FRA: 1KX0

Introduction

Meeka Metals Limited is an emerging Australian gold producer focused on Western Australia. Its flagship asset is the 100% owned Murchison Gold Project, approximately 50 km north of Meekatharra in the Murchison Gold Fields. The project hosts a current JORC Mineral Resource of approximately 1.235 million ounces at 3.0 g/t gold, sits on granted mining leases, and includes the restarted Andy Well processing plant and underground mine.

The investment story has changed significantly. Meeka is no longer simply a gold developer waiting for construction. The company poured first gold in July 2025 and is now in the difficult but potentially rewarding transition from mine start-up toward sustainable commercial production. The December 2024 expanded Definitive Feasibility Study outlined a 10-year production plan, with average production of approximately 65,000 oz per year during the first seven years, peak production of 76,000 oz, and 544,000 oz recovered over the mine life.

However, FY2026 operating performance did not yet match the clean DFS story. Meeka recovered 28,829 oz during FY2026 and reported FY2026 AISC of A$2,956/oz. June-quarter production was only 6,424 oz because lower-than-planned productivity from the open-pit mining contractor delayed access to higher-grade ore. Management responded by deciding to conclude open-pit mining in July 2026 and shift the operation toward higher-grade underground ore from Andy Well and, subsequently, Turnberry.

This is therefore now an execution and production re-rate story. If the underground transition works, the ore sorter performs as expected, production rises and costs fall, Meeka could begin closing the valuation gap between its current market capitalization and the economics indicated by the Murchison DFS. If the ramp-up continues to disappoint, the stock could remain heavily discounted despite a strong gold price.

The upside is also no longer limited to Murchison. In August 2026, Meeka completed the acquisition of the Mt Holland South gold assets, including the Blue Vein, Bushpig and Razorback deposits, giving the company a new exploration and resource-growth platform in the Forrestania greenstone belt. Circle Valley provides a third exploration option in another prospective Western Australian gold district.

The strongest parts of the investment thesis are the high-grade Andy Well resource, existing infrastructure, low original restart capital intensity, Tier 1 jurisdiction, unhedged gold exposure, strong management experience, Turnberry depth potential, and the possibility of creating a much larger resource base through Mt Holland.

The biggest risk is execution. Meeka must now prove that higher-grade underground ore can consistently deliver the production, grade, cost and cash-flow performance that the market expected from the DFS.

Projects / Location / MRE / Grades

Project 1: Murchison Gold Project, Western Australia

Flagship Producing Asset

The Murchison Gold Project is Meeka’s flagship asset and is 100 percent owned. It covers approximately 281 km² across the northern extensions of the Mount Magnet and Youanmi shear zones in Western Australia’s prolific Murchison Gold Fields.

The project is particularly attractive because Meeka did not need to build an entirely new processing operation from zero. Development was based around restarting and expanding the existing Andy Well processing infrastructure, reducing initial capital requirements and shortening the pathway into production. The project is approximately 50 km north of Meekatharra and benefits from an established Western Australian mining region.

The three main current resource areas are:

Andy Well
Turnberry
St Anne’s

Murchison Mineral Resource Estimate

The current JORC Mineral Resource, originally reported in May 2024 and still confirmed by the company as applicable, is:

Deposit	Resource	Tonnes	Grade	Contained Gold
Andy Well	Measured	0.2Mt	11.4 g/t	55koz
Andy Well	Indicated	1.1Mt	9.3 g/t	315koz
Andy Well	Inferred	0.7Mt	6.5 g/t	135koz
Andy Well Total	—	1.8Mt	8.6 g/t	505koz
Turnberry	Indicated	6.7Mt	1.3 g/t	290koz
Turnberry	Inferred	4.0Mt	3.1 g/t	400koz
Turnberry Total	—	10.7Mt	2.0 g/t	690koz
St Anne’s	Indicated	0.4Mt	3.1 g/t	40koz
Murchison Total	M+I+I	12.9Mt	3.0 g/t	1,235koz

The standout asset is clearly Andy Well. A total resource grade of 8.6 g/t gold is very high, and the measured resource grades 11.4 g/t. This gives Meeka access to a quality of underground feed that can materially transform margins if the mine is developed and reconciles successfully.

Andy Well Underground

Andy Well is not a theoretical future mine. Underground development has already resumed.

