Meeka Metals has announced that its Murchison gold project in Western Australia has poured its first gold as scheduled, within 12 months of breaking ground.

The project is now ramping up its site activities with open pit mining underway and underground mining set to begin in the September 2025 quarter.

The commissioning phase of the Murchison gold project is complete, and the ramp-up in gold production is progressing smoothly, in line with the planned schedule.

The arrival of a third dig fleet in June 2025 has facilitated an increase in ore stocks in front of the processing plant, contributing to the steady build-up of gold production.

Meeka Metals managing director Tim Davidson stated: “It is an impressive achievement by the team to deliver first gold on time and within 12 months of breaking ground at the Murchison.

“We are now focussed on ramping up gold production toward our targeted 80koz per annum with the arrival of the third dig fleet and expanded open pit mining plan underway, and first ore from underground at Andy Well in the September 2025 quarter.”

In September 2024, Meeka Metals received the final approval for the development of the Murchison project, which comprises five exploration licences and two mining leases. The project's focus is on three deposits: Andy Well, Turnberry and St. Anne’s.

The project is Meeka Metals' flagship venture with a substantial high-grade mineral resource of 1.2 million ounces at 3g/t Au across granted mining leases.

The definitive feasibility study (DFS), released in December 2024, focuses on restarting the fully permitted Andy Well mill and outlines a ten-year production plan.

This plan includes producing up to 76,000 ounces per annum, averaging 65,000 ounces for the first seven years, with an undiscounted pretax free cash flow of A$1bn ($657.5m), a net present value at 8% of A$616m, and an internal rate of return of 180%.

Meeka Metals has also secured firm commitments to raise A$60m ($39m) through a placement supported by both existing and new institutional investors. This funding will accelerate the next development phase of the Murchison gold project.

The placement was completed at A$0.15 per share - a 4.1% discount to the 20-day volume-weighted average price (VWAP) and a 10.3% discount to the ten-day VWAP.