Discovery of New Gold Zone at Murchison Raises Production and Resource Risks

• Multiple thick, high-grade gold intersections at Turnberry
• Discovery of a new gold zone west of Stage 1 open pit
• Ongoing RC drilling with 78 of 145 holes assayed to date
• Mining scheduled to commence in March 2025 with processing plant commissioning in June
• Definitive Feasibility Study projects 10-year production averaging 65koz gold annually

Strong Drilling Results Reinforce Murchison’s Potential

Meeka Metals Limited has released a robust set of drilling results from its Turnberry deposit, part of the flagship Murchison Gold Project in Western Australia. The latest reverse circulation (RC) drilling continues to intersect thick zones of high-grade gold, including standout assays such as 10 meters at 15.71 grams per tonne (g/t) gold from 114 meters, highlighted by exceptional 1-meter intervals grading 34.70 g/t and 113.00 g/t Au. These results build on previous bonanza-grade intersections and underscore the project's strong resource potential ahead of mining operations.

Notably, four drill holes extended beyond the Stage 1 open pit shell, revealing a new gold zone on the western flank of Turnberry South with grades exceeding one ounce per tonne. This discovery could materially enhance the mine’s production profile and resource base, signaling promising upside beyond the current pit design.

Advancing Towards Production

Meeka’s Managing Director, Tim Davidson, emphasised the significance of these consistent high-grade zones, noting their importance for the imminent mining phase. Open pit mining is scheduled to commence in the March 2025 quarter, with processing plant commissioning targeted for June 2025. The company is actively progressing infrastructure works, including haul road construction and camp facilities, to support the ramp-up.

The Definitive Feasibility Study (DFS) released in December 2024 outlines a compelling 10-year production plan, forecasting an average annual output of 65,000 ounces of gold over the first seven years and a peak of 76,000 ounces per annum. The DFS also projects an undiscounted pre-tax free cash flow of approximately $1 billion, an NPV8% of $616 million, and an IRR of 180%, underscoring the project's strong economic fundamentals.

Ongoing Exploration and Resource Expansion

Drilling remains ongoing, with assays received for 78 of the 145 holes drilled through December 2024 and further results expected in the March 2025 quarter. The company is focusing on both infill and extensional drilling at Turnberry and St Anne's to refine grade control and expand underground production potential. Additionally, re-access to the high-grade Andy Well underground mine is underway, with plans to extend drilling from underground platforms in 2025.

Meeka’s exploration approach combines RC and diamond core drilling, employing industry-standard sampling and assay techniques to ensure data quality and representivity. The company continues to monitor and verify assay results rigorously, supporting confidence in resource estimates and mine planning.

Strategic Outlook

With mining operations imminent and a strong pipeline of high-grade drill results, Meeka Metals is positioning itself to deliver substantial value from the Murchison Gold Project. The discovery of new mineralised zones outside the current pit shell hints at further resource growth potential, which could extend mine life or increase production rates. Investors will be watching closely as the company transitions from exploration to production and as additional assay results refine the project's outlook.

Bottom Line?

Meeka Metals’ high-grade drilling success at Murchison sets a confident stage for production ramp-up and resource growth in 2025.

Questions in the middle?

• How will the new western gold zone impact the overall resource and mine plan?
• What are the expected timelines and capital requirements for underground development at Andy Well?
• How might upcoming assay results influence Meeka’s production guidance and market valuation?