During the June 2026 quarter, Meeka completed 1,619 metres of underground development, reaching a steady-state development rate of around 600 metres per month in June. Stoping commenced on the Wilber lode in late May. Wilber itself contains approximately 308koz at 12.2 g/t gold, while development has also commenced on the previously unmined Judy North lode, which contains approximately 96koz at 5.4 g/t.

This is important. The June-quarter weakness came primarily from the open pits and lower-grade stockpile feed. The higher-grade underground portion of the mine is only now becoming a meaningful part of the processing blend.

Management expects underground ore to represent approximately 40 percent of the mill blend during the September 2026 quarter, compared with a much smaller contribution previously.

Turnberry

Turnberry is the scale component of Murchison. It hosts approximately 690koz at 2.0 g/t gold, including 290koz indicated and 400koz inferred. Unlike Andy Well, which is narrower and much higher grade, Turnberry provides a larger bulk-tonnage mineralised system.

Turnberry has become even more interesting following deep drilling in 2026.

In July 2026, Meeka reported:

52.3m @ 3.0 g/t Au from 474.1m
including 30.6m @ 3.4 g/t Au
including 10.5m @ 3.7 g/t Au
18.0m @ 3.0 g/t Au from 533m
including 9.0m @ 5.1 g/t Au

These intersections were approximately 200 metres below the existing underground Ore Reserve, suggesting the mineralised system may extend substantially deeper than the current mine plan.

The story strengthened again on 21 August 2026, when the deepest drill hole completed at Turnberry intersected visible gold at approximately 632.8 metres downhole, around 300 metres beneath the current underground Reserve. A second diamond rig has now been mobilised and assays from this latest drilling are expected during September 2026. Importantly, visible gold by itself does not prove economic grade, so investors need to wait for assays before assigning significant additional ounces.

St Anne’s

St Anne’s is smaller, with a current indicated resource of approximately 40koz at 3.1 g/t gold, but previous drilling has returned locally exceptional grades.

Historic Meeka drilling includes results such as:

32m @ 16.07 g/t Au
including 16m @ 28.59 g/t Au
20m @ 20.74 g/t Au
including 16m @ 24.86 g/t Au

St Anne’s is not the main valuation driver today, but it demonstrates the high-grade nature of portions of the broader Murchison system and provides further near-mine optionality.

Murchison Ore Reserve and Production Plan

The December 2024 expanded DFS established an initial Probable Ore Reserve of 4.1Mt at 3.1 g/t gold for approximately 400koz.

The DFS production profile includes:

Metric	DFS2.0
Initial production plan	10 years
Recovered gold	544koz
Average production, first 7 years	65koz/year
Peak production	76koz/year
Probable Ore Reserve	4.1Mt @ 3.1 g/t
Contained Reserve	400koz
First 3 years sourced from M&I Resources	72%

A key point is that the current Mineral Resource of 1.235Moz is much larger than the 400koz Ore Reserve. That creates obvious conversion and mine-life upside, but investors should not automatically treat all resources as economically mineable reserves.

Murchison DFS Economics

The expanded DFS produced very strong economics at the gold prices used in the study.

DFS Metric	A$3,500/oz Gold	A$4,100/oz Gold
Undiscounted pre-tax FCF	A$701M	A$1.007B
Pre-tax NPV8	A$418M	A$616M
Pre-tax IRR	122%	180%
AISC	A$1,982/oz	A$1,982/oz
AIC	A$2,247/oz	A$2,247/oz

The attraction is obvious. Meeka has very strong leverage to higher gold prices because the DFS operating cost is far below the gold-price assumptions used in today’s higher-price environment.

The project was also designed around relatively low start-up capital because the Andy Well infrastructure already existed. The earlier DFS estimated approximately A$44M of pre-production capital, compared with far larger greenfield development budgets common in the gold sector.

However, investors should distinguish DFS economics from actual operating economics.

Operating Reality Check FY2026

This is the most important section for understanding Meeka today.

FY2026 results were:

Metric	FY2026
Gold recovered	28,829oz
Gold sold	25,427oz
Average realised gold price	A$6,328/oz
Sales revenue	A$160.9M
FY26 AISC	A$2,956/oz
Mine operating cash flow	A$38.6M
Growth capital	A$74.9M
Net mine cash flow	–A$36.4M
Closing stockpile	806kt @ 1.0 g/t
Contained stockpiled gold	25.4koz

The June quarter itself was weaker:

Production: 6,424oz
Gold sold: 6,242oz
Revenue: approximately A$39M
June-quarter AISC: A$3,589/oz
Mine operating cash flow: A$6.4M
Net mine cash flow after growth investment: –A$11.1M
Cash at 30 June 2026: A$38M

These figures tell us why the share price de-rated.

