Meeka Metals (MEK) Q1 2027 TU earnings summary

Executive summary

• Produced 7,237oz of gold in the Sep-26 quarter, up from 6,424oz in Jun-26, as underground output ramped up and the processing plant reached its 600ktpa annualised target.

• Shifted focus from open-pit mining to higher-grade underground operations; the Fairway decline at Turnberry is under development, with first ore expected in Jan-27.

• Cash closed at $51.2M after a placement and $8.5M net mine cash flow; operations remain unhedged and have no debt other than mining equipment finance.

Financial highlights

• Gold sales of 7,279oz generated $44.1M revenue at an average realised price of $6,063/oz.

• All-in sustaining cost (AISC) was $4,147/oz; cash operating cost was $3,545/oz, including a favorable ore inventory adjustment of $357/oz.

• Mine operating cash flow was $13.5M and net mine cash flow was $8.5M after $4.9M growth capital; depreciation and amortisation was $9.5M.

• Appendix 5B reported $1.548M net cash from operating activities and $17.411M net investing cash outflow; financing generated $29.085M net cash.

Outlook and guidance

• First ore from the Fairway decline is expected in Jan-27, adding a second high-grade underground ore source and reducing reliance on a single mining area.

• Stage 1 of the two-stage tailings storage facility is expected to be commissioned in the Dec-26 quarter; the facility is designed for 10 years of capacity at 600ktpa.

• The Steinert multi-sensor ore sorter was installed in early Oct-26, with commissioning commencing mid-October.

• Underground drilling from Fairway platforms is planned to test mineralisation below the current Ore Reserve and support potential resource-to-reserve conversion and mine-life extension.