEDR0294RD
Totals 138 16,459.5
Figure 5: Pani Gold Project Proposed and Completed Drill Holes Overlain on Topography for
Q3
PT Merdeka Copper Gold Tbk (IDX: MDKA) Page 11 of 12
Page 12
PT Merdeka Copper Gold Tbk Treasury Tower Lantai 67 – 68, District 8 SCBD Lot 28 Jl. Jend Sudirman Kav 52-53, Senayan, Kebayoran Baru Jakarta Selatan 12190, DKI Jakarta, Indonesia Phone: +62 21 3952 5580 Fax: +62 21 3952 5589 www.merdekacoppergold.com For further information please contact: Investor Relations Treasury Tower 67 – 68th Floor District 8 SCBD Lot. 28 Jalan Jenderal Sudirman Kav. 52–53 South Jakarta 12190, Indonesia T: +62 21 3952 5580 E: investor.relations@merdekacoppergold.com ABOUT PT MERDEKA COPPER GOLD TBK. PT Merdeka Copper Gold Tbk (IDX: MDKA) (“Merdeka” or the “Company”) is a holding company with operating subsidiaries engaging in mining and processing activities, encompassing: (i) exploration; (ii) production of gold, silver, copper, nickel (and other related minerals); and (iii) mining services. Merdeka’s major assets are: Tujuh Bukit Copper Project; PT Merdeka Battery Materials Tbk (IDX: MBMA); Pani Gold Project; Tujuh Bukit Gold Mine and Wetar Copper Mine. The Tujuh Bukit Copper Project is one of the world’s top ranked undeveloped copper and gold mineral resources, containing approximately 8.1 million tonnes of copper and 27.4 million ounces of gold. MBM’s portfolio includes one of the world’s largest nickel resources containing approximately 13.8 million tonnes of nickel and 1.0 million tonnes of cobalt, three operating RKEF plants with a total nameplate capacity of 88,000 tonnes of nickel in NPI per annum, a high-grade nickel matte conversion facility located within IMIP with an average annual production of 50,000 tonnes of nickel in nickel matte, the Acid Iron Metal (“AIM”) Project which will produce acid and steam for use in High Pressure Acid leach (“HPAL”) plants, in addition to producing other metals such as copper, gold and iron. MBMA is also developing substantial HPAL processing capabilities across multiple joint ventures at the Indonesia Konawe Industrial Park (“IKIP”) and IMIP. The Pani Gold Project is a significant growth project, containing approximately 6.6 million ounces of gold and is expected to become a long-life and low-cost gold mine with the potential to produce a significant amount of gold. As a world-class Indonesian mining company, Merdeka is owned by prominent Indonesian shareholders, among others: PT Provident Capital Indonesia, PT Saratoga Investama Sedaya Tbk, and Mr Garibaldi Thohir who have exceptional track records in successfully identifying, building and operating multiple publicly listed and unlisted companies in Indonesia. PT Merdeka Copper Gold Tbk (IDX: MDKA) Page 12 of 12
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