INDY held its public expose yesterday, giving the market clearer visibility on the Awak Mas gold project. Management reaffirmed that first trial production remains on track for December 2026, with commercial operations starting in 2027. As of October 2025, construction progress has reached 43 percent, supported by US$234 million in capex already deployed for production preparation.

One of the more interesting takeaways was the 2027 cash cost guidance of around US$1,150/oz (ex-royalty)—a level that is relatively low compared to many domestic and regional gold producers. Including royalties, all-in cost is estimated at around US$1,700/oz, keeping INDY competitive despite expected inflation in equipment and land compensation. Management noted that updated cost estimates will be provided in 2026.

Resource potential also looks promising. A new JORC update is expected by end-2025, with early indications of an additional ~300koz from the Salo Bulo pit. With only about 10 percent of its 14,000-ha concession explored so far, INDY still has substantial upside from further drilling, which will continue throughout 2026 to expand reserves and strengthen long-term mine life.

 

With a US$375 million syndicated loan facility already secured and discussions ongoing regarding potential upsizing, INDY appears financially well positioned to execute the project. Overall, yesterday’s public expose reinforced confidence: operational progress remains on track, resource upside continues to build, and a competitive cost structure keeps INDY’s long-term story attractive for investors.