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2026-11-06
◂ Monitor MEK ASX

Meeka Metals Limited

Ramping Producer · Gold · Australia Rating locked: sign in to view v8.1 · mek-20261030t212434-full
Last 2026-11-06
A$0.075
1D
—
1M
—
YTD
—
1Y
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Upside
Locked: sign in to view
Mkt cap
A$258.5M
EV
A$225.1M
Cash
A$51.2M
Debt
A$17.2M
2 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$51.2M2025-06-30: 55,649,000 A$2026-06-30: 37,930,000 A$2026-09-30: 51,180,000 A$ Not Meaningful
Debt A$17.2MFY25A: 2,059,000FY26A: 19,462,000 Net cash A$34M
Basic shares 3.4BFY25A: 2,098,163,000FY26A: 3,091,009,000 2026-10-30
Runway Not Meaningful Recent burn includes10m acquisition and large working-capital settlement; simple extrapolation is misleading for a producing ramp-up. Nominal calendar model tests payment dates.

Liquidity

Financial position

Reported September cash51.18m includes Tranche One. Estimated equipment debt17.168633m and leases0.573367m allocate June balance proportionally after1.720m combined principal repayment. Combined17.742m matches valuation bridge; not a newly reported finance balance. Unreported additions and October cash remain bounded uncertainties.

Inventory composition1

811,073 tonnes at0.9g/t,23,655oz contained; inventory carrying value last audited June ore stockpiles45.852m plus gold in circuit7.408m. No inventory added separately to DCF equity value.

Murchison ROM/open-pit and underground ore stockpiles
— carrying · 23,655 oz contained Au

Capital structure

Ownership and dilution

Ordinary shares
3.4B
Fully diluted
3.6B

June2,945,888,192 ordinary shares plus July rights conversions38,250,000 plus acquisition117,804,881 plus Tranche One329,815,836 =3,431,758,909; October30 nil-cash rights conversion15,507,353 gives3,447,266,262. Fully diluted adds107,510,657 remaining rights. Conditional94,184,164 Tranche Two shares are excluded from issued capital and added only in financed valuation scenarios. Quarterly rights118,119,577 and post-conversion107,510,657 imply intervening awards/lapses not fully allocated; latest Appendix2A is selected.

Security classes2
ClassTypeQuantityStrikeExpiry
Ordinary shares as reported in30 October Appendix2AOrdinary Share3.4B——
Outstanding performance rights; all included in full dilution despite conditionsPerformance Right107.5MA$0—

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY25AAFY26AA
Operations
Gold producedoz AuFY25A: 0.00 oz AuFY26A: 28,829 oz Au0.0028,829
Gold soldoz AuFY25A: 0.00 oz AuFY26A: 25,427 oz Au0.0025,427
CIL capacitytpa—600,000
Ore milledt—423,290
Mill head gradeg/t Au—2.20
Gold recovery%—96.0%
Unit costs
Cash cost incl royalty,ex corporate/capitalAUD/oz Au—2,680
AISC incl sustaining and corporateAUD/oz Au—2,956
Profit and loss
Gold revenueAUDmFY25A: 0.00 AUDFY26A: 160,761,000 AUD0.0160.8
Operating costs incl royalties,ex D&AAUDmFY25A: 0.00 AUDFY26A: 37,597,000 AUD0.037.6
Corporate,employee costs net other incomeAUDmFY25A: 3,515,000 AUDFY26A: 7,835,000 AUD3.57.8
EBITDA proxy / forecast after employee costAUDmFY25A: -3,515,000 AUDFY26A: 115,329,000 AUD(3.5)115.3
Depreciation and amortisationAUDmFY25A: 182,000 AUDFY26A: 49,813,000 AUD0.249.8
EBITAUDmFY25A: -3,697,000 AUDFY26A: 65,516,000 AUD(3.7)65.5
Net interest income/(expense)AUDmFY25A: -544,000 AUDFY26A: 343,000 AUD(0.5)0.3
Book tax expense proxyAUDmFY25A: 0.00 AUDFY26A: 14,544,000 AUD0.014.5
Net profit attributableAUDmFY25A: -4,242,000 AUDFY26A: 51,315,000 AUD(4.2)51.3
Cash flow
Cash finance interest estimateAUDmFY25A: -105,000 AUDFY26A: -466,000 AUD(0.1)(0.5)
Operating cash flowAUDmFY25A: -4,487,000 AUDFY26A: 89,779,000 AUD(4.5)89.8
Sustaining capitalAUDm0.0—
Total cash capital expenditureAUDmFY25A: 67,172,000 AUDFY26A: 107,015,000 AUD67.2107.0
Free cash flow after corporateAUDmFY25A: -71,659,000 AUDFY26A: -17,236,000 AUD(71.7)(17.2)
Balance sheet
Cash in constant purchasing power (calendar approximation)AUDmFY25A: 55,649,000 AUDFY26A: 37,930,000 AUD55.637.9
Equipment finance and leasesAUDmFY25A: 2,059,000 AUDFY26A: 19,462,000 AUD2.119.5
Net debt/(cash)AUDmFY25A: -53,590,000 AUDFY26A: -18,468,000 AUD(53.6)(18.5)
Book equityAUDmFY25A: 151,632,000 AUDFY26A: 210,005,000 AUD151.6210.0
Per share
Fully diluted shares usedm sharesFY25A: 2,098,163,000 sharesFY26A: 3,091,009,000 shares2,098.23,091.0
Earnings per diluted shareAUD/shareFY25A: -0.00 AUD/shareFY26A: 0.02 AUD/share(0.00)0.02
Dividend per shareAUD/share0.000.00
Multiples and ratios
EV / EBITDA (x, current EV)xFY25A: -65.02 xFY26A: 1.98 x(65.0)2.0
P / E (x, current market cap)xFY25A: -61.76 xFY26A: 5.11 x(61.8)5.1
FCF yield (current market cap)%FY25A: -0.27 fractionFY26A: -0.07 fraction-27.4%-6.6%
EBITDA margin%—71.7%
Net debt / EBITDA (x)xFY25A: 15.25 xFY26A: -0.16 x15.2(0.2)

