Meridian Reports Unaudited Half-Yearly Financial Results for the Six Months Ended 30 June 2026
Meridian Reports Unaudited Half-Yearly
Financial Results for the Six Months Ended 30
June 2026
London, United Kingdom--(Newsfile Corp. - August 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 half-yearly financial results for the six months ended 30 June 2026 for the
Company as consolidated with its subsidiaries (the "Group"), along with a review of subsequent events
during and post period.
Corporate highlights
The Company closed a bought deal offering through the issuance of 36,392,900 ordinary shares at
a subscription price of CAD1.58 per ordinary share, for aggregate gross proceeds to the
Company of CAD 57,500,782;
Successful listing of the Company's shares on Main Market of the London Stock Exchange;
Associated closing of share placements raised GBP 25M through the issuance of
27,173,912 new Ordinary Shares at an Issue Price of 92 pence;
Inclusion in the FTSE Small Cap Index;
Election of Dr. Carlos Vilhena and Mr. Felipe Holzhacker Alves to the Board as Independent Non-
Executive Directors
Financial highlights for the six months ended June 30 2026:
Cash and cash equivalents at period end of USD 95,975,354 (FY 2025: USD 41,709,473);
Net assets of USD 102,125,445 (FY 2025: USD 42,925,485);
Total expenses USD 9,976,610 (FY 2025: USD 7,652,272);
Total comprehensive loss USD 12,712,776 (FY 2025: USD 6,671,583).
Cabaçal project highlights:
DFS Progress
The Cabaçal Feasibility Study is nearing 50% completion and remains on schedule for Q4
2026 filing;
Long-lead Equipment Procurement
Purchasing of long-lead items now locks in prices and shortens the time to construction;
SAG Mill technical specification completed and pricing secured;
Electrical transformers ordered from a Brazilian supplier with delivery dates confirmed;
Pre-construction Activities
Roads, bridges and power easements surveyed for upgrade and construction;
Civil engineering tenders are under review;
Commitment letters for life-of-mine power supply signed;
Mineral Resource Estimates concluded by its consultant for the Cabaçal mine's Au-Cu-Ag open-
pittable resource: M&I: 70.1Mt @ 0.6g/t Au, 0.3% Cu, 1.3g/t Ag;
Payment and completion of 5
th
instalment of the Cabaçal Purchase Agreement;
Post period end, exceptional quality of Cabaçal's copper concentrates confirmed in smelter test
with high-grade, high-quality blister copper produced.
Santa Helena project highlights
Santa Helena Central's maiden open-pittable Au-Cu-Ag-Zn-Pb Mineral Resource declared: M&I:
5.3Mt @ 0.6g/t Au, 0.4% Cu, 15.5g/t Ag, 1.9% Zn & 0.4% Pb;
20 surface diamond holes for 1,598m, for resource definition;
Engineering and environmental work to provide data for a preliminary licence application;
The Company announced the discovery of a second layer of gold-silver and zinc-lead VMS
mineralisation;
Post period end, Company announced discovery of multiple stacked layers of Au-Cu-Ag & Zn-Pb
VMS mineralisation below Santa Helena, further extending the limits of mineralisation.
Mr. Gilbert Clark, CEO, comments, "Over the past six months the Company has greatly advanced its
transformation from a junior exploration company to a near term mid-tier company with an integrated
portfolio of mine development, advanced resource delineation and exploration programmes.
The IPO of the Company's shares onto the Main Market of the London Stock Exchange was a key
corporate and financial event for the Company. With the funds raised with the IPO and earlier in the year,
the Company is well funded through to the FID of Cabaçal. Importantly this has also opened the shares to
passive index-related buying.
We have greatly advanced Cabaçal's Definitive Feasibility Study and to the extent that we have updated
the DFS M&I resource statement as part of the required work-streams. Commenced ordering and
paying the deposits for long-lead items, such as the SAG mill. The Company has submitted the
Installation Licence for the mine and grown our Brazilian mine building management team.
