Meeka Gold Limited (MEK) AI Stock Analysis

• Market Cap: AU$692.28M
• Dividend Yield: N/A
• Average Volume (3M): 21.90M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.18
• Revenue Growth: N/A
• EPS Growth: 16.67%
• Country: AU
• Employees: 67
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): >-0.01
• Shares Outstanding: 2,945,888,200
• 10 Day Avg. Volume: 21,449,787
• 30 Day Avg. Volume: 21,896,045
• PEG Ratio: 3.63
• Price to Book (P/B): 2.03
• Price to Sales (P/S): 222.02
• P/FCF Ratio: -4.29
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: AU$0.33
• Price Target Upside: 37.50% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 54 Neutral
• Price Target: AU$0.24 ▲(0.00% Upside)

The score is held back primarily by weak financial performance driven by substantial losses and sharply higher cash burn, despite a strong, low-leverage balance sheet. Technicals are a clear positive with an established uptrend and supportive momentum, while valuation is pressured by ongoing losses and lack of dividend support.

Positive Factors

Conservative balance sheet / low leverage

Very low financial leverage and a sizable equity base provide durable optionality for a development-stage miner. Low debt reduces refinancing and covenant risk, allowing capital deployment into exploration or studies without imminent pressure to sell assets or accept dilutive funding under stress.

Clear, focused gold project business model

A concentrated, project-driven business model clarifies capital allocation and operational milestones. Specializing in advancing gold assets through exploration, delineation and permitting supports repeatable processes, clearer timelines to resource conversion and investor visibility over the medium term.

Initial revenue emergence in FY2025

The first material revenue in FY2025 signals progression from pure exploration toward development-led activity. While small, revenue emergence is a durable directional indicator that project maturation and off-take or service monetisation paths are beginning to be executed, reducing binary exploration risk.

Negative Factors

Large deterioration in free cash flow

A sharp rise in negative free cash flow materially increases funding need and execution risk. Sustained heavy outflows force reliance on external capital, heighten dilution risk, and can delay project milestones if fundraising windows close or cost overruns emerge, stressing the path to self-funded development.

Persistent operating and net losses

Ongoing operating and net losses indicate the business is not yet generating sustainable earnings from its assets. This weak profitability limits internal cash generation, prolongs dependence on equity financing, and means returns on the company’s sizable equity base will remain negative absent clear, sustained revenue growth.

Elevated funding and execution risk

Worsening cash metrics create a structural funding overhang that can force timing changes to exploration, studies or permitting. Elevated execution risk can increase costs, slow progress to production milestones, and raise the likelihood of dilutive capital raises or asset sales to bridge financing gaps over the medium term.

Meeka Gold Limited Business Overview & Revenue Model

Company Description

Meeka Metals Limited engages in the exploration of gold and rare earth properties in Australia. Its flagship project is the Murchison gold project covering an area of 343 square kilometers located in the prolific Murchison Gold Fields, Western Australia. The company was formerly known as Meeka Gold Limited and changed its name to Meeka Metals Limited in July 2022. Meeka Metals Limited is based in West Perth, Australia.

How the Company Makes Money

Meeka Gold Limited generates revenue primarily through the exploration and development of gold mining projects. The company makes money by identifying and acquiring rights to promising mineral tenements, conducting exploration activities to assess their potential, and advancing successful projects towards development and eventual production. Revenue streams for Meeka Gold may include the sale of extracted minerals, joint ventures or partnerships with other mining companies, and potential sales of mining rights or tenements. Significant partnerships with established mining companies can also provide financial support and operational expertise, contributing to the company's earnings. Additionally, Meeka Gold may engage in capital raising activities to fund its exploration and development efforts, although this is more of a financing activity rather than a direct revenue stream.

Meeka Gold Limited Financial Statement Overview

Summary

Balance sheet strength and very low leverage are positives, but financial performance is constrained by weak profitability (large net loss) and elevated funding/execution risk from sharply worsening free cash flow and ongoing negative operating cash flow. Revenue emergence in FY2025 is a modest offset.

Income Statement

Revenue jumped in FY2025 (A$1.39m vs. A$0 in FY2024), but profitability remains weak: FY2025 operating loss was about A$1.9m and net loss was about A$4.2m, with deeply negative margins. While the top-line traction is a positive directional signal versus prior years, the company has not demonstrated a sustainable earnings profile and losses have widened versus FY2024.

