# Meridian Mining's Definitive Feasibility Study for Caba&\#xE7;al Delivers After-Tax NPV5 of USD 2.09 Billion, 108% IRR, and 0.9 Year Payback Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--ca534a3a-1c37-41c0-96f3-d725d53ee328 Original source: https://orestocks.com/company/MNO.TO/press-releases/6145129669928240 Publisher: orestocks Original announcement: 2026-09-22T06:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-22T06:48:39.788Z Atlas analysis updated: 2026-09-22T06:48:39.788Z - Company: Meridian Mining plc - Ticker: MNO.TO - Exchange: Unavailable - Region: Mato Grosso, Brazil - Primary commodity: Gold - Secondary commodities: Copper, Silver - Document categories: Resource update, Production, Metallurgy - Extracted: 2026-09-22 06:48:40 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary Meridian Mining announced highly positive results from the Definitive Feasibility Study \(DFS\) for its Cabaçal gold-copper-silver project in Brazil, reporting an after-tax NPV5 of USD 2.09 billion, an IRR of 108%, and a payback period of 0.9 years. The study outlines a 13.9-year mine life with average annual production of 183,526 AuEq ounces in the first five years at an AISC of USD 715/oz AuEq. Initial capital expenditure is estimated at USD 322 million, and pre-construction activities are already underway. Reasoning: The Definitive Feasibility Study for Cabaçal demonstrates robust economics with a high NPV, IRR, and short payback period, supported by an updated mineral reserve and optimized mine plan, despite some cost increases. The project is advancing rapidly towards construction. - Positive factor: High NPV5 of USD 2.09 billion \(Base Case\) - Positive factor: Exceptional IRR of 108% \(Base Case\) - Positive factor: Very short payback period of 0.9 years \(Base Case\) - Positive factor: Low LOM AISC of USD 1,056/oz AuEq - Positive factor: Significant average annual production of 183,526 AuEq in first 5 years - Positive factor: Updated and larger Mineral Reserve statement - Positive factor: Optimized mine plan and improved metallurgy - Positive factor: QP/CP signed off on the study - Positive factor: NI 43-101 compliant study - Positive factor: Pre-construction activities and financing efforts are well underway - Positive factor: Installation Licence for power line granted - Negative factor: Initial capital cost increased compared to PFS - Negative factor: Operating costs increased compared to PFS - Negative factor: Potential for license amendment required for increased mined material volumes beyond initial plan Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 39 ## Classification and evidence **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: The document is a Definitive Feasibility Study \(DFS\) announcement, which is the highest level of study before construction. Evidence · text > Meridian Mining's Definitive Feasibility Study for Cabaçal Delivers After-Tax NPV5 of USD 2.09 Billion, 108% IRR, and 0.9 Year Payback **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The DFS study was authored by independent Qualified Persons and includes a list of QPs responsible for different aspects of the study. Evidence · text > The DFS Study has an effective date of September 15, 2026. It was authored by independent Qualified Persons and is prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects. The following Qualified Persons \("QPs"\) are responsible for the DFS Study and have reviewed the information in this news release that is summarised from the DFS Study in their areas of expertise: **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The DFS study explicitly states it is prepared in accordance with National Instrument 43-101. Evidence · text > It was authored by independent Qualified Persons and is prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects. **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: The document reports a Proven Mineral Reserve of 54.91 Mt at 0.62 g/t Au, 1.33 g/t Ag, and 0.35% Cu. Evidence · table > Proven Context: 54.91 **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: The document reports a Probable Mineral Reserve of 1.13 Mt at 0.28 g/t Au, 1.00 g/t Ag, and 0.25% Cu. Evidence · table > Probable Context: 1.13 **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: The document reports a Measured Mineral Resource of 64.69 Mt at 0.57 g/t Au, 1.34 g/t Ag, and 0.34% Cu. Evidence · table > Measured Context: 64.69 **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The document reports an Indicated Mineral Resource of 5.41 Mt at 0.48 g/t Au, 0.99 g/t Ag, and 0.22% Cu. Evidence · table > Indicated Context: 5.41 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The Mineral