# For the three and six months ended and 2025

Source Brief: https://evesgoldminers.com/research/source-briefs/meridian-mining-plc-for-the-three-and-six-months-ended-and-2025-04fd386e
Original source: https://meridianmining.co/wp-content/uploads/2026/08/4.-20260630-Meridian-FS-Canadian-Final.pdf
EGM generated: 2026-09-27
Company: Meridian Mining plc (MNO)

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## Extracted Document Text

# For the three and six months ended and 2025

Source: https://meridianmining.co/wp-content/uploads/2026/08/4.-20260630-Meridian-FS-Canadian-Final.pdf
Fetched: 2026-09-12T07:05:21.418+00:00
Source artifact: 04fd386e-ca7c-4c93-87eb-ed4570ed1f7c
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## Content

# For the three and six months ended and 2025
MERIDIAN MINING PLC
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Expressed in United States dollars)
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 and 2025
(UNAUDITED)
Page | 1
MERIDIAN MINING PLC
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
(Expressed in United States dollars)
(Unaudited)
As at June As at December
30, 2026 31, 2025
ASSETS
Current assets
Cash $ 95,975,354 $ 41,709,473
Prepaid expenses and other assets 589,459 285,219
96,564,813 41,994,692
Non-current assets
Property, plant and equipment (Note 4) 2,003,167 750,927
Intangible assets 35,036 45,585
Exploration and evaluation assets (Note 5) 6,268,868 3,329,764
Total assets $ 104,871,884 $ 46,120,968
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable and accrued liabilities (Note 6) $ 2,261,972 $ 2,665,576
Taxes and fees payable (Note 7) 111,339 177,940
Provisions (Note 8) 373,128 351,967
2,746,439 3,195,483
Equity
Share capital (Note 9) 5,491,760 4,693,092
Share premium (Note 9) 106,804,084 35,487,829
Reserves (Note 9) 70,529,791 70,616,063
Deficit (80,700,190) (67,871,499)
Total equity 102,125,445 42,925,485
Total liabilities and equity $ 104,871,884 $ 46,120,968
Nature of business and going concern (Note 1)
Subsequent events (Note 16)
On behalf of the Board on August 12, 2026:
“Gilbert Clark” Director “Douglas Ford” Director
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
Page | 2
MERIDIAN MINING PLC
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS AND OTHER COMPREHENSIVE LOSS
(Expressed in United States dollars, except share and per share amounts)
(Unaudited)
Three months ended June 30, Six months ended June 30,
2026 2025 2026 2025
Operating expenses
Exploration and evaluation expenses (Note 11) $ 3,193,462 $ 2,121,747 $ 5,674,809 $ 3,814,717
General and administration expenses (Note 12) 1,435,973 798,803 3,008,355 1,591,097
Professional fees 119,872 565,870 697,450 1,119,420
Care and maintenance expenses 43,558 16,375 89,699 35,841
Share-based payments (Note 9) 135,977 1,001,584 395,572 1,001,584
Gain on Mineral Rights Sale (19,385) - (19,385) -
Depreciation and amortization expenses 83,605 43,355 130,110 89,613
Total operating expenses (4,993,062) (4,547,734) (9,976,610) (7,652,272)
Loss from operations (4,993,062) (4,547,734) (9,976,610) (7,652,272)
Finance items
Finance income 543,454 111,790 828,997 189,980
Finance expense (53,299) (5,103) (83,601) (10,663)
Foreign exchange (loss) gain (1,985,057) 825,423 (3,597,477) 708,126
Total finance (expense) income (1,494,902) 932,110 (2,852,081) 887,443
Loss for the period before tax (6,487,964) (3,615,624) (12,828,691) (6,764,829)
Income tax expense - - - -
Loss for the period (6,487,964) (3,615,624) (12,828,691) (6,764,829)
Other comprehensive income (loss)
Items that have been or may be reclassified to (loss) income in
subsequent periods
Foreign currency translation 13,793 13,040 115,915 93,246
Total other comprehensive (loss) income 13,793 13,040 115,915 93,246
Total comprehensive loss $ (6,474,171) $ (3,602,584) $(12,712,776) $ (6,671,583)
Loss per share (“EPS”) (Note 9)
Basic $ (0.01) $ (0.01) $ (0.03) $ (0.02)
Diluted $ (0.01) $ (0.01) $ (0.03) $ (0.02)
Weighted Average Number of Shares Outstanding (000s)
Basic 476,430 351,696 458,556 338,554
Diluted 476,430 351,696 458,556 338,554
