OREMAVEN
XMM 7,722.00 -2.63% YTD +5.6% OM ASX 450.55 -2.56% YTD +0.1% OM PRECIOUS 349.20 -2.24% YTD +2.5% OM EX-PREC 418.91 -2.72% YTD -1.1% XAU 4,115.59 +2.31% YTD -4.9% GLD 375.49 +0.81% YTD -5.2% GDX 85.75 +1.37% YTD -0.0% SIL 77.33 -1.00% YTD -7.3% COPX 70.23 -5.81% YTD -1.8% URNM 40.07 -2.79% YTD -27.0%
2026-11-06
◂ Monitor ATM ASX

PT ANTAM (Persero) Tbk

Producer · Gold · Nickel · Bauxite · ID Rating locked: sign in to view v8 · atm-20261024t191007-full
Last 2026-11-05
A$1.115
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$5.4B
EV
A$5.4B
Cash
A$750.2M
Debt
A$466.8M
2 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

16 assets

Core asset

Nickel operating segment

ID

Producer100% ownedNickel

Operating business. Forecast values independently rebuilt from reported sales, costs, production, finite reserve constraints and reinvestment; no carrying-value conclusion inherited.

Producer · Producer
Production annualised (attributable)
NM
Production (last FY, 100%)
NM
AISC (latest quarter)
NM
AISC margin at spot
NM
Delivery vs guidance
—
Reserve life
NM
Head grade
NM

Core asset

Precious metals and refinery segment

ID

Producer100% ownedGold

Operating business. Forecast values independently rebuilt from reported sales, costs, production, finite reserve constraints and reinvestment; no carrying-value conclusion inherited.

Producer · Producer
Production annualised (attributable)
NM
Production (last FY, 100%)
NM
AISC (latest quarter)
NM
AISC margin at spot
NM
Delivery vs guidance
—
Reserve life
NM
Head grade
NM

Core asset

Bauxite and alumina operating segment

ID

Producer100% ownedBauxite

Operating business. Forecast values independently rebuilt from reported sales, costs, production, finite reserve constraints and reinvestment; no carrying-value conclusion inherited.

Producer · Producer
Production annualised (attributable)
NM
Production (last FY, 100%)
NM
AISC (latest quarter)
NM
AISC margin at spot
NM
Delivery vs guidance
—
Reserve life
NM
Head grade
NM

Material

Feni Haltim associate

ID

Construction40% ownedNickel

Equity-accounted interest; current ownership verified from Note 10. Carrying basis, operating return and capital uncertainty evaluated separately.

Equity investment · Held
Investee
Feni Haltim associate
Holding
4,000.0%
Shares held
—
Market value
—
% of holder's market cap
—
Cost basis
A$252.6md

Material

Weda Bay Nickel associate

ID

Ramping Producer10% ownedNickel

Equity-accounted interest; current ownership verified from Note 10. Carrying basis, operating return and capital uncertainty evaluated separately.

Equity investment · Held
Investee
Weda Bay Nickel associate
Holding
1,000.0%
Shares held
—
Market value
—
% of holder's market cap
—
Cost basis
A$206.5md

Material

Borneo Alumina Indonesia associate

ID

Ramping Producer40% ownedBauxite

Equity-accounted interest; current ownership verified from Note 10. Carrying basis, operating return and capital uncertainty evaluated separately.

Equity investment · Held
Investee
Borneo Alumina Indonesia associate
Holding
4,000.0%
Shares held
—
Market value
—
% of holder's market cap
—
Cost basis
A$171.1md

Material

Jiu Long Metal Industry associate

ID

Producer30% ownedNickel

Equity-accounted interest; current ownership verified from Note 10. Carrying basis, operating return and capital uncertainty evaluated separately.

Equity investment · Held
Investee
Jiu Long Metal Industry associate
Holding
3,000.0%
Shares held
—
Market value
—
% of holder's market cap
—
Cost basis
A$161.5md

Material

Pomalaa nickel mine

ID

Producer100% ownedNickel

Physical asset value embedded in Nickel operating segment; no extra standalone project value.

Producer · Producer
Production annualised (attributable)
NM
Production (last FY, 100%)
NM
AISC (latest quarter)
NM
AISC margin at spot
NM
Delivery vs guidance
—
Reserve life
NM
Head grade
NM

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Material current production permit; associated areas can differIndonesiaGranted2030-06-25Yes

Material

North Konawe nickel mines

ID

Producer100% ownedNickel

Physical asset value embedded in Nickel operating segment; no extra standalone project value.

Producer · Producer
Production annualised (attributable)
NM
Production (last FY, 100%)
NM
AISC (latest quarter)
NM
AISC margin at spot
NM
Delivery vs guidance
—
Reserve life
NM
Head grade
NM
Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Material current production permit; associated areas can differIndonesiaGranted2030-04-29Yes

Material

North Maluku direct nickel mines

ID

Producer100% ownedNickel

Physical asset value embedded in Nickel operating segment; no extra standalone project value.

Producer · Producer
Production annualised (attributable)
NM
Production (last FY, 100%)
NM
AISC (latest quarter)
NM
AISC margin at spot
NM
Delivery vs guidance
—
Reserve life
NM
Head grade
NM

Material

Sumberdaya Arindo nickel mines

ID

Producer51% ownedNickel

Physical asset value embedded in Nickel operating segment; no extra standalone project value.

