Meeka Metals : Murchison Gold Project Feasibility Study Presentation

Murchison Gold Project

Feasibility Study

Presentation

12 July 2023

Tim Davidson | Managing Director

IMPORTANT INFORMATION

Disclaimer

This information contained in this presentation is issued by Meeka Metals Limited ("Meeka" or "the Company"). The information contained herein is confidential and proprietary to the Company and is provided to recipients on the terms and conditions set out in this disclaimer. The document, in whole or in part, is not to be distributed, copied or reproduced, in any form, without the prior written consent of the Directors of the Company. The document does not purport to cover all relevant information about the Company or its business. It does not intend to be a complete or accurate statement of material information. Although the Company has used care and diligence in its preparation, the presentation is provided on the basis that no representation or warranty, expressed or implied, is made by the Company or any of its associates or advisers as to the accuracy or completeness of the information. None of the information contained in this presentation or any other written or oral communication transmitted or made available to the recipient or any of its associates or advisers is, or shall be relied upon as, a promise or representation, whether as to the past or future, and no liability will attach to such information to the Company, its associates or advisers.

The Company and its directors, employees, agents and consultants shall have no liability including to any person by reason of negligence or negligent misstatement for statements, opinions, information or matters (express or implied) arising out of contained in or derived from or for any omissions from this presentation, except where liability under statute cannot be excluded.

Whilst the directors are confident in the ability of the Company to achieve its objectives, the proposed activities and the industry in which it operates are regarded as high-risk and therefore should be regarded as speculative. Potential shareholders should be aware of the risks involved with an investment of this nature. The value of the investment may rise or fall depending on a range of factors beyond the control of the Company, such as changes to interest rates, inflation, government policy, regulatory regimes and foreign exchange rates.

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, uncertainties, 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.

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 Reporting of Exploration Results, Mineral Resources and Ore Reserve", is based on information reviewed by Mr Duncan Franey, a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Mr Franey is a full-time employee of the Company. Mr Franey has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Franey 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 Ore Reserves is based on information compiled by Mr Chris Davidson, a Competent Person who is a Member of the Australian Institute of Mining and Metallurgy. Mr Davidson is a full-time employee of the company. Mr Davidson is eligible to participate in short and long-term incentive plans of and holds shares and performance rights in the Company as previously disclosed. Mr Davidson has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Davidson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Mineral Resources

The information that relates to Murchison Gold Project Mineral Resources was first reported by the Company in its announcement to the ASX on 3 May 2023. The Company is not aware of any new information or data that materially 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 market announcement.

Ore Reserves

The information that relates to Murchison Gold Project Ore Reserves was first reported by the Company in its announcement to the ASX on 12 July 2023. The Company is not aware of any new information or data that materially 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 market announcement.

Currency

All amounts are in Australian dollars unless stated otherwise.

Slide 2

A High-Grade Gold Project

Advancing to 'Production Ready'.

Located in the tier 1 mining jurisdiction of

Western Australia.

Recovered gold production of 663,000oz1 over 9.3 years, 80,000ozpa over the first eight years, peak production of 103,000oz in year six.

Base case undiscounted pre-tax free cash flow of $363M, NPV5% $249M and IRR 40%.

Initial Probable Ore Reserve of 4.1Mt @ 3.1g/t

Au for 410,000oz, multiple mining areas to de- risk production.

Good access to existing infrastructure in the

Murchison.

Substantial opportunity to build on the base case production plan prior to development.

1 92% of production in the first three years is from JORC Measured and Indicated Mineral Resources (Inferred 8%). 71% of total production is from JORC Measured and Indicated Mineral Resources (Inferred 29%). There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised.

Slide 3

Experienced Team with 'Skin in the Game'

Board and management have invested $2.8M in the Company to date.

Capital Structure				Board
Share Price (close price 11 July 2023)	$/share	0.038		Paul Chapman	Non-Executive Chairman
Shares on Issue	M	1,068		Tim Davidson	Managing Director & CEO
Options on Issue	M	36		Roger Steinepreis	Non-Executive Director
Market Capitalisation	$M	40.6		Paul Adams	Non-Executive Director
Cash (30 Jun 2023)	$M	2.7		Morgan Barron	Non-Executive Director
Debt (30 Jun 2023)	$M	-
	Management
Net Cash	$M	2.7
	Chris Davidson	Chief Development Officer
Enterprise Value	$M	37.9		Duncan Franey	Exploration Manager

Jan-23	Feb-23	Mar-23	Apr-23	May-23	Jun-23	Jul-23
$0.08						8
$0.06						6
$0.04						4
$0.02						2
$-						-
Share Price						Volume (M)

Slide 4

Excellent Operating Address in the Murchison Goldfields

100% MEK ownership in the Murchison Gold Project.

Large 281km2 landholding.

100% of Mineral Resources and Ore Reserves are on granted Mining Leases.

Excellent built infrastructure in the region:

• Sealed highway access and airstrip in Meekatharra.
• Combined >5Mtpa of existing processing capacity.

The PFS is based on development of a standalone 1.0Mtpa CIL processing facility at Turnberry.

The Project retains strong flexibility with alternative pathways to development including:

• recommissioning, with potential to expand, the existing Andy Well processing facility (reduced capital, reduced processing capacity, high- grade focus including underground and St Anne's open pit);
• 100% toll milling (reduced capital, increased haulage costs, increased processing costs, open-pit focus); and
• combination of the above (high-grade through Andy Well processing facility, lower-grade open pit processed at a third-party facility within haulage distance).

Slide 5