Mr. Gilbert Clark reports

MERIDIAN ANNOUNCES Q3 FINANCIAL STATEMENTS AND MD&A

Meridian Mining PLC has released its unaudited condensed consolidated interim financial statements and management discussion and analysis (MD&A) for the three-month and nine-month periods ended Sept. 30, 2026.

Highlights:

• At Sept. 30, 2026, the company reported working capital of $87.7-million (U.S.) (June 30, 2026: $93.8-million (U.S.)), which included cash of $90.1-million (U.S.) (June 30, 2026: $96-million (U.S.)).
• On Sept. 22, 2026, the company announced the economic results of Cabacal's definitive feasibility study (DFS):
  • Base-case total LOM (life-of-mine) revenue of $5.4-billion (U.S.) and LOM after-tax free cash flow of $2.9-billion (U.S.);
  • Life-of-mine all-in-sustaining costs (AISC) of $1,056 (U.S.) per ounce AuEq (gold equivalent);
  • First production years 1 to 5:
    • Average annual production of 183,526 ounces AuEq;
    • AISC of $715 (U.S.) per ounce oz AuEq;
    • Average annual after-tax free cash flow of $413.8-million (U.S.);
  • Initial capital expenditure of $322-million (U.S.) includes 10-per-cent contingency, tax credits and preinvestment for expansion to 4,500 tonnes per annum from year 4 onward.

• Exceptional quality of Cabacal's copper concentrates was confirmed in smelter test with high-grade, high-quality blister copper produced.
• After quarter-end, the company appointed AFRY as the EPCM (engineering, procurement and construction management) contractor for Cabacal, after a thorough assessment process, including extensive technical due diligence.
• After quarter-end, the company announced that it had committed to contracts totalling $30.9-million (U.S.) for preconstruction investments on multiple fronts, including the EPCM contract, power transformers, off-site civil infrastructure (bridges and road upgrades), a semi-autogenous grinding (SAG) mill, Jameson cells and an IsaMill.
• At Santa Helena, the company announced the discovery of multiple stacked layers of gold-copper-silver and zinc-lead VMS (volcanogenic massive sulphide) mineralization below Santa Helena, further extending the limits of mineralization.
• On Sept. 29, the company announced that it would be included in the FTSE 250 Index as of Oct. 1, 2026.
• The company was included in the VanEck Junior Gold Miners (GDXJ) exchange-traded fund (ETF) effective at the close of markets on Sept. 18, 2026.
• After quarter-end, the company announced it has received over 20 indicative proposals, with multiple proposals over $300-million (U.S.) in debt financing. Several parties have provided fully financed indicative proposals of $400-million (U.S.), covering project debt, cost overrun financing, and any required equity contribution and offtake and marketing services.

Gilbert Clark, chief executive officer, commented: "I am pleased to report on one of the most active and important quarters in Meridian's history. I say this is largely due to the release of the definitive feasibility study during the period, but also because we continue to get ever closer to a final investment decision on the first new producing copper-gold mine on the wider Cabacal district.

"Following quarter-end, we announced an update on progress towards that key investment decision as well as on financing and updates on the ground at the project. We continue to assess the proposals received to ensure the correct funding partner is chosen for this exciting mine, just like our choice of AFRY as the EPCM contractor, where the project construction management strength was a key factor in its selection.

"Q3 2026 was a transformational quarter for Meridian as the company announced the results of its definitive feasibility study (DFS) for the Cabacal gold-copper project and advanced preparations for its transition from project developer to future producer. The DFS confirmed Cabacal as one of the most robust undeveloped copper-gold projects globally, generating an after-tax NPV5 [net present value discounted at 5 per cent] of $2.1-billion (U.S.) and an IRR [internal rate of return] of 108 per cent while requiring initial capital expenditure of $322-million (U.S.) and delivering payback within the first year of operations. The company also announced that it had secured the installation licence for the structures along the 138-kilovolt power line route.

