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# For the three and six months ended

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# For the three and six months ended
Management’s Discussion and Analysis
FORM 51-102F1
MANAGEMENT DISCUSSION AND ANALYSIS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026
Introduction
This Management Discussion and Analysis (“MD&A”) of the results of operations and the financial condition of Meridian
Mining plc (“Meridian” or the “Company”) is the responsibility of management and covers the three and six-month period
ended June 30, 2026. This MD&A takes into account information available up to and including August 12, 2026 and should
be read together with the Annual Information Form and audited consolidated financial statements and notes for the year ended
December 31, 2025, which are available on the SEDAR+ website at www.sedarplus.ca.
All financial information in this document is prepared in accordance with IAS 34, Interim Financial Reporting as issued by the
International Accounting Standards Board (“IASB”). All amounts are in United States (“US”) dollars, and all units of
measurement are expressed using the metric system, unless otherwise stated. References to “$”, “US$” or “dollars” are to US
dollars, and references to “C$” are to Canadian dollars and references to "£" or "GBP" are to British pounds.
Additional information related to the Company is available for view at www.meridianmining.co or on the SEDAR+ website at
www.sedarplus.ca.
This MD&A contains forward-looking information, such as statements regarding the Company’s future plans and objectives
that are subject to various risks and uncertainties, including those set forth in this document under the headings “Note Regarding
Forward-Looking Statements” and “Risk Factors”. The Company cannot assure investors that such information will prove to
be accurate, and actual results and future events could differ materially from those anticipated in such information. The results
for the periods presented are not necessarily indicative of the results that may be expected for any future periods. Investors are
cautioned not to place undue reliance on this forward-looking information.
Business Overview
Meridian is a resource development and exploration company with projects in Brazil. The Company signed a Purchase
Agreement on November 6, 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
Company 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 Company 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.
1
Management’s Discussion and Analysis
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
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 October 7, 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.
Performance Summary for the 3 months period ended June 30, 2026
Corporate Highlights
• 1,819,541 common 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 common 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 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 as a director 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.
• On June 4, 2026, the Company announced FTSE Index Inclusion and its move from SETSqx to SETS.
• On May 1, 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’s shares now trade under the ticker symbol “MNO”, maintaining its dual
listing with the Toronto Stock Exchange.
• On May 1, 2026, the Company completed and closed its retail offer, raising approximately GBP 2.5 million (USD
3.4 million) through the issuance of 2,717,391 new ordinary shares at an issue price of 92.0 pence per share (CAD
1.70 per share). In connection with the fundraising, the Company paid agent’s commissions of USD 1,543,740 and
incurred other share issuance costs of USD 2,859,647.
• On April 27, 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.
2
Management’s Discussion and Analysis
• On April 27, 2026, the Company completed an oversubscribed equity placing to institutional investors, raising gross
proceeds of GBP 22.5 million (USD 30.4 million) through the issuance of 24,456,521 new ordinary shares at a price
of 92.0 pence per share (CAD 1.70 per share).
Cabaçal Highlights
• On May 27, 2026, the Company announced the submission of the Cabaçal Installation Licence application and
provided DFS update:
o Cabaçal Feasibility Study is nearing 50% completion and remains on schedule for Q4 2026;
o Meridian commenced the purchase of Cabaçal's long-lead mill and electrical equipment:
- Purchasing of long-lead items now locks in prices and shortens the time to construction
- SAG Mill technical specification completed and pricing secured; and
- Main transformer purchased and currently under manufacture;
o Pre-construction civil engineering studies fast-tracked:
- Roads, bridges and power easements surveyed for upgrade and construction;
- Tenders for civil engineering are under review; and
- Commitment letters for life-of-mine power supply have been signed.
Santa Helena Highlights
• On June 17, 2026, the Company announced the discovery of a second layer of gold-silver and zinc-lead VMS
mineralisation.
Highlights included:
o Santa Helena expansion programme discovers a second Au-Ag & Zn-Pb system of VMS mineralisation;
o 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;
o 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 May 14, 2026, the Company announced the discovery of gold mineralisation at Álamo and reported further
results from Santa Helena Central:
o 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;
o 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;
3
Management’s Discussion and Analysis
▪ 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)
Except as disclosed elsewhere in this document, there were no other material subsequent events up to the date of this report.
Subsequent to June 30, 2026:
Corporate Highlights
• On July 2, 2026, the Company granted 100,000 stock options to an employee. The options are subject to vesting in
accordance with the terms of the Company's Omnibus Incentive Plan, have an exercise price of C$1.70 per common
share and expire on July 2, 2031.
• On July 9, 2026, the Company granted an aggregate of 2,092,159 share-based awards under its Omnibus Incentive
Plan to certain directors and members of senior management, comprising 619,694 restricted share units (“RSUs”),
1,239,393 performance share units (“PSUs”) and 233,072 deferred share units (“DSUs”). The RSUs and PSUs
generally vest on the third anniversary of the grant date, subject to applicable performance and other vesting
conditions, while the DSUs, which were granted to

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