Meeka Metals Limited (ASX: MEK)
Abstract
Meeka Metals poured first gold at the Murchison Gold Project in Western Australia on 1 July 2025. FY2026 was the first full year. The December 2024 feasibility study set year one at 46,000 ounces at an all-in sustaining cost of A$1,943 an ounce, against A$1,982 across the whole ten-year plan. Meeka recovered 28,829 ounces at A$2,956 an ounce. It sold that gold at an average of A$6,328 an ounce against the A$4,100 of the study's spot case, which is what turned a difficult year into a survivable one.
Two things went short of plan and the company has been much more forthcoming about one of them. Grade came in at about 73 per cent of plan, because the open pit mining contractor could not advance the pits fast enough to reach the higher grade ore. Throughput came in at about 88 per cent of plan, because the processing plant did not reach its nameplate 600,000 tonnes a year until August 2026, about fourteen months after first gold. Recovery was on plan at 96 per cent.
Samso's view is that the response was a large one taken quickly. The company said it would conclude open pit mining in July 2026, removing a cost it puts at A$4m to A$6m a month and leaving about 300,000 ounces at 1.4 grams per tonne in the ground for a possible later stage. On the company's stated plan, production now comes from Andy Well underground, mined by Meeka's people rather than a contractor, where development reached a steady 600 metres a month in June 2026 and unit costs more than halved across the year. Stoping began on the Wilber lode, 308,000 ounces at 12.2 grams per tonne, in late May 2026.
