Meeka Metals (MEK) Q4 2026 TU earnings summary

Executive summary

• Higher-grade underground stope ore began entering the mill blend late in the quarter, expected to comprise ~40% of the blend in the September 2026 quarter, improving head grade and recovered ounces.

• Open pit mining underperformed due to contractor productivity issues, leading to increased reliance on lower-grade stockpiles and the decision to conclude open pit mining in July 2026.

• Underground mining at Andy Well expanded, with 1,619m of development completed and stoping commenced as planned in late May.

• Preparations for a second underground mine at Turnberry continued, with portal development expected to commence in September 2026.

Financial highlights

• Gold production for the quarter was 6,424oz (up from 6,083oz in Mar-26), with gold sales of 6,242oz at an average price of $6,213/oz, generating $39M in revenue.

• Mine operating cash flow was $6.4M, but net mine cash outflow was $11.1M after $17.5M in non-recurring growth capital investment.

• Cash balance decreased to $38M at 30 June 2026 (from $50M at 31 March 2026).

• All-in sustaining cost (AISC) for the quarter was $23.1M, with a unit AISC of $3,589/oz.

Outlook and guidance

• Production is expected to improve in the September 2026 quarter as higher-grade underground ore increases in the mill blend.

• Cash is forecast to grow in the next quarter due to stronger gold production and a reduced cost profile following the end of open pit mining.

• Commissioning of the new ore sorter is planned for September 2026, supporting processing plant expansion.