ANTAM Posts Solid Q1 2026 Production and Advances Battery Ecosystem

Robust Gold and Nickel Performance in Q1

PT ANTAM TBK (ASX:ATM, IDX: ANTM) kicked off 2026 with solid production and sales figures, notably in gold and nickel ore segments. Gold sales volume stood at 8,464 kg (272,124 troy oz.), supported by resilient domestic demand and buoyed by positive global gold price trends. Meanwhile, gold production reached 201 kg (6,462 troy oz.).

Nickel ore production maintained a steady pace with 3.88 million wet metric tons (wmt) produced and 3.40 million wmt sold, all absorbed by the domestic market. This performance reflects disciplined operational management amid regulatory permitting processes, with full Work Plan and Budget (RKAB) approval only secured in March 2026. Ferronickel output remained optimal at 3,976 tonnes of nickel in ferronickel (TNi), with sales of 2,803 TNi directed entirely to exports.

The company’s bauxite and alumina operations also posted growth. Bauxite production reached 628,785 wmt, with sales up 9% year-on-year to 593,476 wmt, entirely serving domestic demand. Chemical Grade Alumina (CGA) production increased 13% to 49,566 tonnes, with sales rising 11% to 49,072 tonnes.

Strategic Moves in Mineral Downstreaming and Battery Ecosystem

ANTAM is accelerating its role in Indonesia’s industrial transformation through strategic partnerships and downstream projects. The company, alongside Indonesia Battery Corporation (IBC) and Zhejiang Huayou Cobalt Co., Ltd., signed a Framework Agreement in January 2026 to fast-track the development of an integrated battery ecosystem. This initiative aims to cover the entire value chain from nickel resource management to battery production, underscoring ANTAM’s commitment to national economic value-addition and sustainability.

Construction has commenced on the EV battery project in East Halmahera, with engineering, procurement, and construction (EPC) activities underway since late 2025. This builds on ANTAM’s previous record production and downstream progress, including its precious metals manufacturing facility in Gresik, East Java, currently under construction to meet growing retail gold demand and enhance value-added processing.

Further downstream expansion includes the Mempawah SGAR Project Phase I, which began commercial operations in February 2026 with a 1 million tonnes per year alumina capacity. The subsequent SGAR Phase II Project was also launched, aiming to add another 1 million tonnes annually in staged development to bolster Indonesia’s aluminum industry resilience and raw material supply for domestic manufacturing.

Exploration Activities and Sustainability Commitments

Exploration efforts remain focused on sustaining mineral reserves with ongoing programs in gold, nickel, and bauxite. Key activities include gold exploration in Pongkor, West Java, and nickel exploration preparations in North Konawe, Pomalaa, and North Maluku. Bauxite exploration continues in Tayan and Landak, West Kalimantan. Preliminary exploration expenditure for 1Q26 was Rp18.35 billion (unaudited).

ANTAM continues to embed environmental, social, and governance (ESG) principles across operations, emphasising responsible mining and long-term stakeholder value. The company’s communications team earned recognition with two awards at the 2026 Public Relations Indonesia Awards, highlighting its transparent and empathetic crisis management and leadership.

Gold Sales Agreement and Thematic Product Launches

In a move to strengthen national gold sovereignty, ANTAM signed a two-year Gold Sales & Purchase Agreement (GSPA) with Merdeka Group subsidiaries PT Bumi Suksesindo and PT Puncak Emas Tani Sejahtera. The agreement covers 6 tonnes of gold per year, with ANTAM acting as buyer, reinforcing its position as a key player in Indonesia’s gold market.

Complementing this, ANTAM launched thematic gold bars commemorating the 2026 Lunar New Year “Year of the Horse,” and a special Eid al-Fitr gold gift series designed to blend cultural significance with investment value. These product innovations align with ANTAM’s strategy to expand market reach and encourage gold as a sustainable financial asset.

Community engagement remains a priority, with the company conducting a Ramadan Safari program benefiting over 8,000 community members near operational sites, and participating in a joint homecoming initiative with government agencies supporting safe travel during Eid.

ANTAM’s Q1 2026 operational resilience and strategic initiatives build on the momentum from a record 2025, where the company doubled profits amid regulatory shifts and expanded downstream projects, as detailed in the record 2025 financial results and EV battery ecosystem progress. These developments position ANTAM as a pivotal player in Indonesia’s mining transformation, though the pace and impact of ongoing projects warrant close observation.