- Last 2026-11-05
- A$1.115
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- 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
- Quarterly Activities Report 3Q26Latest Four Activities Reports
- 9M26 Financial Statements and NotesLatest Foreign Periodic Financial Reports
Investment view
Rating locked: sign in to viewOur rating, thesis and what the price implies are available to subscribers.
Sign in or enter a guest codeAnnouncements
Latest 12 of 12All sources ▸- Updated Half Year Report and AccountsResults
- Half Yearly Report and AccountsResults
- ANTAM Posts Rp6.91 Trillion Net Profit in 1H26Operations
- Quarterly Activities Report 2Q26Operations
- Annual Report to shareholdersResults
- Quarterly Activities Report 1Q26Operations
- Full Year Statutory AccountsResults
- ANTAM Strong Performance in 2025Operations
- Quarterly Activities Report 4Q25Operations
- Quarterly Activities Report 3Q25Operations
- ANTAM Profit Increase 240% in the First Half of 2025Operations
- Half Yearly Report and AccountsResults
Event calendar · next 12 months
1 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| January1,2027 planned implementation under GR24/2026 | Planned full strategic-export governance implementation | Permitting | Company Guided | Medium | State export intermediary rules can change marketing and cash conversion. 96% domestic sales limits direct group exposure but does not remove product-specific export risk. |
Executive roster
As of 2026-07-31Background checks ▸Current boardofdirectors reconciled to Juneaccounts and Julyquarterly; Arini succeeds prior finance director. Commissioner supervisory board is distinct from executives.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Untung Budiharto | President Director | Chief Executive · Executive Director | — | Quarterly Activities Report 2Q26 · Updated Half Year Report and Accounts |
| I Dewa Wirantaya | Director of Downstream Strategy and Operation | Operations · Executive Director | — | Quarterly Activities Report 2Q26 · Updated Half Year Report and Accounts |
| Hartono | Director of Mineral Resources Management | Technical · Executive Director | — | Quarterly Activities Report 2Q26 · Updated Half Year Report and Accounts |
| Arini Kasmira | Director of Finance and Risk Management | Finance · Executive Director | — | Quarterly Activities Report 2Q26 · Updated Half Year Report and Accounts |
| Ratih Dewihandajani L. | Director of Human Capital and Corporate Transformation | Other · Executive Director | — | Quarterly Activities Report 2Q26 · Updated Half Year Report and Accounts |
| Handi Sutanto | Director of Corporate Strategy Business Development and Commercial | Other · Executive Director | — | Quarterly Activities Report 2Q26 · Updated Half Year Report and Accounts |
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Nickel operating segment
ID
Operating business. Forecast values independently rebuilt from reported sales, costs, production, finite reserve constraints and reinvestment; no carrying-value conclusion inherited.
- 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
Operating business. Forecast values independently rebuilt from reported sales, costs, production, finite reserve constraints and reinvestment; no carrying-value conclusion inherited.
- 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
Operating business. Forecast values independently rebuilt from reported sales, costs, production, finite reserve constraints and reinvestment; no carrying-value conclusion inherited.
- 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
Equity-accounted interest; current ownership verified from Note 10. Carrying basis, operating return and capital uncertainty evaluated separately.
- 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
Equity-accounted interest; current ownership verified from Note 10. Carrying basis, operating return and capital uncertainty evaluated separately.
- 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
Equity-accounted interest; current ownership verified from Note 10. Carrying basis, operating return and capital uncertainty evaluated separately.
- 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
Equity-accounted interest; current ownership verified from Note 10. Carrying basis, operating return and capital uncertainty evaluated separately.
- 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
Physical asset value embedded in Nickel operating segment; no extra standalone project value.
- 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
© 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
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Material current production permit; associated areas can differ | Indonesia | Granted | 2030-06-25 | Yes |
Material
North Konawe nickel mines
ID
Physical asset value embedded in Nickel operating segment; no extra standalone project value.
- 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
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Material current production permit; associated areas can differ | Indonesia | Granted | 2030-04-29 | Yes |
Material
North Maluku direct nickel mines
ID
Physical asset value embedded in Nickel operating segment; no extra standalone project value.
- 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
Physical asset value embedded in Nickel operating segment; no extra standalone project value.
- 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
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Material current production permit; associated areas can differ | Indonesia | Granted | 2042-09-20 | Yes |
Material
Nusa Karya Arindo nickel mines
ID
Physical asset value embedded in Nickel operating segment; no extra standalone project value.
- 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
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Material current production permit; associated areas can differ | Indonesia | Granted | 2030-09-20 | Yes |
Material
Gag Island nickel mine
ID
Physical asset value embedded in Nickel operating segment; no extra standalone project value.
- 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
© 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
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Material current production permit; associated areas can differ | Indonesia | Granted | 2047-11-30 | Yes |
Material
Pongkor gold mine
ID
Physical asset value embedded in Precious metals and refinery segment; no extra standalone project value.
- 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
© 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
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | total reported categories | 2.9M t | Au8.22g/t; Ag64.57g/t | Gold · Silver | 2025-12-31 |
| Ore Reserve | total reported categories | 964K t | Au5.39g/t; Ag43.92g/t | Gold · Silver | 2025-12-31 |
Tenements1
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Pongkor production IUP | Indonesia | Granted | 2031-03-09 | Yes |
Material
Papandayan gold resource
ID
Physical asset value embedded in Precious metals and refinery segment; no extra standalone project value.
