Earnings release
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ASX Announcement 28 January 2026 December 2025 Quarterly Activities Report Mine operating cash flow of $ 23.9M with cash and gold building to $ 67.4M1 after growth capital of $19.8M for new mines at the Murchison Gold Project (“Murchison”). Sustainability, Health and Safety • No LTI’s during the quarter, LTIFR at 0.0 and TRIFR at 9.5 • No significant environmental incidents Operations • Gold production increased to 9,174oz at $2,365/oz AISC – a strong 28% quarter on quarter production increase and toward the upper end of the 7 ,000-10,000oz ramp-up plan for the quarter • Processing throughput and grade increased as planned • Since early January 2026 the plant throughput has increased further to over 1,500 tonnes per day (550,000tpa) and installation of a larger mill feed chute and new screen deck in the March 2026 quarter will lift throughput to 600,000tpa as planned • Process plant temporarily impacted in December by several isolated but concurrent issues (now fully resolved), resulting in the loss of ~9 days of processing: o Replacement of mill liners under warranty due to p remature wear causing acceleration of a planned change out o Change out of primary crusher pitman arm bearing due to failure o Screen deck maintenance • Metallurgical recovery averaged 97%, in line with expectations • Closing ore stockpiles increased to 13,217oz (396kt @ 1.0g/t Au) • Open pit mining continued steadily with three fleets operating, achieving material movement of 2.4m BCM – consistent with the September 2025 quarter • Underground mining at Andy Well accelerate d significantly with 1,056m (Sept-25 quarter: 447m) of development completed under Meeka’s owner-operator model – a 136% quarter on quarter increase • Preparations for the Company’s second underground mine at Turnberry advanced with infrastructure and mining equipment procurement progressing – development is expected to commence in mid-2026 Finance • Operating cash flow of $23.9M – a 91% quarter on quarter increase (Sept-25 quarter: $12.5M) • Net mine cash flow of $4.1M – a $13.4M quarter on quarter increase (Sept-25 quarter: -$9.2M) • Cash and gold increased to $67.4M1 at 31 December ($59.3m at 30 September 2025) • No debt (other than mining equipment finance) • The Company is unhedged and retains full leverage to the gold price Growth • Rosapenna (new target): growth drilling within the Fairway shear zone intersected broad zones of high-grade gold at Rosapenna, including 23m @ 1.05 g/t Au • Andy Well: strong results from surface drilling targeting the high-grade Wilber lode 1. Cash $37.3M and gold $30.1M For personal use only
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DISCOVER | GROW | DEVELOP ASX:MEK 2 meekametals.com.au Table 1: Production and Cost Summary. Operations Unit Sept Q 2025 Dec Q 2025 FY26 YTD Underground Mining Ore Mined t 440 22,223 22,663 Mine Grade g/t 1.5 3.0 3.0 Contained Gold oz 21 2,132 2,153 Open Pit Mining Total Mining BCM 2,416,879 2,415,173 4,832,052 Ore Mined t 236,408 287,413 523,821 Mine Grade g/t 1.6 1.6 1.6 Contained Gold oz 12,318 15,117 27,435 Mill Production Ore Milled t 83,648 89,341 172,989 Mill Grade g/t 2.7 3.3 3.0 Contained Gold oz 7,257 9,438 16,695 Recovery % 98% 97% 98% Recovered Gold oz 7,148 9,174 16,322 Closing Ore Stockpile Ore t 178,954 395,498 Grade g/t 1.1 1.0 Contained Gold oz 6,422 13,217 Sales Gold Sales oz 2,773 7,953 10,726 Average Price Received A$/oz 5,523 6,275 6,077 Sales Revenue $M 15.3 49.9 65.2 Cost Summary Mining $M 19.9 19.7 39.6 Ore Haulage $M 0.7 0.9 1.6 Processing $M 3.5 4.4 7.9 Site Administration $M 2.6 2.7 5.2 Accommodation Village $M 1.2 1.1 2.3 Royalties $M 0.2 2.0 2.2 Ore Inventory Adjustments $M (14.5) (11.6) (26.1) Cash Operating Cost $M 13.6 19.2 32.8 Sustaining Capital $M - - - Corporate $M 1.7 2.5 4.2 All-in Sustaining Cost (AISC) $M 15.3 21.7 36.9 Growth Capital $M 21.8 19.8 41.6 Exploration $M - - - Unit Cost Summary Mining $/oz 2,789 2,147 2,428 Ore Haulage $/oz 99 99 99 Processing $/oz 491 484 487 Site