What Baru Gold does

Baru Gold Corp is a Vancouver-headquartered junior mineral resource company focused on developing gold and precious metals projects in Indonesia. The company operates through its 70%-owned Indonesian subsidiary PT Tambang Mas Sangihe (TMS), which holds a 42,000-hectare Contract of Work covering the Sangihe Gold Project on Sangihe Island off the northern coast of Sulawesi. The Sangihe project has NI 43-101 compliant mineral resources of 114,700 indicated ounces and 105,000 inferred ounces of gold, with metallurgical testing indicating 85% gold recovery and 96% silver recovery via cyanide soluble bottle roll tests. The company also holds an 85% indirect equity interest in the Miwah Gold Project in Aceh Province, Sumatra, which has an inferred resource of 3.14 million ounces of gold and 8.95 million ounces of silver.

The company is pre-revenue and is currently transitioning from exploration to production. Its core planned processing technology is heap leach extraction using cyanide. Revenue mechanics will rely on gold sales through established refining channels, with a small-scale contractor (PT. Putra Rimpulaeng Persada) already operating under a revenue-share arrangement on 7 hectares (contractor receives 65% of gross receipts). Baru Gold finances its operations through private placements, credit facilities (including a $17.5M CAD facility with Isatis Capital in 2018 and a $5M USD facility with OCMX in 2019), and a binding funding agreement of up to USD$100 million with QXA for production operations. The company is listed on the TSX Venture Exchange (BARU), OTCQB (EAIAF), and CNSX.

The company pursues a regulatory and relationship-based go-to-market strategy in Indonesia, having secured AMDAL environmental permits, a production licence upgrade, National Vital Object designation, and government affirmation of production operation status with police assistance. Its customer base, once in production, will consist of gold refiners and bullion purchasers; the company also serves the broader Indonesian mining regulatory environment and local communities on Sangihe through regulated, environmentally responsible mining practices that aim to displace illegal mining activity.

Name

Baru Gold

Legal name

Baru Gold Corp.

Website

https://barugold.com/

Company type

Public

Founded year

1996

Operating status

Operating

Headcount range

11–50 employees

Short description

Baru Gold Corp is a Vancouver-based junior gold developer advancing the Sangihe Gold Project in Indonesia (NI 43-101 resources of ~220,000 oz gold) toward production via heap leach processing, alongside the larger exploration-stage Miwah Gold Project (3.14M oz inferred gold).

Ownership category

akta.pro rank

Product category

Gold Mining

NAICS

Gold Ore and Silver Ore Mining (21222), Gold Ore and Silver Ore Mining (212220)

SIC

Gold And Silver Ores (1040), Metal Mining (1000)

akta.pro primary industry

Gold Mining (IMAKAEAA)

akta.pro secondary industries

Precious Metals Exploration & Project Development (IMAKAEAI), Precious Metals Ore Processing & Beneficiation (IMAKAEAD), Mining & Metals (FSABACAB)

Keywords

• Gold mining operations
• Mineral exploration
• Precious metals development
• Heap leach processing
• Gold project development

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Others

Marketing channels4 records

Core offering

Baru Gold Corp. is a junior gold developer advancing the Sangihe Gold Project on Sangihe Island, Indonesia toward production, using heap leach gold processing with metallurgical recoveries of 85% gold and 96% silver. The company also holds an 85% interest in the Miwah Gold Project in Aceh Province, Sumatra, which is at the exploration stage. Both projects are held under Indonesian Contract of Work arrangements, with the company transitioning from exploration to production.

Product overview

Baru Gold Corp is a junior gold developer focused on Indonesia, operating through its primary project the Sangihe Gold Project and the Miwah Gold Project. The Sangihe Project is the company's flagship near-term production asset, currently advancing toward production operations through a Contract of Work held by its 70%-owned subsidiary PT Tambang Mas Sangihe. The company also holds an 85% interest in the Miwah Gold Project in Aceh Province, which represents a larger exploration-stage asset. Baru Gold is transitioning from exploration to production, with plans for heap-leach gold processing operations.