- 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
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | total reported categories | 2.9M t | Au2.15g/t; Ag29.82g/t | Gold · Silver | 2025-12-31 |
Tenements1
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Papandayan exploration IUP | Indonesia | Granted | 2027-11-14 | Yes |
Material
Consolidated bauxite resource base including Tayan
ID
Resource register is the consolidated bauxite base, not a standalone Tayan mine plan; economic value included in operating segment.
- 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
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | total reported categories | 490.1M dmt | Al2O3 44.79% | Bauxite | 2025-12-31 |
| Ore Reserve | total reported categories | 188.4M dmt | Al2O3 45.64% | Bauxite | 2025-12-31 |
Tenements1
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Tayan production IUP | Indonesia | Granted | 2030-07-05 | Yes |
d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)
Stock database
Other assets
- Product and spec
- —
- Nameplate capacity
- 1.0m t/yr
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- —
- Offtake contracted
- —
- 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
- —
- Investee
- PT Industri Baterai Indonesia
- Holding
- 3,375.0%
- Shares held
- —
- Market value
- —
- % of holder's market cap
- —
- Cost basis
- A$14.3md
- Product and spec
- Chemical-grade Al2O3 product
- Nameplate capacity
- —
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- Domestic bauxite feed
- Offtake contracted
- —
- Product and spec
- Planned precious metals processing plant
- Nameplate capacity
- NM
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- —
- Offtake contracted
- —
- 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
- —
- Investee
- PT Nusa Halmahera Minerals
- Holding
- 2,500.0%
- Shares held
- —
- Market value
- —
- % of holder's market cap
- —
- Cost basis
- —
- 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
- —
- Product and spec
- —
- Nameplate capacity
- 27.0k t/yr
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- —
- Offtake contracted
- —
Funding, performance and ownership
Financials & Capital
Liquidity
Financial position
Reported June cash Rp9.226074T; July 10 dividend Rp5.046184T paid, including Rp0.144637T withholding in other taxes. October 13 cash estimate Rp5.789890T adds Rp1.750T estimated interim FCFF before settlement of the separately modeled June corporate-income-tax payable, less Rp0.140T interest/leases. The Rp1.013757T legacy corporate-tax balance is assumed still payable at cutoff and paid in the remaining 2026 stub because settlement evidence is absent. Reported balances and analyst interim estimate are distinct. Contractual face debt Rp5.764T, short-term repayment April 2027; term amortization 2029-30.
Inventory composition1
NativeRp14.695146T consolidated inventory versusRp7.731354TDecember2025. Included once in segmentNAV; no gold-metal uplift or separately liquid cash assumption.
- Consolidated operating inventory; product mix not reduced to contained gold
- IDR 14,695.1B carrying
Capital structure
Ownership and dilution
- Ordinary shares
- 4.8B
- Fully diluted
- 4.8B
Global issued24,030,764,725=24,030,764,724SeriesB+oneSeriesA. OneASXCDIrepresentsfiveBshares. Global economicCDI-equivalent denominator4,806,152,945; AustralianCDIregister1,303,649is not global sharecount. No disclosed dilution in selected accounts. GovernmentMINDID owns65% of globalB; small local register is a liquidity risk.
Security classes1
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Global24,030,764,725issued shares divided by five for economic CDI-equivalent denominator; includes oneSeriesApreference share whose economic rounding effect is immaterial. | Ordinary Share | 4.8B | — | — |
KPI history
Operating metrics · Nickel operating segment
| Metric | Unit | Trend | 2025Q2 | 2025Q3 | 2025Q4 | 2026Q1 | 2026Q2 |
|---|---|---|---|---|---|---|---|
| Ferronickel contained nickel, gross | t Ni | 4,569 | 4,242 | 2,755 | 3,976 | 3,813 |
KPI history
Operating metrics · Pongkor gold mine
| Metric | Unit | Trend | 2025Q2 | 2025Q3 | 2025Q4 | 2026Q1 | 2026Q2 |
|---|---|---|---|---|---|---|---|
| Gold mined, gross | oz Au | 6,687 | 4,855 | 4,919 | 6,462 | 7,459 |
Operating metric source table23
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Gold mined, gross | Atm Pongkor | 2025Q2 | Quarter | 6,687 oz Au | Reported |
| Ferronickel contained nickel, gross | Atm Nickel | 2025Q2 | Quarter | 4,569 t Ni | Reported |
| Gold mined, gross | Atm Pongkor | 2025Q3 | Quarter | 4,855 oz Au | Reported |
| Ferronickel contained nickel, gross | Atm Nickel | 2025Q3 | Quarter | 4,242 t Ni | Reported |
| Gold mined, gross | Atm Pongkor | 2025Q4 | Quarter | 4,919 oz Au | Reported |
| Ferronickel contained nickel, gross | Atm Nickel | 2025Q4 | Quarter | 2,755 t Ni | Reported |
| Gold mined, gross | Atm Pongkor | 2026Q1 | Quarter | 6,462 oz Au | Reported |
| Ferronickel contained nickel, gross | Atm Nickel | 2026Q1 | Quarter | 3,976 t Ni | Reported |
| Gold mined, gross | Atm Pongkor | 2026Q2 | Quarter | 7,459 oz Au | Reported |
| Ferronickel contained nickel, gross | Atm Nickel | 2026Q2 | Quarter | 3,813 t Ni | Reported |
| Reported cash | Company | 1H26 | Half Year | 9,226,074,000,000 IDR | Reported |
| Bank debt | Company | 1H26 | Half Year | 5,740,440,000,000 IDR | Source Derived |
| Parent net profit | Company | 1H26 | Half Year | 6,388,586,000,000 IDR | Reported |
