“FIRE is not a directionless journey. Everything has been carefully laid out in the Company’s 2026 Plan.
1️⃣ Block AM as the main focus
Optimizing mining operations at Block AM requires substantial working capital due to the high stripping ratio (SR) during 2025–Q1 2026.
But this is exactly the point of the strategy:
➡️ SR is targeted to decline to an average level of SR 10.
As SR decreases, production costs fall, and margins begin to recover.
2️⃣ PMHMTED is not for show
The Company has openly stated that it is considering a capital increase through a Rights Issue (HMETD).
The objectives are clear:
strengthen working capital
improve affiliated trading activities
expand the network of suppliers and buyers
This is not about burning cash, but about reorganizing and strengthening the business engine.
3️⃣ BBJ is being prepared as a second growth engine
PT BBJ is no longer just a supporting entity.
The 2026 direction:
➡️ to become a trading arm for aggregate stone and derivative products
➡️ expected to start contributing to the Company’s performance
This shows that FIRE does not want to rely on a single pillar.
4️⃣ Mining permits are progressing, not just talk
The Coal Mining Operation Permit (IUP OP) of the subsidiary PT Alfara Delta Persada has:
➡️ entered the evaluation stage at the Directorate General of Mineral and Coal, Ministry of Energy and Mineral Resources (ESDM).
This is critical, as permits are the lifeblood of mining operations.
Once the permits are secured, execution is only a matter of time.
📌 Straightforward conclusion:
FIRE is currently in a “kitchen-cleaning” phase: lowering SR, pursuing permits, preparing capital, and expanding business lines.
The share price may be under market pressure,
but the business plan is being structured for a long-term journey ahead.” $FIRE $GGRP $MITI