Meridian Mining Plc · TSX:MNO

Meridian Mining — Investor Presentation (February 2026)

38 slides from Meridian Mining's investor presentation, February 2026

  1. Slide 1: Creating Brazil's Next Gold-Copper Miner

    CREATING BRAZIL’S NEXT GOLD-COPPER MINER Corporate Presentation MNO MRRDF N2E meridianmining.co

  2. Slide 2: Cautionary Note Regarding Forward-Looking Statements

    C AUTIONARY N OTE R EGARDING MERIDIAN F ORWARD -L OOKING S TATEMENTS MINING This presentation does not constitute or form a part of, and should not be construed as an offer, solicitation or invitation to subscribe for, underwrite or otherwise acquire, any securities of Meridian Mining plc (“Meridian

  3. Slide 3: Investor Highlights: Developing an Exceptional Project

    I NV E S T O R H I G HL I G HT S 1 MERIDIAN MINING DEVELOPING AN EXCEPTIONAL PROJECT CABAÇAL - PRODUCTION EXECUTION Fully financed to Decision to Mine, and Cabaçal Deposit accelerated development programmes USD 1.0 Billion NPV5 Au-Cu-Ag PFS exceptional economics (Base case pricing): Low initial cape

  4. Slide 4: Exceptional PFS Economics Across the Price Scenarios

    E XCE PT I ONA L P F S E CONO M I CS A CR O SS T HE P R I CE S CE NA R I OS MERIDIAN MINING Notes: 1 See News Release 10th March 2025 POST-TAX NPV 5 (USDM) AND IRR (%) SENSITIVITY TO METALS PRICES Post-Tax NPV5 (USDm) and IRR (%)Sensitivity to Metals Price 1240.831 Gold Price Base 1,500 2,000 2,119

  5. Slide 5: PFS – Cashflow & Production Metrics

    P F S – C A S HFL OW & P R ODUCT I O N M E T R I CS 1 MERIDIAN MINING MILL THROUGHPUT VS AU PRODUCTION ANNUAL GRADE PROFILE (GOLD / COPPER / SILVER) FREE CASH FLOW METRICS Notes: 1 See “Cabaçal Gold-Copper Project NI 43-101 Technical Report and Pre-feasibility Study” - 10th March 2025 meridianmining

  6. Slide 6: Benchmarking PFS vs Brazilian Peers

    B E NCHM A R K I NG P F S V S B R A Z I L I A N P E E R S MERIDIAN MINING Description Units Cabaçal* Planalto** Castelo de Sonhos Monte do Carmo Borborema Matupa Tocantinzinho Mara Rosa Tucuma** Project Metrics Date 04 March 2025 21 October 2025 05 May 2025 15 December 2023 30 August 2023 05 October

  7. Slide 7: Execution of a Buildable and Scalable Project

    E XE CUT I ON O F A B UI L DA B L E A ND S CA L A B L E P R OJ E CT MERIDIAN MINING CABAÇAL’S DRILL RESULTS MILL LAYOUT CD-072: 49.0 m @ 4.3 g/t Au 0.4% Cu & 1.2 g/t Ag incl: 12.4 m @ 16.6/t Au, 1.0% Cu & 2.8 g/t Ag CD-205: CD-049: 54.9m @ 2.1g/t Au, 0.1% Cu & 0.5g/t Ag 53.7m @ 10.8g/t Au, 0.3% Cu &

  8. Slide 8: Reserve Statement and Metallurgy – Cabaçal PFS 2025

    R E S E R V E S T A T E M E NT A ND M E T A L L UR GY – C A B A ÇA L P F S 2 0 2 5 1 MERIDIAN MINING RESERVE STATEMENT - 89% PROVEN CATEGORY Reserve Average Value Metal Content Classification Mass Au Cu Ag Au Cu Ag Mt g/t % g/t k oz kt k oz Proven 37.11 0.67 0.45 1.64 797 166 1,963 Probable 4.59 0.3

  9. Slide 9: Resource Update and DFS Process Updates

    D F S P R O CE SS U PDA T E S MERIDIAN MINING RESOURCE UPDATE Average Value Material Content Classification Mass Au Ag Cu Au Ag Cu Mt g/t g/t % koz koz kt Measured 64.69 0.57 1.34 0.34 1,175.68 2,787.77 221.61 Indicated 5.41 0.48 0.99 0.22 83.54 172.59 11.87 Total 70.10 0.56 1.31 0.33 1,259.22 2,960