| Operating cash flow | Company | 1H26 | Half Year | -751,862,000,000 IDR | Reported |
| Inventory | Company | 1H26 | Half Year | 14,695,146,000,000 IDR | Reported |
| Unrestricted cash and equivalents | Company | FY2025 | Point In Time | 8,433,610,000,000 IDR | Reported |
| Bank debt, current plus noncurrent | Company | FY2025 | Point In Time | 4,250,244,000,000 IDR | Source Derived |
| Lease liabilities, current plus noncurrent | Company | FY2025 | Point In Time | 121,859,000,000 IDR | Source Derived |
| Equity attributable to owners of the parent | Company | FY2025 | Point In Time | 35,298,207,000,000 IDR | Reported |
| Audited full-year revenue | Company | FY2025 | Year | 84,642,439,000,000 IDR | Reported |
| Audited full-year parent NPAT | Company | FY2025 | Year | 7,208,834,000,000 IDR | Reported |
| Audited statutory operating cash flow | Company | FY2025 | Year | 4,853,256,000,000 IDR | Reported |
| Cash fixed, exploration and intangible additions; excludes associate investment | Company | FY2025 | Year | 699,363,000,000 IDR | Source Derived |
Company guidance1
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Ferronickel Contained Nickel Annual Production | atm-nickel | FY2025 | 19,679 | 19,679 t Ni | Missed |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-07-10Ann. 2026-06-10 | Dividend | IDR 5,046B | — | — | Completed | — |
Contracts and ownership
Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.
Material JVs, freecarry, governmentalroyalties, source/distributioncontracts, batteryframework, powercontingency and FXderivatives reconciled. Confidentialvolumes,strikes and pricing formulas unavailable; minorlegacyloan-carried JVs remain within residual carrying value and gain no extra option premium.
Equity-accounted holding. Reported investment carrying value already reflects 40% economic interest; do not apply ownership twice.
Joint Venture · Active- Counterparties
- Feni Haltim associate
- Applies to
- Feni Haltim associate · Nickel
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Current ownership: 40 pct
No valuation treatment is available for this arrangement.
Equity-accounted holding. Reported investment carrying value already reflects 10% economic interest; do not apply ownership twice.
Joint Venture · Active- Counterparties
- Weda Bay Nickel associate
- Applies to
- Weda Bay Nickel associate · Nickel
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Current ownership: 10 pct
No valuation treatment is available for this arrangement.
Equity-accounted holding. Reported investment carrying value already reflects 40% economic interest; do not apply ownership twice.
Joint Venture · Active- Counterparties
- Borneo Alumina Indonesia associate
- Applies to
- Borneo Alumina Indonesia associate · Bauxite
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Current ownership: 40 pct
No valuation treatment is available for this arrangement.
Equity-accounted holding. Reported investment carrying value already reflects 30% economic interest; do not apply ownership twice.
Joint Venture · Active- Counterparties
- Jiu Long Metal Industry associate
- Applies to
- Jiu Long Metal Industry associate · Nickel
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Current ownership: 30 pct
No valuation treatment is available for this arrangement.
WBN exploration and development carried interest does not create a current25% stake. Future commercial contributions possible; terms do not support assuming all future growth is free.
Free Carry · Active- Counterparties
- Weda Bay Nickel partners
- Applies to
- Weda Bay Nickel associate · Nickel
- Economic direction
- Benefit
- Period
- Dates not stated
- Key terms
- Current WBN holding: 10 pct
No valuation treatment is available for this arrangement.
Source disclosed royalty ranges nickel ore14–19%,gold7–16%,bauxite7%,ferronickel4–6%. Royalties apply to mined products; purchased precious-metal feed is not assumed subject to a second mining royalty.
Royalty · Active- Counterparties
- Indonesian government
- Applies to
- Nickel operating segment · Precious metals and refinery segment · Bauxite and alumina operating segment · Nickel · Gold · Bauxite
- Economic direction
- Burden
- Period
- From 2025-04-26; no end date stated
- Key terms
- Nickel ore range: 14–19 pct
Gold range: 7–16 pct
Bauxite: 7 pct
No valuation treatment is available for this arrangement.
US$155M aggregate currency puts protect foreign-currency loan receivables. Strikes and full bounded payoff terms not disclosed; June fair-value asset retained once in corporate residual.
FX Hedge · Active- Counterparties
- Deutsche Bank · BNP Paribas · MUFG
- Applies to
- Company-wide
- Economic direction
- Benefit
- Period
- 2024-12-30 to 2029-12-31
- Key terms
- Notional: 155,000,000 USD
Carrying value: 25,116,000,000 IDR
No valuation treatment is available for this arrangement.
US$250M drawn loan swapped to fixed-IDR interest/principal against floatingUSD. FixedFX and coupon undisclosed; no invented derivative payoff or wholly unhedged cashflow sensitivity.
FX Hedge · Active- Counterparties
- Deutsche Bank
- Applies to
- Company-wide
- Economic direction
- Mixed
- Period
- 2025-08-12 to 2030-08-01
- Key terms
- Notional: 250,000,000 USD
Carrying asset: 396,550,000,000 IDR
No valuation treatment is available for this arrangement.
Domestic precious-metal raw-material sourcing supports refining/trading sales. 1H26 purchasesRp18.212T; payables, inventory and working capital are retained in the operating cash model. Priceformula and margin schedule absent.
