Earnings release
Page 1
ASX Announcement 30 July 2025 June 2025 Quarterly Activities Report Commissioning of the processing plant was successfully underway and first gold poured on 1 July 2025, on schedule and within 9 months of construction commencing at the Murchison Gold Project (“Murchison”). Sustainability, Health and Safety • No LTI’s during the quarter, LTIFR at 0.0 and TRIFR at 3.3 • Over 300,000 hours worked at the Murchison during construction with no LTI’s and • No significant environmental incidents Construction • Commissioning of the processing plant was underway and first gold poured from the gravity circuit on 1 July 2025 • Installation and commissioning of t he new 4.8MW power station was completed in May 2025 with the processing plant and Andy Well underground mine energised • Installation of the new administration complex and underground change house was completed, with the new underground mining workshop at Andy Well to be finalised in July 2025 ahead of mine development commencing Operations • Open pit mining continued to ramp-up, two new open pits commenced (Turnberry Central and South) and first ore was mined from the St Anne’s North open pit • Ore stockpiles from the open pits built steadily through the quarter • Power, services and primary ventilation works were completed at Andy Well and the mine is ready for development to commence in July 2025 • Recruitment and onboarding of highly skilled and capable staff and operations personnel was largely completed, including recruitment of the underground mining team, under Meeka’s owner-operator model Growth • Strong results continued to be received from ongoing RC drilling at the open pit mining area, including: o 10m @ 5.20g/t Au from 37m including 2m @ 23.23g/t Au (25TBRC009) Finance • The Company ended the quarter with $56m in cash , no debt (other than underground mining equipment finance) and no hedging Corporate • Chris Davidson has transitioned to the role of Chief Operating Officer (formerly the Company’s Chief Development Officer ) following successful conclusion of project For personal use only
Page 2
DISCOVER | GROW | DEVELOP ASX:MEK 2 meekametals.com.au development activities and as the Murchison moves through commissioning and into steady state operations Commenting on the quarter, Meeka’s Managing Director Tim Davidson said: “It is an impressive achievement by the team to deliver first gold in the Murchison on time and only 9 months after work started on the processing plant. It rounds out a period of consistent delivery against our development timeline despite an expanded scope of work, including bringing forward underground mining, accelerating the open pit mine plan and expanding the support infrastructure. We are now focussed on ramping up gold production with open pit mining progressing to plan and first ore from underground at Andy Well in the September 2025 quarter.” Meeka Metals Limited (“ Meeka” or the “ Company”) is pleased to provide a summary of activities completed during the June 2025 quarter. Sustainability, Health and Safety No Lost Time Injuries (LTI’s) were reported and the Lost Time Injury Frequence Rate (LTIFR) was at 0.0. The Total Recordable Injury Frequency Rate (TRIFR) was 3.3. There were no significant environmental incidents. Table 1: Group Safety Performance LTI LTIFR TRIFR Group 0 0.0 3.3 Murchison Capital Development Cost Reconciliation Meeka has invested $6 8.6m at the Murchison compared to the 2024 DFS ( ASX announcement 12 December 2024 ) estimate of $45.7m and the difference principally relates to: • Acceleration of open pit mining operations, including the addition of a third mining fleet; • bringing forward underground mining into 2025 (from 2026); • purchase of an underground mining fleet to operate under an owner -operator model, which will deliver meaningful cost savings; and • expansion of support infrastructure to accommodate the additional open pit (expanded workforce) and underground mining teams, and establishment of the underground mining workshop and associated infrastructure 12 months ahead of schedule. For personal use only
Page 3
DISCOVER | GROW | DEVELOP ASX:MEK 3 meekametals.com.au Table 2: Reconciliation of Dec-24 DFS CAPEX vs Actual CAPEX for FY25 Capital Expenditure DFS Pre- Production CAPEX Actual CAPEX Variance Comment ($m) ($m) ($m) Site Infrastructure 5.9 12.8 6.9 Expansion of support infrastructure to accommodate expanded workforce. Processing 19.3 21.4 2.1 Addition of owner-operator laboratory, also carbon regeneration facility purchased and installed. Open Pit 9.3 16.5 7.2 Open pit mining operations progressing ahead of schedule plus addition of third mining fleet, unit costs in line with DFS. Underground 5.0 11.0 6.0 Start date for mining brought forward into 2025 (from 2026) and purchase of owner-operator mining fleet. Capitalised OPEX (G&A) 6.2 7.0 0.8 Additional open pit and underground mining workforce flights and accommodation. Total 45.7 68.6 22.9 Construction Dry commissioning (system and equipment testing) of the Murchison processing plant was underway in early June 2025 and w et commissioning subsequently progressed smoothly with first gold pour ed from the gravity circuit on 1 July 2025. Ramp-up and optimisation of the plant will continue through the September 2025 quarter in line with schedule. Figure 1: First gold being poured at the Murchison (left), Managing Director and CEO Tim Davidson with a 5.5kg gold bar poured from the gravity circuit (right). For personal use only
