Meeka Gold (ASX: MEK) – Explore Gold and REE
COMPANY SCOREBOARD
| Pro Plus | Pro | Con Plus | Con |
|
|
|
ABOUT COMPANY
Meeka Gold (MEK) (https://meekagold.com.au/) explores gold and REE in Western Australia. Its flagship is the Murchison Gold Project in Meekatharra.
CAPITAL STRUCTURE
| ASX Code | Share Price | Shares | Option (In) | Market Cap | Cash/Asset ($m) |
| MEK | 0.033 | 1234708932 | 40745394.7560 | 2.6/0 |
| Holders No | Top 20 (Cur) | Top 20 (Pre) | Director Hold | Performance Right | Note |
| 2159 | 43.52% | 36.67% | 7.02% | 38250000 | last raise $1.8m@4c; pre raise $3.5m@4c |
The board is made up of all accountants and lawyers, the Chair is Paul Chapman (DRE, ENR, BC8)
34.6m Performance Rights align with Scope Study and a share price of 7.5c. 38.25m Performance Rights are subject to a share price of 12.5c.
FLAGSHIP ASSETS
Murchison Gold Project Meekatharra WA
Project Data
The company reported many high-grade drill results, but the share price didn’t react accordingly, which might suggest its tenement ground is complex like GBR.
The July 23 PFS defined an inital ore reserve of 4.1Mt@3.1g/t for 410koz gold, and estimated an NPV5 of $249m ($2,750) with CAPEX of $510m (for each $100/oz change in gold price, there is a $65m change in pre-tax cash flow).
Below are the project’s resources:
OTHER ASSETS
Circle Valley Gold and REE Project Esperance WA
The company has completed +18,000m of AC and RC drilling in 2022, mostly for REE. So far, the high-grade gold results were only limited to the sand-covered surface. REE results were most sub 1000ppm within saprolite clay.
In June 2023, the company declared resources of 98Mt @ 890ppm TREO containing 21,560t of NdPr metal at a high NdPr to TREO ratio of 25%.
SUMMARY
When accountants are dominated on the Board, the risk of blind drilling rises significantly.
Two directors including Paul Chapman participated in a bridge loan of 2.2m to the company at a 4% establishment fee and 12.5% interest rate.