On the resource development front we reported the inaugural resource statement for Santa Helena. The
mineral system remains open, with near mine exploration returning two new strong Au-Cu-Ag & Zn-Pb
zones.
We expect that H2, 2026 will be a strong period of growth for the Company and we are focused on
delivering results to our shareholders and local communities."
Qualified Person Statement
Mr. Erich Marques, B.Sc., FAIG, Chief Geologist of Meridian Mining and a Qualified Person as defined
by National Instrument 43-101, has reviewed, verified, and approved the technical information 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 Pre-feasibility Study technical report (the "PFS Technical Report") dated March 31, 2025, entitled:
"Cabaçal Gold-Copper Project NI 43-101 Technical Report and Pre-feasibility Study" outlines a base
case after-tax NPV5 of USD 984 million and 61.2% IRR from a pre-production capital cost of USD 248
million, leading to capital repayment in 17 months (assuming a metals price scenario of USD 2,119 per
ounce of gold, USD 4.16 per pound of copper, and USD 26.89 per ounce of silver). Cabaçal has a low
All-in-Sustaining-Cost of USD 742 per ounce gold equivalent & production profile of 141,000 ounces of
gold equivalent life of mine, driven by high metallurgical recovery, a low life-of-mine strip ratio of 2.3:1,
and the low operating cost environment of Brazil.
The Cabaçal Mineral Reserve estimate in the PFS consists of Proven and Probable reserves of 41.7
million tonnes at 0.63g/t gold, 0.44% copper and 1.64g/t silver (at a 0.25 g/t gold equivalent cut-off
grade).
Readers are encouraged to read the PFS Technical Report in its entirety. The PFS Technical Report
may be found under the Company's profile on SEDAR+ at
www.sedarplus.ca
and on the Company's
website at
www.meridianmining.co
The PFS Technical Report was prepared for the Company by Tommaso Roberto Raponi (P. Eng),
Principal Metallurgist with Ausenco Engineering Canada ULC; Scott Elfen (P. E.), Global Lead
Geotechnical and Civil Services with Ausenco Engineering Canada ULC; John Anthony McCartney,
C.Geol., Ausenco Chile Ltda.; Porfirio Cabaleiro Rodriguez (Engineer Geologist FAIG), of GE21
Consultoria Mineral; Leonardo Soares (BSc Geo, MAIG), Senior Geological Consultant of GE21
Consultoria Mineral; Norman Lotter (Mineral Processing Engineer; P.Eng.), of Flowsheets Metallurgical
Consulting Inc.; and, Juliano Felix de Lima (Engineer Geologist MAIG), of GE21 Consultoria Mineral.
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:
Ph: +44 (0) 203 930 3145 (GMT)
Media Enquiries:
Gareth Tredway / Saskia Sizen
Tel: +44 (0) 207 920 3150
Email:
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
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, as disclosed under the heading "Risk Factors" in Meridian's most recent Annual
Information Form filed on
www.sedarplus.ca
. While these factors and assumptions are considered
reasonable by Meridian, in light of management's experience and perception of current conditions and
expected developments, Meridian can give no assurance that such expectations 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.
