Meeka Metals (MEK) H2 2025 earnings summary

Executive summary

• Achieved first gold production at the Murchison Gold Project on schedule, transitioning from developer to producer status.

• Final regulatory permitting and project funding were secured, with ~$68m invested in project development.

• Workforce expanded significantly to support ramp-up, with 109 employees and 262 contractors at year-end.

• Market capitalisation increased tenfold, driven by project delivery and operational milestones.

Financial highlights

• Net loss for FY25 was $4.24 million, compared to a $2.94 million loss in FY24.

• Revenue increased to $1.39 million (FY24: $48,733), reflecting initial gold production.

• Cash and cash equivalents at 30 June 2025 were $55.65 million.

• $130 million raised via equity placements, with an additional $4.4 million from exercised options.

• Payments for mine properties, plant, and equipment totaled $67.1 million.

Outlook and guidance

• Focus on ramping up gold production and cash flow from the Murchison Gold Project.

• Underground mining at Andy Well to commence in September 2025 quarter, with first ore expected in that period.

• Two additional open pits planned to commence in FY26.