Administration $/oz 357 290 320 Accommodation Village $/oz 167 116 138 Royalties $/oz 26 218 134 Ore Inventory Adjustments $/oz (2,031) (1,260) (1,598) Cash Operating Cost $/oz 1,897 2,095 2,008 Sustaining Capital $/oz - - - Corporate $/oz 236 270 255 All-in Sustaining Cost (AISC) $/oz 2,133 2,365 2,264 Depreciation & Amortisation $M 7.8 10.1 17.9 Depreciation & Amortisation $/oz 1,095 1,096 1,096 Mine Cash Flow Mine Operating Cash Flow1 $M 12.5 23.9 36.5 Net Mine Cash Flow2 $M (9.2) 4.1 (5.1) 1. Mine operating cash flow is sales revenue plus movement in value of gold produced but not yet sold less AISC plus corporate costs plus ore inventory adjustments. 2. Net mine cash flow is mine operating cash flow less growth capital. Unit Costs Summary Continued Unit Sept Q 2025 Dec Q 2025 Open pit mining cost per BCM $/BCM 8 8 Open pit mining cost per ore tonne $/t 84 64 Underground mining cost per ore tonne $/t 12,381 347 Haulage cost per tonne $/t 8 10 Processing cost per tonne $/t 42 50 Site Admin & village cost per tonne milled $/t 45 42 For personal use only
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DISCOVER | GROW | DEVELOP ASX:MEK 3 meekametals.com.au Commenting on the quarter, Meeka’s Managing Director Tim Davidson said : “This was another strong ramp -up quarter with operations steadily building momentum and production toward the upper end of plan despite several isolated but concurrent issue s ( that were fully resolved) impacting processing in December. The mill is now consistently achieving over 1,500 tonnes per day (~550ktpa), with further throughput gains expected in the March 2026 quarter with the installation of a larger mill feed chute and new screen deck, targeting 600ktpa. Our accelerated open pit mining strategy continue s to deliver with ore stockpiles growing significantly to 13,217oz . This provides operating flexibility and contingency , allowing us to prioritise higher grade ore for processing on a daily basis. Ore stockpiles are expected to continue growing significantly over 2026. At o ur first underground mine, Andy Well – operated under our owner -operator model, development accelerated meaningfully, increasing 136% quarter-on-quarter. Financially, the result was solid, with strong operating cash flow of $ 23.9M enabling continued significant investment in future production growth. Beyond operations, our growth pipeline remains highly encouraging. D rilling at the new Rosapenna prospect delivered immediate high-grade results. Drilling in 2026 will continue to focus on Rosapenna, and more broadly along the Fairway shear zone (between Turnberry and St Anne’s), plus deep drilling targeting underground Resource growth bellow the Turnberry open pits.” Meeka Metals Limited (“ Meeka” or the “ Company”) is pleased to report another strong ramp-up quarter of increasing gold production and cash flow. Sustainability, Health and Safety No Lost Time Injuries (LTI’s) were reported with the Lost Time Injury Frequence Rate (LTIFR) at 0.0. The Total Recordable Injury Frequency Rate (TRIFR) was 9.5. There were no significant environmental incidents. Table 2: Group Safety Performance LTI LTIFR TRIFR Group 0 0.0 9.5 Operations Meeka produced 9,174oz generating $23.9M of mine operating cash flow and net mine cash flow of $4.1M after investing $19.8M in growth capital . Significant growth capital items included Andy Well underground development ($14.6M) and mining equipment ($4.2M). For personal use only
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DISCOVER | GROW | DEVELOP ASX:MEK 4 meekametals.com.au Figure 1: Murchison site layout. Mining Open pit mining focused on ore production from the Turnberry Central and St Anne’s North pits, grade streaming the high-grade ore direct to the processing plant and stockpiling the lower grade ore. Closing ore stockpiles increased to 13,217oz (396kt @ 1.0g/t Au) . The Stage 1 St Anne’s North pit was completed in the quarter with the mining fleet redeployed to commence mining at St Anne’s South. Waste stripping at Turnberry South pit continued with ore exposed late in the quarter in readiness for production in the March 2026 quarter. Open pit mining unit costs remained steady during the quarter, averaging $8/BCM (Sept-25 quarter: $8/BCM). For personal use only
