Ann: Murchison Development Update - May 2025, page-5

"This is very positive news for Meeka Metals (ASX: MEK). Here's a summary of the key highlights:

✅ Positive Highlights – Murchison Development Update (May 2025)

• Processing Plant Commissioning Imminent
  The plant has been powered up, and commissioning is on track for June 2025 with first gold expected mid-2025.

• Mining Activities Underway
  Open pit mining at St Anne’s North and Turnberry Central is active. Ore stockpiles are building in preparation for plant start-up.

• Andy Well Underground Progress
  Underground setup nearing completion; ore development starts mid-2025. Power, services, and ventilation are already installed.

• Workforce & Infrastructure Ready

  • Accommodation village expanded (now 160 rooms).

  • New admin complex and underground change house completed.

  • Recruitment mostly complete with experienced teams onboarded.

• Operational Readiness
  Onboarding of underground team (owner-operator model) is progressing well, supporting concurrent open pit and underground operations.

• Financial and Production Outlook Remains Strong
  Based on the Definitive Feasibility Study (DFS) from Dec 2024:

  • 10-year plan averaging 65koz gold/year (76koz max).

  • NPV8%: $616M, IRR: 180%, pre-tax cash flow: $1B.

Conclusion:

This update confirms strong operational execution, with first gold only weeks away, and all major infrastructure, staffing, and mining activities on track. The tone and content support growing confidence in near-term production and long-term profitability."