Meeka locks in $40m to fund gold growth - Australian Mining

AI desk brief

Meeka Metals has raised $40m via a two-tranche institutional placement at $0.10/share to fund growth across its WA gold portfolio, including the Murchison project and the new Turnberry underground mine. The company also reported provisional September-quarter gold recoveries of 7,000-7,500oz and said pro forma cash would rise to about $50m after the first tranche, supporting the ramp-up of higher-grade underground production.

The first tranche will raise about $33m from nearly 329m shares, with the remaining $9m second tranche subject to shareholder approval at the November 24 AGM. The capital will also fund deferred consideration for three gold deposits near Mt Holland and ongoing growth drilling.