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DISCOVER | GROW | DEVELOP ASX:MEK 5 meekametals.com.au Figure 2: Open pit mining area overview looking south (December 2025). Figure 3: Turnberry open pits looking north (December 2025). Open pit admin & workshop Turnberry Central St Anne’s North & South Turnberry South Rosapenna Prospect N N Turnberry Central Turnberry South For personal use only
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DISCOVER | GROW | DEVELOP ASX:MEK 6 meekametals.com.au Figure 4: St Anne’s open pits looking south (December 2025). Underground mining at Andy Well accelerated significantly with 1,05 6m (Sept-25 quarter: 447m) of development completed under Meeka’s owner-operator model. Ore development has now been driven on 7 levels, focussed on mining southern extensions to the typical high-grade Andy Well lodes, often +100g/t Au within the lode . Example face grades from the 1350 level include: • 4.4m @ 14.8g/t Au including 0.3m @ 215.6g/t Au (WLB 1350 200OD_4) • 4.2m @ 30.2 g/t Au including 0.4m @ 276.0g/t Au (WLB 1350 200OD_5) • 3.4m @ 15.3g/t Au including 0.4m @ 127.2g/t Au (WLB 1350 200OD_7) • 3.8m @ 4.0g/t Au including 0.7m @ 20.5g/t Au (WLB 1350 200OD_9) • 4m @ 17.5g/t Au including 0.3m @ 126.8g/t Au (WLB 1350 200OD_11) • 3.5m @ 9.2g/t Au including 0.3m @ 106.0g/t Au (WLB 1350 200OD_12) • 3.5m @ 3.5g/t Au including 0.3m @ 31.3g/t Au (WLB 1350 200OD_14) • 3.8m @ 20.7g/t Au including 0.2m @ 373.4g/t Au (WLB 1350 200OD_15) • 3.0m @ 5.9g/t Au including 0.5m @ 34.6g/t Au (WLB 1350 200OD_24) • 3.7m @ 5.0g/t Au including 0.3m @ 51.8g/t Au (WLB 1350 200OD_26) • 4.2m @ 22.0g/t Au including 0.4m @ 194.8g/t Au (WLB 1350 200OD_27) Additionally, airleg development has commenced in the upper levels of the mine recovering high- grade ore in areas not readily accessible by development jumbo. Underground development unit costs of $7,309/m (Sept-25 quarter: $12,179/m) reduced significantly during the quarter as additional work areas became available and productivity increased. N St Anne’s South St Anne’s North For personal use only
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DISCOVER | GROW | DEVELOP ASX:MEK 7 meekametals.com.au Figure 5: Long section showing planned life of mine development and stoping on the Wilber lode at Andy Well and focus area for FY26 development (within ~200m of surface). Figure 6: Long section showing focus area for FY26 ore development ( within ~200m of surface), current development on the Wilber lode (yellow), planned stoping and development (transparent), previously reported drilling results and face sample grades from previous ore drive development . FY26 development area For personal use only
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DISCOVER | GROW | DEVELOP ASX:MEK 8 meekametals.com.au Figure 7: Face sample photo from face #5 on 1350 level ( average face grade: 4.2m @ 30.2g/t Au, inc. 0.4m @ 276.0g/t Au). Figure 8: Face sample photo from face #7 on 1350 level ( average face grade: 3.4m @ 15.3g/t Au, inc. 0.4m @ 127.2g/t Au). For personal use only
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DISCOVER | GROW | DEVELOP ASX:MEK 9 meekametals.com.au Figure 9: Face sample photo from face #15 on 1350 level (average face grade: 3.8m @ 20.8g/t Au, inc. 0.2m @ 373.4g/t Au). Figure 10: Visible gold recovered from 1350 ore development on the Wilber lode (WLB_1350_200OD). For personal use only