Offtake · Active- Counterparties
- PT Freeport Indonesia
- Applies to
- Precious metals and refinery segment · Gold
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- 1H26 raw-material purchases: 18,212,207,000,000 IDR
No valuation treatment is available for this arrangement.
Pegadaian gold distribution agreement and BSI digital gold cooperation broaden outlets; contract volumes and locked margins not quantified. Distribution benefits require reinvestment and measured sales conversion.
Offtake · Active- Counterparties
- PT Pegadaian · Bank Syariah Indonesia
- Applies to
- Precious metals and refinery segment · Gold
- Economic direction
- Benefit
- Period
- From 2026-05-25; no end date stated
No valuation treatment is available for this arrangement.
January30 framework forms basis for joint feasibility studies and staged definitive agreements across battery chain. Capacity publicity not a funded attributable cash-flow forecast.
Strategic Partnership · Conditional- Counterparties
- IBI · HYD Investment Limited · Huayou · EVE Energy · Daaz Bara Lestari
- Applies to
- Nickel operating segment · Nickel
- Economic direction
- Mixed
- Period
- From 2026-01-30; no end date stated
No valuation treatment is available for this arrangement.
Haltim power arrangement includesRp719.902B mobilisation andRp20.484B preservation; possibleRp640.900B demobilisation conditional on use. Conditional future demobilisation is tested as a dated separate claim; past mobilisation is not deducted again.
Other · Active- Counterparties
- PLN
- Applies to
- Nickel operating segment · Nickel
- Economic direction
- Burden
- Period
- Dates not stated
- Key terms
- Conditional demobilisation: 640,900,000,000 IDR
No valuation treatment is available for this arrangement.
Existing CATL/HKCBL battery estate entered EPC construction in Q4 2025. Distinct from later HYD framework and legacy P3FH. Future full capacity, funding obligations and net returns not supplied; project returns and further capital requirements are uncertain.
Strategic Partnership · Active- Counterparties
- HongKong CBL Limited (CATL Group) · IBI
- Applies to
- Feni Haltim associate · Nickel operating segment · Nickel
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- FHT ownership: 40 pct
No valuation treatment is available for this arrangement.
Benefit from sale of 49% SDA interest; distinct from remaining 51% mine cash flows. Related deferred tax and collection uncertainty must accompany receivable value.
Other · Active- Counterparties
- HongKong Ningbo Contemporary Brunp Lygend Co., Limited
- Applies to
- Sumberdaya Arindo nickel mines · Nickel
- Economic direction
- Benefit
- Period
- Dates not stated
- Key terms
- Reported contingent consideration asset: 1,580,525,000,000 IDR
No valuation treatment is available for this arrangement.
Intrinsic value
Valuation
Bear, base and bull values, investment cases, project valuations and the equity bridge are available to subscribers.
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Management background checks
ANTAM’s six-person board combines military/public-sector leadership, technical resource and operations experience, finance and portfolio management, law/human capital, and audit/commercial backgrounds. The issuer reported 9M26 net profit of Rp9.66 trillion, up 46% year over year. The most material personal adverse record identified is President Director Untung Budiharto’s final military-court conviction in the Tim Mawar case for unlawful deprivation of liberty involving nine activists; the reviewed record does not establish his involvement in the 13 activists who remained missing. I Dewa Wirantaya and Hartono were reported as witnesses in separate ANTAM investigations, not as accused persons in the reviewed evidence. Most career and company-performance evidence is issuer-reported, results are not individually attributed, and this is screening-level diligence.
Decision-relevant facts
Material summary
Untung Budiharto
President Director
Appeal conviction for unlawful deprivation of liberty in the Tim Mawar case
A 1999 military court judgment identifies Untung Budi Harto as Defendant V and Unit I commander and describes his participation in group operations involving abduction and detention of nine named activists. Hukumonline’s later account says the appeal court convicted 11 defendants, changed Untung’s sentence to 2 years 10 months and removed the dismissal sanction; it reports the judgment was final and the sentence served. ICTJ/KontraS distinguishes those nine detained activists from 13 activists who remained missing; the reviewed evidence does not establish Untung’s role in the missing-person cases.
Individual involvement documented · Court records connect him to the unlawful detention operation; no broader role in disappearance of the 13 still-missing activists is established by the reviewed sources.
Military and public-sector leadership precedes ANTAM presidency
ANTAM reports that Untung graduated from the Military Academy in 1988 and held senior military and government roles, including Commander of Kodam Jaya (2022–23), President Commissioner of Transjakarta (2023–25) and roles at BNPT and Basarnas. ANTAM says he became President Director on 15 December 2025. The biography supports leadership experience but does not document mining operating or capital-allocation results before ANTAM.
Responsibility not applicable · The career chronology is company-reported; individual performance in the prior public roles was not independently assessed.
ANTAM reported stronger 9M26 financial results during his presidency
ANTAM reported 9M26 net profit of Rp9.66 trillion, up 46% year over year, EBITDA of Rp13.48 trillion and sales of Rp88.48 trillion. His President Director tenure began in December 2025, so the nine-month period partly overlaps his tenure. The release is issuer-reported and does not isolate personal contribution or separate commodity, mix and execution effects.
Role overlaps event; causation unproven · The role overlaps only part of the reporting period; no personal causation is established.
Evidence gaps · 3
- His mining-industry tenure before appointment and independently measured outcomes in prior military/government roles were not established.