  10. Slide 10: Utilizing Existing Infrastructure

    U T I L I Z I NG E XI S T I NG I NFR A S T RUCT UR E MERIDIAN MINING Hydro-Power Generation: 375 MW (within 100km) LOM Power Costs: USc 5.4 / kWh Espigão Project Power Substation Cabaçal Project ~20 km Cabaçal Project Trucking Route Hydroelectric Dam 40 km Rail Head ~385 km Notes: 1 See “Cabaçal Gol

  11. Slide 11: Cabaçal Timetable & Milestones

    C A B A ÇA L T I M E T A B L E & M I L E ST O NE S MERIDIAN MINING 2026 2027 2028 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 WET SEASON DRY SEASON WET SEASON DRY SEASON WET SEASON DRY SEASON WET SEASON FEASIBILITY STUDY PROJECT FINANCE INSTALLATION LICENCE1 LONG LEAD-TIME ITEMS INFRASTRUCTURE & CIVIL WORKS

  12. Slide 12: Mine Corridor from Cabaçal to Santa Helena

    C E NT R A L Z ONE OF 5 0 K M B E L T MERIDIAN M I NE C O R R I DOR FR O M C A B A ÇA L T O S A NT A H E L E NA MINING OPEN meridianmining.co MNO MRRDF N2E 12

  13. Slide 13: Santa Helena Central and Growth Targets

    S A NT A H E L E NA C E NT R A L A ND G R OWT H T A R G E T S MERIDIAN MINING SANTA HELENA CENTRAL MAIDEN RESOURCE* Average Value Metal Content Mass Au Ag Cu Zn Pb Au Ag Cu Zn Pb Classification Mt g/t g/t % % % koz koz kt kt Kt Measured 4.75 0.59 16.02 0.46 1.95 0.44 89.43 2443.96 21.63 92.36 21.07

  14. Slide 14: Belt Scale Exploration

    B E L T S CA L E E XP L OR A T I ON O V E R 5 0 K M MERIDIAN MINING Near-Mine Exploration Programs Multiple potential Mining Hubs Expanding Exploration Programs Cigarra Sucuri Álamo Chiquito Santa Fé Alvorada SANTA HELENA CENTRAL EXPANDED EXPANSION OF HELENA SANTA RESOURCE DRILL PROGRAM TARGETS REPO

  15. Slide 15: Generative Exploration Across Greenstone Belts

    G E NE R A T I V E E XP L OR A T I ON A CR O SS 3 G R E E NS T ONE B E L T S MERIDIAN MINING Largest Current Soil Annomaly over 7km Peak Copper Jauru in Steam Copper Anomaly Anomalies Peak Gold in Steam Anomalies Exploration Significant land EXPLORATION DRILLING AT DRILLING AT JAURU REGIONAL budget

  16. Slide 16: Corporate Information

    C OR P O R A T E I NFOR M A T I ON MERIDIAN MINING CORPORATE STRUCTURE1 MERIDIAN MINING PLC Shares Outstanding 456.9 m Options 19.9 m (CAD 0.35-1.10) Fully Diluted 476.9 m Share Price CAD 1.68 (12 Feb 2026) Market Capitalization CAD 766.9 m Cash2 CAD 63.9m (30 September 2025) Placing Proceeds3 CAD 5

  17. Slide 17: Meridian Leadership

    M E R I DI A N L E A DE R S HI P MERIDIAN MINING BOARD OF DIRECTORS BRUCE MCLEOD GILBERT CLARK ADRIAN MCARTHUR JOHN SKINNER Independent Chair CEO & Director President & Director Independent Director +30 years experience +25 years experience +25 years experience +35 years experience SUSANNE SESSELMAN

  18. Slide 18: Meridian – Creating Brazil's Next Gold-Copper Miner

    M E R I DI A N – C R E A T I NG B R A Z I L ’ S NE XT G O L D - CO PPE R M I NE R 1 MERIDIAN MINING PRODUCTION EXECUTION Fully financed to Decision to Mine, and accelerated development programmes Rapidly advancing Cabaçal PFS exceptional economics (Base case pricing): toward production Low initial c

