Slide 1: Murchison Feasibility Study Update Presentation
FS 2.0 Murchison Feasibility Study Update Presentation 12 December 2024 ASX:MEK meekametals.com.au
Slide 2: Important Information
Important Information Disclaimer Lawrence consents to the inclusion in the report of the matters based on his information in the form and context in which it This information contained in this presentation is issued by Meeka Metals Limited (“Meeka” or the “Company”). The appears. information contain
Slide 3: FS2.0 – 31% Ore Reserves Growth, 40% Production Growth, 10-year Production Plan Delivers $1B FCF
FS2.0 – 31% Ore Reserves Growth, 40% Production Growth, 10-year Production Plan Delivers $1B FCF. Pre-eminent mining jurisdiction – Western Australia. FS2.0 – 10-year production plan1 up to 76koz pa, average 65koz pa for first 7 years. Undiscounted pre-tax free cash flow $1B, NPV8% $616M, IRR 180% (
Slide 4: Capital Structure
Capital Structure $0.10 60.0 $0.079 50.0 $0.08 2,375m Price (A$/share) 40.0 share price Volume (m) $0.06 (11 December 2024) shares 30.0 $0.04 20.0 $188m 138m $0.02 10.0 market cap options $- - $55m nil cash1 Ownership (11 December 2024) debt (December 2024) 7% 50% $133m Board & Management Top 20 Hol
Slide 5: First Gold Targeted for Mid-2025
First Gold Targeted for Mid-2025 Strong re-rate potential. • Sector average enterprise value (EV) per production ounce for producers = $11,100/oz. • Meeka EV per production ounce = $2,883 ($133m EV, 46koz in first year of production per FS2.0) 25,000 EV per annual production ounces* 20,000 producer
Slide 6: Leadership
Leadership Have invested $3.5m in the Company to date. Board Management Paul Chapman Chris Davidson - Chief Development Officer Non-Executive Chairman MINING ENGINEER ACCOUNTANT Mine manager for Silver Lake Resources responsible for developing their newest Chartered accountant with >30 years in the
Slide 7: Murchison Gold Project Overview
Murchison Gold Project Overview 100% MEK ownership in: 1.2Moz @ 3.0g/t Au Mineral Resource 400koz @ 3.1g/t Au Ore Reserve Extensive established site and regional infrastructure: Existing CIL processing plant (replacement cost ~$80M) Sealed airstrip in Meekatharra (saves ~$15M capital) Sealed highway
Slide 8: Murchison Gold Project
Murchison Gold Project 10-year initial plan: New open pits at Turnberry and St Anne’s Restart high-grade Andy Well underground mine New underground mine at Turnberry Road access via the Great Northern Highway. Existing processing plant currently being expanded. 20km haul road between Andy Well and T
Slide 9: FS2 vs FS1 – Resetting the Outlook Higher
FS2 vs FS1 – Resetting the Outlook Higher Significant improvement in physicals and economics. FS2.0 delivers 31% growth in Ore Reserves, 40% increase in production and exceptional financial outcomes over an initial 10-year production plan. Physicals FS1 FS2 Δ Economic Outcomes FS1 FS2 Δ Initial Prod
Slide 10: Strong Free Cash Flows
Strong Free Cash Flows Exceptional financial outcomes driven by 40% growth in production. The Company has no hedging in place and retains full 160 800 exposure to the gold price. 701 140 Every $100/oz increase in gold price, increases undiscounted 700 pre-tax free cash flow by ~$52M. 133 120 Free ca
Slide 11: Compelling Production and Cost Profile
Compelling Production and Cost Profile 65koz pa average annual gold sales over first 6 years at ~$2,000/oz AISC. Elevate AISC in Y9 & Y10 is 80 due to non-cash inventory $3,000 adjustments LOM average head grade of 3.0g/t Au. 76 2,846 70 72 71 Peak gold production of 76koz in year 5. Annual Gold Pro
Slide 12: FS2 vs FS1 – What Changed?
