Mr. Gilbert Clark reports

MERIDIAN UPDATES ON CABACAL'S ADVANCEMENT TOWARDS FINAL INVESTMENT DECISION

Meridian Mining PLC has provided an update on the advancement toward the final investment decision (FID) of the Cabacal gold, copper and silver project in Mato Grosso, Brazil. AFRY, an international leader in engineering, project management and advisory services, has been awarded Cabacal's engineering, procurement and construction management (EPCM) contract. Meridian is also advancing the selection of Cabacal's project finance partner(s) after receiving numerous indicative financing proposals, which include several fully financed proposals. The company is also reporting that orders for long-lead items are placed, and off-site access upgrades are on track for 2026.

Highlights:

• Cabacal, Brazil's next copper-gold mine, has entered the preconstruction phase:
  • Leading Brazilian and international engineering firm AFRY awarded Cabacal's EPCM contract;
  • 138-kilovolt power line installation licence and access agreements for power easement to site are established;
  • Engineering contracts for upgrading heavy-vehicle road access to site awarded;
• Cabacal's DFS1 results of $2.1-billion (U.S.) net present value (discounted at 5 per cent) and 108-per-cent internal rate of return generate strong offers for project finance:
  • Fully financed indicative proposals of debt plus equity totalling $400-million (U.S.) have been received;
  • Low capex (capital expenditure), rapid repayment and strong life-of-mine cash flows drive lender interest;
  • High-quality, clean copper-plus-gold-silver concentrates drive offtake interest from traders and smelters;
• Capital expenditure for preconstruction investment commitments exceed $30-million (U.S.) with more planned by year-end.

Gilbert Clark, chief executive officer, commented: "We are advancing towards Cabacal's FID and welcome AFRY as our EPCM contractor. AFRY's Brazilian team have built and expanded many Brazilian mines over the last 50 years, and we look forward to their input as we bring into production one of South America's most watched mine developments. To build Cabacal, we need to arrange project finance, and this has been in planning since 2024. I am not surprised by the strength of the project finance indicative proposals received from the various financial, trading and industrial groups involved in the process. The project's economics and the exceptional quality of its copper-plus-gold-silver concentrates have created serious interest. Having a strong treasury of approximately $90-million (U.S.) puts Meridian in a healthy position to move Cabacal forward and select the right partners as we move from developer to producer while expanding our copper and gold exploration programs."

Appointment of EPCM contractor

The company has appointed AFRY as the EPCM contractor for Cabacal, after a thorough assessment process, including extensive technical due diligence. AFRY's project construction management strength was a key factor in its selection. It continues to be Meridian's priority to maximize Brazilian content in Cabacal's build and AFRY has been operating in Brazil since 1969 and today has approximately 1,450 professionals in-country, supported by a global organization of around 18,000 professionals with a combined history dating back to 1895.

AFRY's recent Brazilian clients, for which it has provided various engineering and construction services, include Aura Minerals, Nexa Resources (in Mato Grosso), Hochschild Mining and Ero Copper. AFRY's active portfolio covers a broad range of industries, including mining and metals, pulp and paper, pharmaceuticals, biofuels, and consumer goods. Brazilian assignments include Arauco, Novo Nordisk, Acelen, Grupo Boticario, CBMM, AngloGold Ashanti and Vale.

AFRY's current operations in Brazil are the result of various acquisitions over the years and from the combination of its business and Poyry's global business in 2019. The most recent acquisition by AFRY in Brazil was Reta Engenharia, in July, 2025. With Reta Engenharia, a Brazilian company specialized in project construction management founded in 1995 in Belo Horizonte, the combined AFRY-Reta business is a major player in the Brazilian mining and metals engineering market. For the EPCM process, Meridian's build team will be operating out of AFRY's Belo Horizonte office.

Project development update

The company has 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. To manage these activities, Meridian has expanded its owner team to 13 professionals, and additional management, engineering and technical personnel will be recruited in due course.

As outlined in the feasibility study, a 138-kilovolt power line spanning 24.3 kilometres will be constructed, originating from the Araputanga substation -- the designated connection point to the national grid -- to the Cabacal site. The Declaration of Public Utility, which authorizes the installation of structures along the line's route, has been secured, as has the installation licence for these structures. The company is currently managing a competitive bidding process to select an EPC (engineering, procurement and construction) contractor for the construction of the power line. The scope of work includes upgrading the connection substation, constructing the power line and building the receiving substation at the Cabacal plant.

A key part of Meridian's ramp-up toward FID, construction and then operation is sourcing future employees from Cabacal's local communities. With the company's partner, FIEMT (Federacao das Industrias no Estado de Mato Grosso), through SENAI (Servicos Nacional de Aprendizagem Industrial), a technical college is being established in Sao Jose dos Quatro Marcos that will be used to train future employees. During peak construction, it is projected that over 1,300 people will be required, and, during mining operations, more than six hundred people will be needed.

Project finance update

The company has completed an initial outreach program to various debt providers, banks, funds, commodity traders and export credit agencies. The company 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.

Based on Cabacal's DFS (definitive feasibility study) technical report (as defined below), the indicative proposals received from these groups provide Cabacal with a strong selection of financing options. The company is currently assessing the proposals to generate a short list of preferred bidders for detailed negotiations.

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 (volcanogenic massive sulphide) 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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