Meeka Metals (MEK) Q3 2026 TU earnings summary

Executive summary

• Transition to higher-grade underground ore sources is progressing, with Andy Well development accelerating and preparations for a second underground mine at Turnberry underway.

• Gold production for the March 2026 quarter was 6,083oz, down from 9,174oz in the previous quarter due to reliance on lower-grade stockpiles after weather delays.

• Significant process plant upgrades commenced, targeting increased throughput and efficiency by September 2026.

Financial highlights

• Mine operating cash flow for the quarter was $25.8M; net mine cash flow was $10.0M after $15.8M in non-recurring growth capital investments.

• Cash balance increased to $50.1M at 31 March 2026, up from $37.3M at 31 December 2025.

• Gold sales totaled 8,460oz at an average price of $6,732/oz, generating $57.0M in revenue.

• All-in sustaining cost (AISC) for the quarter was $25.1M, with cash operating costs at $23.2M.

Outlook and guidance

• Processing throughput in June 2026 is expected to remain consistent with March, with a further increase anticipated in September as more fresh underground ore is processed.

• Commissioning of new crushing circuit, wash plant, and ore sorter is targeted for September 2026, expected to boost capacity and gold production.