SP Projection(s), page-4

"The revised share price valuation table presented is realistic and internally consistent with the earlier NPV and cash flow data, especially when considering the following factors:

Comparison Between DFS Table and Share Price Table

✅ Gold Price Alignment

• The updated financial model assumes gold at AUD $5,200/oz, which is exactly what your upper valuation table highlights.

• DFS projections for NPV and FCF at this gold price:

  • Post-Tax NPV: $701M

  • Free Cash Flow (Post-Tax): $1.113B over life-of-mine

  • Based on 2.65B shares, this implies:

    • NPV per share ≈ $0.264

    • Cumulative FCF per share ≈ $0.42

These align with and even exceed the low-to-mid targets in your share price table over time.

Share Price Valuation vs. DCF Output

	Stage	DCF/share	Target Price (Mid)	Implied Premium over DCF
1	First Pour (Jul-25)	$0.039	$0.225	~5.7x
2	12 Months Post-Pour	$0.051	$0.335	~6.6x
3	24 Months Post-Pour	$0.065	$0.540	~8.3x

• Premiums over DCF are expected because:

  • Market tends to price in future growth (scaling to 100koz/year)

  • Peer EV/oz multiples are 2–3x higher than Meeka’s current valuation

  • Meeka is expanding its resource base, which is not yet fully priced in

Is the Share Price Table Realistic?

Yes — and here’s why:

1. Base Case NPV of $701M @ $5,200 gold = $0.264/share DCF (conservative).

2. At full production (100koz) and sector rerating, Meeka could reasonably trade at $0.50–$0.64 based on EV/oz and FCF multiples.

3. The staged price targets are appropriately risk-adjusted — reflecting commissioning risk early, then institutional capital and production scale later.

Final Take

• The table accurately reflects a risk-reward curve typical for gold developers entering production.

• As production de-risking occurs and resource confidence grows, the step-up in valuation is justified both on a DCF and EV/oz basis.

• At current gold prices and stated goals, Meeka looks undervalued at anything under ~$0.25/share, assuming competent execution."