Balance Sheet

The balance sheet looks conservatively levered, with low debt relative to equity (FY2025 debt-to-equity ~0.01) and a large equity base (FY2025 equity ~A$151.6m). The key weakness is returns: equity is not currently generating profits (FY2025 return on equity is negative), reflecting an early-stage or investment-heavy profile despite strong capitalization.

Cash Flow

Cash generation is the primary concern. Operating cash flow is consistently negative (FY2025 about -A$4.5m), and free cash flow is materially negative with a significant deterioration in FY2025 (about -A$71.7m vs. -A$7.0m in FY2024). While negative free cash flow is common in development phases, the scale of FY2025 outspend increases funding dependence and execution risk.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	329.26K	1.39M	0.00	200.00K	30.00K	20.00K
Gross Profit	329.26K	1.39M	-72.12K	139.28K	-18.26K	20.00K
EBITDA	-3.14M	-2.11M	-2.71M	-933.00K	-2.95M	-3.44M
Net Income	-4.24M	-4.24M	-2.94M	-994.00K	-2.99M	-3.44M
Balance Sheet
Total Assets	180.53M	180.53M	35.45M	30.18M	22.27M	22.91M
Cash, Cash Equivalents and Short-Term Investments	55.65M	55.65M	2.95M	2.77M	2.47M	9.21M
Total Debt	2.06M	2.06M	2.23M	147.80K	130.42K	0.00
Total Liabilities	28.89M	28.89M	7.53M	4.76M	4.27M	3.99M
Stockholders Equity	151.63M	151.63M	27.92M	25.42M	18.00M	18.92M
Cash Flow
Free Cash Flow	-71.88M	-71.66M	-7.03M	-8.19M	-6.30M	-10.37M
Operating Cash Flow	-4.49M	-4.49M	-1.52M	-1.07M	-676.46K	-718.80K
Investing Cash Flow	-67.17M	-67.17M	-5.50M	-6.92M	-6.02M	-9.65M
Financing Cash Flow	124.36M	124.36M	7.20M	8.30M	-43.33K	16.39M

Meeka Gold Limited Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.24
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:MEK, the sentiment is Neutral. The current price of 0.24 is below the 20-day moving average (MA) of 0.27, below the 50-day MA of 0.26, and above the 200-day MA of 0.19, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 38.11 is Neutral, neither overbought nor oversold. The STOCH value of 17.75 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AU:MEK.

Meeka Gold Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ALK	69 Neutral	AU$2.23B	29.95	9.84%	―	51.66%	86.35%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
AUC	57 Neutral	€624.33M	-37.01	-11.99%	―	―	1.60%
MEK	54 Neutral	AU$692.28M	-117.50	-4.97%	―	―	16.67%
TCG	54 Neutral	AU$757.99M	-39.56	―	―	―	―
SBM	46 Neutral	AU$883.15M	-7.40	-15.01%	―	-3.61%	-49.39%
WIA	45 Neutral	AU$649.25M	-112.82	-9.13%	―	―	-5.41%

Meeka Gold Limited Corporate Events

Meeka Gold Lifts Production and Cash Flow as Murchison Expansion Advances

Meeka Gold reported a strong December 2025 quarter at its Murchison Gold Project, with gold production rising 28% quarter-on-quarter to 9,174 ounces at an all-in sustaining cost of A$2,365/oz, and mine operating cash flow nearly doubling to A$23.9 million. The company increased cash and gold on hand to A$67.4 million while remaining essentially debt free, advanced underground development at Andy Well under an owner-operator model, progressed preparations for a second underground mine at Turnberry, and continued plant throughput upgrades and exploration success, positioning the business for higher throughput and expanded production in 2026.

The most recent analyst rating on (AU:MEK) stock is a Hold with a A$0.32 price target. To see the full list of analyst forecasts on Meeka Gold Limited stock, see the AU:MEK Stock Forecast page.

Meeka Metals Converts Performance Rights Into Nearly 3 Million New Shares

Meeka Metals Limited has issued 2,995,522 fully paid ordinary shares following the vesting and conversion of an equivalent number of unlisted performance rights under its employee incentive security plan. The company confirmed that the new shares were issued without a prospectus under the relevant Corporations Act provisions, and stated it is compliant with its continuous disclosure and financial reporting obligations, with no excluded information to disclose, ensuring the shares can trade freely on the market and signalling orderly governance around its capital management and incentive arrangements.

