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Meeka Metals Limited (ASX:MEK)

ALERT: Price-sensitive ASX Announcement for MEK
Current share price for MEK : $0.130 0.025 (23.81%)+
Announcement
Release
22 Jul 2026 9:11AM
Price at Release
$0.105
Full Release
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Summary
Meeka Metals Limited's June 2026 Quarterly Activity Report outlines the company's performance in terms of operations and financial status. The company reported no Lost Time Injuries, achieved a gold production of 6,424 ounces, and noted an investment of $17.5 million in growth capital for mine development and infrastructure expansion. The report highlights issues with open pit contractor productivity, leading to reliance on lower-grade stockpiles, but anticipates improvement with the shift to higher-grade underground ore. Meeka's cash position was $38 million at the end of June 2026, with gold sales generating $39 million from 6,242 ounces sold at an average price of $6,213 per ounce. The company remains unhedged, maximizing its leverage on gold prices. The report was approved for release by the Board of Directors.
Key Points
  • Meeka Metals Limited's June 2026 quarterly report highlights operational and financial activities.
  • The company managed to avoid any Lost Time Injuries with a LTIFR of 1.2 and a TRIFR of 12.0.
  • Gold production was 6,424 ounces, slightly better than the previous quarter but below expectations due to contractor issues.
  • Significant investment of $17.5M in growth capital was made for new mines and infrastructure expansion.
  • Development of a second underground mine at Turnberry is scheduled to commence in September 2026.
  • Cash position at the end of June 2026 was $38M, down from $50M at the end of March 2026.
  • The company is unhedged and benefits fully from gold price movements.
  • Gold sales for the quarter amounted to 6,242 ounces at an average price of $6,213 per ounce, generating $39M in revenue.
  • Appendix 5B included details on cash flow, with the company maintaining a positive operating cash flow.
  • The report was authorized for release by the Board of Directors.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.