Meeka Metals (MEK) Investor Presentation summary

Project highlights and financials

• 31% growth in ore reserves and 40% increase in production, with a 10-year plan targeting up to 76koz gold per annum and $1B undiscounted pre-tax free cash flow, NPV8% $616M, IRR 180% at $4,100/oz.

• Fully funded with $60m pro-forma cash, zero debt, and no hedging; first gold targeted for mid-2025.

• Average annual gold sales of 65koz over the first 7 years, with total gold sales of 544koz and AISC around $2,000/oz, delivering a 107% margin at spot price.

• 72% of production target sourced from Measured and Indicated Mineral Resources, supporting production confidence.

• Enterprise value per production ounce is $2,883, significantly below the sector average of $11,100/oz, indicating strong re-rate potential.

Operations and development

• Open pit mining at Turnberry and St Anne's starts March 2025, with mill commissioning in June 2025; existing CIL plant being expanded.

• High-grade Andy Well underground mine to restart, leveraging 6km of existing development for rapid, low-capital re-entry.

• Expansion works include new ball mill, tanks, and upgraded infrastructure; 136-person accommodation village and new power station nearing completion.

• Stage 1 open pit mining targets 75koz from a 360koz resource, with further expansion potential via pit cutbacks and underground growth drilling.

• Drilling campaigns at Turnberry and Andy Well planned for 2025 to drive further resource and production growth.

Leadership and capital structure

• Board and management have invested $3.5m, with deep experience in mine development, geology, and finance across major Australian gold projects.

• Market cap of $188m, $55m cash as of December 2024, 2,375m shares on issue, and no debt.

• Ownership split: 7% board/management, 40% institutional, 50% non-institutional, with top 20 holders owning 50%.