HK Stock Market Move | Free Gold - DRS (06228) surged more than 8% in early trading, with the new Chinese name officially in effect. Second-quarter production data verifies the ramp-up speed.

Freedom Gold-DRS (06228) surged over 8% in early trading, reaching a high of HK$38.8, setting a new record since its listing. As of the time of writing, it is up 8.44% at HK$38.8, with a transaction volume of HK$27.8331 million. In terms of news, the Indonesian gold mining company Merdeka Gold has recently officially adopted its new Chinese name (Freedom Gold). Public information shows that the company's core asset, the Pani gold mine, is located in Indonesia's Kolaka. According to industry consultant CRU, it is the largest primary gold mine in Indonesia by resource and reserve volume, ranking fifth and fourth respectively in Asia, and possesses the three rare endowments of scale, cost, and growth potential. Public records indicate that the company achieved its first gold production in February this year and completed its first gold sales in March. The production data for the second quarter validated the ramp-up speed, with quarterly gold production reaching 15,594 ounces, a staggering increase of 758% compared to the previous quarter; gold sales amounted to 6,439 ounces, a remarkable jump of 1147%. On the sales front, the company has signed a two-year gold sales agreement with Indonesia's state-owned mining giant Antam, with a total transaction volume of 3 tons, and an option to increase by up to 3 tons each year, fully covering the company's core output during the initial production phase.