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DISCOVER | GROW | DEVELOP ASX:MEK 10 meekametals.com.au Figure 11: Airleg development face p hoto from face #11 on 1415 level (average face grade: 1.3m @ 29.5g/t Au, inc. 0.6m @ 58.8g/t Au). Processing Gold production increased to 9,174oz during the quarter as throughput and grade (89kt @ 3.3g/t Au) both increased as planned. Metallurgical recovery continued to perform as expected, averaging 97%. Since early January 2026 the plant throughput has increased further to over 1,500 tonnes per day (550,000tpa). Planned installation of a larger mill feed chute and new screen deck in the March 2026 quarter will lift throughput to 600,000tpa as planned. The plant was temporarily impacted in December 2025 by several isolated but concurrent issues (now fully resolved), resulting in the loss of ~9 days of processing, ~15,000 tonnes: • Replacement of mill liners under warranty due to premature wear causing acceleration of a planned change out • Change out of primary crusher pitman arm bearing due to failure • Screen deck maintenance Changing out of the mill liners was scheduled for the March 2026 quarter and accelerating this maintenance will now provide additional plant availability in the March quarter. The downtim e was also productively utilised to accelerate a number of planned upgrades to increased throughput, which are now delivering the aforementioned increase in process throughput to 1,500 tonnes per day. Processing unit costs increased marginally to $50/t (Sept-25 quarter: $42/t) on account of the unplanned maintenance work and resulting reduced throughput . For personal use only
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DISCOVER | GROW | DEVELOP ASX:MEK 11 meekametals.com.au Growth Rosapenna (new target) First pass exploration drilling within the Fairway shear zone (between Turnberry and St Anne’s) intersected broad zones of high-grade gold at Rosapenna. Results include: • 23m @ 1.05g/t Au from 76m including 4m @ 4.67g/t Au (25TBRC112) • 10m @ 1.95g/t Au from 71m including 1m @ 8.60g/t Au (25TBRC114) and • 10m @ 0.58g/t Au from 119m (25TBRC114) and • 4m @ 1.11g/t Au from 156m (25TBRC114) • 3m @ 3.00g/t Au from 147m including 1m @ 5.02g/t Au (25TBRC133) • 5m @ 1.58g/t Au from 92m including 1m @ 4.78g/t Au (25TBRC110) • 6m @ 0.96g/t Au from 86m (25TBRC109) • 5m @ 1.00g/t Au from 124m including 1m @ 2.92g/t Au (25TBRC113) (hole ends in mineralisation) The current footprint of mineralisation at Rosapenna, 240m by 170m, is only limited by drilling and remains open to the south, east and west. These results highlight the potential for new discovery within the Fairway shear zone. Fairway is a ~25km contact zone with a major regional structure that has had no or ineffective drilling. Fairway drilling remains ongoing, currently targeting the ~3km strike between Turnberry and St Anne’s, including extensions of Rosapenna. Figure 12: Plan showing ~25km belt of highly prospective Archean greenstones (Fairway shear zone) that is currently being systematically drill tested. M C IS N G L P CT naweeda reenstone elt (M ) Location Turnberry , oz . g t Au Mineral esource St Anne s , oz . g t Au Mineral esource km osapenna olerite abbro L G N asalt ltrama c Felsic olcanics Sedements For personal use only
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DISCOVER | GROW | DEVELOP ASX:MEK 12 meekametals.com.au Figure 13: Plan showing the location of high -grade exploration results from Rosapenna where drilling remains ongoing. Figure 14: Cross section 1 through exploration drill line at Rosapenna with initial 40m spaced holes. For personal use only
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DISCOVER | GROW | DEVELOP ASX:MEK 13 meekametals.com.au Turnberry North Initial drilling on the northeastern flank of Turnberry during the quarter intersected broad zones of high-grade gold outside the planned Stage 1 open pit. This is the first drilling at Turnberry North by Meeka with results expanding mineralisation to the east and down -dip below the planned Stage 1 Turnberry North open pit and is likely to extend open pit mining and add to underground production. Drill results from the northeastern flank of Turnberry include: • 22m @ 3.25g/t Au from 125m including 10m @ 6.03g/t Au (25TBRC052) • 36m @ 1.07g/t Au from 32m including 11m @ 1.94g/t Au (25TBRC053) and 63m @ 1.02g/t Au from 90m (25TBRC053) • 48m @ 1.26g/t Au from 117m including 17m @ 2.53g/t Au (25TBRC046) • 25m @ 1.88g/t Au from 38m including 9m @ 