Resource Estimate was previously announced on January 20, 2026, and is unchanged, making it historical data within this DFS. Evidence · text > The mineral resource was previously announced by Meridian on January 20, 2026, and is unchanged. **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: The average LOM copper recovery of 92.8% is exceptional for flotation processing, and gold recovery of 89.3% is strong. Evidence · table > Average metallurgical recovery - Copper % 92.8% Context: Average metallurgical recovery - Gold **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: The fourth phase of test work included a mini pilot plant run to demonstrate scale and provide samples for DFS inputs. Evidence · text > Test work included variability flotation of samples from each six-month period of the first 5 years of the mine plan, and a mini pilot plant run of mineralised feed from the first 5 years of the mine plan, to demonstrate scale and provide samples for other test work to fill gaps in the data for the DFS. **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: The second phase of test work included 23 variability samples covering oxidised, transition, and sulphide zones. Evidence · text > In 2023, 23 variability samples from across the deposit \(including nine through the vertical profile of drill hole CD-228\) were collected, covering oxidised, transition and sulphide zones. **Flotation Route** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The processing route involves flotation techniques for copper, gold, and silver, and pyrite flotation. Evidence · text > The beneficiation process is simple due to a clean mineralised material, with low impurities and an absence of organic material. This makes the mined material, at a 150 μm grind, amenable to flotation techniques, with the excellent auto-flotation characteristics of the Cabaçal mine's chalcopyrite. **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: Gold is recovered via a gravity circuit concentrator as part of the processing flowsheet. Evidence · text > Gold is recovered via a gravity circuit concentrator and flotation with the copper. **Deleterious Elements Present** Polarity: negative Story-specific tag Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Why it applies: Test work identified significant amounts of chlorite \(14.2 to 27.0%\) which interferes with sulphide flotation, requiring adjusted reagent dosing and a re-cleaner circuit. Evidence · text > This sample material contained significant amounts of chlorite, in the range of 14.2 to 27.0%, an amount that would interfere with sulphide flotation by absorbing flotation reagent and destabilising the froth bed. **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a mill\_cil route \("concentrator"\) ## Extracted facts Stored fact records: 39. Some facts used in scoring do not have a stored record. ## Resource Estimates (36) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--ca534a3a-1c37-41c0-96f3-d725d53ee328#fact-resource-facts-0) Cabaçal · gold Historical result Needs review: historical\_restatement #### Identity - Project: Cabaçal - Commodity: gold - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Leonardo Moraes Soares - Resource group id: resource:6f1f6fbdb7ba23eae89b - Deposit or zone: Saprolite #### Resource Data - Category: measured - Tonnes: 330000 - Grade: 0.44 - Grade Unit: g/t - Contained Metal: 4.56 - Contained Unit: koz - Cutoff Grade: 0.117 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Measured resource in saprolite is a small component of the overall resource and is historical data. - Negative factor: Resource estimate is historical and unchanged from previous announcement Evidence · table > 0.44 Context: 0.33 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--ca534a3a-1c37-41c0-96f3-d725d53ee328#fact-resource-facts-1) Cabaçal · silver Historical result Needs review: historical\_restatement #### Identity - Project: Cabaçal - Commodity: silver - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Leonardo Moraes Soares - Resource group id: resource:6f1f6fbdb7ba23eae89b - Deposit or zone: Saprolite #### Resource Data - Category: measured - Tonnes: 330000 - Grade: 0.69 - Grade Unit: g/t - Contained Metal: 7.22 - Contained Unit: koz - Cutoff Grade: 0.117 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Measured resource in saprolite is a small component of the overall resource and is historical data. - Negative factor: Resource estimate is historical and unchanged from previous announcement Evidence · table > 0.69 Context: 0.33 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--ca534a3a-1c37-41c0-96f3-d725d53ee328#fact-resource-facts-2) Cabaçal · copper Historical result