Meeka Metals (MEK) H2 2026 earnings summary

Executive summary

• Achieved first full year as a gold producer, generating $160.8M in revenue and $51.3M net profit after tax, compared to nil revenue and a $4.2M loss in FY25.

• Produced 28,829 ounces of gold at the Murchison Gold Project, with 423,290 tonnes of ore milled at an average grade of 2.2g/t Au.

• Transitioned operations from open pit to predominantly underground mining, with Andy Well underground mine ramping up and Turnberry underground development commencing in September 2026.

• Growth pipeline enhanced by new discoveries and acquisitions, increasing total Mineral Resource to ~1.5Moz @ 2.8g/t Au.

Financial highlights

• Revenue reached $160.8M in FY26, up from nil in FY25.

• Net profit after tax was $51.3M, reversing a $4.2M loss in FY25.

• Net cash from operating activities totaled $89.8M, compared to a $4.5M outflow in FY25.

• Cash and cash equivalents at year-end were $37.9M, with no debt except for mining equipment finance.

• Growth capital investment increased to $107.0M from $67.2M in FY25.

Outlook and guidance

• FY27 will focus on higher-grade underground ore, with Andy Well stope ore increasing monthly and Turnberry underground mine development starting September 2026.

• Commissioning of a new crushing circuit and ore sorter in early October 2026 is expected to improve processing head grade.

• Cash generation is expected to increase as higher-margin underground production ramps up and open pit mining costs are curtailed.