Page 4
DISCOVER | GROW | DEVELOP ASX:MEK 4 meekametals.com.au Figure 2: First ore being fed into the crusher, 11 June 2025. The modular and expandable power station was installed and subsequently connected to the processing plant, which was energised in May 2025. Power was then connected to a substation at the Andy Well mine and reticulated to surface primary ventilation fans and the underground mine. Figure 3: Power station upgrade completed. For personal use only
Page 5
DISCOVER | GROW | DEVELOP ASX:MEK 5 meekametals.com.au Installation of the new administration complex and underground change house was completed, with the new underground mining workshop at Andy Well to be finalised ahead of mine development commencing late July 2025. Figure 4: New administration complex , underground workshop and change house facilities. Operations Open pit mining activities expanded during the quarter with a third mining fleet arriving and two additional open pits commencing (Turnberry Central and South). In addition, first ore was mined from the St Anne’s North open pit. Ore stockpiles from the open pits built steadily through the quarter. Establishment work for underground mining at Andy Well was completed with power, services and primary ventilation established in readiness for ore drive development commencing in the September 2025 quarter. New administration complex and change house for the underground workforce Underground maintenance facilities For personal use only
Page 6
DISCOVER | GROW | DEVELOP ASX:MEK 6 meekametals.com.au Figure 5: Stage 1 St Anne’s North open pit progress. Figure 6: Stage 1 Turnberry Central open pit progress. For personal use only
Page 7
DISCOVER | GROW | DEVELOP ASX:MEK 7 meekametals.com.au Figure 7: Ore stockpiles on the ROM pad. Figure 8: Underground mining team in readiness for development with Meeka’s first mining jumbo. For personal use only
Page 8
DISCOVER | GROW | DEVELOP ASX:MEK 8 meekametals.com.au Growth RC drilling was ongoing at the open pit mining area where new results from Turnberry included: • 10m @ 5.20g/t Au from 37m including 2m @ 23.23g/t Au (25TBRC009) • 1m @ 15.83g/t Au from 61m (25TBRC009) • 13m @ 1.40g/t Au from 20m including 1m @ 11.62g/t Au (25TBRC015) • 5m @ 2.68g/t Au from 55m including 1m @ 10.33g/t Au (25TBRC016) • 16m @ 1.39g/t Au from 34m including 7m @ 2.25g/t Au (25TBRC019) • 30m @ 1.09g/t Au from 29m including 9m @ 2.45g/t Au (25TBRC025) • 22m @ 1.17g/t Au from 41m including 8m @ 2.04g/t Au (25TBRC027) The drilling results extend the Resource up-dip toward surface within a 200m corridor to the south of the Turnberry Central open pit, which is currently being mined. The strong results are likely to extend the Stage 1 open pit to the south at Turnberry Central, adding shallow high-grade oxide ounces to the production plan. Figure 9: Aerial view looking south down the Fairway Shear Zone showing location of the five Stage 1 open pits and the collars of this new extensional drilling. Turnberry Central Stage 1 Turnberry North Stage 1 Pit 5km Location of extensional drilling N For personal use only
Page 9
DISCOVER | GROW | DEVELOP ASX:MEK 9 meekametals.com.au Figure 10: Cross section 1 (7087380N) highlighting shallow high-grade oxide gold to the south of the current Turnberry Central Stage 1 pit design. Figure 11: Cross section 2 (7087250N) highlighting shallow high-grade oxide gold to the south of the current Turnberry Central Stage 1 open pit design. For personal use only
Page 10
DISCOVER | GROW | DEVELOP ASX:MEK 10 meekametals.com.au Finance An Appendix 5B – Quarterly Cash Flow Report for the quarter ended 30 June 2025 accompanies this Activities Report. During the quarter the Company spent approximately: • $42m on project development works at the Murchison. • $165k on payments to related parties and their associates for director fees and legal fees. The Company ended the quarter with $56m in cash. Table 3: June 2025 quarterly cash movements During the quarter the Company completed a $60m institutional placement for the following growth initiatives: • Expanding and accelerating open pit operations with mobilisation of a third open pit mining fleet (200t digger and 140t truck fleet); • Accelerating open pit (in progress) and underground (commencing September quarter 2025) growth drilling; and • Confirming the processing expansion pathway beyond the current 600ktpa. 42.0 (1.0) 0.3 (42.3) (0.1) 56.8 (0.1) 55.6 $m (10.0) - 10.0 20.0 30.0 40.0 50.0 60.0 For personal use only
Page 11
DISCOVER | GROW | DEVELOP ASX:MEK 11 meekametals.com.au The Company’s proforma capital structure post Placement: Description Number Fully Paid Ordinary Shares 2,915,705,170 Unlisted options exercisable at $0.06 each, expiring 12 Oct 2025 12,406,250 Unlisted options exercisable at $0.06 each, expiring 13 Dec 2025 18,750,000 Performance Rights 122,735,293 Corporate Following successful conclusion of project development activities and as the Murchison moves through commissioning and into steady state operations the Company’s Chief Development Officer, Chris Davidson, has transitioned to the role of Chief Operating Officer. For personal use only
