Merdeka Battery explores nickel: what IDR 58.18 billion means for Merdeka Battery Materials stock

Published on 10/15/2026 at 11:55 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Revenue rose 66.92 percent to USD 1.05 billion in the first half of 2026. Merdeka Battery Materials stock saw 1,607 holes drilled over 41,289 meters.

Exploration and earnings context

Exploration spending reached IDR 58.18 billion in the third quarter of 2026.
First-half 2026 net profit rose 830.12 percent to USD 54.43 million.
KAF Sekuritas set an IDR 425 target on October 7, 2026.

Merdeka Battery Materials, ID1000188303, Illustration mit AI erstellt.

Merdeka Battery Materials (ID1000188303) said exploration spending at the Sulawesi Cahaya Mineral mine reached IDR 58.18 billion in the third quarter of 2026, according to Kontan on October 15, 2026. The work covered 1,607 core-drilling holes and a total depth of 41,289 meters.

What does exploration mean?

The current exploration program adds an operating data point to Merdeka Battery Materials' nickel growth story. The company said the drilling is intended to define mineral resources over the mine life and improve confidence in the resource estimate, while the initial regional work remains at an early stage, Kontan reported.

For investors, the scale of drilling matters because future resource quality depends on the results of additional evaluation. Ciptadana Sekuritas Asia said production growth should be supported by higher nickel ore volumes and sales rather than by nickel prices alone. MBMA produced 7.6 million wet metric tonnes in the second quarter of 2026, up 105 percent year over year, and 15.2 million wet metric tonnes in the first half, up 120 percent.

Profit growth sets the backdrop

The exploration update follows a sharp first-half earnings improvement. Merdeka Battery Materials reported USD 1.05 billion of revenue in the first half of 2026, up 66.92 percent from the same period of 2025, while net profit attributable to owners of the parent rose 830.12 percent to USD 54.43 million, according to Databoks on September 28, 2026. EBITDA increased 306 percent to USD 311 million.

Three dated stock developments

On September 26, 2026, the first-half report showed USD 1.05 billion in revenue and USD 54.43 million in net profit, according to Databoks. On October 7, 2026, KAF Sekuritas assigned an Underweight view and an IDR 425 target, compared with its IDR 492 reference price, in its stock research. On October 15, 2026, the exploration report put third-quarter spending at IDR 58.18 billion and detailed 41,289 meters of drilling.

Business scale remains the test

Merdeka Battery Materials combines nickel mining, smelting and downstream processing for battery and stainless-steel supply chains. The contrast between 830.12 percent first-half profit growth and the still-evolving resource work makes operating execution the central issue for the next phase.

Indonesia market context

Merdeka Battery Materials is listed in Indonesia under ticker MBMA. Its latest company-specific updates connect resource expansion with first-half earnings and a dated analyst valuation rather than with a single commodity-price assumption.