In good position

1. Key Milestones Achieved

Commissioning & First Gold

• First gold poured on 1 July 2025 — delivered on time and within 9 months of construction starting.
• Smooth transition from dry commissioning (testing systems) to wet commissioning (actual ore processing).
• Power station (4.8 MW) completed in May and integrated with both the plant and Andy Well underground.

Construction Progress

• All major surface infrastructure delivered or near completion.
• Underground mining workshop at Andy Well to be completed in July ahead of mine development.

2. Safety & ESG

• Zero Lost Time Injuries (LTI) — LTIFR = 0.0.
• TRIFR at 3.3 — still relatively low for a mining project in early operations.
• Over 300,000 hours worked during construction without LTI.
• No significant environmental incidents — a strong ESG record for the quarter.

3. Operations

• Open Pit:
  • Ramp-up underway with a third mining fleet mobilised.
  • Two new open pits (Turnberry Central & South) started; first ore from St Anne’s North mined.
  • Ore stockpiles building steadily.
• Underground:
  • Andy Well mine fully energised, ventilated, and ready for July 2025 development start.
  • Owner-operator mining model established — expected to deliver long-term cost savings.

4. Growth & Exploration

• Strong drilling results from Turnberry with standout intercepts:
  • 10m @ 5.20g/t Au (incl. 2m @ 23.23g/t Au)
  • Several 1m high-grade intercepts >10g/t Au.
• Results extend the Turnberry Central resource up-dip toward surface — likely to extend Stage 1 open pit and add shallow high-grade ounces to near-term production.

5. Financial Position

• Cash: $56m at quarter-end.
• No debt (other than underground mining equipment finance).
• Capital Spend: $68.6m on Murchison development vs DFS estimate of $45.7m — overrun mainly due to:
  • Accelerating underground mining (brought forward to 2025).
  • Mobilising a third open pit fleet.
  • Building extra infrastructure earlier than planned.
• Funding: $60m institutional placement completed to:
  • Expand open pit mining.
  • Accelerate drilling.
  • Plan processing expansion beyond 600ktpa.

6. Corporate

• Leadership transition — Chris Davidson (ex-Chief Development Officer) now Chief Operating Officer to guide ramp-up into steady-state production.

7. Strategic Outlook

• Q3 CY2025:
  • Ramp-up of processing plant.
  • First underground ore from Andy Well.
  • Continued open pit ore delivery.
  • Ongoing exploration to add near-mine ounces.
• Medium Term:
  • Potential processing capacity expansion.
  • Increased ore blending flexibility from open pit + underground sources.
  • Owner-operator model could drive operating cost reductions.

8. Risks & Considerations

• Cost Overruns: Already +$22.9m vs DFS — although justified by accelerated production, investors will watch for ongoing discipline.
• Ramp-up Risk: Transition from construction to steady-state operations can reveal bottlenecks.
• Gold Price Sensitivity: No hedging means high exposure to spot gold prices — good for upside, but risky if prices soften.
• Labour Market: Recruitment largely completed, but maintaining skilled workforce in WA mining market remains a challenge.

9. Overall Assessment

This is a highly positive operational and strategic update:

• Delivered first gold on schedule.
• Established both open pit and underground mining readiness.
• Strengthened balance sheet for accelerated growth.
• Early drilling success suggests scope for organic mine life extensions and grade improvements.

The market will likely view this as a de-risking milestone — shifting Meeka from developer to producer status with strong near-term growth potential.