Meeka Metals (MEK) Noosa Mining Investor Conference summary

Operational progress and milestones

• Commissioned processing plant in June and poured first gold on July 1, following nine months of construction and ramp-up.

• Initiated open pit mining in February and commenced first underground mining in July 2025, ahead of schedule.

• Achieved strong cash position with $56 million at June quarter-end, no debt, and full exposure to gold price movements.

• Annualized production expected at 45,000–50,000 ounces in year one, ramping to 75,000–80,000 ounces by FY2026, with a 10-year plan targeting up to 76koz per annum.

• All required infrastructure, including accommodation and workshops, is built and operational.

Production and expansion plans

• Processing plant targets 600,000 tons per annum, with expansion to 1 million tons per annum planned and further expansion study for FY26.

• Expansion plans, including design, costs, and ore sources, will be outlined by mid-next year.

• Multiple open pits and underground mines (Andy Well and Turnbury) are being developed, with concurrent mining and a third mining fleet mobilized in June 2025.

• Drilling between pits has revealed better-than-expected grades, likely leading to resource updates and pit expansions.

• Positive reconciliation on tons and grade, with grades improving at depth and strong early mining performance.

Financial and strategic outlook

• Market capitalization stands at approximately $440 million, with an enterprise value of $380 million and 2,916 million shares on issue as of June 2025.

• Strong pre-tax free cash flow projected, with $1 billion undiscounted pre-tax free cash flow and NPV8% of $616 million at $4,100 AUD/oz; IRR projected at 180%.

• Resource base of 1.2 million ounces at 3 g/t, with a starting reserve of 400,000 ounces and potential for growth through further drilling.

• Focus on deploying cash flow into exploration, particularly a three-kilometer strike zone between Turnbury and St. Ann’s, and the 25km Gnaweeda Greenstone Belt.

• Board and management are heavily invested, collectively contributing $4 million, holding 5% ownership, and focused on value growth.