Meeka Metals (MEK) Mining Forum Americas 2026 summary

Investment and Operational Progress

• Over AUD 170 million invested in mine development and infrastructure over two years, with capital investment now tapering off.

• Transitioned from open pit to underground mining in 2026, with Turnberry underground mine development commencing in October 2026 and Andy Well underground ramp-up ongoing.

• Owner-operator model provides flexibility, recruitment strength, and cost advantages.

• Extensive new infrastructure, including a 600ktpa processing plant and 250-person village, supports long-life operations and cost advantages.

• Highly capable team of 120+ employees in place to manage multiple mines and infrastructure.

Financial Performance and Capital Position

• Achieved $160.8M revenue and $51.3M net profit after tax in FY26, the first full year as a gold producer.

• Generated just under AUD 90 million in operating cash flow and over AUD 50 million in net profit in the last 12 months.

• Operating cash flow reached $89.8M, with $37.9M cash at June 30, 2026, and an expected $50M at September 2026 quarter end.

• Market capitalization of $353M post-September 2026 placement, with no debt and an enterprise value of $303M.

• All-in sustaining cost (AISC) for FY26 was $2,956/oz, with 28.8koz gold produced.

Mine Development and Productivity

• First underground mine, Andy Well, has a high-grade resource of 8.8 g/t and 500,000 ounces, with ongoing drilling expected to grow the resource.

• Productivity has improved as more work areas are established, with development drills achieving 250–300 meters per month.

• Stope production began late in the June quarter, with expectations for significant improvement in high-grade material delivered to the mill in coming months.

• Turnberry underground mine to provide additional high-grade ore from January 2027, with simple mining conditions and broad mineralized zones.

• Processing plant ramped up, with operations shifting to be fully supplied by underground sources within 6–8 months.