3.93g/t Au (25TBRC045) • 34m @ 1.13g/t Au from 30m including 6m @ 3.59g/t Au (25TBRC049) The geology at Turnberry North is defined by a folded, differentiated mafic sill flanked by sediments. Structural interpretation suggests mineralisation is aligned along north -northeast trending fold axes, which are interpreted to plunge steeply north in the northern part of Turnberry and presents a compelling growth target. Drilling is ongoing targeting this northeastern flank of Turnberry. Figure 15: Plan showing Resource growth target areas, including drill collars for these high-grade northeastern flank drill results. For personal use only
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DISCOVER | GROW | DEVELOP ASX:MEK 14 meekametals.com.au Figure 16: Turnberry North cross section 1 highlighting high -grade gold ( 10m @ 6.03g/t Au) intersected in fresh rock below and to the east of the planned Turnberry North Stage 1 open pit. Figure 17: Turnberry North cross section 2 highlighting high -grade gold (17m @ 2.53g/t Au) intersected in fresh rock below and to the east of the planned Turnberry North Stage 1 open pit. For personal use only
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DISCOVER | GROW | DEVELOP ASX:MEK 15 meekametals.com.au Figure 18: Turnberry North cross section 3 highlighting broad gold intersections below and to the east of the planned Turnberry North Stage 1 open pit. Turnberry South Drilling at Turnberry South continued to deliver strong results , intersecting broad zones of high - grade gold outside the Stage 1 open pit (currently in production) with results likely to expand the Resource and extend open pit mining. Drill results from Turnberry South include: • 8m @ 14.79g/t Au from 44m including 2m @ 53.05g/t Au (25TBRC061) • 20m @ 3.57g/t Au from 47m including 2m @ 13.25g/t Au (25TBRC064) and 10m @ 5.01g/t Au from 73m including 3m @ 14.74g/t Au (25TBRC064) • 8m @ 4.06g/t Au from 58m including 1m @ 20.87g/t Au (25TBRC032) and 4m @ 12.50g/t Au from 84m including 1m @ 46.69g/t Au (25TBRC032) • 3m @ 10.96g/t Au from 53m (25TBRC087) • 10m @ 2.70g/t Au from 53m including 2m @ 7.20g/t Au (25TBRC068) • 15m @ 1.23g/t Au from 36m including 5m @ 2.32g/t Au (25TBRC058) and 5m @ 5.44g/t Au from 79m including 2m @ 12.62g/t Au (25TBRC058) • 17m @ 1.07g/t Au from 70m including 2m @ 4.98g/t Au (25TBRC040) • 16m @ 1.06g/t Au from 67m including 1m @ 6.52g/t Au (25TBRC065) The geological package at Turnberry South is largely comprised of fractionated dolerite with an ultramafic base, basalt and felsic volcaniclastics surrounded by a package of siliciclastic sediments For personal use only
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DISCOVER | GROW | DEVELOP ASX:MEK 16 meekametals.com.au and shales. Structural interpretation suggests the mineralisation may be aligned along north - northeast trending fold axes that are interpreted to plunge sub -vertically in the southern part of Turnberry. The gold in this drilling sits along strike of the Stage 1 open pit, both to the north and to the southwest of the current pit. These drill results will be incorporated into an expanded grade control model and used to support the Stage 2 open pit design. Little drilling has been completed below these high -grade results (below ~100m depth) and mineralisation remains open at depth and along strike with strong growth potential. Figure 19: Plan showing Resource growth target areas, including collars for these high-grade drill results from Turnberry South. For personal use only
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DISCOVER | GROW | DEVELOP ASX:MEK 17 meekametals.com.au Figure 20: Cross section 1 highlighting high-grade gold (8m @ 14.79g/t Au) intersected to the north of the current Turnberry South Stage 1 open pit. Figure 21: Cross section 2 highlighting high-grade gold (20m @ 3.57g/t Au) intersected to the north of the current Turnberry South Stage 1 open pit. For personal use only
