With the ore sorting, the mill itself will still only process 600ktpa. The 800ktpa figure is just the "effective" rate before sorting. The sorter high grades the ore stream that goes into the mill. MEK mine plan mines more ore than processing capacity for the first 7yrs so this is a way to optimise stockpiling and putting the most metal through the plant.

Revisiting the mineralogy of the primary mineralisation at Turnberry (i.e. the UG mined ore), it may also be amenable to ore sorting so that could be a way to lift 800kpta to 1000ktpa.

I haven't done full numbers but this is the rough thinking on the uplift Yrs1-7 (Yr8+ is stockpile processing) which is the period covering UG mining. This process can lift gold output by up to 13% despite the same mill throughput:

I like what MEK is trying to do, but I think the market’s getting a bit ahead of itself here. They’re still a single‑asset, early‑stage producer, and until they put a few consistent quarters on the board, it’s hard to treat them like a steady, mature operation.

The ore sorting angle is interesting, but it’s not a magic throughput upgrade. It depends on mineralogy, consistency, and how it behaves at scale. It can help, sure, but it can also introduce variability. Right now it’s still an assumption, not a demonstrated uplift.

At ~$114m market cap, the market is already pricing in a fair bit of success — stable production, predictable costs, smooth commissioning, no surprises underground. That’s a lot to bake in this early.

For me, the next couple of quarters matter more than any model. If they can show steady production, controlled costs, and the sorter actually delivering what people think it will, then the valuation becomes easier to justify. Until then, it’s still in the ‘prove‑it’ phase.

Not bearish, not bullish — just looking at it mechanically.

Disc: not held, watching to see how it performs going forward.