Needs review: historical\_restatement #### Identity - Project: Cabaçal - Commodity: copper - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Leonardo Moraes Soares - Resource group id: resource:6f1f6fbdb7ba23eae89b - Deposit or zone: Saprolite #### Resource Data - Category: measured - Tonnes: 330000 - Grade: 0.12 - Grade Unit: % - Contained Metal: 0.38 - Contained Unit: kt - Cutoff Grade: 0.117 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Measured resource in saprolite is a small component of the overall resource and is historical data. - Negative factor: Resource estimate is historical and unchanged from previous announcement Evidence · table > 0.12 Context: 0.33 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--ca534a3a-1c37-41c0-96f3-d725d53ee328#fact-resource-facts-3) Cabaçal · gold Historical result Needs review: historical\_restatement #### Identity - Project: Cabaçal - Commodity: gold - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Leonardo Moraes Soares - Resource group id: resource:dce55707d64750e6a69e - Deposit or zone: Transition #### Resource Data - Category: measured - Tonnes: 1830000 - Grade: 0.55 - Grade Unit: g/t - Contained Metal: 32.6 - Contained Unit: koz - Cutoff Grade: 0.117 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Measured resource in transition zone is a small component of the overall resource and is historical data. - Negative factor: Resource estimate is historical and unchanged from previous announcement Evidence · table > 0.55 Context: 1.83 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--ca534a3a-1c37-41c0-96f3-d725d53ee328#fact-resource-facts-4) Cabaçal · silver Historical result Needs review: historical\_restatement #### Identity - Project: Cabaçal - Commodity: silver - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Leonardo Moraes Soares - Resource group id: resource:dce55707d64750e6a69e - Deposit or zone: Transition #### Resource Data - Category: measured - Tonnes: 1830000 - Grade: 0.63 - Grade Unit: g/t - Contained Metal: 37.25 - Contained Unit: koz - Cutoff Grade: 0.117 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Measured resource in transition zone is a small component of the overall resource and is historical data. - Negative factor: Resource estimate is historical and unchanged from previous announcement Evidence · table > 0.63 Context: 1.83 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--ca534a3a-1c37-41c0-96f3-d725d53ee328#fact-resource-facts-5) Cabaçal · copper Historical result Needs review: historical\_restatement #### Identity - Project: Cabaçal - Commodity: copper - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Leonardo Moraes Soares - Resource group id: resource:dce55707d64750e6a69e - Deposit or zone: Transition #### Resource Data - Category: measured - Tonnes: 1830000 - Grade: 0.21 - Grade Unit: % - Contained Metal: 3.81 - Contained Unit: kt - Cutoff Grade: 0.117 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Measured resource in transition zone is a small component of the overall resource and is historical data. - Negative factor: Resource estimate is historical and unchanged from previous announcement Evidence · table > 0.21 Context: 1.83 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--ca534a3a-1c37-41c0-96f3-d725d53ee328#fact-resource-facts-6) Cabaçal · gold Historical result Needs review: historical\_restatement #### Identity - Project: Cabaçal - Commodity: gold - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Leonardo Moraes Soares - Resource group id: resource:17811b5e4f81ccb9f135 - Deposit or zone: Fresh Rock #### Resource Data - Category: measured - Tonnes: 62530000 - Grade: 0.57 - Grade Unit: g/t - Contained Metal: 1138.52 - Contained Unit: koz - Cutoff Grade: 0.117 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Measured resource in fresh rock forms the bulk of the Measured category but is historical data. - Negative factor: Resource estimate is historical and unchanged from previous announcement Evidence · table > 0.57 Context: 62.53 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--ca534a3a-1c37-41c0-96f3-d725d53ee328#fact-resource-facts-7) Cabaçal · silver Historical result Needs review: historical\_restatement #### Identity - Project: Cabaçal - Commodity: silver - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Leonardo Moraes Soares - Resource group id: resource:17811b5e4f81ccb9f135 - Deposit or zone: Fresh Rock #### Resource Data - Category: measured - Tonnes: 62530000 - Grade: 1.36 - Grade Unit: g/t - Contained Metal: 2743.29 - Contained Unit: koz - Cutoff Grade: 0.117 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Measured resource in fresh rock forms the bulk of the Measured