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DISCOVER | GROW | DEVELOP ASX:MEK 18 meekametals.com.au Andy Well Drilling from surface targeting shallow high -grade gold at Andy Well intersected strong grades south of the current mining area on the Wilber lode, including: • 4m @ 27.82g/t Au from 167m including 2m @ 54.43g/t Au (25AWRC001) • 8m @ 9.35g/t Au from 84m including 2m @ 34.88g/t Au (25AWRC008) • 12m @ 3.80g/t Au from 44m including 4m @ 10.26g/t Au (25AWRC026) • 6m @ 5.15g/t Au from 93m including 1m @ 11.52g/t Au (25AWRC007) • 2m @ 13.86g/t Au from 109m including 1m @ 26.29g/t Au (25AWRC001) • 3m @ 7.12g/t Au from 89m including 1m @ 11.45g/t Au (25AWRC014) Holes 25AWRC001, 026, 027, 029 extended the southern strike of the Wilber lode by a further ~450m beyond the planned mining footprint. Gold mineralisation at Andy Well is orogenic shear hosted quartz reefs containing high-grade gold. The g old is frequently visible and finely dispersed throughou t the laminated quartz vein s, commonly 0.4 to 1.5m in width with a well-developed boudinage texture (pinching and swelling). Little drilling has been completed below ~100m depth in this area and mineralisation remains open at depth with strong potential to grow the Resource. Figure 22: Plan view showing new high-grade drilling results at Andy Well. For personal use only
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DISCOVER | GROW | DEVELOP ASX:MEK 19 meekametals.com.au Figure 23: Long section showing new high -grade Resource extension drilling results and life of mine development and stoping on the Wilber lode at Andy Well. Figure 24: Long section showing new high-grade drilling results and life of mine development and stoping on the Judy lode at Andy Well. For personal use only
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DISCOVER | GROW | DEVELOP ASX:MEK 20 meekametals.com.au Finance Cash Position At 31 December 2025 the Company had cash and gold of $67.4M ($59.3M at 30 September 2025) , including $37.3M in cash and $30.1M in gold. Gold Sales The Company sold 7,953oz of gold at an average price of $6,275/oz for revenue of $49.9M. Hedging The Company is unhedged and retains full leverage to the gold price. Debt The Company has no debt other than mining equipment finance. Appendix 5B An Appendix 5B for the quarter accompanies this Activities Report. During the quarter the Company made payments of $271k to related parties and their associates for director fees and legal fees. Figure 25: December 2025 quarterly cash flows, accruals and gold movements. 49.9 (30.8) (2.5) 4.8 6.5 87.2 (19.8)59.3 67.4 $m - 20 40 60 80 100 120 For personal use only
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DISCOVER | GROW | DEVELOP ASX:MEK 21 meekametals.com.au Capital Structure The Company’s capital structure at 31 December 2025: Description Number Fully Paid Ordinary Shares 2,945,888,191 Performance Rights 147,022,004 Tenement Schedule Tenements held at 31 December 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
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DISCOVER | GROW | DEVELOP ASX:MEK 22 meekametals.com.au This announcement has been authorised for release by the Company’s oard of irectors. 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 (ASX:MEK) owns and operates the Murchison Gold Project, situated 50km north of Meekatharra in Western Australia's Murchison Gold Fields. The project hosts a high -grade 1.2Moz at 3g/t Au Mineral Re source with both open -pit and underground mining operations feeding a central processing plant. Gold production commenced in July 2025, with operations rapidly ramping up. The project's Definitive Feasibility Study (released December 2024) delivers and a 10 -year production plan and strong economics, including peak annual production of 76,000oz, an average annual production of 65,000oz over the first seven years, undiscounted pre-tax free cash flow of $1 billion, an NPV8% of $616 million, and an impressive 180% IRR (at A$4,100/oz gold price). For personal use only
