Meeka Metals (MEK) Q3 2025 TU earnings summary

Executive summary

• Achieved major milestones at Murchison Gold Project: re-accessed Andy Well underground mine, commenced open pit mining ahead of schedule, and installed a 750kW ball mill at the process plant.

• First ore production from open pit began in April 2025, with ore stockpiled for June 2025 plant commissioning; underground ore development and drilling to start mid-2025.

• Ended the quarter with $42M in cash, no debt except for equipment finance, and no hedging; on track for first gold in mid-2025.

Financial highlights

• $15M spent on project development at Murchison during the quarter.

• $161,000 paid to related parties for director and legal fees.

• Maintained 100% interest in all key tenements at Murchison and Circle Valley.

Outlook and guidance

• Process plant commissioning scheduled for June 2025 using stockpiled open pit ore.

• Underground mining at Andy Well to commence mid-2025; first gold targeted for mid-2025.

• Ongoing growth drilling at Andy Well and Turnberry, with further infrastructure and mining ramp-up planned through FY26.