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MERIDIAN MINING PLC
(Expressed in United States dollars)
Unaudited Half-Yearly Financial Report
Registered number 16832228
For the six months ended 30 June 2026
Contents
Interim Management Report
3
Risk Factors
7
Related Party Transactions
8
Statement of Directors' Responsibilities
8
Independent Review Report to Meridian Mining PLC
9
Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Loss
10
Condensed Consolidated Interim Statement of Financial Position
11
Condensed Consolidated Interim Statement of Changes in Equity
12
Condensed Consolidated Interim Statement of Cash Flows
13
Notes to the Condensed Consolidated Interim Financial Statements
14
INTERIM MANAGEMENT REPORT
For the six months ended 30 June 2026
Business Overview
Meridian Mining plc (the "Company") and its subsidiaries (together, the "Group") is a mineral resource
development and exploration group with projects in Brazil. The Group signed a Purchase Agreement on
6 November 2020, to acquire the rights within the Cabaçal gold ("Au") - copper ("Cu") - silver ("Ag")
Volcanic Massive Sulphide ("VMS") belt ("VMS Belt"), that included the historical Cabaçal Au-Cu-Ag
mine ("Cabaçal"), and the separate Santa Helena Cu-Au-Ag, zinc ("Zn"), and lead ("Pb") mine ("Santa
Helena") in the state of Mato Grosso, Brazil. The Group has separately secured additional licences
across the project's VMS Belt, and in the parallel Jauru and Araputanga Greenstone Belts to the west of
Cabaçal.
The Group also has non-core projects in the State of Rondônia, including the Espigão Cu-Au
polymetallic ("Espigão") project.
Strategy
Meridian's vision is to create sustainable value for its investors and stakeholders by developing and
exploring for high-quality resource assets. The Company is committed to being a responsible steward of
the environment and building collaborative partnerships with communities, governments, and all other
stakeholders for mutual success.
The Company's principal focus is on the resource development and exploration of Cabaçal.
Corporate Outlook
The Company's strategic priorities remain focused on advancing the development potential of its two
principal assets: the Cabaçal Au-Cu-Ag Project and the Santa Helena Au-Cu-Ag & Zn Project. Both
assets were acquired through the Purchase Agreement with two private Brazilian companies (detailed
below) and represent the core of the Company's near-term and medium-term growth strategy.
The primary focus for the period continued to be the advancement and completion of the Feasibility
Study for the Cabaçal Project. This work follows the successful publication of the Cabaçal Pre-Feasibility
Study ("PFS") in March 2025. The Definitive Feasibility Study encompasses basic engineering,
economic analysis, metallurgical testwork, and final environmental studies and is targeted for completion
in Q4 2026. The infill drilling programme required to support the Feasibility Study was completed on 7
October 2025.
In parallel, the Company has conducted a dedicated drilling programme at Santa Helena to evaluate the
potential for a second open-pit development. From the second quarter of 2026 and onwards, this
programme transitioned to near-mine and regional exploration drilling. Metallurgical test work at Santa
Helena is ongoing, with a specific focus on improving precious metal recoveries in the fresh rock zones
of the deposit.
Beyond the two principal deposits, the Company is undertaking regional exploration along the broader
VMS Belt. Planned activities will progressively evaluate more than 50 kilometres of strike length across
prospective geology held under licence. The objective of this programme is to identify additional Cu-Au-
Ag systems that may support future resource growth and potential satellite development opportunities.
The Company will also look to test the copper-gold potential of the Espigão project in Rondonia during
2026.
To support these operational and strategic initiatives, the Company continues to strengthen its Executive
Management team and expand its Brazilian operational capabilities. These efforts are aligned with the
long-term development of the Cabaçal Project and the continued growth of the Company's regional
project portfolio.
Cabaçal Highlights
On 27 May 2026, the Company announced the submission of the Cabaçal Installation Licence
application and provided an update on the Definitive Feasibility Study ("DFS"), including:
DFS Progress
The Cabaçal Feasibility Study is nearing 50% completion and remains on schedule for
Q4 2026.
Long-lead Equipment Procurement
Purchasing of long-lead items now locks in prices and shortens the time to
construction.
SAG Mill technical specification completed and pricing secured.
Electrical transformers ordered from a Brazilian supplier with delivery dates confirmed.
Pre-construction Activities
Roads, bridges and power easements surveyed for upgrade and construction.
Civil engineering tenders are under review.
Commitment letters for life-of-mine power supply signed.