"The company ended the quarter with cash of $90.1-million (U.S.) and working capital of $87.7-million (U.S.) and remains well positioned to advance engineering, financing and preconstruction activities whilst continuing to unlock value across its broader exploration portfolio in Mato Grosso, Brazil.

"Post quarter-end, the company completed an initial project finance outreach program and received over 20 indicative proposals. Several parties provided fully financed indicative proposals of $400-million (U.S.), covering project debt, cost overrun funding, any required equity contribution, and offtake and marketing services. The company is assessing the proposals to generate a short list of preferred bidders for detailed negotiations.

"These developments reinforce management's confidence in Cabacal's technical, economic and financing readiness. Alongside these advances, the company continues to pursue its broader growth strategy through exploration activities across the Cabacal VMS belt, including ongoing work at Santa Helena and regional targets designed to support the long-term expansion of the Cabacal hub."

The company's unaudited condensed consolidated interim financial statements and management discussion and analysis for the three and nine months ended Sept. 30, 2026, have been submitted to the National Storage Mechanism and will shortly be available for inspection. They are also available on SEDAR+ and on the company's website.

Qualified person

Erich Marques, BSc, FAIG, chief geologist of Meridian and a non-independent qualified person as defined by National Instrument 43-101, has approved the technical disclosure contained in this news release.

About Meridian Mining PLC

Meridian is focused on:

• The development and exploration of the advanced-stage Cabacal VMS gold-copper project;
• Expanding the initial resource inventory at the Santa Helena area through extension of Santa Helena Central and new discoveries;
• Regional-scale exploration of the Cabacal VMS belt to expand the Cabacal hub strategy;
• Exploration in the Jauru and Araputanga greenstone belts (the above all located in the state of Mato Grosso, Brazil).

The definitive feasibility study technical report dated Oct. 28, 2026, entitled "Cabacal Gold-Copper Project NI 43-101 Technical Report & Definitive Feasibility Study, Mato Grosso, Brazil," outlines a base-case after-tax net present value (discounted at 5 per cent) of $2.1-billion (U.S.) and an internal rate of return of 108 per cent from a preproduction capital cost of $322-million (U.S.), leading to capital repayment in 0.9 years (assuming metals price scenario of $3,570 (U.S.) per ounce of gold, $5.03 (U.S.) per pound of copper and $50.17 (U.S.) per ounce of silver, net of tax credits). Cabacal has a low all-in sustaining cost of $1,056 (U.S.) per ounce of gold equivalent and production profile of average annual 183,526 ounces of gold equivalent for mining over years 1 to 5, driven by high metallurgical recovery, a low life-of-mine strip ratio of 1.4:1 and the low operating cost environment of Brazil.

The Cabacal mineral reserve estimate consists of proven and probable reserves of 56.04 million tonnes at 0.61 gram per tonne gold, 0.35 per cent copper and 1.33 grams per tonne silver (at a 0.138-gram-per-tonne-gold-equivalent cut-off grade).

Readers are encouraged to read the DFS technical report in its entirety, including all qualifications, assumptions, exclusions and risks that relate to the mineral resource, mineral reserves and life-of-mine plan. The DFS technical report is intended to be read as a whole, and sections should not be read or relied upon out of context.

The DFS will be filed on the company's website and on SEDAR+ in accordance with National Instrument 43-101.

The DFS technical report was prepared for the company by Tommaso Roberto Raponi, PEng, principal metallurgist with Ausenco Engineering Canada ULC; Scott Elfen, PE and PEng, global lead (geotechnical and civil services) with Ausenco Engineering Canada; Porfirio Cabaleiro Rodriguez (FAIG), senior mining engineer with GE21 Consultoria Mineral; Leonardo Soares, BSc (Geo), MAIG, senior geologist with GE21 Consultoria Mineral; Norman Lotter, PEng, PrEng, CEng, president and consulting engineer with Flowsheets Metallurgical Consulting Inc.

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