The most recent analyst rating on (AU:MEK) stock is a Buy with a A$0.33 price target. To see the full list of analyst forecasts on Meeka Gold Limited stock, see the AU:MEK Stock Forecast page.

Meeka Metals Seeks ASX Quotation for Nearly 3 Million New Shares

Meeka Metals Limited has applied to the ASX for quotation of 2,995,522 new ordinary fully paid shares to be issued on 19 December 2025, following the exercise or conversion of existing options or other convertible securities. This additional share quotation modestly expands the company’s issued capital base, reflecting ongoing use of equity-based instruments and potentially affecting dilution and liquidity considerations for existing shareholders within the metals and mining sector.

The most recent analyst rating on (AU:MEK) stock is a Buy with a A$0.33 price target. To see the full list of analyst forecasts on Meeka Gold Limited stock, see the AU:MEK Stock Forecast page.

Meeka Metals Converts Options to Shares, Raises $750,000

Meeka Metals Limited, a company involved in the metals industry, announced the conversion of 12,500,000 unlisted options into fully paid ordinary shares, raising $750,000. This conversion reflects the company’s ongoing financial maneuvers to strengthen its capital base, potentially impacting its market position and offering insights into its strategic direction.

The most recent analyst rating on (AU:MEK) stock is a Buy with a A$0.33 price target. To see the full list of analyst forecasts on Meeka Gold Limited stock, see the AU:MEK Stock Forecast page.

Meeka Metals Limited Announces Quotation of New Securities

Meeka Metals Limited has announced the issuance of 12,500,000 ordinary fully paid securities, which are set to be quoted on the Australian Securities Exchange (ASX). This move is part of the company’s strategy to leverage convertible securities, potentially increasing its capital base and enhancing its market presence.

The most recent analyst rating on (AU:MEK) stock is a Buy with a A$0.33 price target. To see the full list of analyst forecasts on Meeka Gold Limited stock, see the AU:MEK Stock Forecast page.

Meeka Metals Unveils High-Grade Gold Discoveries at Murchison Project

Meeka Metals Limited has announced promising exploration results from its Murchison Gold Project, specifically within the Fairway shear zone. The company reported high-grade gold intersections at the new Rosapenna target and Turnberry South, indicating significant potential for further discoveries in the underexplored 25km belt of Archean greenstones. These results support the company’s strategy to systematically explore the area, with ongoing drilling efforts aimed at expanding the resource base and preparing for future underground mining operations.

The most recent analyst rating on (AU:MEK) stock is a Buy with a A$0.33 price target. To see the full list of analyst forecasts on Meeka Gold Limited stock, see the AU:MEK Stock Forecast page.

Meeka Metals Limited Announces Director’s Interest Change

Meeka Metals Limited has announced a change in the director’s interest, specifically for Paul Ian Chapman, who has acquired 440,346 Performance Rights. This acquisition was approved by shareholders at the 2025 AGM, reflecting a strategic move to align management interests with company performance, potentially impacting shareholder value and company operations positively.

The most recent analyst rating on (AU:MEK) stock is a Buy with a A$0.33 price target. To see the full list of analyst forecasts on Meeka Gold Limited stock, see the AU:MEK Stock Forecast page.

Meeka Metals Issues Performance Rights Under Employee Incentive Scheme

Meeka Metals Limited has announced the issuance of 1,321,038 performance rights under an employee incentive scheme. These securities, which are not quoted on the ASX, are subject to a restriction on transfer until the restriction period ends, potentially impacting employee retention and motivation strategies.

The most recent analyst rating on (AU:MEK) stock is a Buy with a A$0.33 price target. To see the full list of analyst forecasts on Meeka Gold Limited stock, see the AU:MEK Stock Forecast page.

Meeka Metals Secures Shareholder Approval for Strategic Resolutions

Meeka Metals Limited announced that all resolutions at their annual general meeting were passed. This includes key resolutions such as the re-election of directors and the approval of incentive plans, which indicate strong shareholder support and strategic alignment for future growth. The successful passing of these resolutions is likely to bolster Meeka’s operational capabilities and enhance its market position in the gold mining industry.

The most recent analyst rating on (AU:MEK) stock is a Buy with a A$0.33 price target. To see the full list of analyst forecasts on Meeka Gold Limited stock, see the AU:MEK Stock Forecast page.