KPI history

Operating metrics · Murchison Gold Project

Production – Murchison 100% shown
02,5695,1377,70610,2752025-09: 7,148 oz Au2025-092025-12: 9,174 oz Au2025-122026-03: 6,083 oz Au2026-032026-06: 6,424 oz Au2026-062026-09: 7,237 oz Au2026-09
MetricUnitTrend2025-092025-122026-032026-062026-09
Production – Murchison 100%oz Au2025-09: 7,148 oz Au2025-12: 9,174 oz Au2026-03: 6,083 oz Au2026-06: 6,424 oz Au2026-09: 7,237 oz Au7,1489,1746,0836,4247,237
Throughput – Murchison 100%t2025-09: 83,648 t2025-12: 89,341 t2026-03: 122,682 t2026-06: 127,619 t2026-09: 149,462 t83,64889,341122,682127,619149,462
Grade – Murchison 100%g/t Au2025-09: 2.70 g/t Au2025-12: 3.30 g/t Au2026-03: 1.60 g/t Au2026-06: 1.70 g/t Au2026-09: 1.60 g/t Au2.73.31.61.71.6
Recovery – Murchison 100%%2025-09: 98.00 %2025-12: 97.00 %2026-03: 94.00 %2026-06: 95.00 %2026-09: 95.00 %9897949595
Aisc – Murchison 100%AUD/oz Au2025-09: 2,133 AUD/oz Au2025-12: 2,365 AUD/oz Au2026-03: 4,146 AUD/oz Au2026-06: 3,589 AUD/oz Au2026-09: 4,147 AUD/oz Au2,1332,3654,1463,5894,147
Operating metric source table28
MetricProjectPeriodPeriod typeValueStatus
Production – Murchison 100%Murchison Gold2025-09 quarterQuarter7,148 oz AuReported
Throughput – Murchison 100%Murchison Gold2025-09 quarterQuarter83,648 tReported
Grade – Murchison 100%Murchison Gold2025-09 quarterQuarter2.7 g/t AuReported
Recovery – Murchison 100%Murchison Gold2025-09 quarterQuarter98 %Reported
Aisc – Murchison 100%Murchison Gold2025-09 quarterQuarter2,133 AUD/oz AuReported
Production – Murchison 100%Murchison Gold2025-12 quarterQuarter9,174 oz AuReported
Throughput – Murchison 100%Murchison Gold2025-12 quarterQuarter89,341 tReported
Grade – Murchison 100%Murchison Gold2025-12 quarterQuarter3.3 g/t AuReported
Recovery – Murchison 100%Murchison Gold2025-12 quarterQuarter97 %Reported
Aisc – Murchison 100%Murchison Gold2025-12 quarterQuarter2,365 AUD/oz AuReported
Production – Murchison 100%Murchison Gold2026-03 quarterQuarter6,083 oz AuReported
Throughput – Murchison 100%Murchison Gold2026-03 quarterQuarter122,682 tReported
Grade – Murchison 100%Murchison Gold2026-03 quarterQuarter1.6 g/t AuReported
Recovery – Murchison 100%Murchison Gold2026-03 quarterQuarter94 %Reported
Aisc – Murchison 100%Murchison Gold2026-03 quarterQuarter4,146 AUD/oz AuReported
Production – Murchison 100%Murchison Gold2026-06 quarterQuarter6,424 oz AuReported
Throughput – Murchison 100%Murchison Gold2026-06 quarterQuarter127,619 tReported
Grade – Murchison 100%Murchison Gold2026-06 quarterQuarter1.7 g/t AuReported
Recovery – Murchison 100%Murchison Gold2026-06 quarterQuarter95 %Reported
Aisc – Murchison 100%Murchison Gold2026-06 quarterQuarter3,589 AUD/oz AuReported
Production – Murchison 100%Murchison Gold2026-09 quarterQuarter7,237 oz AuReported
Throughput – Murchison 100%Murchison Gold2026-09 quarterQuarter149,462 tReported
Grade – Murchison 100%Murchison Gold2026-09 quarterQuarter1.6 g/t AuReported
Recovery – Murchison 100%Murchison Gold2026-09 quarterQuarter95 %Reported
Aisc – Murchison 100%Murchison Gold2026-09 quarterQuarter4,147 AUD/oz AuReported
Corporate cash balanceCompany2025-06-30Point In Time55,649,000 AUDReported
Corporate cash balanceCompany2026-06-30Point In Time37,930,000 AUDReported
Corporate cash balanceCompany2026-09-30Point In Time51,180,000 AUDReported
Company guidance2
MetricProjectPeriodLowHighStatus
Gold Sales Average First Seven Study Yearsmurchison_goldOriginal DFS first seven years65,00065,000 oz/yrSuperseded
Achieved Annualised Process Throughputmurchison_goldSeptember quarter2026600,000600,000 tpaAchieved

