Merdeka Battery Materials reports 1,607 holes: what it means for Merdeka Battery Materials stock

Published on 10/16/2026 at 09:29 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

The third-quarter report records 1,607 core holes across 41,289 meters. For Merdeka Battery Materials stock, analysts cite IDR 790 and IDR 880.

Exploration and analyst signals

Merdeka Battery Materials allocated IDR 58.18 billion to third-quarter exploration on October 15, 2026.
Nickel ore production reached 7.60 million wet metric tonnes in the second quarter of 2026, up 105.00 percent year over year.
Phintraco Sekuritas set an IDR 790 target in October 2026, while another analyst cited an IDR 880 target.

Merdeka Battery Materials, ID1000188303, Illustration mit AI erstellt.

Merdeka Battery Materials (ID1000188303) reported 1,607 core holes spanning 41,289 meters in its Sulawesi exploration program on October 15, 2026, according to Kontan. The work gives investors a measurable view of resource expansion, but the exploration remains an early-stage effort rather than a confirmed reserve addition.

Exploration spending reaches IDR 58.18 billion

MBMA spent IDR 58.18 billion, equivalent to USD 3.26 million, on exploration at the Sulawesi Cahaya Mineral mine during the third quarter of 2026. The company completed 1,607 core holes with a combined depth of 41,289 meters by the period ended September 30, 2026, EmitenNews.com reported on October 11, 2026.

The program also covered 127.30 kilometers of grid surveying, 117.90 kilometers of ground radar data collection and 722 hectares of geological mapping. Those figures show the breadth of the campaign, while the company still needs further evaluation before the work can support a larger resource classification.

What does the drilling mean for growth?

The operating backdrop is already volume-led. MBMA produced 7.60 million wet metric tonnes of nickel ore in the second quarter of 2026, up 105.00 percent from a year earlier, while first-half production reached 15.20 million wet metric tonnes, up 120.00 percent year over year, according to Kontan. The same report cited a 60.00 million wet metric tonne annual handling capacity after new saprolite transport and limonite slurry infrastructure.

Analyst views place the exploration and processing ramp-up in a wider earnings story. Phintraco Sekuritas forecast 2026 revenue of USD 2.60 billion and set an IDR 790 target, while Kontan reported an IDR 880 target from BRI Danareksa Sekuritas on October 8, 2026. The competing targets underline the gap between expected volume growth and pressure on downstream margins.

Stock context and company dates

Three dated developments frame the current story: BRI Danareksa cited an IDR 880 target on October 8, 2026; MBMA's exploration report recorded IDR 58.18 billion of third-quarter spending on October 11, 2026; and the October 15, 2026 report again detailed 1,607 holes and 41,289 meters. The company's investor-relations calendar lists the first-half 2026 financial-results presentation dated September 28, 2026.

On the IDX, the stock closed at IDR 438 on October 15, 2026. MBMA stock therefore enters the next reporting cycle with exploration scale, production growth and analyst targets as the main measurable reference points.

Latest dated market context

Merdeka Battery Materials stock was last quoted at IDR 438.00 on the IDX on October 15, 2026. The exploration program's IDR 58.18 billion cost and 41,289-meter drilling total provide the clearest current operating markers.