Meeka Metals (MEK) H2 2025 earnings summary

Executive summary

• Achieved first gold production at the Murchison Gold Project on schedule, transitioning from developer to producer status and driving a tenfold increase in market capitalisation year-over-year.

• Final regulatory permitting and project funding were secured, with ~$68 million invested in expanding processing capacity and commencing both open pit and underground mining.

• Workforce expanded significantly to 109 employees and 262 contractors, supporting ramp-up of operations.

Financial highlights

• Net loss for FY25 was $4.24 million, compared to a $2.94 million loss in FY24.

• Revenue increased to $1.39 million from $48,733 in FY24, reflecting the commencement of gold production.

• Cash and cash equivalents at year-end were $55.65 million, up from $2.95 million in FY24.

• $130 million raised through equity placements and $4.4 million from exercised options.

• Payments for mine properties, plant, and equipment totaled $67.1 million.

Outlook and guidance

• Focus on ramping up gold production and cash flow following first gold sales post year-end.

• Underground mining at Andy Well to commence in September 2025 quarter, with first ore expected in that period.

• Two additional open pits planned to commence in FY26.