Consensus community valuation
OK, Firstly, check out this from the team at Money of Mine (podcast):
Source: https://www.moneyofmine.com/p/look-every-advanced-gold-project-australia [last week]
You can subscribe to their daily "Director's Special" newsletter for free here: https://www.moneyofmine.com/
You may notice that there are only TWO projects on the whole list that have progressed to DFS (definitive feasibility study) level: De Grey's (DEG's) Hemi and Meeka Metals' (MEK's) Murchison gold project. And DEG's market cap is getting up towards $3 billion, (currently circa $2.75 billion) which means there's a LOT baked into their valuation considering they are still just project DEVELOPERS, NOT producers.
Meeka Metals' (MEK's) m/cap is just over $50 million. And they have a good lot of infrastructure already in place, which is why their Initial Capex requirements in the table above are just $44m vs Hemi's capex of $2.9 billion - which could easily blow out from here and become substantially higher than that. I think there's too much risk associated with DEG's high valuation, which suggests that they have an enormous amount of gold at Hemi. They do have a lot, but I'm not buying into that valuation at this early stage.
Almost every Aussie gold company presented at Diggers and Dealers in Kalgoorlie this week, but I couldn't find a presso from Meeka amongst them - see here: https://www.youtube.com/@diggersndealers2023/videos
That link has "2023" in it, but it does contain all of the 2024 D&D pressos that they've uploaded this week as well.
No, Meeka are just getting on with it - see here: https://meekametals.com.au/investor-dashboard/
Links to their most recent announcements are on that page (just scroll down a little).
Meeka's most recent presso that I can find is from late May and it was their DFS Pathway to Production presso: https://www.investi.com.au/api/announcements/mek/5a738e78-bca.pdf
More Presentations here: https://meekametals.com.au/presentations/
Their biggest advantage is the project's location and existing infrastructure:
Source: https://stockhead.com.au/resources/meeka-metals-confirms-shallow-oxide-gold-at-st-annes-part-of-its-bigger-murchison-gold-project/ [17-Jan-2024]
https://meekametals.com.au/murchison-gold-project/
The Murchison Gold Project (MEK 100%) covers the northern extent of the highly prospective Mount Magnet and Youanmi Shear Zones in the prolific Murchison Gold Fields of Western Australia.
The project is located adjacent to several multi-million ounce gold mines and includes 281km² of granted Mining Leases and Exploration Licences. The project hosts a high grade 1.2Moz Mineral Resource with all Mineral Resources located on granted Mining Leases, hence there are minimal impediments to production.
Drill Core image source: https://www.proactiveinvestors.com.au/companies/news/1008753/meeka-metals-confirms-high-grade-gold-up-to-8-20-g-t-at-st-anne-s-within-murchison-project-1008753.html [13-March-2023]
Meeka have been on this for a while, and they're closer than ever to becoming producers now. Be warned that they are likely to need to raise more capital this year, and they currently have no income, as they are not yet producers; they are still gold project developers, but as Aussie gold projects go, this is the most advanced project I can find at this point that is not already producing, so that's why I've taken a small position in this one.
High risk, high reward, so small position size, as is appropriate due to the elvated risk associated with any company that is pre-revenue, and these companies are always more of a gamble than an investment, as all pre-revenue companies are to be honest, so they won't suit many people at all.
But if you're going to bring a new Australian gold project online with minimal capex requirements, there's probably never been a better time to do it.
Source: https://goldprice.org/
Another one that piqued my interest
Looks reasonable at $50m but small project about 1m Oz resource and maybe around 400Koz reserve I think it will require lots of work before this lands on investor radars.
RIU roundup (https://www.investi.com.au/api/announcements/mek/fa9cb36d-5e8.pdf)