The DFS is strong, but the operation has not yet demonstrated steady-state DFS performance. The open-pit contractor was unable to achieve planned productivity, delaying access to higher-grade ore and forcing Meeka to process lower-grade stockpiles.

Management has therefore chosen to stop relying on the open-pit strategy. Open-pit mining was scheduled to conclude in July 2026, leaving approximately 300koz at 1.4 g/t gold in the ground for possible future extraction.

This could ultimately prove to be a sensible decision. Instead of continuing to spend money chasing delayed open-pit ore, Meeka can concentrate capital and management attention on the much higher-grade underground material.

But the underground transition now needs to work.

Processing Plant Expansion

Meeka is also upgrading the processing circuit toward approximately 800ktpa capacity.

The key component is a A$6M ore-sorting installation, with commissioning targeted for September 2026. The upgrade is intended to add approximately 200ktpa of capacity and upgrade Andy Well feed before it reaches the plant.

This is an important catalyst because increased underground output without sufficient plant capacity would simply create another stockpile.

If the sorter operates as designed, Meeka potentially gets three benefits:

Higher effective head grade.
Higher processing capacity.
More recovered gold without a proportionate increase in conventional processing costs.

Until commissioning and actual production results confirm these benefits, however, investors should treat them as expected rather than proven.

Project 2: Mt Holland South Gold Project, Western Australia

New Growth and Acquisition Optionality

Meeka completed its acquisition of the Mt Holland South gold assets in August 2026.

The package includes the:

Blue Vein deposit
Bushpig deposit
Razorback deposit
Surrounding exploration tenure

The acquired tenements cover approximately 71 km² and contain around 24 km of north-south striking banded iron formations, which are the principal host to gold mineralisation in this area.

Mt Holland is approximately 375 km east of Perth in the Southern Cross Province of the Yilgarn Craton.

The surrounding district is demonstrably fertile. The nearby historic Bounty mine, which is not part of Meeka’s acquisition, produced approximately 1.2Moz at 5.12 g/t gold before closing in 2001.

The important point is that the newly acquired tenure has received very little modern gold-focused exploration during approximately the last 15 years.

Blue Vein

Blue Vein appears to be the most immediately interesting deposit.

Historic results include:

20m @ 12.8 g/t Au from 63m
23m @ 9.2 g/t Au from 49m
14.78m @ 9.6 g/t Au from 426.7m

The deposit remains open at depth.

However, investors must be disciplined here.

The historical Mt Holland resources are not yet current JORC 2012 resources. Meeka has been validating historical information and expects updated JORC Mineral Resources for Blue Vein, Bushpig and Razorback in October 2026.

Until those estimates are released, Mt Holland should be treated as high-quality optionality rather than included in Meeka’s official 1.235Moz Murchison resource base.

Acquisition Cost

The consideration includes:

A$10M cash paid at completion
117,804,881 Meeka shares
Approximately A$10M additional deferred consideration due 13 November 2026
A$25/oz royalty on gold produced and sold from the acquired tenements

The newly issued shares are subject to 12 months voluntary escrow.

This acquisition strengthens the long-term growth story, but it also contributes to dilution and uses cash during a period when Murchison itself is still ramping up.

Project 3: Circle Valley Gold Project, Western Australia

Earlier-Stage Exploration Optionality

Circle Valley is 100 percent owned by Meeka and covers approximately 222 km², around 85 km south of Norseman in the Albany-Fraser Mobile Belt of Western Australia.

This is the same broad geological province that hosts the major Tropicana gold system. Gold mineralisation has already been identified across four kilometre-scale anomalies.

Results at Anomaly A include:

5.6m @ 4.63 g/t Au including 1.0m @ 17.70 g/t
4.2m @ 2.90 g/t Au including 0.4m @ 13.57 g/t
16m @ 1.50 g/t Au including 4m @ 3.89 g/t
8m @ 2.79 g/t Au including 4m @ 5.15 g/t

At the Fenceline target, drilling returned:

4m @ 2.97 g/t Au

Circle Valley is not the reason to own Meeka today. Murchison is the core value driver and Mt Holland has now probably become the more immediate exploration-growth story.