On 20 January 2026, the Company reported results of separate Mineral Resource Estimates for
the Cabaçal deposit and the Santa Helena Central deposit, concluded by its consultant, with
highlights including: Cabaçal mine's Au-Cu-Ag open-pittable resource expanded: M&I: 70.1Mt @
0.6g/t Au, 0.3% Cu, 1.3g/t Ag; Metal increases of 39.2% for Au, 14.2% for Cu and 19.3% for Ag;
Mineralisation remains open down dip. Santa Helena Central's maiden open-pittable Au-Cu-Ag-
Zn-Pb resource declared: M&I: 5.3Mt @ 0.6g/t Au, 0.4% Cu, 15.5g/t Ag, 1.9% Zn & 0.4% Pb. The
Cabaçal VMS Belt's M&I resources total 1.4Moz Au, 0.6Blbs Cu, 5.6Moz Ag, 217.4Mlbs Zn and
49.9Mlbs Pb and Cabaçal DFS metallurgical studies have optimised recoveries of Au, Cu & Ag.
The Company also reported that ten additional mineral title applications have been approved for
exploration by the ANM in Mato Grosso, in the Cabaçal, Araputanga and Jauru Belts. With the
increasing focus on copper-gold exploration in Mato Grosso, the Company has decided to
relinquish certain non-core licences in Rondônia (within the Mirante da Serra and Ariquemes
districts).
Santa Helena Highlights
20 surface diamond holes for 1,598m, for resource definition;
Engineering and environmental work to provide data for a preliminary licence application;
On 17 June 2026, the Company announced the discovery of second layer of gold-silver and zinc-
lead VMS mineralisation.
Highlights included:
Santa Helena expansion programme discovers a second Au-Ag & Zn-Pb system of VMS
mineralisation;
New VMS layer of Au-Ag & Zn-Pb mineralisation intercepted below and east of Santa
Helena Central resource
- CD-869 returns 7.2m @ 1.4g/t Au, 0.1% Cu, 24.3g/t Ag, 2.3% Zn, 0.9% Pb;
- First appearance of visible gold hosted within the Santa Helena area mineralisation;
- CD-869 interpreted as the down-dip extension of Santa Helena North IP anomaly;
- Mineralisation remains open;
Exploration drill programmes for further multiple stacked horizons hosted within the Santa
Helena VMS system continue and ;
- Programme to test for both open pit and underground extensions to CD-869.
On 14 May 2026, the Company announced the discovery of gold mineralisation at Álamo and
reported further results from Santa Helena Central:
Meridian's exploration programme discovers new gold zone at Álamo:
-
CD-852 returns 3.5m @ 2.4g/t Au, 0.5% Cu, 9.5g/t Ag & 0.7% Zn from 108.9m;
-
Peak gold assay of 8.8 g/t Au over 0.4m, with robust gold grades over multiple
metres;
-
Structurally hosted gold mineralisation that remains open in all directions;
-
Located on the western sector of the 1.6km Álamo trend;
Infill drill programme at Santa Helena Central returns near-surface mineralisation results:
-
CD-854: 21.2m @ 1.5g/t Au, 1.2% Cu, 45.7g/t Ag & 6.0% Zn from 71.6m;
Incl. 10.7m @ 2.5g/t Au, 2.4% Cu, 76.7g/t Ag & 11.7% Zn from 73.0m;
-
CD-853: 14.8m @ 1.5g/t Au, 1.6% Cu, 41.9g/t Ag & 5.8% Zn from 29.7m;
Incl. 6.9m @ 2.8g/t Au, 3.2% Cu, 78.0g/t Ag & 10.3% Zn from 32.8m;
-
CD-849: 11.7m @ 2.2g/t Au, 1.8% Cu, 50.3g/t Ag & 3.9% Zn from 46.4m;
Incl. 5.3m @ 4.5g/t Au, 3.9% Cu, 103.7g/t Ag & 7.7% Zn from 47.4m; and
-
Peak grades of 17.5 g/t Au (CD-840, 26.5 - 27.2m), 311g/t Ag (CD-847: 79.8 -
80.4m), 11.6% Cu (CD-833, 32.4 - 33.2m) and 22.1% Zn (79.8 - 80.4m)
Regional Exploration
30 surface diamond holes for 5,943m;
99 auger holes for 88m;
Surface geophysics, with 25.8 line kilometres of gradient array induced polarisation survey and
17.0 line kilometres dipole-dipole surveys with 4.40 line kilometres of mise-à-la-masse;
Borehole electromagnetic ("BHEM") surveys, with 10 holes surveyed;
Surface geochemistry, with 957 soil samples and 74 rock samples collected;
Regional mapping and reconnaissance; and
Georeferencing, vectorisation and integration of historical maps over the regional licence
application areas.