Differentiator

Problem solved

Functional benefit

Products and services

• Sangihe Gold Project Flagship near-term production gold mining project on Sangihe Island off the northern coast of Sulawesi, Indonesia. Holds NI 43-101 mineral resources of 114,700 indicated ounces and 105,000 inferred ounces of gold, with heap leach processing planned for gold extraction. Held through 70%-owned subsidiary PT Tambang Mas Sangihe under a Contract of Work covering 42,000 hectares.
• Miwah Gold Project Gold exploration project in Aceh Province, Sumatra, Indonesia, with an NI 43-101 compliant inferred resource of 3.14 million ounces of gold and 8.95 million ounces of silver. Held under an 85% indirect equity interest, representing a larger exploration-stage asset.

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Five partnerships are on record, tiered core and minor.

• PT. Tambang Mas Sangihe (TMS)coreStrategic or Co-development PartnerThe company's 70-percent interest in the Sangihe-mineral-tenement Contract of Work is held through PT. Tambang Mas Sangihe. The remaining 30-percent interest is held by three Indonesian corporations. The subsidiary holds the company's exploration and production license for the Sangihe Gold Project.
• PT. Putra Rimpulaeng PersadaminorChannel Partner/ Reseller/ DistributorLocal mining contractor that signed a legally binding contract to operate and produce gold on Sangihe Island. The contractor pays IDR 3,750,000,000 (CAD $330,000) for exclusive rights to operate across 7 hectares within the Company's Contract of Work. The contractor receives 65% of gross receipts from gold sales, while the company receives 35%.
• RT. Resindo MiningcoreImplementation/ SI/ Consulting PartnerIndonesian consulting firm engaged to conduct the Feasibility Study and manage the AMDAL environmental report process for the Sangihe project.
• Armila Law OfficescoreImplementation/ SI/ Consulting PartnerLeading Indonesian mining law firm serving as the company's legal representative in Indonesia and representative to the Federal Indonesian Mining Department.
• 091377 BC Ltd.minorGTM or Marketing PartnerVancouver-based firm retained to provide strategic investor relations and financial communications services.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Perseus Mining: Mid-tier gold producer with multi-asset African operations (Edikan, Yaouré, Sissingué). Comparable as a benchmark for what a multi-asset junior gold developer can look like once it scales beyond a single mine.
• PT Aneka Tambang (Antam): Indonesian state-controlled integrated mining producer with gold and nickel operations. Comparable as a long-established Indonesian precious-metals miner against which investors benchmark country risk, permitting timelines, and Contract of Work economics for juniors like Baru Gold.

Emerging players

• Astral Resources: ASX-listed developer of the Mandilla gold project in Western Australia. Comparable as a similarly-sized, single-asset, near-term gold developer whose progress from feasibility through financing into construction parallels Baru Gold's Sangihe trajectory.

Direct peers

• Finders Resources (now part of Eastern Field Developments / Wetar Copper project history): Was an ASX-listed junior developer of the Wetar copper-gold project in Indonesia. Provides a near-analogous single-asset, Indonesian, junior-developer trajectory (exploration → feasibility → production attempt) against which Baru Gold's Sangihe path can be benchmarked.
• PT Merdeka Battery Materials (formerly Merdeka Copper Gold): Indonesian-listed mining company with gold and base metals assets, including the Tujuh Bukit gold mine. Comparable as an Indonesia-focused, mid-tier gold-copper operator and one of the closest scale comps to where a successful Sangihe production scenario could take Baru Gold.
• West Wits Mining: ASX-listed gold developer advancing the Witwatersrand Basin Project in South Africa. Comparable as a small-cap, resource-stage gold developer working toward first production — a useful funding, dilution, and capex-disclosure peer for Baru Gold.
• Caledonia Mining: Single-asset gold producer focused on the Blanket mine in Zimbabwe. Comparable as a small-cap, dividend-paying, single-mine gold operator — illustrating the steady-state equity profile Baru Gold could migrate toward once Sangihe is in steady production.
• Cokal Limited: ASX-listed developer with Indonesian thermal coal and bauxite interests. Comparable as a small-cap, pre-revenue miner exposed to Indonesian regulatory and operational complexity — a relevant governance and execution peer for Baru Gold.
• Tietto Minerals: West African gold developer that built and funded the Abujar project into production. Comparable as a pre-revenue junior gold developer that translated a resource and binding offtake/financing into first gold pour — a useful operational and capital-structure template.
• Kingsgate Consolidated: ASX-listed gold developer/producer with Southeast Asian project exposure (Chatree mine in Thailand). Comparable as a junior-mid gold operator navigating permitting, government relations, and community-license issues in a single Asian jurisdiction.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/baru_gold

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries2 records

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Baru Gold