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
Page | 3
MERIDIAN MINING PLC
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
(Expressed in United States dollars)
(Unaudited)
Six months ended June 30,
2026 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Loss for the period $ (12,828,691) $ (6,764,829)
Items not affecting cash:
Finance expense 83,601 10,663
Depreciation and amortization expenses 130,110 89,613
Gain on Mineral rights sale (19,385) -
Foreign exchange loss (gain) 3,570,851 (708,126)
Share-based payments (Note 9) 395,572 1,001,584
Items affecting cash:
Interest paid - (6,428)
Disbursements related to provisions - (5,873)
Changes in non-cash working capital items:
Prepaid expenses and other assets (294,514) 145,078
Accounts payable and accrued liabilities (345,672) (179,915)
Taxes and fees payable (68,499) (15,446)
Net cash used in operating activities (9,376,627) (6,433,679)
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property, plant, and equipment and intangibles (1,329,890) (52,511)
Proceeds from sale of Mineral Rights 19,385 -
Exploration and evaluation asset acquisition (note 5) (1,218,170) (259,255)
Net cash used in investing activities (2,528,675) (311,766)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from public offering financing (note 9) 76,155,736 12,127,300
Share issuance costs related to the public offering financing (note 9) (6,653,285) (80,036)
Proceeds from exercise of options and agent’s compensation options 288,256 829,657
Net cash provided by financing activities 69,790,707 12,876,921
Effect of foreign exchange on cash (3,619,524) 874,104
Net change in cash 54,265,881 7,005,580
Cash, beginning of the period 41,709,473 7,710,874
Cash, end of the period $ 95,975,354 $ 14,716,454
Non-cash investing and financing transactions
Share issuance costs related to the public offering financing 9 $ 34,813 -
The amount above represents share issue costs accrued but unpaid as at June 30, 2026. Accordingly, only cash payments are
included in financing activities in the statement of cash flows.
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
Page | 4
MERIDIAN MINING PLC
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY
(Expressed in United States dollars)
(Unaudited)
Share Capital Reserves
Accumulated
Share other
Share Share based Warrant Other comprehensive
Shares Capital Premium Reserves payments reserve reserves income (loss) Deficit Total Equity
Balance, January 1, 2025 304,840,887 $ 3,413,029 $ 79,631,529 $462,185 $7,125,361 $ 580,088 $ 76,501,322 $ (15,111,092) $ (143,412,879) $ 9,189,543
Shares issued on public offering
financing (Note 9) 44,187,432 461,019 11,666,281 - - - - - - 12,127,300
Share issuance costs (Note 9) - - (80,036) - - - - - - (80,036)
Issuance of stock options - - - - 1,001,584 - - - - 1,001,584
Stock options exercises 234,123 2,637 16,204 - (18,841) - - - - -
Compensation options exercises 2,677,504 29,327 1,207,767 - - (407,437) - - - 829,657
Comprehensive gain (loss) for the
period - - - - - - - 93,246 (6,764,829) (6,671,583)
Balance, June 30, 2025 351,939,946 $ 3,906,012 $ 92,441,745 $462,185 $8,108,104 $ 172,651 $ 76,501,322 $ (15,017,846) $ (150,177,708) $ 16,396,465
Balance, January 1, 2026 419,458,358 $ 4,693,092 $ 35,487,829 $462,185 $8,786,917 $ 21,448 $ 76,501,322 $ (15,155,809) $ (67,871,499) $ 42,925,485
Shares issued on public offering
financing (Note 9) 36,392,900 432,071 41,794,491 - - - - - - 42,226,562
Shares issued on Accelerated
Bookbuild and Retail Offer (Note
9) 27,173,912 318,902 33,610,271 - - - - - - 33,929,173
Share issuance costs (Note 9) - - (6,688,098) - - - - - - (6,688,098)
Shares issued regarding Cabaçal
agreement payment (Note 9)
1,500,000 17,110 1,744,161 - - - - - - 1,761,271
Issuance of stock options - - - - 395,572 - - - - 395,572
Stock options exercises 2,593,921 30,585 855,430 - (597,759) - - - - 288,256
Comprehensive gain (loss) for the
period - - - - - - - 115,915 (12,828,691) (12,712,776)
Balance, June 30, 2026 487,119,091 $ 5,491,760 $ 106,804,084 $462,185 $8,584,730 $ 21,448 $ 76,501,322 $ (15,039,894) $ (80,700,190) $ 102,125,445
