Meeka Metals is an ASX-listed gold producer advancing its 100%-owned Murchison Gold Project in Western Australia. The company is transitioning from open-pit mining to higher-grade underground production at Andy Well and Turnberry, targeting improved grades, lower operating costs and stronger cash flow through FY27. Meeka also recently acquired Mt Holland South Gold, adding resource growth potential. A$30 million placement funds underground development, drilling, acquisition consideration and working capital.
Meeka Metals Limited (ASX:MEK)
MEK1
Lead Manager
Contact - Kirwan Mactaggart
0448 237 054
kirwan@liquidity.com.au
Offer Price
A$0.100
per share
Offer Size
A$30,000,000
Offer Details
Issue Price (Per Share)
A$0.100
Discount
-29.87%
Offer Size
A$30,000,000
Shares Available
300,000,000
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A$30m Placement, with the ability to accept overs.
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Offer Price: A$0.10 per share.
Discount
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Discount to last close price of A$0.135/sh: 25.9%.
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Discount to 5 trading day VWAP of A$0.123/sh: 18.8%.
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Discount to 10 trading day VWAP of A$0.123/sh: 18.6%.
Documents & Downloads
Use of Funds
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Working Capital and corporate costs
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Mt Holland Acquisition cash consideration
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New Turnberry underground development capital
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Mt Holland – 12 months growth drilling
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New Turnberry UG growth diamond drilling
More details in Term Sheet
Company Overview
Meeka Metals Limited (ASX: MEK) is a Western Australian gold producer and developer focused on growing production from its 100%-owned Murchison Gold Project. The company has established substantial infrastructure and reported FY26 mining delivery of 54.6koz, with a Mineral Resource of 1.2Moz at 3.0g/t gold and Ore Reserves of 400koz at 3.1g/t gold.
Meeka is transitioning from lower-grade open-pit operations to higher-grade underground mining at Andy Well and Turnberry. Andy Well hosts a high-grade Mineral Resource of 505koz at 8.6g/t gold, while Turnberry is expected to contribute additional underground ore from January 2027. This transition is intended to lift grades, improve operating performance and reduce costs through FY27, supported by owner-operated underground mining.
The recent Mt Holland South Gold acquisition adds a 270koz resource at 2.4g/t across three open deposits. Meeka’s A$30 million placement funds development, drilling, acquisition consideration and working capital.
Investment Highlights
- Established gold production: Meeka delivered 54.6koz of mining production in FY26 from its 100%-owned Murchison Gold Project, underpinned by established processing and site infrastructure.
- Meaningful resource and reserve base: Murchison hosts a 1.2Moz Mineral Resource grading 3.0g/t gold and a 400koz Ore Reserve grading 3.1g/t gold.
- Exceptional Andy Well grades: Andy Well contains a 505koz Mineral Resource at 8.6g/t gold, with mineralisation open down plunge and multiple defined growth opportunities.
- Near-term Turnberry production growth: Turnberry underground development is commencing in the September 2026 quarter, with additional high-grade ore expected from January 2027.
- Exploration upside: Recent Turnberry drilling includes 52.3m at 3.0g/t gold and 18.0m at 3.0g/t gold, supporting the potential to expand the underground mine plan.
- Cost-improvement pathway: Management expects operating costs to trend lower through FY27 as underground mining becomes owner-operated at both Andy Well and Turnberry.
- Mt Holland growth option: The August 2026 acquisition of Mt Holland South Gold added an initial 270koz resource at 2.4g/t gold across three deposits that remain open.
- Well-funded development plan: The A$30 million placement funds Turnberry underground development, growth drilling, Mt Holland deferred consideration and working capital.
- Strong pre-raising financial position: Meeka reported A$38 million cash and no debt at 30 June 2026, with A$160.8 million revenue and A$51.3 million NPAT on an unaudited
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