  19. Slide 19: Appendix

    APPENDIX meridianmining.co MNO MRRDF N2E 19

  20. Slide 20: Clean Industrial Renewable Energy

    C L E A N I NDUS T R I A L R E NE WA B L E E NE R G Y MERIDIAN MINING REGIONAL HYDROELECTRIC 2 www.frontiersin.org/articles/10.3389/fenvs.2020.579031/full GENERATION1,2 Source: 1 www.quebecengenharia.com.br/complexo-juruena Jaurú Cascade 235.9 MW (6 Facilities) Juba Cascade 139.4 MW (4 Facilities) O

  21. Slide 21: Meridian Advisory Board

    M E R I DI A N A DV I SOR Y B OA R D MERIDIAN MINING CABAÇAL HISTORY BP MINERALS RIO TINTO Discovery Development Production Acquisition 1980-1984 1984-1986 1986-1991 1989-2005 AFONSO ROCKY G I L S ON J OH N FIGUEIREDO OSBORNE TE I X E I R A WAG H OR N Geologist Geologist Geologist Geologist + 50 yea

  22. Slide 22: Structured Purchase Agreement to Acquire a 100% Beneficial Interest

    S T R UCT U R E D P UR CHA S E A G R E E M E NT T O A CQ UI R E A 1 0 0 % MERIDIAN B E NE FI CI A L I NT E R E S T 1 MINING Protects Meridian Shareholders Equity and provides Vendors an Interest Going Forward Vendor Payment Payments Requirements Vendor Payment (Shares) Status (USD) 1 On signing 25,0

  23. Slide 23: Production Metrics

    P R ODU CT I O N M E T R I CS 1 MERIDIAN MINING Item Plant Feed Mined Mt 41.7 Waste Mined Mt 97.2 Total Mined Mt 138.9 Mill Throughput (LOM Average) Mt/annum 3.9 Total gold production ounces 744,301 Total copper production tonnes 169,647 Total silver production ounces 1,328,514 Item Milled tonnes Mt

  24. Slide 24: Capital Cost Breakdown

    C A PI T A L C OST B R E A K DO WN 1 MERIDIAN MINING Cabaçal Initial Capital Costs Item US$mm Mining 30.08 Process Plant 119.03 Dry Stack tailings 9.35 Off site infrastructure 9.96 Total Directs 168.41 Project Indirects 29.78 Owner's Costs 8.42 Total Indirects 38.20 Contingency 41.32 Project Total 2

  25. Slide 25: Operating Cost Breakdown

    O PE R A T I NG C OST B R E A K DOWN 1 MERIDIAN MINING Cabaçal Operating Costs Breakdown Item USD/t milled USD/oz Mining Costs 8.52 246.92 Labour 1.31 37.83 Power 1.54 44.56 Reagents & Consumables 2.64 76.57 Maintenance 0.90 26.05 Water/sewage 0.00 0.05 Road maintenance 0.04 1.14 Laboratory 0.24 7.0

  26. Slide 26: Project Metrics

    P R OJ E CT M E T R I CS 1 MERIDIAN MINING Item LOM Plant Feed Mined Mt 41.7 Waste Mined Mt 97.2 Total Mined Mt 138.9 Strip Ratio Waste:Mineralized Ore 2.3 Milled tonnes Mt 41.7 Mill Throughput Mt/annum 2.5 then 4.5 Item LOM Total gold production ounces 744,301 Total copper production tonnes 169,647

  27. Slide 27: Project Economics

    P R OJ E CT E CONO M I CS 1 MERIDIAN MINING Notes: 1 See “Cabaçal Gold-Copper Project NI 43-101 Technical Report and Pre-feasibility Study” - 10th March 2025 meridianmining.co MNO MRRDF N2E 27

  28. Slide 28: Mining Schedule

    M I NI NG S CHE DUL E 1 MERIDIAN MINING Mining Schedule Low Grade Stockpile Balance Plant Feed Year Total LG Plant ROM Au Ag Cu Waste Au Ag Cu Au Ag Mov Stock Feed Cu (%) (Mt) (g/t) (g/t) (%) (Mt) (g/t) (g/t) (%) (g/t) (g/t) (Mt) (Mt) (Mt) Pre-Stripping 1.89 0.31 0.89 0.34 8.41 10.30 2.12 0.47 0.90

