Highlights

  • Meeka says it sold 7,279 ounces at an average of $6,063 per ounce, for revenue of $44.1 million.
  • The all-in sustaining cost was $4,147 per ounce, or $30.0 million, with a cash operating cost of $3,545 per ounce.
  • Growth capital of $4.9 million was well below the $17.5 million of the previous quarter as construction spending eased.
  • Mine operating cash flow was $13.5 million, and net mine cash flow after growth capital was $8.5 million.

Meeka Metals (ASX:MEK) has reported September 2026 quarter gold production of 7,237 ounces from its Murchison operation in Western Australia, up from 6,424 ounces in the June quarter. The company also reported that decline development has begun at its second underground mine, Fairway (Turnberry), with first ore targeted for January 2027.

Production And Sales

Meeka says it sold 7,279 ounces at an average of $6,063 per ounce, for revenue of $44.1 million. About 150,000 tonnes were processed at a grade of 1.6 grams per tonne, and the plant reached its targeted annualised rate of 600,000 tonnes a year. Mill feed came from 36,000 tonnes of high-grade underground ore, 21,000 tonnes of low-grade underground development ore and 94,000 tonnes from open pit stockpiles. Closing stockpiles were 811,000 tonnes at 0.9 grams per tonne.

Underground mining at Andy Well delivered 4,900 ounces to the mill, up from 3,500 ounces, and stoping started on the Judy lode alongside the Wilber lode. Open pit Stage 1 mining ceased in July 2026, and the company says it no longer relies heavily on open pit material for feed.

Costs And Cash

The all-in sustaining cost was $4,147 per ounce, or $30.0 million, with a cash operating cost of $3,545 per ounce. Growth capital of $4.9 million was well below the $17.5 million of the previous quarter as construction spending eased. Mine operating cash flow was $13.5 million, and net mine cash flow after growth capital was $8.5 million.

Cash at 30 September was $51.2 million, up from $38.0 million, helped by equity raised during the quarter. The company is unhedged and has no debt other than mining equipment finance. Operating cash flow in the Appendix 5B was $1.5 million; investing outflow was $17.4 million, including $10.0 million for tenements, mainly Mt Holland.

Fairway And Mt Holland

Fairway lies about 20 kilometres from the plant. Surface infrastructure and the portal were completed in September, and decline development began in early October. The initial Probable Ore Reserve is 620,000 tonnes at 2.5 grams per tonne for 50,000 ounces. Meeka plans underground drill platforms to try to convert more resource to reserve. First ore would be trucked to the plant.

The company also reports completing the acquisition of Mt Holland in the Forrestania belt, with a Mineral Resource of 270,000 ounces at 2.4 grams per tonne, of which 110,000 ounces is Indicated and 160,000 ounces Inferred. The report lists eight licences as pending transfer despite showing 100% interest, so tenure transfers should be confirmed.

Processing Infrastructure

A Steinert ore sorter was installed in early October, with commissioning started in mid-October. A tailings facility intended to provide ten years of capacity is under construction, with Stage 1 expected to be commissioned in the December 2026 quarter.

Capital Raising Conditions

Meeka is raising about $40 million after costs in two tranches. Tranche One, about $33 million, completed on 25 September 2026. Tranche Two, about $9 million for 94,184,164 shares including $40,000 of director participation, is conditional on shareholder approval at the annual general meeting on 24 November 2026. Funds are earmarked for the Mt Holland deferred consideration, the Fairway decline, growth drilling and working capital.

Risks And Milestones

Margins depend on the gold price, to which the unhedged company is fully exposed. Fairway ore is not yet mined, and Tranche Two depends on a shareholder vote.

Dates given are the AGM on 24 November 2026, tailings Stage 1 in the December quarter and first Fairway ore in January 2027.