Meeka Metals (MEK) Mining Forum Americas 2026 summary

Strategic and operational highlights

• Transitioned from open pit to underground mining in 2026, with Turnberry underground mine development commencing in October 2026 and Andy Well underground ramp-up ongoing.

• Extensive new infrastructure, including a 600ktpa processing plant and 250-person village, supports long-life operations and cost advantages.

• Mt Holland project acquired in August 2026, offering significant growth potential with underexplored resources and multiple high-grade targets.

• Owner-operator underground mining model provides cost advantages and flexibility for production growth.

• Highly capable team of 120+ employees in place to manage multiple mines and infrastructure.

Financial performance and capital position

• Achieved $160.8M revenue and $51.3M net profit after tax in FY26, the first full year as a gold producer.

• Operating cash flow reached $89.8M, with $37.9M cash at June 30, 2026, and an expected $50M at September 2026 quarter end.

• Market capitalization of $353M post-September 2026 placement, with no debt and an enterprise value of $303M.

• Additional $9M expected in November 2026 from Tranche Two Placement shares.

• All-in sustaining cost (AISC) for FY26 was $2,956/oz, with 28.8koz gold produced.

Production and resource growth

• Underground mining at Andy Well is ramping up, with stope production increasing and multiple lodes being developed.

• Turnberry underground mine to provide additional high-grade ore from January 2027, with simple mining conditions and broad mineralized zones.

• Mt Holland project features a 250koz @ 2.5g/t Au resource at Blue Vein, open along strike and at depth, with limited drilling below 100m.

• FY26 Mineral Resource totals 1.2Moz @ 2.9g/t Au, with Ore Reserve of 355koz @ 2.8g/t Au.

• Productivity and production expected to improve through FY27 as more work areas become available underground.