category but is historical data. - Negative factor: Resource estimate is historical and unchanged from previous announcement Evidence · table > 1.36 Context: 62.53 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--ca534a3a-1c37-41c0-96f3-d725d53ee328#fact-resource-facts-8) Cabaçal · copper Historical result Needs review: historical\_restatement #### Identity - Project: Cabaçal - Commodity: copper - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Leonardo Moraes Soares - Resource group id: resource:17811b5e4f81ccb9f135 - Deposit or zone: Fresh Rock #### Resource Data - Category: measured - Tonnes: 62530000 - Grade: 0.35 - Grade Unit: % - Contained Metal: 217.43 - Contained Unit: kt - Cutoff Grade: 0.117 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Measured resource in fresh rock forms the bulk of the Measured category but is historical data. - Negative factor: Resource estimate is historical and unchanged from previous announcement Evidence · table > 0.35 Context: 62.53 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--ca534a3a-1c37-41c0-96f3-d725d53ee328#fact-resource-facts-9) Cabaçal · gold Historical result Needs review: historical\_restatement #### Identity - Project: Cabaçal - Commodity: gold - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Leonardo Moraes Soares - Resource group id: resource:b3e04ddc572dc0fa0625 - Deposit or zone: Total #### Resource Data - Category: measured - Tonnes: 64690000 - Grade: 0.57 - Grade Unit: g/t - Contained Metal: 1175.68 - Contained Unit: koz - Cutoff Grade: 0.117 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Total Measured resource is a significant component of the overall resource but is historical data. - Negative factor: Resource estimate is historical and unchanged from previous announcement Evidence · table > 0.57 Context: 64.69 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--ca534a3a-1c37-41c0-96f3-d725d53ee328#fact-resource-facts-10) Cabaçal · silver Historical result Needs review: historical\_restatement #### Identity - Project: Cabaçal - Commodity: silver - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Leonardo Moraes Soares - Resource group id: resource:b3e04ddc572dc0fa0625 - Deposit or zone: Total #### Resource Data - Category: measured - Tonnes: 64690000 - Grade: 1.34 - Grade Unit: g/t - Contained Metal: 2787.77 - Contained Unit: koz - Cutoff Grade: 0.117 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Total Measured resource is a significant component of the overall resource but is historical data. - Negative factor: Resource estimate is historical and unchanged from previous announcement Evidence · table > 1.34 Context: 64.69 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--ca534a3a-1c37-41c0-96f3-d725d53ee328#fact-resource-facts-11) Cabaçal · copper Historical result Needs review: historical\_restatement #### Identity - Project: Cabaçal - Commodity: copper - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Leonardo Moraes Soares - Resource group id: resource:b3e04ddc572dc0fa0625 - Deposit or zone: Total #### Resource Data - Category: measured - Tonnes: 64690000 - Grade: 0.34 - Grade Unit: % - Contained Metal: 221.61 - Contained Unit: kt - Cutoff Grade: 0.117 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Total Measured resource is a significant component of the overall resource but is historical data. - Negative factor: Resource estimate is historical and unchanged from previous announcement Evidence · table > 0.34 Context: 64.69 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--ca534a3a-1c37-41c0-96f3-d725d53ee328#fact-resource-facts-12) Cabaçal · gold Historical result Needs review: historical\_restatement #### Identity - Project: Cabaçal - Commodity: gold - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Leonardo Moraes Soares - Resource group id: resource:becc154e85db06d375f2 - Deposit or zone: Saprolite #### Resource Data - Category: indicated - Tonnes: 10000 - Grade: 0.3 - Grade Unit: g/t - Contained Metal: 0.14 - Contained Unit: koz - Cutoff Grade: 0.117 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Indicated resource in saprolite is a very small component of the overall resource and is historical data. - Negative factor: Resource estimate is historical and unchanged from previous announcement - Negative factor: Very small tonnage for indicated resource Evidence · table > 0.30 Context: 0.01 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--ca534a3a-1c37-41c0-96f3-d725d53ee328#fact-resource-facts-13) Cabaçal · silver Historical result Needs review: historical\_restatement #### Identity - Project: Cabaçal - Commodity: silver - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Leonardo Moraes