Filing of DFS Technical Report

In brief · summary, not quotable

Definitive Feasibility Study filed for Cabaçal gold-copper-silver project showing USD 2.1bn NPV and 108% IRR.

After-tax NPV5 USD 2.1 billion
IRR 108%
Pre-production capital cost USD 322 million
Capital repayment period 0.9 years
All-in-Sustaining-Cost per gold equivalent ounce USD 1,056
Average annual gold equivalent production (years 1-5) 183,526 ounces

Full announcement

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Meridian Announces Filing of the NI 43-101 Definitive Feasibility Study Technical Report for the Cabaçal Gold-Copper-Silver Deposit in Brazil

LONDON, United Kingdom, November 2, 2026 / Newsfile / Meridian Mining plc (LSE: MNO) (TSX: MNO) (FSE: N2E0) (Tradegate: N2E0) (OTCQX: MRRDF) (“Meridian” or the “Company”) is pleased to announce the filing of its independent Definitive Feasibility Study technical report (the “DFS” or the “Study”) for its advanced Cabaçal Au-Cu-Ag Project located in Mato Grosso, Brazil, with an effective date of September 15, 2026, (the "DFS Technical Report"), in support of the Company's news release dated September 22, 2026 (the "News Release"). There are no material differences in the DFS Technical Report from the information disclosed in the News Release.

The Definitive Feasibility Study technical report (the "DFS Technical Report") dated 28 October 2026, entitled: "Cabaçal Gold-Copper 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 108% IRR from a pre-production capital cost of USD 322 million, leading to capital repayment in 0.9 years (assuming metals price scenario of USD 3,570 per ounce of gold, USD 5.03 per pound of copper, and USD 50.17 per ounce of silver, and net of tax credits). Cabaçal has a low All-in-Sustaining-Cost of USD 1,056 per ounce of gold equivalent & production profile of average annual 183,526 ounces of gold equivalent for mining over 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).

The DFS Technical Report was prepared for the Company by Tommaso Roberto Raponi (P. Eng), Principal Metallurgist with Ausenco Engineering Canada ULC, Scott 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 (BSc. (Geo) MAIG), Senior Geologist with GE21 Consultoria Mineral, Norman Lotter (P.Eng., PrEng., C.Eng. ), President and Consulting Engineer with Flowsheets Metallurgical Consulting Inc.

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 at www.meridianmining.co and on SEDAR+ at www.sedarplus.ca in accordance with NI 43-101.

Qualified Person

Mr Erich Marques, B.Sc., FAIG, Chief Geologist of Meridian Mining and a non-independent Qualified Person as defined by National Instrument 43-101, has reviewed the DFS Study on behalf of the Company and has approved the technical disclosure contained in this news release.

On behalf of the Board of Directors of Meridian Mining plc