  29. Slide 29: Selected Long & Cross-Sections Cabaçal Deposit

    S E L E CT E D L ONG & C R OSS - S E CT I ONS C A B A ÇA L D E PO SI T 1 MERIDIAN MINING LONG-SECTION (4-4’) CROSS-SECTION (K-K’) CROSS-SECTION (M-M’) CROSS-SECTION (O-O’) CROSS-SECTION (Q-Q’) Notes: 1 See “Cabaçal Gold-Copper Project NI 43-101 Technical Report and Pre-feasibility Study” - 10th Marc

  30. Slide 30: Cabaçal Mine Layout

    C A B A ÇA L M I NE L A Y OUT 1 MERIDIAN MINING Simple Mine and Plant Layout Tailings optimized for Trucking Distance Notes: 1 See “Cabaçal Gold-Copper Project NI 43-101 Technical Report and Pre-feasibility Study” - 10th March 2025 meridianmining.co MNO MRRDF N2E 30

  31. Slide 31: Cabaçal Plant Layout

    C A B A ÇA L P L A NT L A YOUT 1 MERIDIAN MINING Two stage expansion plan with footings in place for 4.5mtpa production Notes: 1 See “Cabaçal Gold-Copper Project NI 43-101 Technical Report and Pre-feasibility Study” - 10th March 2025 meridianmining.co MNO MRRDF N2E 31

  32. Slide 32: Cabaçal Flowsheet

    C A B A ÇA L F L OW S HE E T 1 MERIDIAN MINING Primary Optimized Re-agents Grind Knelson Ore 200 Micron Rougher Tails Mozley Rougher Cleaner Pyrite Conc. Scavanger Rougher Gold Gravity Conc. Concentrate 30 Micron Pyrite Concentrate Copper Concentrate Notes: 1 See “Cabaçal Gold-Copper Project NI 43-1

  33. Slide 33: Process Flowsheet

    P R OCE S S F L OWS HE E T 1 MERIDIAN MINING SIMPLE PROCESS FLOWSHEET WITH HIGH RECOVERIES Jaw Crusher Primary Grind ~200 microns Gravity Circuit – 30% Au First Cu Flotation Re-Grind ~30 microns Cleaner Circuit delivers high grade, high recovery, clean concentrate ENGINEERED FOR EXPANSION SAG Mill f

  34. Slide 34: Regional Exploration Targets

    R E G I ONA L E XP L OR A T I ON T A R G E T S 1 MERIDIAN MINING DISTRICT SCALE Araputanga Belt Cabaçal Belt 928 km2 tenements Cabaçal Regional Mine Exploration by BP Minerals Historical Cu-Au-Zn Hydroelectric Dam Santa Helena Mine geochemical Santa Fé anomalies Potential extensions of VMS belt Loca

  35. Slide 35: Cabaçal VMS Belts

    CA G BAAL ÇA L OB VMSL BELTS MERIDIAN MINING VMS CLUSTERS - VMS BELTS – LOW CAPEX – HIGH RETURNS – HUB & SPOKE STRATEGY LONG LIFE VMS deposits occur in clusters & tend to Noranda Snow Lake form ~4km spacings 262 Mt / +55 years 56 Mt / +65 years Deposit clusters ideal for Hub & Spoke development stra

  36. Slide 36: Evolution of VMS Camps Over Time

    E V OL U T I O N OF V M S C A M P S OV E R T I M E 1 MERIDIAN MINING THE TECHNICAL EVOLUTION Flin Flon Greenstone Belt Mine Life First discovery identified through & Discovery Methods prospecting (David Collins - Tom Creighton, 1914) Method Used • Geophysical Early mapping and geochemistry may Geolo

  37. Slide 37: Espigão IOCG Target

    E S PI G Ã O I O C G T A R G E T MERIDIAN MINING ESPIGÃO PROJECT Iron Oxide-Copper-Gold (“IOCG”) type deposits host the giant Cu-Au mines of Brazil and some of the biggest Cu-Au mines internationally e.g. Salobo & Olympic Dam Espigão hosts the prospective geochemistry comparable to large-scale IOCG

  38. Slide 38: Gilbert Clark, Meridian Mining plc

    Meridian Mining plc Gilbert Clark Phone: +44 (0) 203 930 3145 (GMT) Corporate Address: Chief Executive Officer Email: info@meridianmining.net.br 8th Floor 4 More London, Riverside, London, United Kingdom, SE1 2AU Corporate Presentation MNO MRRDF N2E meridianmining.co

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