Meeka Metals

ASX:MEK

Projects

Murchison Gold
Project

Western Australia

The Murchison Gold Project (MEK 100%) covers the northern extent of the highly prospective Mount Magnet and Youanmi Shear Zones in the prolific Murchison Gold Fields of Western Australia.

The project is located adjacent to several multi-million ounce gold mines and hosts a large high-grade 1.2Moz @ 3g/t Au Mineral Resource on granted Mining Leases. The Murchison Gold Project Definitive Feasibility Study released in December 2024 focussed on restarting the fully permitted Andy Well mill. The Study outlined a 10-year production plan up to 76koz pa (averaging 65koz pa for first 7 years), undiscounted pre-tax free cash flow of $1B, NPV8% of $616M and IRR of 180% (@$4,100 AUD/oz gold price).

Mining is underway and gold production is rapidly ramping up following the first gold pour in July 2025.The accelerated open pit mining strategy achieved a steady state in September 2025 with three mining fleets in operation. The strategy aims to bring forward high-grade ore, increase production flexibility and build a meaningful ore stockpile to de-risk a potential processing plant expansion.

There is significant opportunity to further expand production and the Resource with drilling underway and already delivering strong results.

Turnberry

Turnberry Central Open Pit – Commenced 2025

Turnberry hosts broad zones of shallow, high-grade gold. The Mineral Resource averages ~1,600 ounces per vertical metre from surface to a depth of 200m where the density of drilling reduces. The deposit has a strike length of 1.7km and remains open at depth.

North Open Pit – Mining FY26

Initial drilling on the northeastern flank of Turnberry intersected broad zones of high-grade gold outside the planned Stage 1 open pit, likely to expand the Resource, extend open pit mining and add to underground production. Thick high-grade drill results from the northeastern flank of Turnberry include:

  • 22m @ 3.25g/t Au from 125m including 10m @ 6.03g/t Au (25TBRC052)
  • 36m @ 1.07g/t Au from 32m including 11m @ 1.94g/t Au (25TBRC053) and
    • 63m @ 1.02g/t Au from 90m (25TBRC053)
  • 48m @ 1.26g/t Au from 117m including 17m @ 2.53g/t Au (25TBRC046)
  • 25m @ 1.88g/t Au from 38m including 9m @ 3.93g/t Au (25TBRC045)
  • 34m @ 1.13g/t Au from 30m including 6m @ 3.59g/t Au (25TBRC049)

South Open Pit – Commenced 2025

Drilling at Turnberry South, continues to hit broad zones of high-grade gold outside the Stage 1 open pit, currently in production, and is likely to expand the Resource and will likely extend the Stage 1 open pits beyond the initial ~2 years previously planned. Thick high-grade drill results from Turnberry South include:

  • 8m @ 14.79g/t Au from 44m including 2m @ 53.05g/t Au (25TBRC061)
  • 20m @ 3.57g/t Au from 47m including 2m @ 13.25g/t Au (25TBRC064) and
    • 10m @ 5.01g/t Au from 73m including 3m @ 14.74g/t Au (25TBRC064)
  • 8m @ 4.06g/t Au from 58m including 1m @ 20.87g/t Au (25TBRC032) and
    • 4m @ 12.50g/t Au from 84m including 1m @ 46.69g/t Au (25TBRC032)
  • 3m @ 10.96g/t Au from 53m (25TBRC087)
  • 10m @ 2.70g/t Au from 53m including 2m @ 7.20g/t Au (25TBRC068)
  • 15m @ 1.23g/t Au from 36m including 5m @ 2.32g/t Au (25TBRC058) and
    • 5m @ 5.44g/t Au from 79m including 2m @ 12.62g/t Au (25TBRC058)
  • 17m @ 1.07g/t Au from 70m including 2m @ 4.98g/t Au (25TBRC040)
  • 16m @ 1.06g/t Au from 67m including 1m @ 6.52g/t Au (25TBRC065)

Turnberry North Underground and Turnberry South Underground – Mining FY 2027

Underground mining at Tunberry to commence in FY 2027 from bottom of the Stage 1 open pit.

St Anne’s

North and South Open Pit – Mining FY26

Drilling supporting the Mineral Resource for St Anne’s includes:

  • 32m @ 16.07g/t Au from 48m including 16m @ 28.59g/t Au (22SAAC058)
  • 20m @ 20.74g/t Au from 48m including 16m @ 24.86g/t Au (22SAAC061)
  • 24m @ 4.73g/t Au from 52m including 8m @ 11.78g/t Au (22SAAC100)
  • 36m @ 3.61g/t Au from 44m including 8m @ 11.07g/t Au (22SAAC083)
  • 32m @ 2.20g/t Au from 48m including 20m @ 3.31g/t Au (22SAAC009)
  • 32m @ 2.03g/t Au from 44m including 16m @ 3.59g/t Au (22SAAC018)
  • 28m @ 1.47g/t Au from 28m including 8m @ 3.46g/t Au (22SAAC005)
  • 24m @ 4.81g/t Au from 68m including 4m @ 20.30g/t Au (21SARC002)
  • 36m @ 1.02g/t Au from 24m including 8m @ 2.35g/t Au (21SARC004

Andy Well

Development of the Andy Well Underground has commenced, with first ore delivered to the ROM in the September 2025 quarter.

The mining strategy at Andy Well for FY26 is to develop multiple, shallow (within ~200m of surface) ore levels across each of the Wilber, Judy and Suzie lodes. These levels will be accessed from the existing decline, providing rapid low-cost mine establishment.

Mining is being performed under Meeka’s owner-operator model, providing further cost advantage, with a third development jumbo commencing in the December 2025 quarter. Ore development is planned to increase commensurately.

Plan view showing high-grade lodes being mined at Andy Well
Face sample photo from face #5 on 1350 level (average face grade: 4.2m @ 30.2g/t Au, inc. 0.4m @ 276.0g/t Au)

Economic Outcomes

The Murchison Gold Definitive Feasibility Study was released in December 2024, outlining a straightforward development strategy that delivers meaningful production and financial outcomes for the Company over an initial 10 year production plan.

Key DFS outcomes include (all in Australian dollars):

  • Average annual gold production of 65,000oz over the first seven years, with peak production of 76,000oz in year five
  • Recovered gold production of 544,000oz over 10 years
  • Initial Probable Ore Reserve of 4.1Mt @ 3.1g/t gold for 400,000oz
  • 72% of production in the first three years is from Measured and Indicated Mineral Resources
  • Undiscounted free cash flow (after capital and pre-tax): $701M ($3,500/oz) and $1,007M ($4,100/oz)
  • Net Present Value (NPV8%) pre-tax: $418M ($3,500/oz) and $616M ($4,100/oz)
  • Internal Rate of Return (IRR) pre-tax: 122% ($3,500/oz) and 180% ($4,100/oz)
  • All-in Sustaining Cost (AISC): $1,982/oz and All-in-Cost (AIC) of $2,247/oz
Murchison processing plant and Andy Well underground mining area
Turnberry mining area
St Anne’s mining area

Forward Strategy

The Company’s strategy in relation to the Murchison Gold Project is to ramp up production following the successful commissioning of the processing plant. The Company achieved first gold production on schedule at the beginning of July 2025.

Mineral Resource growth continues to focus on near mine targets identified through geophysics that have not received sufficient drilling. Key target areas include shallow, high-grade gold mineralisation at the St Anne’s, extensions to the Turnberry deposit and a number of compelling targets within the 7km long Fairway shear zone.

Gnaweeda Greenstone Belt geology map