Argonaut acted as a Placing Agent to successfully raise approximately US$61.5 million for PT Merdeka Copper Gold Tbk by way of a US$61.5 million Non Pre-emptive Share Issue (“Share Issue”) in 2019. PT Merdeka Copper Gold Tbk is a holding company with operating subsidiaries focused on world-class exploration & mining operations and development projects in Indonesia. The funds raised in 2019 were used to advance the Tujuh Bukit Copper Porphyry Project studies and for continued exploration and development expenditures.  The Share Issue was well supported by new and existing shareholders from domestic and international institutional investors resulting in a significantly oversubscribed Placement which was also used as general working capital.

PT Merdeka Copper Gold Tbk (IDX:MDKA) has five main assets all over Indonesia, including the Tujuh Bukit Copper-Gold deposit located in Banyuwangi Regency, East Java Province, which has one of the world’s top-ranked undeveloped porphyry copper and gold mineral resources. As a world-class Indonesian mining company, Merdeka is owned by prominent Indonesian shareholders with exceptional track records in successfully operating multiple publicly listed companies, including PT Saratoga Investama Sedaya Tbk and PT Provident Capital Indonesia.