However, Circle Valley provides another potential discovery option without needing to acquire another company.

Share Structure / Ownership / Insiders

Capital Structure

Following completion of the Mt Holland South acquisition and quotation of the consideration shares, the latest disclosed capital structure includes:

Capital Structure Metric	Value
Ordinary shares	3,101,943,073
Unquoted performance rights	118,119,577
Simple fully diluted share count*	3,220,062,650
Reference share price, 25 Aug 2026	A$0.125
Issued market capitalization	~A$387.7M
Simple fully diluted market capitalization	~A$402.5M
Cash at 30 June 2026	A$38M
Hedging	None
Debt	No conventional debt other than mining equipment finance

*Assumes all disclosed performance rights ultimately convert one-for-one. Actual dilution depends on satisfaction of applicable vesting conditions.

Ownership / Insiders

Two substantial strategic/institutional positions stand out.

Zhaojin Capital

Zhaojin Capital became a substantial shareholder in March 2026 after accumulating 168,925,092 shares.

Against the post-Mt-Holland issued share count, that represents approximately 5.45%.

Having a significant shareholder associated with a major gold mining group is strategically positive.

Franklin Resources

Franklin Resources and affiliates disclosed 155,047,619 shares, originally equivalent to approximately 5.32 percent before subsequent dilution. Against the latest issued share count, the holding would represent almost exactly 5.0%, assuming the reported number of shares has not subsequently changed.

Directors

Key disclosed director holdings include approximately:

Tim Davidson: 49.66M shares
Roger Steinepreis: 48.05M shares
Paul Adams: 16.95M shares
Paul Chapman: 15.10M shares

These four positions total approximately 129.8M shares, or roughly 4.2% of the current issued capital.

Ownership Feel

Strategic ownership is positive.

Zhaojin and Franklin provide credibility, and management has meaningful personal exposure to the stock.

However, direct insider ownership is not particularly high relative to some tightly held junior miners. The alignment is acceptable, but it is not one of Meeka’s strongest checklist attributes.

People / Management

Tim Davidson

Managing Director & CEO

Tim Davidson is a qualified mining engineer with experience in Australia and internationally. His previous employers include Newmont, BHP and Silver Lake Resources.

He was instrumental in Meeka’s acquisition of the Murchison Gold Project from Silver Lake and has now overseen the company’s transition from explorer/developer through construction and into production.

Paul Chapman

Non-Executive Chair

Paul Chapman is a chartered accountant with more than 30 years of resources-sector experience.

He has been a founding shareholder and/or director of several ASX-listed companies, including Silver Lake Resources, Encounter Resources, Rex Minerals, Dreadnought Resources, Sunshine Gold, Black Cat Syndicate and Avanco Resources.

Dan Lougher

Non-Executive Director

Dan Lougher joined the Meeka board in May 2026.

He is a mining engineer with more than 40 years of experience across exploration, mine development and operations. He has held senior operating and corporate roles and currently also serves on the boards of Perseus Mining, Alligator Energy and American West Metals.

Paul Adams

Non-Executive Director

Paul Adams is a geologist and resources-market professional with extensive mining and capital-markets experience.

His background includes operating experience as well as equity research and corporate leadership, providing useful crossover between geology, project evaluation and public markets.

Joe Belladonna

Chief Financial Officer & Company Secretary

Joe Belladonna has more than two decades of mining finance experience.

He previously served as CFO and Company Secretary of Western Areas from 2011 to 2022, participating in the company’s growth into a major high-grade nickel producer and its eventual approximately A$1.2B acquisition by IGO.

Matthew O’Hara

General Manager

Matthew O’Hara is a mining engineer with substantial operational experience.

His background includes development of the Penny Gold Mine for Ramelius Resources, General Manager roles at Sunrise Dam for AngloGold Ashanti and Mount Monger for Silver Lake, and an Operations Manager role at St Ives for Gold Fields.

James Lawrence

Manager – Geology

James Lawrence previously worked as geology manager at Red 5, with responsibility for mine geology and production at King of the Hills. He is also Meeka’s Competent Person for relevant exploration reporting.