Meeka Gold Limited Reaffirms Mineral Resource Estimates and Production Targets

Meeka Gold Limited has reaffirmed its mineral resource estimates for several key projects, including Turnberry, St Anne’s, and Andy Well, as well as its ore reserves and production targets for the Murchison Gold Project. The company emphasizes that there have been no material changes to the assumptions and technical parameters underpinning these estimates. This announcement underscores Meeka’s strategic focus on maintaining transparency and stability in its resource reporting, which is crucial for investor confidence and the company’s positioning within the high-risk mining sector.

The most recent analyst rating on (AU:MEK) stock is a Buy with a A$0.33 price target. To see the full list of analyst forecasts on Meeka Gold Limited stock, see the AU:MEK Stock Forecast page.

Meeka Gold Achieves Milestone with First Gold Pour at Murchison Project

Meeka Gold Limited has successfully completed the development of the Murchison Gold Project, culminating in the first gold pour in July 2025. The company invested approximately $68 million in expanding processing capacity and commencing mining operations, achieving these milestones amidst a favorable gold price environment. The expansion of mining operations and the discovery of high-grade ore at the Andy Well underground mine highlight potential for resource growth. Meeka’s transition from developer to producer status has significantly increased its market capitalization, and the company is now focused on ramping up gold production and cash flow.

The most recent analyst rating on (AU:MEK) stock is a Buy with a A$0.33 price target. To see the full list of analyst forecasts on Meeka Gold Limited stock, see the AU:MEK Stock Forecast page.

Meeka Metals Converts Options to Shares, Raises $375,000

Meeka Metals Limited has announced the issuance of 6,250,000 fully paid ordinary shares following the conversion of unlisted options. This transaction, which raised $375,000, was conducted without disclosure to investors under specific provisions of the Corporations Act, and the company confirms compliance with relevant legislative requirements.

The most recent analyst rating on (AU:MEK) stock is a Buy with a A$0.33 price target. To see the full list of analyst forecasts on Meeka Gold Limited stock, see the AU:MEK Stock Forecast page.

Meeka Metals Expands Market Presence with New Securities Issuance

Meeka Metals Limited has announced the issuance of 6,250,000 fully paid ordinary securities, which will be quoted on the ASX. This move is part of the company’s strategy to leverage options exercised or convertible securities converted, potentially impacting its market position by increasing liquidity and shareholder engagement.

The most recent analyst rating on (AU:MEK) stock is a Buy with a A$0.33 price target. To see the full list of analyst forecasts on Meeka Gold Limited stock, see the AU:MEK Stock Forecast page.

Meeka Metals Extends High-Grade Gold Strike at Andy Well

Meeka Metals Limited has announced significant high-grade gold findings from its surface drilling at the Andy Well underground mine, part of the Murchison Gold Project. The drilling results have extended the strike of the Wilber lode by approximately 450 meters south of the current mining area, highlighting the potential to expand the Resource and Reserves in the shallow part of the mine. These developments are expected to enhance the company’s production plan and generate strong cash flow, positioning Meeka favorably within the gold mining sector.

The most recent analyst rating on (AU:MEK) stock is a Buy with a A$0.33 price target. To see the full list of analyst forecasts on Meeka Gold Limited stock, see the AU:MEK Stock Forecast page.

Meeka Metals Unveils High-Grade Gold Discoveries at Turnberry South

Meeka Metals Limited has announced significant high-grade gold findings at Turnberry South, part of its Murchison Gold Project. The drilling results indicate potential expansion of resources and reserves, likely extending the life of the Stage 1 open pit beyond the initially planned two years. These developments are expected to enhance future production and cash generation, strengthening the company’s medium-term production outlook. The ongoing drilling efforts aim to further explore the resource growth areas and the broader Fairway shear zone, indicating strong growth potential for the company.

The most recent analyst rating on (AU:MEK) stock is a Buy with a A$0.33 price target. To see the full list of analyst forecasts on Meeka Gold Limited stock, see the AU:MEK Stock Forecast page.

Meeka Metals Announces Resignation of Joint Company Secretary

Meeka Metals Limited has announced the resignation of Tony Brazier as Joint Company Secretary, with Joe Belladonna continuing in the role of Company Secretary. This change in company leadership is expected to maintain stability in communications between the company and the ASX, ensuring compliance with listing rules.

The most recent analyst rating on (AU:MEK) stock is a Buy with a A$0.33 price target. To see the full list of analyst forecasts on Meeka Gold Limited stock, see the AU:MEK Stock Forecast page.