PT Merdeka Gold Resources Tbk (Ticker: 6228 HK) is an Indonesian gold mining company focused on the exploration, development, mining and production of gold deposits. Its principal asset is the Pani Gold Mine in Gorontalo, Indonesia, which achieved first gold production in February 2026 and first gold sale in March 2026.

Merdeka Gold Resources plans to list Hong Kong depositary receipts on the Hong Kong Stock Exchange on June 26, 2026. According to published terms, the company is offering 89.67 million depositary receipts at HKD 26.60 each, raising approximately HKD 2.39 billion, or about $304 million. Each HDR represents 10 underlying shares. The offering consists entirely of secondary shares and includes a 15% greenshoe option of about 13.45 million depositary receipts.

According to the prospectus, Merdeka Gold Resources is majority-owned by Merdeka Copper Gold, an Indonesian mining group listed on the Indonesia Stock Exchange. The Pani Gold Mine reported mineral resources of 7.0 million ounces of gold and ore reserves of 5.2 million ounces. Managers include CITIC Securities, CICC Hong Kong Securities, Crédit Agricole CIB, DBS Asia Capital, HSBC and Macquarie.