Meridian Announces Q3 Financial Statements and MD&A

Highlights:  At September 30, 2026 the Company reported working capital of USD 87.7 million (June 30, 2026 – USD 93.8 million) which included cash of USD 90.1 million (June 30, 2026 – USD 96.0 million);  On September 22, 2026, the Company announced the economic results of Cabaçal’s Definitive Feasibility Study (“DFS”):   Cabaçal DFS After-Tax  outputs  Base Case Economics $3,570 Au / $5.03 Cu / $50.17 Ag Net Present Value @ 5% USD 2.092 Billion Internal Rate of Return  107.6% Payback Period  0.9 Years NPV5/Capex  6.5x   Base Case Total LOM Revenue USD 5.4 billion and LOM After-Tax Free Cash flow of USD 2.9 billion;  Life of Mine All-In-Sustaining-Costs (“AISC”) of USD 1,056/oz AuEq;  First production years 1-5: Average annual production of 183,526 oz AuEq; AISC of USD 715/oz AuEq; Average annual after-tax free cashflow of USD 413.8 million; Initial Capital Expenditure of USD 322M includes 10% contingency, tax credits and pre-investment for expansion to 4.5mtpa from year 4 onwards; Exceptional quality of Cabaçal's copper concentrates confirmed in smelter test with high-grade, high-quality blister copper produced. Post quarter end, the Company appointed AFRY as the EPCM contractor for Cabaçal, after a thorough assessment process, including extensive technical due diligence. Post quarter end, the Company announced that it had committed to contracts totalling USD 30.9 million for pre-construction investments on multiple fronts including the EPCM contract, power transformers, off-site civil infrastructure (bridges and road upgrades), a SAG mill, Jameson Cells, and an IsaMill. At Santa Helena, the Company announced the discovery of multiple stacked layers of Au-Cu-Ag & Zn-Pb VMS mineralisation below Santa Helena, further extending the limits of mineralisation. On September 29 the Company announced that it would be included in the FTSE 250 Index as of October 1, 2026; Inclusion in the VanEck Junior Gold Miners ("GDXJ") Exchange Traded Fund (“ETF”) effective at the close of markets on September 18, 2026. Post quarter end, the Company announced it has received over twenty indicative proposals with multiple proposals over USD 300 million in debt financing. Several parties have provided fully financed indicative proposals of USD 400 million, covering project debt, cost overrun funding, and any required equity contribution and off-take and marketing services. London, United Kingdom--(Newsfile Corp. - November 13, 2026) - Meridian Mining plc (LSE: MNO) (TSX: MNO) (FSE: N2E0) (Tradegate: N2E0) (OTCQX: MRRDF) ("Meridian" or the "Company") is pleased to announce its unaudited condensed consolidated interim financial statements and management's discussion and analysis ("MD&A") for the three and nine-month periods ended September 30, 2026 (all financial amounts are expressed in U.S. dollars unless otherwise indicated). Mr. Gilbert Clark, CEO, comments: "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 Cabaçal 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 Cabaçal Gold-Copper Project ("Cabaçal") and advanced preparations for its transition from project developer to future producer. The DFS confirmed Cabaçal as one of the most robust undeveloped copper-gold projects globally, generating an after-tax NPV5 of USD 2.1 billion and an IRR of 108%, while requiring initial capital expenditure of USD 322 million 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 kV power line route. The Company ended the quarter with cash of USD 90.1 million and working capital of USD 87.7 million and remains well positioned to advance engineering, financing and pre-construction 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 programme and received over twenty indicative proposals. Several parties provided fully financed indicative proposals of USD 400 million, 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 Cabaçal's technical, economic and financing readiness. Alongside these advances, the Company continues to pursue its broader growth strategy through exploration activities across the Cabaçal VMS Belt, including ongoing work at Santa Helena and regional targets designed to support the long-term expansion of the Cabaçal Hub." The Company's unaudited condensed consolidated interim financial statements and management's discussion and analysis for the three and nine months ended 30 September 2026 have been submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism. They are also available on SEDAR+ and on the Company's website at www.meridianmining.co Qualified Person Mr. Erich Marques, B.Sc., 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 Meridian Mining is focused on: The development and exploration of the advanced-stage Cabaçal 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 Cabaçal VMS Belt to expand the Cabaçal Hub strategy; and Exploration in the Jauru & Araputanga Greenstone Belts (the above all located in the State of Mato Grosso, Brazil). The Definitive Feasibility Study technical report (the "DFS Technical Report") dated October 28, 2026 (Effective date: September 15, 2026) entitled: "Cabaçal Project NI 43-101 Technical Report & Definitive Feasibility Study, Mato Grosso, Brazil", outlines a base case after-tax NPV5 of USD 2.1 billion and an IRR of 108% from a pre-production capital cost of USD 322 million, leading to capital repayment in 0.9 years (assuming metal prices of USD 3,570 per ounce of gold, USD 5.03 per pound of copper, and USD 50.17 per ounce of silver). Cabaçal has a low All-in-Sustaining-Cost of USD 1,056 per ounce of gold equivalent and an average annual production profile of 183,526 ounces of gold equivalent for mining years 1-5, 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 Cabaçal Mineral Reserve estimate consists of Proven and Probable reserves of 56.04 million tonnes at 0.61g/t gold, 0.35% copper and 1.33g/t silver (at a 0.138 g/t 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 has been filed on the Company's website at www.meridianmining.co and on SEDAR+ at www.sedarplus.ca in accordance with NI 43-101. The DFS Technical Report was prepared for the Company by Tommaso Roberto Raponi (P.Eng.), Principal Metallurgist with Ausenco Engineering Canada ULC, Scott C. Elfen (P.E. & P.Eng.), Global Lead Geotechnical and Civil Services with Ausenco Engineering Canada ULC, Porfirio Cabaleiro Rodriguez (FAIG), Senior Mining Engineer with GE21 Consultoria Mineral, Leonardo Soares (B.Sc. (Geo), MAIG), Senior Geologist of GE21 Consultoria Mineral, and Norman Lotter (P.Eng., PrEng., C.Eng.), President and Consulting Engineer with Flowsheets Metallurgical Consulting Inc. On behalf of the Board of Directors of Meridian Mining plc Mr. Gilbert Clark - CEO and Director Meridian Mining plc 8th Floor, 4 More London Riverside London SE1 2AU United Kingdom Email: [email protected] Ph: +44 (0) 203 930 3145 (GMT) Media Enquiries: Gareth Tredway / Saskia Sizen Tel: +44 (0) 207 920 3150 Email: [email protected] Stay up to date by subscribing for news alerts here: https://meridianmining.co/contact/ Follow Meridian on X: https://X.com/MeridianMining Further information can be found at: www.meridianmining.co This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain. Cautionary Statement on Forward-Looking Information Some statements in this news release contain forward-looking information or forward-looking statements for the purposes of applicable securities laws. These statements address future events and conditions and so involve inherent risks and uncertainties, such as uncertainties related to estimates of expected or anticipated costs, expenditures, and economic returns from a mining project; uncertainties related to expected production rates, timing of production and the cash and total costs of production and milling. See additional information on risks, uncertainties and other factors relating to the forward-looking statements and information regarding the Company as disclosed under the heading "Risk Factors" in Meridian's most recent Annual Information Form filed on www.sedarplus.ca. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Meridian in light of management's experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be correct. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Meridian disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events, or results or otherwise, unless required by applicable law. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/323857