Meeka Metals (MEK) investor relations material

Operating Performance and Transition

• Recent six-month performance lagged expectations due to open pit mining productivity issues, now addressed by transitioning to underground mining.

• Open pit mining contractor is leaving, marking a shift to owner-operated underground mining at Andy Well and Turnberry, leveraging existing infrastructure for future growth.

• Capital investment phase is ending, with AUD 145 million invested over two years to support a stable 10+ year production plan, tapering from June 2026.

• Expenditure is decreasing as investment tapers off, with improved grades, production, and margins expected from underground mining.

• By early next year, nearly all mill feed will come from two underground mines, enhancing production and cash flow.

Underground Mining Developments

• Andy Well underground mine is ramping up stoping, with high-grade, shallow ore accessed via existing infrastructure and productivity improving as more work areas become available.

• Focus has shifted from the Wilbur lode to Judy North, with Suzy ore body access planned later this year.

• Owner-operated underground mining has achieved planned productivity, unlike previous open pit operations.

• High-grade shoots at Andy Well show strong down plunge continuity, with grades improving at depth and all mineralisation remaining open.

• Further drilling at Andy Well is expected to grow the resource this year.

Turnberry and Regional Exploration

• Turnberry underground mine development starts in September, with first ore expected early next year and broader high-grade zones with strong down plunge continuity.

• Recent drilling at Turnberry indicates resource growth potential, with planned 200m step-outs down plunge to test for further extensions.

• Geological analysis suggests a large, open mineralizing system extending five kilometers from Turnberry to St. Anne's.

• Exploration is expanding into the corridor between Turnberry and St. Anne's, with early drilling showing broad gold zones.

• Additional drilling aims to define new resources within a three-kilometer corridor and potentially extend mineralization further south.