PT Wilton Makmur Indonesia Tbk (WMII): Interim September 2025 Financial Analysis

PT Wilton Makmur Indonesia Tbk (“WMII” or “the Group”) is a listed gold mining company operating predominantly in Indonesia. This analysis reviews the unaudited interim consolidated financial statements for the nine months ended 30 September 2025, with comparative data from 2024.

Key Financial Metrics

Historical Performance Trends

• Revenue Growth: Revenue more than doubled YoY to Rp 1.41 billion, but remains exceptionally low for a gold mining group.
• Persistent Losses: Net loss attributable to owners increased to Rp 53.88 billion from Rp 46.65 billion YoY, a worsening trend.
• EPS: Loss per share increased to Rp 3.47 from Rp 3.00 in the previous period.
• Negative Equity: Equity turned negative in 2025, indicating severe balance sheet distress.
• Operating Cash Flow: Net cash used for operations was Rp 12.81 billion.

Errors, Inconsistencies, and Exceptional Items

• No Dividends: The Group did not declare or pay any dividends for the period.
• Liquidity Issues: The Group deferred payments on certain liabilities, highlighting cash flow stress.
• Going Concern Doubts: The report explicitly raises significant doubt about the Group’s ability to continue as a going concern.
• Related-Party Transactions: Significant outstanding payables to related parties, including the ultimate parent and key management.
• Non-cash Transactions: Addition of fixed assets through other payables, indicating continued reliance on credit rather than cash.
• No Directors’ Remuneration Disclosure: No breakdown of directors’ pay or remuneration is provided.

Events Affecting the Business

• Operational Delays: The Group has not yet started significant operational activities as of this report.
• Management Plans: The Group intends to maintain sufficient funding, minimize operational costs, and resume processing oxide ores, later transitioning to mixed ores. Maintenance is underway to ensure the resumption of operations and stable electricity supply.
• Liquidity Management: Management is actively seeking options for funding and has delayed payments on certain liabilities.
• No Asset Revaluations or Sales: No mention of asset revaluation, divestments, placements, or fundraising in the period.

Shareholders and Capital Structure

• Major Shareholders: Wilton Resources Holdings Pte. Ltd. Singapore owns 54.18%, CGS International Securities Singapore Pte. Ltd. owns 22.09%, public holds 23.7%.
• No Buybacks or Dilution: No share buybacks, dilution, or mandates noted.
• Negative Net Working Capital: Net working capital was negative Rp 489.6 billion at 30 September 2025.

Chairman’s Statement

The financial report does not include a formal Chairman’s Statement. The tone of the management’s disclosures throughout the report is cautious and highlights the Group’s financial and operational challenges, notably the going concern doubts and ongoing efforts to resume operations.

Forecasted Events and Management Outlook

• Resumption of Operations: Management is focused on restoring operations and processing ores, but as of the report date, full operations have not begun.
• Strategic Funding: The Group is exploring strategic funding options and has engaged professional advisors.
• No Near-Term Profitability: Given ongoing losses and negative equity, profitability appears distant.

Conclusion and Investment Recommendations

Overall Assessment:
The financial performance and outlook for WMII appear weak. The Group has not started full operations, continues to incur substantial losses, faces liquidity challenges, has negative equity, and has flagged significant doubt over its going concern status. While management is taking steps to restore operations and secure funding, immediate risks to shareholders are high.

• If Currently Holding: Existing investors should exercise extreme caution. The balance sheet distress, ongoing losses, and operational delays signal high risk. Consider reducing or exiting exposure unless there is evidence of a successful turnaround or new funding.
• If Not Currently Holding: Potential investors should avoid initiating positions until the Group demonstrates operational stability, improved liquidity, and a path to profitability. The risks far outweigh any speculative upside at this stage.

Disclaimer: This analysis is strictly based on WMII’s interim financial report as at 30 September 2025. It does not constitute investment advice. Investors should conduct further due diligence and consult with a qualified financial advisor before making any investment decisions.

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