Page 12
DISCOVER | GROW | DEVELOP ASX:MEK 12 meekametals.com.au Tenement Schedule Tenements held at 30 June 2025. Project State Tenement Status Interest at start of quarter Interest at end of quarter Murchison Gold Project WA E 51/1217 Granted 100% 100% M 51/870 Granted 100% 100% E 51/926 Granted 100% 100% E 51/927 Granted 100% 100% M 51/882 Granted 100% 100% Circle Valley WA E 63/2007 Granted 100% 100% For personal use only
Page 13
DISCOVER | GROW | DEVELOP ASX:MEK 13 meekametals.com.au This announcement has been authorised for release by the Company’s Board of Directors. For further information, please contact: Tim Davidson – Managing Director +61 8 6388 2700 info@meekametals.com.au www.meekametals.com.au ABOUT MEEKA Meeka Metals Limited has a portfolio of high quality 100% owned projects across Western Australia. Murchison Gold Project Meeka’s flagship Murchison Gold Project hosts a large high -grade 1.2Moz @ 3g/t Au Mineral Resource on granted Mining Leases. The Murchison Gold Project Definitive Feasibility Study released in December 2024 focusses on restarting the fully permitted Andy Well mill. The Study outlines a 10-year production plan up to 76koz pa (averaging 65koz pa for first 7 years ), undiscounted pre- tax free cash flow of $1bn, NPV8% of $616m and IRR of 180%. First gold was poured on 1 July 2025 and site activity is ramping up with open pit mining underway and underground mining commencing in the September 2025 quarter. For personal use only
Page 14
DISCOVER | GROW | DEVELOP ASX:MEK 14 meekametals.com.au COMPETENT PERSON'S STATEMENT The information that relates to Exploration Results as those terms are defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’, is based on information reviewed by Mr James Lawrence, a Competent Person who is a member of the Australasian Institute of Mining and Metallurgy. Mr Lawrence is a full-time employee of the Company. Mr Lawrence has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Lawrence consents to the inclusion in t he report of the matters based on his information in the form and context in which it appears. The information that relates to the Mineral Resource for Turnberry was first reported by the Company on 6 May 2024. The information that relates to the Mineral Resource for St Anne’s was first reported by the Company on 17 April 2024. The information that relates to the Mineral Resource for Andy Well was first reported by the Company on 21 December 2020. The Company is not aware of any new information or data that materially affects the information included in these announcements and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original announcement. The information that relates to Ore Reserves , production targets and forecast financial information for the Murchison Gold Project was first reported by the Company on 12 December 2024. The Company is not aware of any new information or data that materially affects the information included in this announcement and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original announcement. FORWARD LOOKING STATEMENTS Certain statements in this report relate to the future, including forward looking statements relating to the Company’s financial position, strategy and expected operating results. These forward -looking statements involve known and unknown risks, uncertainties, assumptions and other important factors that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such statements. Actual events or results may differ materially from the events or results expressed or implied in any forward -looking statement and deviations are both normal and to be expected. Other than required by law, neither the Company, their officers nor any other person gives any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward -looking statements will actually occur. You are cautioned not to place undue reliance on those statements. For personal use only
Page 15
DISCOVER | GROW | DEVELOP ASX:MEK 15 meekametals.com.au JORC 2012 – TABLE 1: TURNBERRY Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.) CRITERIA JORC CODE EXPLANATION COMMENTARY Sampling techniques Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information. One metre primary samples and three metre composite samples were collected via reverse circulation (RC) drilling. Additional sampling of diamond core was conducted more selectively to understand controls on mineralisation and collect density data. The quality of the samples were actively monitored and evaluated using various quality control techniques. The majority of sampling occurred in the near- completely oxidised regolith clays RC methods.. Diamond core drilling has been used to verify key air core drilled intersections. Reverse circulation and diamond core drilling techniques are typical and appropriate for the style of mineralisation being estimated. The quality of the sampling is deemed to be appropriate and fit-for-purpose of mineral resource estimation. Various measures were employed to monitor and assure the quality of samples collected. Such measures include: Every effort is made to drill dry samples. Where wet samples are drilled they are logged as wet and the quality of these