Meeka Metals (MEK) H1 2026 earnings summary

Executive summary

• Transitioned into gold production with first gold pour on 1 July 2025 and produced 16,322oz in the half-year ended 31 December 2025.

• Open pit mining ramped up, Andy Well underground mine development commenced ahead of schedule, and preparations for Turnberry underground mine advanced.

• No lost time injuries (LTIFR 0.0), TRIFR at 9.5, and no significant environmental incidents reported.

Financial highlights

• Revenue of $65.2M from sale of 10,726oz gold for the half-year ended 31 December 2025.

• Maiden Net Profit After Tax of $31.0M, compared to a net loss of $2.4M in the prior corresponding period.

• EBITDA of $40.6M, up from $(1.0)M in the prior period.

• Operating cash flow of $22.6M, compared to an outflow of $2.5M in the prior period.

• Cash at bank of $37.3M as of 31 December 2025, down from $55.6M at 30 June 2025, reflecting $41.9M investment in asset construction and mine development.

Outlook and guidance

• Growth activities resumed with extensional and exploration drilling yielding positive results and new target areas.

• Company remains unhedged, retaining full leverage to gold price.