Producer · Producer
Production annualised (attributable)
NM
Production (last FY, 100%)
NM
AISC (latest quarter)
NM
AISC margin at spot
NM
Delivery vs guidance
—
Reserve life
NM
Head grade
NM
Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Material current production permit; associated areas can differIndonesiaGranted2042-09-20Yes

Material

Nusa Karya Arindo nickel mines

ID

Producer100% ownedNickel

Physical asset value embedded in Nickel operating segment; no extra standalone project value.

Producer · Producer
Production annualised (attributable)
NM
Production (last FY, 100%)
NM
AISC (latest quarter)
NM
AISC margin at spot
NM
Delivery vs guidance
—
Reserve life
NM
Head grade
NM
Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Material current production permit; associated areas can differIndonesiaGranted2030-09-20Yes

Material

Gag Island nickel mine

ID

Producer100% ownedNickel

Physical asset value embedded in Nickel operating segment; no extra standalone project value.

Producer · Producer
Production annualised (attributable)
NM
Production (last FY, 100%)
NM
AISC (latest quarter)
NM
AISC margin at spot
NM
Delivery vs guidance
—
Reserve life
NM
Head grade
NM

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Material current production permit; associated areas can differIndonesiaGranted2047-11-30Yes

Material

Pongkor gold mine

ID

Producer100% ownedGoldSilver

Physical asset value embedded in Precious metals and refinery segment; no extra standalone project value.

Producer · Producer
Production annualised (attributable)
29.8k ozd
Production (last FY, 100%)
23.9k oz
AISC (latest quarter)
—
AISC margin at spot
NM
Delivery vs guidance
—
Reserve life
7.0 yrsd
Head grade
—

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourcetotal reported categories2.9M tAu8.22g/t; Ag64.57g/tGold · Silver2025-12-31
Ore Reservetotal reported categories964K tAu5.39g/t; Ag43.92g/tGold · Silver2025-12-31
Tenements1
tenement-atm-pongkorGranted6,047 ha · 2031-03-09
Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Pongkor production IUPIndonesiaGranted2031-03-09Yes

Material

Papandayan gold resource

ID

Resource Stage100% ownedGoldSilver

Physical asset value embedded in Precious metals and refinery segment; no extra standalone project value.

Resource / scoping · Resource stage
Contained metal (attributable)
202.0k ozd
Resource grade
2.15 g/td
% Measured + Indicated
4,057.6%d
Resource tonnes
2.92 Mtd
Our value per attrib. contained unit
Locked
Mining method
—
Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourcetotal reported categories2.9M tAu2.15g/t; Ag29.82g/tGold · Silver2025-12-31
Tenements1
tenement-atm-papandayanGranted4,513 ha · 2027-11-14
Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Papandayan exploration IUPIndonesiaGranted2027-11-14Yes

Material

Consolidated bauxite resource base including Tayan

ID

Producer100% ownedBauxite

Resource register is the consolidated bauxite base, not a standalone Tayan mine plan; economic value included in operating segment.

Producer · Producer
Production annualised (attributable)
NM
Production (last FY, 100%)
NM
AISC (latest quarter)
NM
AISC margin at spot
NM
Delivery vs guidance
—
Reserve life
NM
Head grade
NM
Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourcetotal reported categories490.1M dmtAl2O3 44.79%Bauxite2025-12-31
Ore Reservetotal reported categories188.4M dmtAl2O3 45.64%Bauxite2025-12-31
Tenements1
tenement-atm-tayanGranted34,360 ha · 2030-07-05
Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Tayan production IUPIndonesiaGranted2030-07-05Yes

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)

Stock database

Other assets

Plants, holdings and assets valued inside a project
Mempawah smelter-grade alumina phase I plant · Processing plant / refinery · Operating
Product and spec
—
Nameplate capacity
1.0m t/yr
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
—
Feed source
—
Offtake contracted
—
Consolidated ferronickel production group · Producer · Producer
Production annualised (attributable)
15.3k td
Production (last FY, 100%)
16.1k t
AISC (latest quarter)
—
AISC margin at spot
—
Delivery vs guidance
81.6%d
Reserve life
NM
Head grade
—
Industri Baterai Indonesia equity interest · Equity investment · Held
Investee
PT Industri Baterai Indonesia
Holding
3,375.0%
Shares held
—
Market value
—
% of holder's market cap
—
Cost basis
A$14.3md
Indonesia Chemical Alumina plant · Processing plant / refinery · Operating
Product and spec
Chemical-grade Al2O3 product
Nameplate capacity
—
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
—
Feed source
Domestic bauxite feed
Offtake contracted
—
Planned JIIPE precious metals facility · Processing plant / refinery · Study
Product and spec
Planned precious metals processing plant
Nameplate capacity
NM
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
—
Feed source
—
Offtake contracted
—
Precious metals refinery and retail network · Processing plant / refinery · Operating
Product and spec
Precious metal refinery and retail products
Nameplate capacity
—
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
—
Feed source
Domestic purchased feed plus own mined gold
Offtake contracted
—
Nusa Halmahera Minerals equity interest · Equity investment · Held
Investee
PT Nusa Halmahera Minerals
Holding
2,500.0%
Shares held
—
Market value
—
% of holder's market cap
—
Cost basis
—
Legacy East Halmahera ferronickel project (P3FH); current utilization not verified · Other · Held
Ownership
10,000.0%
Description
Held legacy 13,500 TNi/year project. Current economic utilization not verified; distinct from 40%-owned FHT battery estate.
Book value
—
Pomalaa/Kolaka ferronickel smelter complex · Processing plant / refinery · Operating
Product and spec
—
Nameplate capacity
27.0k t/yr
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
—
Feed source
—
Offtake contracted
—