MEEKA METALS LIMITED (MEK)
Share Price Analysis and Chart

28/10/2025

1

Buy

$0.33

78.38%

Morgans upgrades Meeka Metals to a Buy from Speculative Buy with a higher target of 33c from 31c, post the first ever quarter of production since commissioning the Murchison Gold project.

Positively, Meeka generated positive free cash flow, and grade was 38% better than the feasibility study, with lower processing costs of -29%. The analyst points to better all-in-sustaining costs.

Morgans lifts its FY26 gold production to 50koz from 47koz previously, as grade performance is better, and continues to believe management can execute well.

FORECAST
Morgans forecasts a full year FY26 dividend of 0.00 cents and EPS of 5.60 cents.
Morgans forecasts a full year FY27 dividend of 0.00 cents and EPS of 5.10 cents.

29/10/2025

1

Buy

$0.33

78.38%

Meeka Metals announced a robust maiden September quarter with production of 7,148oz at an AISC of $2,133/oz, outperforming feasibility expectations, Petra Capital highlights.

Commissioning of the 0.6Mtpa Andy Well processing plant was completed in June, with first gold poured in July and production set to rise in the December quarter.

An accelerated open-pit mining strategy has built a 178kt stockpile, de-risking the transition to underground operations and providing flexibility for a potential 1Mtpa plant expansion by end-2026.

Growth capex of $22m was directed toward Turnberry and Andy Well developments, while cash and gold increased to $59.3m despite heavy investment.

Buy rating maintained with the target price revised to 33c from 34c.

FORECAST
Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 5.50 cents.
Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of 6.20 cents.