Meridian Announces Filing of DFS Technical Report
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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.
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).
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 Reserve 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.
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: info@meridianmining.co
Ph: +44 (0) 203 930 3145 (GMT)
Media Enquiries:
Gareth Tredway / Saskia Sizen
Tel: +44 (0) 207 920 3150
Email: meridianmining@tavistock.co.uk
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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.
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