Strong Economics For Cabaçal's Preliminary Economic Assessment

LONDON, UK - Meridian Mining UK S announced positive results of the Preliminary Economic Assessment for the Cabaçal gold-copper deposit in Brazil. The PEA study confirms the economic potential of the project, positioning it as a promising growth opportunity for the company.

The Base case after-tax NPV5 of $573M (CAD1 $778M) and 58.4% IRR using $1,650/oz gold, $3.59/lb copper, and $21.35/oz silver, and the Spot case after-tax NPV5 of $745M (CAD1 $1.01B) and 69.7% IRR using3 $1,841/oz gold, $4.13/lb copper, and $21.35/oz silver. High-grade year 1 mill feed of 2.3 g/t gold and 0.29% copper which generates high after-tax first year free cash flow of $204M, leading to capital repayment in 10.6 months. Average grade of 0.64 g/t gold and 0.31% copper over the life of mine - which demonstrates the efficiency of the flowsheet in recovering the gold, copper and silver.

Average annual gold equivalent production of 131,100 ounces at AISC of $670.70/oz AuEq2 for years 1-5;Total LOM (22.3 years) production of 1.02M ounces gold, 353 Mlbs of copper and 1.76M ounces of silver; Pre-production CAPEX of $179.6M (CAD1 $244.1M); Low life-of-mine strip ratio of 2.1:1; After tax NPV5:CAPEX Ratio of 3.2:1; and Significant potential for future economic optimization and project upside remains through engineering optimizations, increased throughput and additional resources that could be identified through the ongoing drill programs.

Adrian McArthur, CEO commented, "The PEA demonstrates Cabaçal's exceptional potential as a sustainable, low-cost open-pit mining operation capable of supplying both industrial and precious metals to the global market. The PEA study has shown exceptionally high-margin and meaningful returns, confirming both the quality of the asset and the expertise of our technical team. Within just two years of acquiring Cabaçal, we have produced our first economic study, outlining an after-tax NPV5 of $573m, which is a testament to our commitment to swift and effective progress.

The PEA lays a solid foundation for expansion, as the Company anticipates that optimization studies will confirm the potential for superior economic returns by increasing annual throughput from 2.5Mt to ~4Mt after year four, while still using the same resource. What excites us even more is the potential for further growth, not only at Cabaçal, but also at our other satellite targets, including the nearby St Helena mine within trucking distance. This presents a genuine opportunity for us to advance Cabaçal, as outlined in our PEA, and to systematically develop a cornerstone asset in a significant new gold and copper camp over time."