Corporate Highlights
During the six months ended 30 June 2026, the Company issued 1,819,541 ordinary shares
related to the exercise on a cashless basis (net exercise) of 2,752,382 share purchase stock
options, in accordance with the Company's omnibus plan and 774,380 ordinary shares for cash
proceeds of $288,256 pursuant to the agent's compensation options at the exercise price of
C$0.45 and C$1.10.
On 12 February 2026, the Company closed a bought deal offering through the issuance of
36,392,900 ordinary shares at a subscription price of C$1.58 per ordinary share, for aggregate
gross proceeds to the Company of $42,226,562 (C$57,500,782).
On 27 April 2026, the Company announced its application for Listing on the Main Market of the
London Stock Exchange, Publication of Prospectus and Proposed Fundraising to Raise Up to
GBP 25 million by way of an institutional placing and a separate retail offer.
In connection with the London admission, the Company completed an institutional placing and
retail offer during April and May 2026. The transactions and their effect on share capital are
described in Note 10.
On 1 May 2026, the Company's entire issued share capital was admitted to the equity shares
(commercial companies) category of the Official List of the Financial Conduct Authority and to
trading on the Main Market of the London Stock Exchange. The Company retained its Toronto
Stock Exchange listing. Further details are set out in Note 10.
On
4 June 2026, the Company announced its inclusion in the relevant FTSE indices and the
transfer of trading in its shares from SETSqx to SETS.
On June 29, 2026, the Company's shareholders elected Dr. Carlos Vilhena and Mr. Felipe
Holzhacker Alves to the Board of Meridian as additional Independent Non-Executive Directors. Dr.
Adrian McArthur, the Company's President, and Mr. John Skinner have stepped down from the
Board. McArthur, a Company Director since 2020, continues his full-time role as Meridian's
President and directorships of certain of the Company's Brazilian subsidiaries. Mr. Skinner, a Non-
Executive Director of the Company since 2021, has accepted a voluntary role on the Company's
Advisory Board.
Financial review
For the six months ended 30 June 2026:
Exploration and evaluation expenses increased to $5,674,809 (six months ended 2025 -
$3,814,717). The increase reflects the continued advancement of the Cabaçal DFS, with
expenditures on engineering, environmental, infrastructure, permitting and technical support
activities, together with work performed to obtain the Preliminary Licence for the Santa Helena
project.
General and administration expenses increased to $3,008,355 (six months ended 2025 -
$1,591,097). The variance was mainly driven by an increase in management fees due to changes
in fees and salaries by certain executives and the hiring of a new executive.
Professional fees decreased to $697,450 (six months ended 2025 - $1,119,420) primarily
because the prior-year period included strategic advisory services related to capital markets
initiatives, other corporate advisory matters, and costs associated with the Company's conversion
to a PLC.
Share based compensation decreased to $395,572 (six months ended 2025 - $1,001,584). The
decrease mainly reflects the grant of 175,000 stock options during the current period, compared to
7,250,000 stock options granted in the same period of 2025.
Foreign exchange result was a loss of $3,597,477 (six months ended 2025 - gain of $708,126).