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-10-01Ann. 2026-09-25RaisingA$33M329.8M—Completed—
2026-12-01Ann. 2026-09-25RaisingA$9.4M94.2M—Announced—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-30

Annual report,original study royalty tables and Mt Holland purchase terms reconciled. Full private NPI deed,financing covenants and refiner fee schedule not public in selected evidence. No commodity or FX hedge disclosed; royalty cost is not inferred absent.

WA state royalty is modelled as2.5% of gross gold revenue; net-return refinements not separately quantified.

Royalty · Active
Counterparties
WA Government
Applies to
Murchison Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
State NSR: 2.5 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Private royalty applied only to Andy Well production; not charged to every project.

Royalty · Active
Counterparties
Private counterparty not fully named in selected summary
Applies to
Murchison Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Andy Well private NSR: 1.65 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Turnberry private NSR,NPI and per-ounce royalty. NPI profit basis is approximated after operating cost and capital; uncertainty quantified.

Royalty · Active
Counterparties
Private counterparty not fully named in selected summary
Applies to
Murchison Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
NSR: 0.65 %
Net profit interest: 8.8 %
Per ounce royalty: 5 AUD/oz
How it affects our valuation

No valuation treatment is available for this arrangement.

Mt Holland assumed royalty is already inside the transaction anchor; no future production is invented.

Royalty · Active
Counterparties
Private counterparty not fully named in selected summary
Applies to
Mt Holland South Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Gold produced and sold: 25 AUD/oz
How it affects our valuation

No valuation treatment is available for this arrangement.

Meeka acquires gold interests; lithium access/extraction belongs to third parties. No lithium option included.

Other · Active
Counterparties
Private counterparty not fully named in selected summary
Applies to
Mt Holland South Gold Project · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Lithium exploration and mining: excluded text
How it affects our valuation

No valuation treatment is available for this arrangement.

Ordinary refiner service and spot bullion sales; no fixed-price hedge, volume prepayment or term price floor established.

Offtake · Active
Counterparties
Private counterparty not fully named in selected summary
Applies to
Murchison Gold Project · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Sale pricing: spot after refining text
How it affects our valuation

No valuation treatment is available for this arrangement.