By Digifin Pty Ltd · About this coverage
Key Points
- Firm commitments for $40m two-tranche placement at $0.10 per share
- Tranche One ~$33m (329.8m shares); Tranche Two ~$9m needs AGM approval
- Sep quarter provisional gold recovered 7-7.5koz; cash before raise ~21 million
- After Tranche One, quarter-end cash expected ~$50m
- Turnberry underground development to commence October 2026
About Meeka (ASX:MEK)
Meeka Metals Limited is an ASX-listed gold company focused on the Murchison Gold Project in Western Australia. It is developing and operating underground and open-pit gold mines in the Murchison region, including the Turnberry area.
Meeka Metals Limited (ASX:MEK) has received firm commitments for a two-tranche placement of $40 million after transaction costs at $0.10 per share. Proceeds are directed to growth initiatives including Mt Holland acquisition deferred consideration, development of the new Turnberry underground mine, additional growth drilling and working capital as the Murchison Gold Project moves toward two higher-grade underground mines.
Tranche One is about $33 million (329,815,836 shares under ASX Listing Rule 7.1), with settlement on 30 September 2026 and allotment on 1 October 2026. Tranche Two is about $9 million (94,184,164 shares), including $40,000 of Director participation, subject to shareholder approval at the Annual General Meeting on or about 24 November 2026, with settlement and allotment indicated for 30 November and 1 December 2026. Provisional, unaudited September quarter figures include estimated gold recovered of 7 to 7.5 koz and an estimated cash balance before Placement proceeds of ~21 million; after Tranche One the company expects about $50 million cash at quarter end. Turnberry underground development is due to commence in October 2026. Petra Capital acted as Sole Lead Manager and Sole Bookrunner for fees equal to 6% of gross proceeds.
Tranche Two remains subject to shareholder approval. September quarter production and cash figures are provisional and unaudited.
Source: Meeka Metals Limited (ASX:MEK), 25 September 2026. Summary content supplied by Digifin Pty Ltd.
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