Meeka Metals (ASX: MEK) has begun development of the Fairway decline at Turnberry, the second underground mine at its Murchison gold project in Western Australia, with first ore targeted for January 2027. Surface infrastructure and the portal were completed in September, allowing the first decline cut in October. Ore will be trucked about 20 kilometres to the Murchison processing plant, adding a second high-grade feed source alongside the Andy Well underground mine, where stoping began in late May. Open-pit mining ended in July, completing the shift to underground production.
The decline will initially access a probable ore reserve of 620,000 tonnes at 2.5 grams a tonne for 50,000 ounces; the Turnberry underground mineral resource is much larger at 360,000 ounces at 3.9 grams a tonne. Managing director Tim Davidson called the 50,000-ounce reserve a starting point, pointing to broad high-grade drilling below the reserve showing mineralisation continuing at depth, and said underground drill platforms off the decline would be used to extend reserves and mine life.
The build follows a heavy investment year: Meeka spent A$107 million in growth capital in FY26 on new mines and infrastructure, generated A$160.8 million in revenue and reported a A$51.3 million net profit. To fund the Turnberry development, growth drilling and deferred consideration on its Mt Holland acquisition, the company raised A$42.4 million at 10 cents a share in early October; the stock traded around 8.6-9.1 cents afterward, leaving the new money underwater, though broker Morgans kept a buy with a 17-cent target. Morgans also noted the September quarter’s 7,000-7,500 ounces recovered came in below its 9,800-ounce estimate, a reminder that the two-mine transition still has to prove itself. January remains an expectation, not a confirmed production outcome.