- The historical court record concerns nine activists detained; reviewed sources do not establish his involvement in the 13 activists who remained missing.
- No exhaustive legal, sanctions, professional-discipline or referee check was performed.
I Dewa Wirantaya
Director of Downstream Strategy and Operation
KPK summoned him as a witness in the Antam/Loco Montrado anode investigation
RMOL reported that KPK summoned I Dewa Wirantaya as a witness on 9 June 2023 in an investigation into alleged anode-processing corruption involving ANTAM and Loco Montrado, concerning suspect Siman Bahar. A separate ANTAM manager, Dody Martimbang, was named as a suspect and his conviction was later affirmed. In April 2026 KPK stopped the investigation of Siman after his death while saying the corporate case continued. The sources do not identify Dewa as a suspect or defendant; the summons is not evidence of wrongdoing.
Individual involvement documented · The reviewed report documents witness status only. Later conviction reporting concerns Dody, and SP3 concerns Siman; neither is attributed to Dewa.
Engineering, economics and mine-safety experience align with a downstream strategy remit
ANTAM reports a PhD in economics/business, master’s degrees in physical engineering and management, and a mechanical engineering degree. Its biography lists Vale roles including General Manager, Health, Safety and Operational Risk in 2020–21. The June 2026 GMS assigned him to a downstream strategy/operations portfolio. This supports relevant operations and commercial breadth, but source coverage does not establish individual delivery metrics.
Responsibility not applicable · Career, degrees and certifications are issuer-reported and were not verified with awarding bodies or employers.
Evidence gaps · 4
- The selected company roster title differs slightly from the June 2026 minutes wording (“Downstream Strategy & Downstream Operations”); role scope appears similar, but no separate dated title-change notice was reviewed.
- Independent evidence of individual operational, financial or safety outcomes in prior roles was not located.
- Witness status is the only personal connection found in the anode case; the outcome of the continuing corporate prosecution is beyond his individual role.
- No exhaustive legal, sanctions or credential verification was performed.
Hartono
Director of Mineral Resources Management
Questioned as a witness in the 109-ton gold-management investigation
IPOL reported that the Attorney General’s Office examined Hartono as a witness on 7 September 2023 in an alleged gold-business governance matter covering 2010–22; the report said no suspects had been announced at that time. Later ANTARA reports describe convictions of six former ANTAM precious-metals unit officials and seven private parties. Hartono is not among the named defendants in those reports. His witness examination does not establish an allegation or culpability.
Individual involvement documented · Sources connect him to the investigation only as a witness. The later named defendants are distinct people; no personal charge or conviction against Hartono is established in reviewed materials.
Geology, resource-management and exploration roles align with current portfolio
ANTAM reports a Geological Engineering degree, a master’s in Mining and Mineral Resources Development and a Qualified Registered Geologist credential. Its career history includes Geomin exploration leadership, Gag Nikel, nickel business-unit management and operations/production leadership before the 2026 title change. These are issuer-reported qualifications and roles, not independently validated credentials or quantified results.
Responsibility not applicable · Company biography supports chronology; credentials and individual outcomes were not independently checked.
Evidence gaps · 4
- The IPOL article was accessible only via indexed text after a direct-page timeout; the witness lead should be treated with that source limitation.
- The 2010–22 gold investigation overlaps a long ANTAM career, but sources reviewed do not establish Hartono’s role in the alleged transactions; later convicted defendants were other people.
- Credential standing and independent individual operating, safety and environmental outcomes were not verified.
- No exhaustive litigation, sanctions or regulator-register check was performed.
Arini Kasmira
Director of Finance and Risk Management
Portfolio-management and finance experience support current finance remit
MIND ID’s 2023 annual report says Arini Kasmira had served as Division Head of Portfolio Management since 21 March 2023; ANTAM’s 2026 GMS appointed her Director of Finance and Risk Management. PT Solusi Bangun Indonesia’s 2020 report identifies her as Finance Group Head. Her self-reported profile gives additional finance roles and qualifications, but dates differ from the MIND ID source and are not independently confirmed.
Responsibility not applicable · Issuer records establish the portfolio/finance roles; LinkedIn details are self-reported and conflicting on the MIND ID start date and end date.
ANTAM reported stronger 9M26 financial performance
ANTAM reported 9M26 net profit of Rp9.66 trillion, up 46% year over year, sales of Rp88.48 trillion and operating cash flow of Rp5.06 trillion. Arini was appointed Finance and Risk Director on 10 June 2026, so most of the reporting period predates her appointment. The results are issuer-reported and do not establish individual contribution.
Role overlaps event; causation unproven · Only the post-appointment period overlaps her role; no personal causation is established.
Evidence gaps · 4
- MIND ID’s 2023 report records her portfolio role from 21 March 2023, while her self-reported profile says Jan 2022–Jul 2026; exact title and cessation date are unresolved.
- No independently verified degree or professional registration records were located.
- The 9M26 results mostly predate her June 2026 appointment; individual finance/risk outcomes are not yet established.
- Targeted public searches did not identify relevant individual allegations, but no exhaustive legal, sanctions, litigation or credential screening was performed.
Ratih Dewihandajani L.
Director of Human Capital and Corporate Transformation
Legal, corporate-secretary and human-capital experience align with transformation remit
ANTAM’s 2025 report says Ratih held MIND ID legal/corporate-secretary and human-capital roles and Vale legal/corporate-secretary positions before becoming ANTAM Director of Human Capital in June 2025. It reports a law degree, management/finance degree and LLM in International Business Law. The June 2026 GMS records the title as Human Capital and Corporate Transformation. This supports relevant governance and people experience; credentials were not independently verified.