Risks / Catalysts / Timeline

Key Risks

Key Risk	Why It Matters
Production Ramp-Up Risk	FY2026 production was materially below the production rate implied by the DFS. Meeka must prove that the operation can move from start-up variability toward sustainable commercial production.
Underground Transition Risk	The new operating strategy increasingly depends on Andy Well and eventually Turnberry underground. Development rates, stoping performance, dilution and grade reconciliation now become critical.
Grade Reconciliation Risk	Andy Well is exceptionally high grade, but narrow high-grade underground deposits can be sensitive to dilution and local grade variability. Resource grade does not automatically equal delivered mill grade.
Cost Risk	DFS AISC was A$1,982/oz, while FY26 actual AISC was A$2,956/oz and the June quarter reached A$3,589/oz. Costs need to fall as production increases.
Processing Expansion Risk	The new ore sorter and expanded processing configuration still need to prove their throughput, recovery and grade-upgrading benefits under continuous operating conditions.
Open-Pit Strategy Risk	Meeka curtailed open-pit mining after contractor productivity problems. Around 300koz @ 1.4 g/t remains in the ground, preserving future optionality but removing previously expected near-term open-pit feed.
Reserve Conversion Risk	Murchison contains 1.235Moz of resources but only 400koz in the current Probable Reserve. Continued drilling and technical work are required to turn more resources into mineable reserves.
Mine-Life Risk	The DFS has an initial 10-year plan. Exploration and reserve replacement will be important if Meeka is to become a longer-life producer deserving a higher valuation multiple.
Acquisition / Capital Allocation Risk	Mt Holland could become highly valuable, but Meeka is deploying cash and shares into exploration growth while its flagship operation is still ramping up.
Dilution Risk	More than 3.1B shares are already outstanding. Further equity financing would spread future value across an even larger share count.
Exploration Risk	Turnberry deep drilling, Circle Valley and Mt Holland all offer upside, but exploration results are uncertain and historical resources at Mt Holland are not yet JORC 2012 resources.
Gold Price Risk	Meeka is unhedged. This gives maximum leverage to rising gold prices but also exposes operating margins and valuation directly to falling gold prices.

Operational and cost risks are supported by the company’s June-quarter disclosure, which showed the open-pit productivity problems, A$3,589/oz quarterly AISC and the decision to move toward higher-grade underground ore.

Catalysts

Timeline	Key Milestone
September 2026 Quarter	Higher-grade underground material expected to reach approximately 40% of the Murchison processing blend.
September 2026	Commissioning of the new ore-sorting facility.
September 2026	Turnberry underground portal development expected to commence, creating Meeka’s second underground mine.
September 2026	Assays expected from the deep Turnberry hole that intersected visible gold around 300m below the current underground Reserve.
October 2026	Targeted release of updated JORC 2012 Mineral Resources for Blue Vein, Bushpig and Razorback at Mt Holland South.
13 November 2026	A$10M deferred Mt Holland acquisition payment falls due. This is more of a balance-sheet milestone than a catalyst, but it needs to be monitored.
Late 2026	Increasing underground stope production from Andy Well and potential improvement in head grade, ounces produced, AISC and cash generation.
Late 2026 / FY27	Turnberry underground mine development and first underground ore progression.
January 2027	Planned down-plunge drilling at Blue Vein.
2027	Systematic drilling across approximately 24km of prospective BIF at Mt Holland South.
2027 onward	Potential Murchison Reserve/resource updates incorporating additional Turnberry depth extensions and other discoveries.
Medium Term	Possible future reconsideration or expansion of the approximately 300koz @ 1.4 g/t open-pit resource preserved after the 2026 open-pit curtailment.

Expected Timeline to Full Production

Because Meeka has already poured first gold, the important question is now the timeline toward steady-state/full-rate production, rather than the timeline toward first production.

Year / Period	Focus	What It Means
July 2025	First gold	Meeka officially transitioned from developer to producer.
FY2026	Ramp-up year	28.8koz recovered. Strong gold prices generated revenue, but open-pit contractor problems prevented the operation from reaching planned production levels.
July 2026	Operating strategy reset	Open-pit mining curtailed. Meeka moves toward a predominantly underground production strategy.
September 2026 Quarter	Major inflection period	Underground feed expected to increase materially, ore sorter targeted for commissioning, and Turnberry underground development planned to commence.
Late 2026	Two-underground-mine transition	Andy Well should provide increasing stope ore while Turnberry development advances. This period should reveal whether the new strategy materially improves grade and cost.
2027	Production normalisation	If underground mining and the expanded processing configuration perform well, the market can begin judging Meeka against a more stable annual production run-rate rather than start-up quarters.
2027 onward	Growth / reserve replacement	Turnberry depth drilling, Mt Holland exploration, resource conversion and potentially future open-pit redevelopment determine whether Meeka can grow beyond the original DFS profile.

