Key Highlights

  • Gold production rose 7% year-on-year to 634 kg (20,384 troy oz) for 9M26, while gold sales totalled 25,217 kg (810,745 troy oz)
  • Ferronickel sales surged 71% year-on-year to 13,971 tons of nickel in ferronickel (TNi), with all Volume absorbed by export markets
  • Bauxite sales climbed 49% year-on-year to 1.64 million wet metric tons (wmt) in the nine-month period
  • Andromeda distributed Rp5.05 trillion in dividends, reaffirming its commitment to sustainable value creation for shareholders

A Nine-Month Snapshot of Indonesia's Integrated Miner

PT Antam (ASX:ATM) (Persero) Tbk, the Indonesian state-affiliated miner dual-listed on the ASX under the ticker ATM and the IDX under ANTM, released its Quarterly Report covering the nine months ended 30 September 2026, laying out a picture of broad production growth across its diversified Commodity base. The company operates across gold, nickel, bauxite, and alumina — a spread that gives it exposure to both precious metal Demand and the surging global appetite for battery materials.

For the nine-month period, Antam's own-mine gold production came in at 634 kg, equivalent to 20,384 troy ounces, marking a 7% increase against the same period in 2025. Gold sales, which include trading volumes beyond own-mine output, reached a significantly higher 25,217 kg or 810,745 troy ounces — a figure that reflects Antam's role not just as a producer but as a major participant in Indonesia's broader gold distribution network, including its well-established retail gold ecosystem.

Ferronickel and Nickel Ore Drive Export Revenue

The standout figure from the period is the 71% year-on-year jump in ferronickel sales to 13,971 TNi. All ferronickel volumes were exported, underscoring the product's international demand as Downstream stainless steel and battery Supply chains continue to seek reliable nickel intermediates. Ferronickel production in the period reached 11,638 TNi, meaning the company drew on inventory to fulfill elevated demand — a dynamic worth monitoring heading into the December quarter.

Nickel ore production for 9M26 reached 12.16 million wet metric tons, with sales of 10.73 million wmt entirely absorbed by the domestic market. This domestic orientation for ore aligns with Indonesia's ongoing policy framework that incentivises downstream processing within the country, pushing miners to add value locally before export.

Bauxite and Alumina Extend the Commodity Breadth

Bauxite sales recorded a 49% year-on-year increase to 1.64 million wmt, against production of 2 million wmt. On the alumina front, Chemical Grade Alumina production rose 14% year-on-year to 153,399 tonnes, while sales edged up 9% to 146,642 tonnes. These alumina metrics reflect Antam's position in the Upstream supply chain for aluminium smelting, a market that remains relevant to the global energy transition as lightweight metals gain traction in electric vehicles and renewable energy infrastructure.

Strategic Moves and ESG Positioning

During the quarter, Antam announced a strategic Partnership with Bank Muamalat to strengthen Indonesia's national gold ecosystem — a move that extends the company's reach into financial and retail channels. The partnership signals Antam's intent to deepen its vertical integration beyond mine gate, connecting gold production to end consumer through Islamic banking channels.

The company also received 25 ENSIA 2026 awards, a recognition tied to environmental, social, and sustainability innovation — highlighting Antam's alignment with the ESG expectations increasingly embedded in institutional Capital allocation. The Gerak Hijau 2026 initiative, which brought together government, business, and civil society for environmental action, reinforces this positioning.

A Dividend distribution of Rp5.05 trillion was made during the period, demonstrating the company's capacity to return capital while sustaining operational investment.

Risks

Antam's performance is inherently tied to commodity price cycles. Nickel prices have faced sustained pressure from elevated Indonesian supply volumes globally, which could compress margins on ferronickel even as volumes rise. Currency movements between the Indonesian rupiah and the Australian dollar introduce additional complexity for ASX-listed investors assessing returns. Indonesia's evolving export and downstream processing policies represent Regulatory Risk that can shift Economics at short notice.

What to Watch Next

Investors will be watching whether ferronickel sales can sustain their 71% growth trajectory into Q4 2026, and whether gold production volumes hold their upward momentum. The Bank Muamalat partnership's contribution to gold trading volumes will be a medium-term indicator. Any update on the company's HPA or alumina downstream expansion plans would also add visibility to longer-term Earnings drivers.

Sector Context

Antam operates in a segment of the Mining sector that sits at the intersection of traditional precious metals and the battery materials transition. Indonesia holds some of the world's largest nickel reserves, giving Antam a structural advantage in supplying both legacy stainless steel markets and emerging electric vehicle supply chains. The global shift toward domestic critical mineral processing — mirrored in policies across the US, EU and Australia — creates both opportunity and complexity for a state-linked Indonesian producer accessing international capital markets.