https://www.minichart.com.sg/2025/12/23/wilton-resources-subsidiary-pt-wilton-makmur-indonesia-tbk-releases-2025-annual-public-expose-report-and-updates-on-ciemas-gold-project-178/

Wilton Resources Subsidiary PT Wilton Makmur Indonesia Tbk Releases Annual Public Expose Report on IDX

Jakarta, 23 December 2025 &mdash   PT Wilton Makmur Indonesia Tbk (&ldquo PT WMI&rdquo ), a subsidiary of Wilton Resources Corporation Limited, has released its  Annual Public Expose Report  on the Indonesia Stock Exchange (IDX), providing significant updates that may influence investor sentiment and share price performance.

Key Highlights from the Annual Public Expose

• Business Overview & Ciemas Gold Project Progress:  The report includes a comprehensive overview of PT WMI&rsquo s business and the progress of its flagship Ciemas Gold Project, a major gold mining initiative in Indonesia.
• Financial Information & Corporate Plans for 2026:  Investors can review updated financial data and strategic plans for the upcoming year, including operational and funding details.
• Gold Reserves & Resources:  According to a JORC-compliant assessment by SRK, Wilton&rsquo s gold  reserves810,000 troy ounces, while  resources1,500,000 troy ounces. This substantial reserve and resource base is critical for future production potential and company valuation.
• Operational Developments:  The company has conducted open-pit mining activities over the past two years, but the results have been &ldquo less than satisfactory.&rdquo Management did not specify the technical or economic reasons for this underperformance but indicated ongoing review and maintenance activities.
• Share Suspension & Regulatory Compliance:  PT WMI&rsquo s shares are currently suspended on the IDX due to delays in financial reporting and administrative issues. Importantly, the company has already submitted its FY2024 Audited Financial Statements and interim statements for 1Q and 2Q 2025. Management is arranging payment of administrative penalties, which is a prerequisite for the lifting of the trading suspension.
• Internal Group Funding:  The Group is receiving related-party loans from its parent entities. These funds are primarily allocated to operational expenses, repair and maintenance, as well as overhead support for operational readiness.
• Gold Inventory Position:  The company&rsquo s gold inventory position is reported in its interim consolidated financial statements. Recent sales have occurred but are not significant, as they derive from existing inventories rather than new production.
• Strategic Investor Search:  PT WMI and its parent group are actively exploring strategic options, including the potential engagement of professional advisors to seek new strategic investors who could support future exploration or production expansion. Announcements will be made when material developments occur.
• Administrative Penalties & Funding Initiatives:  Management is working with funders to secure additional financing to cover operational needs, overhead, and administrative penalty payments. This is crucial for restoring compliance and resuming normal trading.
• Upcoming Financial Announcements:  The Group&rsquo s unaudited condensed consolidated financial statements for the year ending 31 December 2025 will be announced on or before 1 March 2026. Additional disclosures regarding the Ciemas Gold Project exploration, development, and production will also be provided in compliance with the Singapore Exchange&rsquo s Catalist rules.

Investor-Relevant and Potentially Price-Sensitive Information

• Gold Reserve and Resource Confirmation:  The confirmation of substantial gold reserves and resources under JORC standards is a positive indicator for long-term value and could affect share price upon production optimization or expansion.
• Share Suspension Update:  The imminent lifting of the share suspension, pending penalty payments and regulatory compliance, is a critical event. Restoration of trading could result in significant share price movement.
• Strategic Investor Search:  The pursuit of new strategic investors and professional advisory engagement signals potential capital inflows and operational partnerships, which are likely to be price-sensitive developments.
• Operational Challenges & Maintenance:  The less-than-satisfactory results of open-pit mining and ongoing maintenance may raise concerns about operational efficiency and production ramp-up timelines. This could affect short-term investor outlook.
• Funding Arrangements:  Successful securing of additional internal and external funding is vital for continued operations and regulatory compliance. Failure or delays could further impact share price and investor confidence.

Summary of Q& A Session with Investors

During the public expose, PT WMI&rsquo s management addressed queries from institutional investors:

• Updates on gold reserves and mining operations were provided, emphasizing the scale of proven resources and acknowledging operational setbacks.
• Management outlined steps taken to restore compliance and resume trading, including financial statement submissions and penalty payments.
• Details were shared about internal funding structures and strategic initiatives to attract new investors.
• Financial performance for 3Q 2025 is expected to remain stable, with no significant changes in revenue or gross profit due to ongoing maintenance and limited sales from inventory.

Financial & Structural Concerns

Going Concern Warning (FY2024)

• Net loss: Rp 262.7 billion (~S$16.8M)
• Negative operating cash flow: Rp 37.8 billion
• Current liabilities exceed current assets by Rp 674 billion
• Matured project financing liability: US$13.5M facility from Karl Hoffmann Mineral is now due (originally from 2017)

Funding Lifelines

• Working capital loan facility: IDR 36 billion (24-month period), with IDR 18 billion still available
• Negotiating with vendors for favorable credit terms
• Planning to focus on oxide ores (open-pit) in Q4 2025, then transition to mixed ores

Resource Estimates (Historical)

• Total Mineral Resources: ~46,058 kg (1.48M troy oz) contained gold
• Ore Reserves: ~25,203 kg (810,385 troy oz) contained gold
• Mining License: Valid until September 7, 2030

   

Latest News (January 2026)

• No exploration activities conducted in Q4 2025 at Ciemas Gold Project
• Indonesian subsidiary released 9M 2025 results group accounts timeline established

   

Investment Implications

1. Operational halt on exploration activities
2. Ongoing supply chain issues (cyanide dependency)
3. Severe financial distress with negative equity
4. Natural disaster disruptions affecting West Java operations
5. Matured debt requiring renegotiation with Karl Hoffmann Mineral

• Gold price assumptions in impairment tests: USD $3,738-$4,439/oz (significantly higher than 2023 assumptions of $2,106-$2,445/oz)

   
• No impairment recorded on mining assets (management believes recoverable amount exceeds carrying value)
• Mining license valid until 2030

Bottom Line

1. Metallurgist Superintendent

Qualifications:

• Bachelor of Metallurgy Education
• Minimum 2 years experience as Metallurgist Superintendent or 5 years as Metallurgist
• Having experience preferably in gold mining
• Have POP certificate
• Location: Sukabumi, West Java

2. Plant Mobile Supervisor

Qualifications:

• Minimum education: high school, D3 or equivalent
• Experienced as a heavy equipment mechanic supervisor for at least 2 years
• Certified Basic Mechanic Course or Preventive Maintenance
• Having an OHS certificate is an added value
• Having a POP Certificate is preferred
• Willing to be placed in Sukabumi with a roster system
• Location: Sukabumi, West Java