FS2 vs FS1 – ’ C ? Increased processing capacity has allowed additional mines to be brought online. There is a clearly defined succession of new mines to be developed over the initial 24 months of operations that will be funded by positive cash flows from production. Study Parameter FS1 FS2 Δ • 500k
Slide 13: Expansion works on existing processing plant now well underway
Expansion works on existing processing plant now well underway ASX:MEK meekametals.com.au 13
Slide 14: Process plant expansion and re-start works during November 2024
Powerhouse Process plant expansion and re-start works during November 2024 Mining administration complex Process administration New ball mill foundation Foundations for new tanks Workshop and stores New tank skins being fabricated ASX:MEK meekametals.com.au 14
Slide 15: Expanded 136-person accommodation village nearing completion
Underground mine Processing plant and administration complex Open pit mining area – 19km New village power station installed RO plant commissioned New kitchen and mess hall being installed Expanded 136-person accommodation village nearing completion, full commissioning in December 2024. ASX:MEK meek
Slide 16: Low Risk, Low-Cost Oxide Open Pits in First 12 Months
Low Risk, Low-Cost Oxide Open Pits in First 12 Months Underground mining to commence following stage 1 open pits. • Stage 1 open pit mining commencing Stage 1 – $2,350/oz pit shells 1 March 2025. • 360koz @ 1.4g/t Au open pit Mineral Resource (86% M&I). • No prior mining, averages ~1,600oz per verti
Slide 17: Further Drilling Below Turnberry Open Pits is Expected to Deliver Underground Growth
Further Drilling Below Turnberry Open Pits is Expected to Deliver Underground Growth average 1,600 V ’ to a depth of 200m (where density of drilling reduces) Lack of drilling below 200m growth drilling growth drilling target area growth drilling target area target area metal endowment expected to co
Slide 18: Andy Well Underground
Andy Well Underground High-grade, rapid, low capital re-start from existing decline development. • High-grade 505koz @ 8.6g/t Au Mineral Resource (73% M&I). • Mining stopped in 2017 at ~A$1,550/oz gold price. Work to re-access the underground mine is underway now. • FS2.0 outlines initial 7 years of
Slide 19: Andy Well Underground
Andy Well Underground Rapid re-start in CY25. • Accelerated production schedule following expansion in available processing capacity. • Mining to commence in first half of CY25. First ~12-18 months of mining all from existing capital development. Oblique view • Low capital re-start with existing dev
Slide 20: Andy Well Growth
Andy Well Growth Drilling to deliver resource growth in CY25. Stage 1 Drilling: up-dip extension of high- grade shoot Au ppm 11.4m @ 14.2g/t Au p ,5 V ’ top 400m 3.5m @ 34.4g/t Au Stage 2: growth drilling down Stage 3: infill plunge high- and extend grade shoot 3.9m @ 9.4g/t Au high-grade shoot meta
Slide 21: Looking Forward Through FY26
Looking Forward Through FY26 Progress versus plan. FY25 FY26 Q1 Q2 Q3 Q4 Q1 Q2 Studies FS2.0 Updated Feasibility Study Open pit grade control drilling Drilling Turnberry growth drilling targeting UG extensions Andy Well growth drilling from UG drill platforms Camp and support infrastructure installa
Slide 22: Source Information
Source Information Basis for EV per production ounce for producers. Company Share Price Shares Cash Debt Production Share Price ASX Announcement Date $ m $m $m oz @ Date No. Shares Cash Debt Production CMM 6.440 411 345 50 113,007 28/11/2024 30/10/2024 30/10/2024 30/10/2024 26/07/2024 GMD 2.520 1,12
Slide 23: Contact
Contact Tim Davidson | Managing Director October 2024 +61 8 6388 2700 info@meekmetals.com.au ASX:MEK meekametals.com.au