Responsibility not applicable · Career history and education are issuer-reported; no independent review of employment performance or credentials was performed.
Evidence gaps · 4
- Exact chronology across MIND ID, Vale and legal-firm roles is incomplete; the issuer sources are not a full employment register.
- The Vale contract renegotiation leadership claim is self-reported and not independently corroborated.
- No individual HR, workforce, safety, environment or transformation outcome series was reviewed.
- No exhaustive professional-discipline, litigation, sanctions or credential check was performed.
Handi Sutanto
Director of Corporate Strategy Business Development and Commercial
Finance, audit and commercial roles support current strategy and business-development remit
ANTAM reports that Handi held senior finance/control roles, served as SVP Commercial and Transformation, and worked in audit management at PwC Indonesia and PwC Dallas before his June 2025 director appointment. His degree is reported as B.Econ from Atma Jaya. The 2026 GMS uses the expanded corporate-strategy/business-development/commercial title. Career and education are issuer-reported; results and credentials were not independently validated.
Responsibility not applicable · The issuer biography provides the chronology; exact tenure dates and independent outcome measures are limited.
Evidence gaps · 4
- Exact month the PT International Mineral Capital presidency ended is not specified; no continuing conflict is established in reviewed sources.
- Individual contribution to ANTAM’s 9M26 commercial, financing or transformation outcomes was not isolated.
- Degree, professional qualifications and exact prior-employer dates were not independently checked.
- No exhaustive legal, sanctions, litigation or professional-discipline search was performed.
Company ownership
Investors & shareholders
Registered shareholder list unavailable
The available disclosures below do not provide a complete ranked register.
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 65.00%Issued shares | 2026-09-30 |
Sources & review notesEvidence checked through 2026-10-31
Coverage and limitations
- The issuer’s Australian listed securities are CDIs and the annual report’s ASX top-20 table lists CDI units. This snapshot schema describes ordinary shares and has no CDI unit or conversion field, so the CDI register has not been mislabelled as ordinary shares; the register is unavailable here.
- The 65% shareholder percentage is dated 30 September 2026; the September filing summary does not state the exact number of shares at that date.
- Other investors individually below 5% are not identified by the issuer’s summary. Public holdings are not a single investor.
- Indonesian government has a special Series A Dwiwarna share with distinct rights; it is excluded from the ordinary share holdings table.
Sources
- Nine-month 2026 interim financial statements and notes
PT ANTAM (Persero) Tbk via ASX · Published 2026-10-28 · Accessed 2026-10-31
MIND ID holds 65% of issued and fully paid capital at 30 September 2026; 2023 transfer and indirect Indonesian state control.
downloads/ATM/2026/2026-10-28_9M26 Financial Statements and Notes.pdf, PDF page 15, note 1
- 2025 annual report
PT ANTAM (Persero) Tbk via ASX · Published 2026-05-01 · Accessed 2026-10-31
Holders of ASX CDIs are distinct from ordinary shareholders; ordinary shares held by MIND ID as of 31 December 2025.
downloads/ATM/2026/2026-05-01_Annual Report to shareholders_ef084601816898c4.pdf, PDF pages 242–243, 250
Disclosed activity
Insider transactions
Trading activity0 buys · 0 sells shownNet cash last 12 months no tradesShow chartHide chart
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2023-03-21 | Republic of Indonesia
Details & evidence for Republic of Indonesia on 2023-03-21The report describes an intermediate change of legal holder followed by a same-date transfer to MIND ID; no purchase or sale is inferred and no consideration terms are disclosed. As disclosed: Thus the State of republic of Indonesia has transfered the Series B shares of the Company to PT Mineral Industri Indonesia (Persero).
Recipient and transferor of the Series B block on 21 March 2023 · Start not disclosed Annual Report to shareholders ↗ | Transfer OutSeries B shares | 15,619,999,999 | —Not Disclosed | — | 0 |
| 2023-03-21 | Republic of Indonesia
Details & evidence for Republic of Indonesia on 2023-03-21The report describes an intermediate change of legal holder followed by a same-date transfer to MIND ID; no purchase or sale is inferred and no consideration terms are disclosed. As disclosed: PT Indonesia Asahan Aluminium has returned overall ownership of Series B shares of the Company to the State of Republic of Indonesia.
Recipient and transferor of the Series B block on 21 March 2023 · Start not disclosed Annual Report to shareholders ↗ | Transfer InSeries B shares | 15,619,999,999 | —Not Disclosed | — | 15,619,999,999 |
| 2023-03-21 | PT Mineral Industri Indonesia (Persero) (MIND ID)
Details & evidence for PT Mineral Industri Indonesia (Persero) (MIND ID) on 2023-03-21The report describes a change of legal holder, not a purchase or sale. No consideration terms are disclosed. As disclosed: Thus the State of republic of Indonesia has transfered the Series B shares of the Company to PT Mineral Industri Indonesia (Persero).
Direct Series B shareholder after the 21 March 2023 transfer · Start not disclosed Annual Report to shareholders ↗ | Transfer InSeries B shares | 15,619,999,999 | —Not Disclosed | — | 15,619,999,999 |
| 2023-03-21 | PT Indonesia Asahan Aluminium (Persero)
Details & evidence for PT Indonesia Asahan Aluminium (Persero) on 2023-03-21The report describes a change of legal holder, not a purchase or sale. No consideration terms are disclosed. As disclosed: Effective on 21 March 2023, PT Indonesia Asahan Aluminium has returned overall ownership of Series B shares of the Company to the State of Republic of Indonesia.
