Meeka Gold ramps up underground shift at Murchison despite softer March output

Meeka Gold Limited ( (AU:MEK) ) has issued an update.

Meeka Gold reported a weaker March 2026 quarter at its Murchison Gold Project, with gold production falling to 6,083 ounces as heavy rainfall, lower open-pit productivity and reliance on low-grade stockpiles limited access to higher-grade ore. Despite this, processing throughput rose 37% to 123,000 tonnes, metallurgical recovery remained strong at 94%, and ore stockpiles grew to 21,518 ounces, positioning the operation for improved grades later in the year.

The company accelerated underground development at Andy Well, with first stoping expected in the June quarter, and advanced plans for a second underground mine at Turnberry, supported by the purchase of new Sandvik development drill rigs. Meeka generated mine operating cash flow of A$25.8 million and net mine cash flow of A$10 million after significant growth capital, lifted cash to A$50.1 million, and remains unhedged and effectively debt-free, underlining its capacity to fund the transition to higher-grade underground production and process plant upgrades, including an additional crushing circuit, wash plant and ore sorter due for commissioning in the September quarter.

The most recent analyst rating on (AU:MEK) stock is a Buy with a A$0.39 price target. To see the full list of analyst forecasts on Meeka Gold Limited stock, see the AU:MEK Stock Forecast page.

More about Meeka Gold Limited

Meeka Gold Limited is an Australian gold producer focused on the Murchison Gold Project in Western Australia. The company is transitioning from open pit operations to higher-grade underground mining, with key ore sources at the Andy Well and Turnberry deposits, and operates an on-site processing plant undergoing capacity and efficiency upgrades.

Average Trading Volume: 22,619,465

Technical Sentiment Signal: Hold

Current Market Cap: A$397.7M

For a thorough assessment of MEK stock, go to TipRanks’ Stock Analysis page.