Meeka Metals (MEK) Q2 2026 TU earnings summary

Executive summary

• Gold production ramped up to 9,174oz, a 28% increase quarter-on-quarter, reaching the upper end of the ramp-up plan for the December 2025 quarter.

• Mine operating cash flow rose to $23.9M, up 91% from the previous quarter, with net mine cash flow at $4.1M after $19.8M in growth capital.

• Cash and gold holdings increased to $67.4M at quarter-end, with no significant debt other than equipment finance.

• No lost time injuries or significant environmental incidents were reported; LTIFR at 0.0 and TRIFR at 9.5.

Financial highlights

• Sales revenue for the quarter was $49.9M from 7,953oz of gold sold at an average price of $6,275/oz.

• All-in sustaining cost (AISC) was $2,365/oz, with cash operating cost at $2,095/oz.

• Operating cash flow increased to $23.9M, and cash and gold holdings rose to $67.4M from $59.3M sequentially.

• Net mine cash flow improved by $13.4M quarter-on-quarter, turning positive after a negative prior quarter.

Outlook and guidance

• Plant throughput is expected to increase to 600,000tpa in the March 2026 quarter following installation of a larger mill feed chute and new screen deck.

• Ore stockpiles are anticipated to continue growing, providing operational flexibility and supporting future production.

• Development of the second underground mine at Turnberry is set to commence in mid-2026.

• Exploration drilling will focus on expanding resources at Rosapenna and along the Fairway shear zone.