The June quarterly provides qualitative guidance for improving September-quarter production and cash generation, but investors should avoid inventing an exact FY2027 ounce target until management provides or confirms one.

Valuation

Important Valuation Note

Meeka needs to be valued differently from a pure developer.

The Murchison DFS provides a useful valuation foundation, but production has now commenced and actual FY2026 results have demonstrated that DFS economics and real-world operating performance can diverge substantially during ramp-up.

Therefore, we use two approaches:

Execution-adjusted DFS NPV model – the more realistic present valuation framework.
High-gold-price torque model at US$6,000/oz and US$7,000/oz – included to maintain the high-gold-price sensitivity framework.

The second model is deliberately aggressive and should not be treated as our current base-case target price.

Current Market Valuation Anchor

Reference figures:

Share price: A$0.125 based on 25 August 2026 close
Ordinary shares: 3.102B
Simple fully diluted shares: 3.220B
Issued market cap: ~A$388M
Fully diluted market cap: ~A$403M
Murchison DFS NPV8 at A$4,100/oz gold: A$616M
Murchison DFS FCF at A$4,100/oz gold: A$1.007B

At first glance, the current market capitalization is substantially below the DFS NPV.

But that discount is understandable because:

FY26 production undershot expectations.
Actual AISC exceeded DFS AISC.
Meeka is transitioning away from its original open-pit strategy.
Underground performance has not yet been proven over a sustained period.
Mt Holland requires additional cash and exploration expenditure.
The fully diluted share count is high.

Execution-Adjusted DFS NPV Model

The historical expanded DFS produced a A$616M pre-tax NPV8 at A$4,100/oz gold.

Instead of immediately giving Meeka a full high-gold-price valuation, we apply discounts or premiums to that existing NPV to reflect operating execution.

Scenario	Murchison Valuation	Optionality	Total Implied Value	Implied FD Value / Share
Conservative	0.75 × A$616M = A$462M	A$35M	A$497M	A$0.15
Base	1.00 × A$616M = A$616M	A$75M	A$691M	A$0.21
Aggressive	1.25 × A$616M = A$770M	A$180M	A$950M	A$0.30

High-Gold-Price Torque Model

Important

This section follows our standard high-gold-price sensitivity framework.

It is not an official Meeka forecast.

The December 2024 DFS disclosed:

A$701M LOM FCF at A$3,500/oz gold
A$1.007B LOM FCF at A$4,100/oz gold

That is an increase of:

A$306M of life-of-mine FCF for a A$600/oz increase in gold

Simplified sensitivity:

~A$0.51M additional LOM FCF for every A$1/oz increase in the gold price

This assumes linear sensitivity far outside the actual DFS range, which is a major simplification.

For this illustrative model only, we assume:

US$1 = A$1.54

US$6,000/oz Gold Scenario

US$6,000 gold converts to approximately:

A$9,231/oz

Gold-price increase versus A$4,100 DFS case:

A$9,231 – A$4,100 = A$5,131/oz

Estimated additional LOM FCF:

A$5,131 × A$0.51M = approximately A$2.617B

Estimated LOM FCF:

A$1.007B + A$2.617B = approximately:

A$3.624B

Average annualised over the 10-year DFS life:

~A$362M/year

US$7,000/oz Gold Scenario

US$7,000 gold converts to approximately:

A$10,769/oz

Increase versus A$4,100 DFS case:

A$10,769 – A$4,100 = A$6,669/oz

Estimated additional LOM FCF:

A$6,669 × A$0.51M = approximately A$3.401B

Estimated LOM FCF:

A$1.007B + A$3.401B = approximately:

A$4.408B

Average annualised over 10 years:

~A$441M/year

All-Projects High-Gold Valuation Table

The table below adds the A$75M base optionality value for Mt Holland South, Circle Valley and incremental Murchison exploration to the simplified FCF model.