Direct Series B shareholder at 65% as at 31 December 2022; transferred the block on 21 March 2023 · Start not disclosed Annual Report to shareholders ↗ | Transfer OutSeries B shares | 15,619,999,999 | —Not Disclosed | — | 0 |
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Narrative and provenance
Research & Sources
The full analyst report, its figures and the broker-style PDF are available to subscribers and invited guests.
Sign in or enter a guest codeChronological evidenceSource-document inventory19 documents
ATM local cutoff reference close and security basisMarket Data · HighExtracted
Local carried close A$1.12 on October 13, 2026, volume zero. Five ordinary shares per ASX CDI verified from issuer accounts; not a live October 24 quote.
- Document ID
- doc-atm-2026-10-13-asx-price
- Published UTC
- 2026-10-13T06:00:00+00:00
- Projects
- —
- Commodities
- gold · nickel · bauxite
RBA daily exchange rates October 13, 2026Market Data · HighExtracted
Primary RBA October 13 observation: IDR 12,470 per AUD, USD 0.6961 per AUD; source CSV retained in scratch and cutoff row used. Later observations excluded.
- Document ID
- doc-atm-2026-10-13-rba-fx
- Published UTC
- 2026-10-13T06:00:00+00:00
- Projects
- —
- Commodities
- gold · nickel · bauxite
Latest eligible local ASX ATM CDI close and actual tradeMarket Data · HighExtracted
Local repository latest close A$1.12 October9 volume0. Latest nonzero-volume row October7 close A$1.12 volume892. Quote age4days; actual trade age6days. Generic provider ordinary-share label corrected using issuer five-underlying-shares-per-CDI disclosure; small register and turnover create execution risk.
- Document ID
- doc-atm-2026-10-09-asx-price
- Published UTC
- 2026-10-09T00:00:00+00:00
- Projects
- —
- Commodities
- gold · nickel · bauxite
Resources and Energy Quarterly September 2026Market Data · HighExtracted
Independent nominal commodity forecasts distinguish gold US$/oz, LME nickel US$/contained tonne and FOB Australia alumina US$/tonne. Bauxite ore and chemical-grade alumina are different products.
- Document ID
- doc-atm-2026-10-02-req
- Published UTC
- 2026-10-02T00:00:00+00:00
- Projects
- —
- Commodities
- gold · nickel · bauxite
ANTAM public expose: current downstream project stagesOperations · HighExtracted
Issuer September public expose reports half-year results and pre-construction manufacturing facility; later body date used conservatively.
- Document ID
- doc-atm-2026-09-11-issuer-update
- Published UTC
- 2026-09-11T00:00:00+00:00
- Projects
- —
- Commodities
- gold · nickel · bauxite
Eramet: Weda Bay restarts mining after four months care and maintenanceOperations · HighExtracted
Partner reports Weda Bay mine restart after four months of care and maintenance; remainder-of-2026 volumes and grades not guided.
- Document ID
- doc-atm-2026-09-10-wbn-restart
- Published UTC
- 2026-09-10T00:00:00+00:00
- Projects
- —
- Commodities
- nickel
Updated Half Year Report and AccountsResults · HighPartial
Issuer release retained in local package; factual observations verified from the prepared primary source pages.
- Document ID
- doc-atm-2026-09-01-hy
- Published UTC
- 2026-09-01T08:05:41Z
- Projects
- —
- Commodities
- gold · nickel · bauxite
Half Yearly Report and AccountsResults · HighPartial
Issuer release retained in local package; factual observations verified from the prepared primary source pages.
- Document ID
- doc-atm-2026-08-31-hy-original
- Published UTC
- 2026-08-30T21:53:34Z
- Projects
- —
- Commodities
- gold · nickel · bauxite
ANTAM Posts Rp6.91 Trillion Net Profit in 1H26Operations · HighPartial
Issuer release retained in local package; factual observations verified from the prepared primary source pages.
- Document ID
- doc-atm-2026-08-31-hy-release
- Published UTC
- 2026-08-30T21:53:44Z
- Projects
- —
- Commodities
- gold · nickel · bauxite
Quarterly Activities Report 2Q26Operations · HighPartial
Issuer release retained in local package; factual observations verified from the prepared primary source pages.
- Document ID
- doc-atm-2026-07-31-q2
- Published UTC
- 2026-07-31T09:13:31Z
- Projects
- —
- Commodities
- gold · nickel · bauxite
RBA daily exchange rates: IDR per A$1 and average reciprocalsOther · HighExtracted
Balance date: A$1 = Rp12,298 on June30. 123 daily observations over Jan-Jun26: mean AUD-per-IDR 0.00008280291483076654. Balance amounts divided by closing IDR/AUD; flows multiplied by daily-average reciprocal. These conversions are comparison values, not issuer reporting currency. FY2025 comparison balances use 31 December closing Rp11,174 per AUD; flows use the calendar-year mean daily reciprocal 0.00009421354927589498 over 251 observations.
- Document ID
- doc-atm-2026-06-30-rba-fx
- Published UTC
- 2026-06-30T00:00:00+00:00
- Projects
- —
- Commodities
- gold · nickel · bauxite
Annual Report to shareholdersResults · HighPartial
Issuer release retained in local package; factual observations verified from the prepared primary source pages.
