• Transition to higher-grade underground ore sources at the Murchison Gold Project progressing
• Gold production of 6,083oz in the Mar-26 quarter, impacted by weather and reduced productivity
• Significant non-recurring growth capital ($15.8M) invested in new mines and expanded infrastructure

Meeka Metals Ltd provided an update on its March 2026 quarterly activities, reporting that the transition to higher-grade underground ore sources at the Murchison Gold Project is progressing, with the Andy Well underground development accelerating and preparations continuing for a second underground mine at Turnberry. Gold production for the quarter was 6,083oz, a reduction from the prior two quarters due to an increased reliance on processing lower grade stockpiles as weather and reduced productivity delayed access to high-grade open pit ore. The company invested significant non-recurring growth capital of $15.8M in new mines, including stripping the final stage 1 oxide open pit at Turnberry North, underground equipment and mine development, village expansion, and an ore sorter purchase. This resulted in net mine cash flow of $10.0M, while the company's cash position increased to $50.1M at the end of the quarter. The processing plant continued to ramp up during the quarter, with 123kt milled, a 37% increase on the prior quarter, though performance was negatively impacted by high moisture content of the oxide ore being processed. Process plant expansion work also commenced, with an additional crushing circuit, wash plant, and ore sorter being installed to unlock significant additional processing capacity and increase annual gold production.

The company expects processing throughput in the Jun-26 quarter to be consistent with the Mar-26 quarter, as oxide ore continues to provide the majority of the process plant blend. Throughput is expected to increase in the Sep-26 quarter as fresh ore from underground sources increasingly makes a higher proportion of the blend.