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
Page | 5
MERIDIAN MINING PLC
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Expressed in United States dollars)
(Unaudited)
1. NATURE OF BUSINESS AND GOING CONCERN
Meridian Mining plc (the “Company” or “Meridian”) was formed in Amsterdam, Netherlands on December 16, 2013.
Effective August 15, 2017, the Company transferred its official seat from the Netherlands to London, United Kingdom.
The Company’s shares are listed on the Toronto Stock Exchange (“TSX”) and the London Stock Exchange (“LSE”) under
the symbol MNO. The Company is currently engaged in the exploration and development of mineral deposits in Brazil,
through its subsidiaries, Rio Cabaçal Mineração Ltda (“Rio Cabaçal”) and Meridian Mineração Jaburi S.A. (“Jaburi”).
The Company’s head office is located at 8th Floor, 4 More London Riverside, London, SE1 2AU, United Kingdom.
Going Concern
These condensed consolidated interim financial statements have been prepared on a going concern basis. In assessing this
basis, the directors have considered the Company’s financial position and anticipated future financing requirements. The
directors have a reasonable expectation that the Company will have sufficient funding to continue its current operations
for at least 12 months from the date of approval of these financial statements. However, the directors note the existence
of a material uncertainty that may cast significant doubt related to going concern as described below.
Whilst the company has raised $76.2 million of equity in the year and holds a cash balance of $96.0 million at June 30
2026, as a pre-revenue Company, the Company continues to be reliant on the equity and debt markets for additional
capital to continue to advance its projects towards production. There can be no assurance that funds will be able to be
raised when required.
These conditions indicate that a material uncertainty exists that may cast significant doubt on the Company’s ability to
continue as a going concern, and therefore it may be unable to realise its assets and discharge its liabilities in the normal
course of business.
As a consequence of the above, the directors acknowledge that a material uncertainty exists regarding the company’s
ability to secure future equity funding, which may cast significant doubt over its ability to continue as a going concern. In
the event that the funding is not approved, the company may be unable to realise its assets in full and discharge its
liabilities in the normal course of business. Notwithstanding this uncertainty, the directors remain positive about the future
direction of the business
2. BASIS OF PREPARATION AND MATERIAL ACCOUNTING POLICIES
Statement of compliance and basis of presentation
These condensed consolidated interim financial statements, including comparatives, have been prepared in accordance
with IAS 34, Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”). The
accounting policies applied in these condensed consolidated interim financial statements are consistent with those
disclosed in Note 2 of the Company’s audited consolidated financial statements for the year ended December 31, 2025.
The condensed consolidated interim financial statements and accompanying notes were authorized for issue by the
Company’s Board of Directors on August 12, 2026.
Basis of presentation
These unaudited condensed consolidated interim financial statements have been prepared on a historical cost basis. The
financial statements of the Company are presented in United States (“US”) dollars. References to “$”, “US$”, or “dollars”
are to US dollars, references to “C$” are to Canadian dollars, references to “R$” are to Brazilian Reals, references to “£”
British Pounds and references to “€” are to Euro.
Page | 6
MERIDIAN MINING PLC
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Expressed in United States dollars)
(Unaudited)
Principles of consolidation
The condensed

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