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DISCOVER | GROW | DEVELOP ASX:MEK 23 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 eporting of xploration esults, Mineral esources and Ore eserves’, 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 co nsideration and to the activity being undertaken to qualify as a Competent Person as defined in the dition of the ‘Australasian Code for eporting of xploration esults, Mineral esources and Ore eserves’. Mr Lawrence consents to the inclusion in the 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 May . The information that relates to the Mineral esource 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 assum ptions 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 materiall y 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, uncertaint ies, 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
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Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity Meeka Metals Limited ABN Quarter ended (“current quarter”) 23 080 939 135 31 December 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 1. Cash flows from operating activities 49,836 65,168 1.1 Receipts from customers 1.2 Payments for (40) (165) (a) exploration & evaluation (b) development - - (c) production (24,449) (34,575) (d) staff costs (5,075) (8,739) (e) administration & corporate costs 1 1,962 265 1.3 Dividends received (see note 3) - - 1.4 Interest received 244 578 1.5 Interest & other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants & tax incentives - - 1.8 Other (provide details if material) - - 1.9 Net cash from / (used in) operating activities 22,478 22,532 1 Includes GST arising from investing and financing activities in accordance with UIG 1031. 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant & equipment (5,295) (10,457) (d) exploration & evaluation - (8) (e) investments - - (f) other non-current assets: Project development (14,547) (31,141) For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant & equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities (19,842) (41,606) 3. Cash flows from financing activities - - 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options 1,160 1,632 3.4 Transaction costs related to issues of equity securities or convertible debt securities - (72) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings 2 (530) (845) 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.10 Net cash from / (used in) financing activities 630 715 2Includes repayment of lease liabilities and equipment financing. 4. Net increase / (decrease) in cash & cash equivalents for the period 4.1 Cash & cash equivalents at beginning of period 34,024 55,649 4.2 Net cash from / (used in) operating activities (item 1.9 above) 22,478 22,532 4.3 Net cash from / (used in) investing activities (item 2.6 above) (19,842) (41,606) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 630 715 For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash & cash equivalents at end of period 37,290 37,290 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 5,048 27 5.2 Call deposits 32,242 33,997 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 37,290 34,024 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 271 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) 22,478 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - 8.3 Total relevant outgoings (item 8.1 + item 8.2) 22,478 8.4 Cash and cash equivalents at quarter end (item 4.6) 37,290 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 37,290 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) N/A Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: N/A 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: N/A 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: N/A Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 28 January 2026 ................................................................................... Authorised by: Board of Directors ................................................................................... (Name of body or officer authorising release – see note 4) For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. For personal use only