Meeka Metals (MEK) Q4 2025 TU earnings summary

Executive summary

• Processing plant commissioning completed on schedule; first gold poured 1 July 2025, nine months after construction began at Murchison Gold Project.

• Open pit mining ramped up with two new pits started and first ore mined from St Anne's North; underground mine development at Andy Well to commence July 2025.

• Over 300,000 construction hours worked with no lost time injuries or significant environmental incidents; LTIFR at 0.0, TRIFR at 3.3.

• Strong RC drilling results at Turnberry likely to extend Stage 1 open pit and add high-grade oxide ounces to production.

• $56m cash at quarter end, no debt except equipment finance, and $60m equity raised to fund growth initiatives.

Financial highlights

• $42m spent on project development at Murchison during the quarter.

• $56m cash balance at 30 June 2025; $60m institutional placement completed for expansion and drilling.

• No hedging in place; minimal debt limited to equipment finance.

Outlook and guidance

• Focus on ramping up gold production with open pit mining progressing and first underground ore from Andy Well expected in September 2025 quarter.

• Processing plant ramp-up and optimisation to continue through September 2025 quarter.

• Growth drilling and processing expansion pathway under evaluation.