Amman Mineral Internasional (AMMN IJ) (Buy) - Top-tier copper-gold asset at inflection point

Research evidence excerpt

Amman Mineral Internasional (AMMN IJ) (Buy) - Top-tier copper-gold asset at inflection point

Nomura Securities Malaysia Sdn Bhd

Amman Mineral Internasional AMMN.JK AMMN IJ 11 June 2026

EQUITY: METALS & MINING

RatingTop-tier copper-gold asset at inflection point Starts at Buy

price IDR 5,400 Starts atInitiate at Buy rating with a target price of IDR5,400 Target

Closing price

10 June 2026 IDR 3,310Strategic top-tier asset; one of the lowest cost producers

AMMN operates one of the world's most strategic and fully integrated copper-gold complexes, Implied upside +63.1%combining the fastest production growth trajectory among global peers with a lowest-quartile C1

cash cost position. As Batu Hijau transitions into Phase 8, we forecast AMMN is set to contribute Market Cap (USD mn) 13,372.4

~1% of global copper supply by FY27F. Based on the latest JORC (FY24), AMMN commands an ADT (USD mn) 21.7

estimated 23.4bn lb of copper and 33.2mn oz of gold in reserves, ranking it among the top 10

copper-gold assets globally. High gold by-product credits and fully integrated operations command

strong EBITDA margins relative to the peer average. Relative performance chart

Strong operational momentum; capex cycle behind us; 42% EBITDA CAGR over FY25-28F

We forecast copper cathode production to grow from 80kt in FY25 to 203kt in FY28F (37% CAGR

FY25–28F), translating into USD5.2bn/USD2.6bn in revenue/EBITDA for FY28F (41%/42%

revenue/EBITDA CAGRs over FY25-28F), as AMMN harvests returns on its USD5.5bn end-to-end

investment. Key upcoming milestones include: 1) a 220ktpa copper smelter ramp up; 2) processing

capacity expansion to 85Mtpa; 3) a gold refinery; and 4) the Phase 8 mining ramp-up which all will

be run by an improved energy mix via 450MW CCPP and LNG regasification.