Meeka Metals (MEK) Noosa Mining Conference 2026 summary

Operating performance and transition

• Recent six-month performance was below expectations due to open pit mining productivity issues, which have been addressed by transitioning to underground mining.

• Open pit mining contractor is leaving, marking a shift to underground operations and leveraging existing infrastructure for future growth.

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

• Expenditure is decreasing as investment tapers off, with improved grades and production 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.

• 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.

• 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.

• Turnberry features broader high-grade zones and strong down plunge continuity, with recent drilling indicating resource growth potential.

• 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.