samples are taken into account in the resource estimation. Qualitative active monitoring of sample recovery and photographing of drill samples at the end of hole to assess sample recovery. The calibration of scales used for the collection of wet-dry Archimedes density data using a calibration weight during the collection process. Internal calibration checks were performed by the pXRF analyser daily. Calibration of the DGPS instrument was performed before the travelled to site for each surveying campaign.For exploration samples gold mineralisation was initially determined with ~3kg, speared, four metre composite samples which were dried, crushed and pulverised with a 50g sample fire assayed and analysed using atomic absorption spectrometry. Mineralised composites greater than 0.3 g/t had their respective 1m, ~2-3kg, cone split samples collected and submitted for either fire assay or photon analysis. Fire assay was as described above and photon assay involves drying the sample, fine crushing to 90% passing -3mm and a 500g sub-sample is put in a photon assay jar and analysed for gold. For personal use only
Page 16
DISCOVER | GROW | DEVELOP ASX:MEK 16 meekametals.com.au CRITERIA JORC CODE EXPLANATION COMMENTARY 1m grade control samples were fire assayed as per the above method. Mineralisation determined qualitatively through monitoring presence of sulphide, quartz veining and visible gold. Additional mineralisation was qualitatively determined using pXRF analysis for pathfinder geochemistry which maps the mineralisation. pXRF analyses for alteration and common rock- forming elements was carried out on every metre by taking a small ~50g sample from the AC/RC fines and analysing with the Olympus Vanta VMR XRF Analyser using all 3 beams for 15 seconds each. Drilling techniques Drill type (e.g. core, reverse circulation, open- hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc). A combination of AC drilling with 4 inch cutting blade bits and smaller-format 4-inch face sampling hammer bits, RC drilling with 5.5 inch face sampling hammers and triple tube HQ3 and NQ diamond core tails were used to obtain samples. Air drilling was performed with the multi- purpose (AC and RC) Schramm T450 rig with 400psi/1240cfm onboard air for AC drilling and the addition of 350psi/1350cfm compressor and 1000psi booster when drilling deeper or drilling RC. The rig runs 3.5 inch rods and a 3inch diameter sample hose. Diamond core was collected using triple-tube methods in the clays and conventional methods in fresh rock NQ diamond tails. All core was oriented wherever possible using Reflex orientation instruments. Drill sample recovery Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. Visual assessment of sample recovery monitored and communicated with drillers. Photographs of drill sample at the end of each hole as a visual record of recovery from each hole. Core, assessed during drilling for loss, loss intervals recorded on core blocks by drillers. Core markup conducted by field technicians to assess core recovery and recoveries are logged by geologist. Larger format 4 inch AC blade bits were used with appropriate onboard air volume and pressure to maximise recovery regolith clays. A booster and auxiliary compressor were used to drill RC holes to ensure appropriate air pressure to drill holes dry and lift total samples. HQ3 triple tube techniques were used when diamond drilling to maximise recovery through the regolith clays. As sample recoveries are generally very high, there is no known relationship between sample recovery and grade. The qualitative data available and recent drilling conducted by MEK indicate there is no relationship between recovery and grade. Logging Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Holes logged to a level of detail to support mineral resource estimation, mining studies and For personal use only
Page 17
DISCOVER | GROW | DEVELOP ASX:MEK 17 meekametals.com.au CRITERIA JORC CODE EXPLANATION COMMENTARY Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged. metallurgy studies: lithology; alteration; mineralisation; geotechnical; structural. Qualitative: geological data (lithology, alteration, mineralogy, veining etc.) Quantitative: structural orientation angles; geotechnical and geochemical data. A handheld pXRF instrument was used to collect continuous geochemical data to assist with logging. Core photography or the whole hole wet and photography or sample piles at the completion of each drillhole. All holes logged and chipped for entire length of hole. All chip trays and diamond core archived for future reference. Sub-sampling techniques and sample preparation If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled. Core diamond tails were half cored with an Almonte core saw. The HQ3 triple tubed holes were whole core sampled apart from the quartz veins which were half core sampled. All 3 m composites were spear sampled. All air drilled 1 m primary samples were split using a gravity fed fixed cone splitter system, predominantly dry. Where samples were split wet these samples were logged as wet samples and the sample system cleaned and dried to minimise bias and contamination. The subsampling technique applied to the RC and AC samples is considered industry standard, with