- Document ID
- doc-atm-2026-05-01-annual
- Published UTC
- 2026-04-30T22:20:34Z
- Projects
- —
- Commodities
- gold · nickel · bauxite
Quarterly Activities Report 1Q26Operations · HighPartial
Issuer release retained in local package; factual observations verified from the prepared primary source pages.
- Document ID
- doc-atm-2026-04-28-q1
- Published UTC
- 2026-04-28T09:29:51Z
- Projects
- —
- Commodities
- gold · nickel · bauxite
Full Year Statutory AccountsResults · HighPartial
Issuer release retained in local package; factual observations verified from the prepared primary source pages.
- Document ID
- doc-atm-2026-04-01-fy
- Published UTC
- 2026-03-31T22:51:38Z
- Projects
- —
- Commodities
- gold · nickel · bauxite
ANTAM Strong Performance in 2025Operations · HighPartial
Issuer release retained in local package; factual observations verified from the prepared primary source pages.
- Document ID
- doc-atm-2026-04-01-fy-release
- Published UTC
- 2026-03-31T22:52:33Z
- Projects
- —
- Commodities
- gold · nickel · bauxite
Quarterly Activities Report 4Q25Operations · HighPartial
Issuer release retained in local package; factual observations verified from the prepared primary source pages.
- Document ID
- doc-atm-2026-01-30-q4
- Published UTC
- 2026-01-30T08:53:43Z
- Projects
- —
- Commodities
- gold · nickel · bauxite
Quarterly Activities Report 3Q25Operations · HighPartial
Issuer release retained in local package; factual observations verified from the prepared primary source pages.
- Document ID
- doc-atm-2025-10-28-q3
- Published UTC
- 2025-10-27T21:19:34Z
- Projects
- —
- Commodities
- gold · nickel · bauxite
ANTAM Profit Increase 240% in the First Half of 2025Operations · HighPartial
Issuer release retained in local package; factual observations verified from the prepared primary source pages.
- Document ID
- doc-atm-2025-09-01-old-release
- Published UTC
- 2025-08-31T22:15:29Z
- Projects
- —
- Commodities
- gold · nickel · bauxite
Half Yearly Report and AccountsResults · HighPartial
Issuer release retained in local package; factual observations verified from the prepared primary source pages.
- Document ID
- doc-atm-2025-08-29-old-hy
- Published UTC
- 2025-08-29T09:18:30Z
- Projects
- —
- Commodities
- gold · nickel · bauxite
Evidence facts47
9226074000000.0 IDR
2026-06-30807056000000.0 IDR
2026-06-305740440000000.0 IDR
2026-06-3084791000000.0 IDR
2026-06-3037270011000000.0 IDR
2026-06-3014695146000000.0 IDR
2026-06-304901547000000.0 IDR
2026-06-306388586000000.0 IDR
2026-06-306912857000000.0 IDR
2026-06-3062714280000000.0 IDR
2026-06-30-751862000000.0 IDR
2026-06-30303976000000.0 IDR
2026-06-3024030764725 shares
2026-06-305 shares/CDI
2026-06-304806152945.0 CDI
2026-06-301303649 CDI
2026-06-306634215000000.0 IDR
2026-06-3012268147000000.0 IDR
2026-06-304049384000000.0 IDR
2026-06-303106169000000.0 IDR
2026-06-302539063000000.0 IDR
2026-06-302104576000000.0 IDR
2026-06-301985787000000.0 IDR
2026-06-309620000000000.0 IDR
2026-06-308433610000000.0 IDR
2025-12-314250244000000.0 IDR
2025-12-31121859000000.0 IDR
2025-12-3135298207000000.0 IDR
2025-12-3184642439000000.0 IDR
2025-12-317208834000000.0 IDR
2025-12-314853256000000.0 IDR
2025-12-31699363000000.0 IDR
2025-12-315620000000000.0 IDR
2025-12-3112298 IDR/AUD
2026-06-308.280291483076654e-05 AUD/IDR
2026-06-3011174 IDR/AUD
2025-12-319.421354927589498e-05 AUD/IDR
2025-12-311.12 AUD/CDI
2026-10-09892 CDI
2026-10-074 months
2026-09-1030000 kg/yr
2026-09-111.12 AUD/CDI
2026-10-1312470 IDR/AUD
2026-10-130.6961 USD/AUD
2026-10-134567 USD/oz Au
2026-10-0217457 USD/t Ni
2026-10-02351 USD/t alumina
2026-10-02Conflicts requiring judgment5
- Listed issuer and security
ATM here is PTANTAMASXCDI, not AndradaAIMATM. Genericordinarysharepriceproviderlabel corrected to fiveunderlyingsharesperCDI; globaldenominator converted once.
- Digitalsignature and figures
September1updateexplicitlychangesonlydisplayofauditordigitalsignature, not figures. Useupdatedaccounts once.
- FY25 preliminary versus audited sales
Auditedgold37,365kg andchemicalalumina179,828t supersedepreliminary37,406kg/180,221t. Historicalmineproductionseries remainsoperationalunaudited.
- Issuerwebrelease publicationdate
HeaderSeptember10/bodySeptember11; adoptlaterdateconservatively. Bothbeforecutoff.
- FY2025 operating cash flow
Use audited statutory cash-flow table Rp4.853256 trillion, repeated in the later annual-report cash-flow table. Release headline Rp5.62 trillion is unreconciled and not used as statutory OCF. Do not fabricate an adjustment or combine the two.