Gold Price	Avg Annual FCF Estimate	FCF Multiple	Core Murchison Value	Added Optionality	Total Implied Value	Implied FD Value / Share
US$6,000/oz	A$362M	10×	A$3.624B	A$75M	A$3.699B	A$1.15
US$6,000/oz	A$362M	15×	A$5.435B	A$75M	A$5.511B	A$1.71
US$6,000/oz	A$362M	20×	A$7.247B	A$75M	A$7.322B	A$2.27
US$7,000/oz	A$441M	10×	A$4.408B	A$75M	A$4.483B	A$1.39
US$7,000/oz	A$441M	15×	A$6.612B	A$75M	A$6.687B	A$2.08
US$7,000/oz	A$441M	20×	A$8.817B	A$75M	A$8.892B	A$2.76

Summary & Quick Scorecard

Category	Assessment	Overall
Company Overview	Stock ticker: ASX: MEK / OTC: MEKMF / FRA: 1KX0. Main metal: Gold. Project phase: Early-stage producer / underground ramp-up. Projects country: Australia.	—
1. Management	Previous successful projects / transactions: Yes. Exploration-to-development experience: Yes. Big mining company experience: Yes. Capital-markets experience: Yes. Mine operating experience: Yes.	Strong
2. Projects	High grades: Yes, particularly Andy Well. Current MRE: 1.235Moz @ 3.0 g/t. Optionality: Yes, Turnberry depth, Mt Holland and Circle Valley.	Strong
3. Cost Structure	DFS AISC: A$1,982/oz. Actual FY26 AISC: A$2,956/oz. June-quarter AISC: A$3,589/oz. Existing infrastructure and low original restart capex are positives, but operating costs have not yet reached DFS levels.	Good
4. Share Structure Discipline	Ordinary shares: 3.102B. Simple fully diluted shares: ~3.220B. FD market cap around A$403M at A$0.125, still great at just around $300M.	Strong
5. Insider / Ownership	Named key directors approximately 4% combined. Zhaojin approximately 5.45%. Franklin approximately 5%. Insider aligned at 15%.	Good
6. Location	Country: Australia, Tier 1. State: Western Australia. Murchison and Yilgarn gold provinces.	Strong

RT Rating, Commentary

Meeka Metals Limited is on our watchlist.

We would rate this as 4 out of 5 stars.

Meeka Metals ticks many of the boxes we want in a gold stock: high-grade underground ounces, a 1.235Moz resource base, an operating processing plant, a Tier 1 Western Australian location, a defined Ore Reserve, strong management experience, large exploration upside and direct leverage to the gold price.

Most importantly, Meeka is already a producer.

That changes the risk-reward significantly compared with a junior developer that still needs financing, construction and commissioning before generating revenue.

The biggest attraction is Andy Well. At 505koz averaging 8.6 g/t gold, with the Wilber lode containing around 308koz at 12.2 g/t, this is genuinely high-grade material. If Meeka can consistently get that underground ore into the plant without excessive dilution or mining disruption, the economics can become very strong.

Turnberry is the second major attraction.

It already contains 690koz, but the 2026 drilling suggests the mineralised system could continue substantially beneath the current underground Reserve. The July intercept of 52.3m @ 3.0 g/t was significant, and the August hole intersecting visible gold approximately 300 metres beneath the Reserve makes the September assays a major upcoming catalyst.

The acquisition of Mt Holland South adds another layer of upside. Blue Vein, Bushpig and Razorback give Meeka three additional known gold systems within a historically productive greenstone belt. If the October 2026 JORC resource update delivers meaningful ounces, the market may begin looking at Meeka as more than a single-mine Murchison producer.

Few problems need to be consider.

The first problem is execution.

FY2026 production of 28,829oz was well below the production rate implied by the DFS. The open-pit strategy underperformed, June-quarter AISC reached A$3,589/oz, and management eventually decided to stop open-pit mining rather than continue relying on the contractor.

The second problem is cost.

The DFS AISC of A$1,982/oz looks excellent, but actual FY2026 AISC of A$2,956/oz shows that the mine has not yet demonstrated that cost structure in practice.

The third weakness is share and insider ownership. Management owns meaningful stock, but insider ownership is not exceptionally high. The stronger ownership signal comes from strategic and institutional holders such as Zhaojin and Franklin.

The next two to three quarters are therefore extremely important.

If underground ore increases head grade, Andy Well stoping performs well, the ore sorter commissions successfully, Turnberry underground development remains on schedule, AISC begins moving lower and quarterly production starts rising materially, the market could begin treating the June 2026 weakness as a temporary start-up issue.

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