measures in place to maximise recovery and minimise contamination. This includes the application of a cone splitter which allows for a more consistent sample split. In addition, the samples are kept dry using appropriate downhole air pressure within the reverse circulation system. The samples delineation is actively controlled. Diamond core followed half-core sampling techniques. Core was cut along the orientation line and the same half of core was always submitted for analysis. Recovery was logged and accounted for in the logging and sampling. Air drilled (RC and AC) samples were presented to a gravity fed cone splitter to produce a ~3kg sub-sample for each metre. Samples were pulverised to 85% passing 75 microns. The pulp split is scooped from the pulverised pulp sample. For photon analysis the cone split sample is crushed to 90% passing -3mm and a 500g split is taken to fill the photon analysis jar. No duplicates were included in this sample stream. Pulp duplicates taken at the pulverising stage and selective repeats conducted at the laboratory’s discretion. No twin drilling has been completed for the project but close spaced diamond drilling of some of the key mineralised areas drilled with For personal use only
Page 18
DISCOVER | GROW | DEVELOP ASX:MEK 18 meekametals.com.au CRITERIA JORC CODE EXPLANATION COMMENTARY AC have been drilled. These holes return similar grade tenor and distributions as the AC holes. Field duplicates are taken from the cone splitter using the second shoot every 20 samples. These are analysed when included in a mineralised interval identified by the composite samples. No field duplicates are included in the core sample stream. Using two quarter cores as duplicates significantly reduces the sample support of the “duplicates” and sampling of the second half of diamond core leaves no core for future reference. In the Competent Person’s opinion, the sample size is appropriate for the grain size of the material being sampled. The first split sizes are industry standard and considered appropriate for the mineralisation style. A 50g fire assay is considered the optimal sample size considering practical and economic constraints. The 500g Photon sample is a further improvement in sample support. Quality of assay data and laboratory tests The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. Fire assay, total technique, with AAS finish is appropriate for gold. Photon assay is considered a total technique and appropriate for gold. In the Competent Person’s opinion, the analysis methods employed are appropriate for the mineralisation style and use in mineral resource estimation. pXRF analysis data were collected for most drilling included in the resource definition programme to support geological modelling. An Olympus Vanta VMR pXRF analyser with a 50kV x-ray tube and a Rh anode was used for the programme in geochemical mode with all three beams set to 15 seconds. Each day the instrument internally calibrates itself to ensure it is operating within factory specifications. No calibrations have been applied. Certified reference material: 1:25 samples Blanks: coarse blank nominally 1:100; lab - barren quartz flush Field: RC – duplicate taken from second chute on fixed cone splitter at a rate of 1:20. Pulp duplicates selected by the laboratory. In the Competent Person’s opinion, the lab performed acceptably, with acceptable levels of accuracy and precision established. The quality of analysis is appropriate for mineral resource estimation. Verification of sampling and assaying The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. All sampling is routinely inspected by senior geological staff. No holes have been twinned at this stage. However key mineralised zones have been core drilled in the centre of a dice-5 pattern to verify high-grade intervals defined from AC. Data stored in Datashed database on internal company server, logging performed on LogChief For personal use only
Page 19
DISCOVER | GROW | DEVELOP ASX:MEK 19 meekametals.com.au CRITERIA JORC CODE EXPLANATION COMMENTARY Discuss any adjustment to assay data. and synchronised to Datashed database, data validated by database administrator, import validate protocols in place. Visual validation in Leapfrog by Company geologists. In the Competent Person’s opinion, data collection, management and storage is robust and provides a reliable data set to produce a mineral resource estimate. No adjustments made to assay data. First gold assay is utilized for any resource estimation. Location of data points Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used. Quality and adequacy of topographic control. Collars: surveyed with RTK GPS. Downhole: surveyed with in-rod Reflex or Axis tool; conventional or north-seeking gyro tool, in- rod or open hole. In the Competent Person’s opinion, the accuracy and quality of the drill hole location data is appropriate for use in mineral resource estimation. MGA94 - Zone 50. Topographic data generated using high resolution photogrammetric techniques. Data spacing and distribution Data spacing for reporting of Exploration Results. Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample compositing has been applied. Drill hole spacing across the deposit is nominally 20m x 20m at shallow depths (0-100m) and 50x50m to 50m x 100m at deeper depths (>100m). Grade control spacing is 10m x 10m through mineralised zones. Yes. Not applicable, as mineralised 3m composites samples (>0.3 g/t) had their respective 1m samples subsequently assayed which take precedence. Orientation of data in relation to geological structure Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. Drill holes oriented at right angles to strike of deposit, dip optimized for drillability and dip of orebody, sampling believed to be unbiased. There is no apparent bias in any of the drilling orientations used. Sample security The measures taken to ensure sample security. All samples are selected, cut and bagged in a tied, numbered calico bag, grouped into larger polyweave bags. Polyweave bags are placed into larger bulker bags with a sample submission sheet and tied shut. Consignment note and delivery address details are written on the side of the bag and delivered to Toll Express in Meekatharra or collected by Dananni Haulage later in the programme. The bags are delivered directly to ALS in Perth, WA who are NATA accredited for compliance with ISO/IEC17025:2005. ALS reconcile the physical samples delivered against the sample submission and communicate any errors identified. For personal use only
Page 20
DISCOVER | GROW | DEVELOP ASX:MEK 20 meekametals.com.au CRITERIA JORC CODE EXPLANATION COMMENTARY Audits or reviews The results of any audits or reviews of sampling techniques and data. No independent reviews of QAQC have been conducted for the Turnberry drilling. Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) CRITERIA JORC CODE EXPLANATION COMMENTARY Mineral tenement and land tenure status Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. Meeka Metals Limited control 100% interest in M51/882 and the tenement is in good standing. M51/882 is located within the Yugunga‐Nya Native Title determination area. Heritage surveys have been conducted over active exploration areas. Teck holds an 8.8% net profit interest which is paid only after all expenses incurred by the project (including historical exploration expenses) are recovered by Meeka Metals Limited. Milestone payments of $5/oz produced are to be paid to Archean Star Resources Australia Pty Ltd, capped at $1m. Exploration done by other parties Acknowledgment and appraisal of exploration by other parties. Historical exploration was carried out at Turnberry by ASRA, Teck and Newcrest including drilling and geophysics. Geology Deposit type, geological setting and style of mineralisation. Geology consists of Archean aged orogenic style mineralisation. Primary mineralisation is interpreted to be hosted within shear zone(s) +/‐ stringer quartz veins within both mafic and felsic lithologies. Some supergene mineralisation is developed locally and defined by ferruginous red saprolite clays. Drill hole Information A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northing of the drill hole collar elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar dip and azimuth of the hole down hole length and interception depth hole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. All drill results have been reported to the ASX in line with ASIC requirements, and available from previous announcements at https://meekametals.com.au/asx- announcements/ Data aggregation methods In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. No top‐cuts have been applied when reporting results. All fire and photon assay results associated with the exploration drilling have been reported. For personal use only
Page 21
DISCOVER | GROW | DEVELOP ASX:MEK 21 meekametals.com.au CRITERIA JORC CODE EXPLANATION COMMENTARY Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated. Aggregate sample assays are calculated using a length‐weighted average. Significant intervals are based on the logged geological interval, with all internal dilution included. No metal equivalent values are used for reporting exploration results. Relationship between mineralisation widths and intercept lengths These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). Drill holes are oriented at right angles to strike of deposit, dip optimized for drilling purposes and dip of ore body. Down hole widths are reported with most drill holes intersecting the mineralised lenses at 30‐40 degrees. Strike of mineralisation is approximately north- south in the Fairway Trend. Diagrams Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. Drilling is presented in long‐section and cross section as appropriate and reported quarterly to the ASX in line with ASIC requirements. Balanced reporting Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. All drillhole results have been reported in previous announcements available at https://meekametals.com.au/asx- announcements/.Reports also include drillholes of insignificant intersections Other substantive exploration data Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. All meaningful and material data are reported. Further work The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. Follow up work at Fairway trend will comprise of further infill and extensional drilling programs to continue to develop the resource potential and test additional exploration targets. For personal use only