Soares - Resource group id: resource:becc154e85db06d375f2 - Deposit or zone: Saprolite #### Resource Data - Category: indicated - Tonnes: 10000 - Grade: 0.99 - Grade Unit: g/t - Contained Metal: 0.46 - Contained Unit: koz - Cutoff Grade: 0.117 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Indicated resource in saprolite is a very small component of the overall resource and is historical data. - Negative factor: Resource estimate is historical and unchanged from previous announcement - Negative factor: Very small tonnage for indicated resource Evidence · table > 0.99 Context: 0.01 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--ca534a3a-1c37-41c0-96f3-d725d53ee328#fact-resource-facts-14) Cabaçal · copper Historical result Needs review: historical\_restatement #### Identity - Project: Cabaçal - Commodity: copper - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Leonardo Moraes Soares - Resource group id: resource:becc154e85db06d375f2 - Deposit or zone: Saprolite #### Resource Data - Category: indicated - Tonnes: 10000 - Grade: 0.16 - Grade Unit: % - Contained Metal: 0.02 - Contained Unit: kt - Cutoff Grade: 0.117 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Indicated resource in saprolite is a very small component of the overall resource and is historical data. - Negative factor: Resource estimate is historical and unchanged from previous announcement - Negative factor: Very small tonnage for indicated resource Evidence · table > 0.16 Context: 0.01 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--ca534a3a-1c37-41c0-96f3-d725d53ee328#fact-resource-facts-15) Cabaçal · gold Historical result Needs review: historical\_restatement #### Identity - Project: Cabaçal - Commodity: gold - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Leonardo Moraes Soares - Resource group id: resource:acfe3ab488b1d806ecd3 - Deposit or zone: Transition #### Resource Data - Category: indicated - Tonnes: 70000 - Grade: 0.13 - Grade Unit: g/t - Contained Metal: 0.31 - Contained Unit: koz - Cutoff Grade: 0.117 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Indicated resource in transition zone is a very small component of the overall resource and is historical data. - Negative factor: Resource estimate is historical and unchanged from previous announcement - Negative factor: Very small tonnage for indicated resource Evidence · table > 0.13 Context: 0.07 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--ca534a3a-1c37-41c0-96f3-d725d53ee328#fact-resource-facts-16) Cabaçal · silver Historical result Needs review: historical\_restatement #### Identity - Project: Cabaçal - Commodity: silver - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Leonardo Moraes Soares - Resource group id: resource:acfe3ab488b1d806ecd3 - Deposit or zone: Transition #### Resource Data - Category: indicated - Tonnes: 70000 - Grade: 0.59 - Grade Unit: g/t - Contained Metal: 1.37 - Contained Unit: koz - Cutoff Grade: 0.117 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Indicated resource in transition zone is a very small component of the overall resource and is historical data. - Negative factor: Resource estimate is historical and unchanged from previous announcement - Negative factor: Very small tonnage for indicated resource Evidence · table > 0.59 Context: 0.07 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--ca534a3a-1c37-41c0-96f3-d725d53ee328#fact-resource-facts-17) Cabaçal · copper Historical result Needs review: historical\_restatement #### Identity - Project: Cabaçal - Commodity: copper - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Leonardo Moraes Soares - Resource group id: resource:acfe3ab488b1d806ecd3 - Deposit or zone: Transition #### Resource Data - Category: indicated - Tonnes: 70000 - Grade: 0.22 - Grade Unit: % - Contained Metal: 0.16 - Contained Unit: kt - Cutoff Grade: 0.117 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Indicated resource in transition zone is a very small component of the overall resource and is historical data. - Negative factor: Resource estimate is historical and unchanged from previous announcement - Negative factor: Very small tonnage for indicated resource Evidence · table > 0.22 Context: 0.07 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--ca534a3a-1c37-41c0-96f3-d725d53ee328#fact-resource-facts-18) Cabaçal · gold Historical result Needs review: historical\_restatement #### Identity - Project: Cabaçal - Commodity: gold - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Leonardo Moraes Soares - Resource group id: resource:aa6891f7bd823610d57a - Deposit or zone: Fresh Rock #### Resource Data - Category: indicated - Tonnes: 5320000 - Grade: 0.49 - Grade Unit: g/t - Contained