Highlights

• Meeka Metals Limited reported gold production of 7,237 ounces for the September 2026 quarter, up from 6,424 ounces.

• Meeka said about 150,000 tonnes were processed during the quarter from high-grade underground ore, low-grade underground development ore.

• At the Andy Well underground mine, 4,900 ounces were delivered to the run-of-mine pad at 3.

• At Turnberry, surface infrastructure and the portal for the Fairway decline were completed in September, and decline development.

Meeka Metals (ASX:MEK) — said it ended September 2026 with A$51.2m of cash after a placement, with first ore from the Fairway decline targeted for January 2027.

Meeka Metals Limited reported gold production of 7,237 ounces for the September 2026 quarter, up from 6,424 ounces in the June quarter, from its Murchison operations in Western Australia. In its quarterly report, the company said it sold 7,279 ounces at an average price of A$6,063 per ounce, generating revenue of A$44.1m, and finished the period with A$51.2m in cash and no debt other than mining equipment finance.

Production and costs

Meeka said about 150,000 tonnes were processed during the quarter from high-grade underground ore, low-grade underground development ore and open pit stockpiles, at a metallurgical recovery of 95 per cent. The plant reached an annualised throughput rate of 600,000 tonnes a year. Cash operating costs were A$25.7m, or A$3,545 per ounce, while all-in sustaining costs were A$30.0m, or A$4,147 per ounce.

At the Andy Well underground mine, 4,900 ounces were delivered to the run-of-mine pad at 3.9 grams per tonne, compared with 3,500 ounces at 2.8 grams per tonne in the prior quarter. Underground development advanced 1,719 metres. Open pit mining ended in July 2026, with about 300,000 ounces at 1.4 grams per tonne left in the ground, and closing stockpiles stood at 811,000 tonnes at 0.9 grams per tonne for 23,700 ounces. The company also recorded one lost time injury, giving a frequency rate of 2.3.

Cash, placement and Appendix 5B

Cash rose from A$38.0m at 30 June 2026 to A$51.2m. Meeka said mine operating cash flow was A$13.5m and net mine cash flow was A$8.5m after A$4.9m of growth capital. The Appendix 5B shows a smaller operating cash inflow of A$1.5m, investing outflows of A$17.4m and financing inflows of A$29.1m, and the report does not reconcile the mine-level and statutory measures.

The financing reflects a placement of about A$40m after costs, completed in two tranches. Tranche One, about A$33m, used existing placement capacity and involved 329,815,836 shares, completed on 25 September 2026, with A$30m of net proceeds received in the quarter. Tranche Two, about A$9m for 94,184,164 shares including A$40,000 of director participation, is subject to shareholder approval at the annual general meeting on 24 November 2026. The company said proceeds will fund the deferred consideration for the Mt Holland acquisition, the Fairway decline, growth drilling and working capital. It assumed pro forma ordinary shares on issue of 3,525,943,073 if Tranche Two is approved.

Fairway decline and growth projects

At Turnberry, surface infrastructure and the portal for the Fairway decline were completed in September, and decline development began in early October. Meeka expects first ore in January 2027, to be trucked to the plant. The Fairway Probable Ore Reserve is 620,000 tonnes at 2.5 grams per tonne for 50,000 ounces. Deep drilling below the reserve returned 52.3 metres at 3.0 grams per tonne gold in hole 26TBRD002 and 18.0 metres at 3.0 grams per tonne in 26TBRD004. These are drilling intercepts rather than reserves.

The company also began construction of a two-stage tailings storage facility, which it says will provide ten years of capacity, with Stage One expected to be commissioned in the December quarter. A Steinert multi-sensor ore sorter was installed in early October and commissioning started in mid-October.

Risks and next steps

The company is unhedged, so earnings depend on the gold price. Delivery also relies on the ramp-up of higher-grade underground production and on the timing of first ore from Fairway. Tranche Two needs shareholder approval, and the report describes the Mt Holland acquisition as completed while most tenements remain listed as pending transfer.

Next-quarter milestones include commissioning the tailings facility and ore sorter, starting Fairway ore production in January, setting up underground drill platforms from the decline, continued deep drilling at Turnberry and growth drilling at Mt Holland, and the 24 November meeting.