Metal: 83.09 - Contained Unit: koz - Cutoff Grade: 0.117 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Indicated resource in fresh rock is a component of the overall resource but is historical data. - Negative factor: Resource estimate is historical and unchanged from previous announcement Evidence · table > 0.49 Context: 5.32 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--ca534a3a-1c37-41c0-96f3-d725d53ee328#fact-resource-facts-19) Cabaçal · silver Historical result Needs review: historical\_restatement #### Identity - Project: Cabaçal - Commodity: silver - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Leonardo Moraes Soares - Resource group id: resource:aa6891f7bd823610d57a - Deposit or zone: Fresh Rock #### Resource Data - Category: indicated - Tonnes: 5320000 - Grade: 1 - Grade Unit: g/t - Contained Metal: 170.77 - Contained Unit: koz - Cutoff Grade: 0.117 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Indicated resource in fresh rock is a component of the overall resource but is historical data. - Negative factor: Resource estimate is historical and unchanged from previous announcement Evidence · table > 1.00 Context: 5.32 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--ca534a3a-1c37-41c0-96f3-d725d53ee328#fact-resource-facts-20) Cabaçal · copper Historical result Needs review: historical\_restatement #### Identity - Project: Cabaçal - Commodity: copper - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Leonardo Moraes Soares - Resource group id: resource:aa6891f7bd823610d57a - Deposit or zone: Fresh Rock #### Resource Data - Category: indicated - Tonnes: 5320000 - Grade: 0.22 - Grade Unit: % - Contained Metal: 11.69 - Contained Unit: kt - Cutoff Grade: 0.117 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Indicated resource in fresh rock is a component of the overall resource but is historical data. - Negative factor: Resource estimate is historical and unchanged from previous announcement Evidence · table > 0.22 Context: 5.32 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--ca534a3a-1c37-41c0-96f3-d725d53ee328#fact-resource-facts-21) Cabaçal · gold Historical result Needs review: historical\_restatement #### Identity - Project: Cabaçal - Commodity: gold - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Leonardo Moraes Soares - Resource group id: resource:1bc0208ca063bf1747ff - Deposit or zone: Total #### Resource Data - Category: indicated - Tonnes: 5410000 - Grade: 0.48 - Grade Unit: g/t - Contained Metal: 83.54 - Contained Unit: koz - Cutoff Grade: 0.117 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Total Indicated resource is a component of the overall resource but is historical data. - Negative factor: Resource estimate is historical and unchanged from previous announcement Evidence · table > 0.48 Context: 5.41 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--ca534a3a-1c37-41c0-96f3-d725d53ee328#fact-resource-facts-22) Cabaçal · silver Historical result Needs review: historical\_restatement #### Identity - Project: Cabaçal - Commodity: silver - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Leonardo Moraes Soares - Resource group id: resource:1bc0208ca063bf1747ff - Deposit or zone: Total #### Resource Data - Category: indicated - Tonnes: 5410000 - Grade: 0.99 - Grade Unit: g/t - Contained Metal: 172.59 - Contained Unit: koz - Cutoff Grade: 0.117 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Total Indicated resource is a component of the overall resource but is historical data. - Negative factor: Resource estimate is historical and unchanged from previous announcement Evidence · table > 0.99 Context: 5.41 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--ca534a3a-1c37-41c0-96f3-d725d53ee328#fact-resource-facts-23) Cabaçal · copper Historical result Needs review: historical\_restatement #### Identity - Project: Cabaçal - Commodity: copper - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Leonardo Moraes Soares - Resource group id: resource:1bc0208ca063bf1747ff - Deposit or zone: Total #### Resource Data - Category: indicated - Tonnes: 5410000 - Grade: 0.22 - Grade Unit: % - Contained Metal: 11.87 - Contained Unit: kt - Cutoff Grade: 0.117 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Total Indicated resource is a component of the overall resource but is historical data. - Negative factor: Resource estimate is historical and unchanged from previous announcement Evidence · table > 0.22 Context: 5.41 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--ca534a3a-1c37-41c0-96f3-d725d53ee328#fact-resource-facts-24) Cabaçal · gold Historical result Needs review: historical\_restatement #### Identity - Project: Cabaçal - Commodity: gold - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Leonardo Moraes Soares - Resource group id: resource:9a5e14dfe21c7128a4ca - Deposit or zone: Total #### Resource Data - Category: measured - Tonnes: 70100000 - Grade: 0.56 - Grade Unit: g/t - Contained Metal: 1259.22 - Contained Unit: koz - Cutoff Grade: 0.117 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Total Measured and Indicated resource is a significant component of the overall resource but is historical data. - Negative factor: Resource estimate is historical and unchanged from previous announcement Evidence · table > 0.56 Context: 70.10 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--ca534a3a-1c37-41c0-96f3-d725d53ee328#fact-resource-facts-25) Cabaçal · silver Historical result Needs review: historical\_restatement #### Identity - Project: Cabaçal - Commodity: silver - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Leonardo Moraes Soares - Resource group id: resource:9a5e14dfe21c7128a4ca - Deposit or zone: Total #### Resource Data - Category: measured - Tonnes: 70100000 - Grade: 1.31 - Grade Unit: g/t - Contained Metal: 2960.36 - Contained Unit: koz - Cutoff Grade: 0.117 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Total Measured and Indicated resource is a significant component of the overall resource but is historical data. - Negative factor: Resource estimate is historical and unchanged from previous announcement Evidence · table > 1.31 Context: 70.10 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--ca534a3a-1c37-41c0-96f3-d725d53ee328#fact-resource-facts-26) Cabaçal · copper Historical result Needs review: historical\_restatement #### Identity - Project: Cabaçal - Commodity: copper - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Leonardo Moraes Soares - Resource group id: resource:9a5e14dfe21c7128a4ca - Deposit or zone: Total #### Resource Data - Category: measured - Tonnes: 70100000 - Grade: 0.33 - Grade Unit: % - Contained Metal: 233.48 - Contained Unit: kt - Cutoff Grade: 0.117 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-20T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Total Measured and Indicated resource is a significant component of the overall resource but is historical data. - Negative factor: Resource estimate is historical and unchanged from previous announcement Evidence · table > 0.33 Context: 70.10 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--ca534a3a-1c37-41c0-96f3-d725d53ee328#fact-resource-facts-27) Cabaçal · gold #### Identity - Project: Cabaçal - Commodity: gold - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Porfirio Cabaleiro - Resource group id: resource:373dcf9fed005e3b37bf - Mining method: combined #### Resource Data - Category: proven - Tonnes: 54910000 - Grade: 0.62 - Grade Unit: g/t - Contained Metal: 1096.3 - Contained Unit: koz - Cutoff Grade: 0.138 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Proven Reserve for gold is a substantial and high-confidence component of the project's economics, supporting the DFS results. - Positive factor: Large tonnage of Proven Reserves - Positive factor: Good gold grade for open pit mining - Positive factor: QP signed off on the estimate Evidence · table > 0.62 Context: 54.91 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--ca534a3a-1c37-41c0-96f3-d725d53ee328#fact-resource-facts-28) Cabaçal · silver #### Identity - Project: Cabaçal - Commodity: silver - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Porfirio Cabaleiro - Resource group id: resource:373dcf9fed005e3b37bf - Mining method: combined #### Resource Data - Category: proven - Tonnes: 54910000 - Grade: 1.33 - Grade Unit: g/t - Contained Metal: 2351.5 - Contained Unit: koz - Cutoff Grade: 0.138 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Proven Reserve for silver is a substantial and high-confidence component of the project's economics, supporting the DFS results. - Positive factor: Large tonnage of Proven Reserves - Positive factor: Significant silver contained metal - Positive factor: QP signed off on the estimate Evidence · table > 1.33 Context: 54.91 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--ca534a3a-1c37-41c0-96f3-d725d53ee328#fact-resource-facts-29) Cabaçal · copper #### Identity - Project: Cabaçal - Commodity: copper - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Porfirio Cabaleiro - Resource group id: resource:373dcf9fed005e3b37bf - Mining method: combined #### Resource Data - Category: proven - Tonnes: 54910000 - Grade: 0.35 - Grade Unit: % - Contained Metal: 423.7 - Contained Unit: mlb - Cutoff Grade: 0.138 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Proven Reserve for copper is a substantial and high-confidence component of the project's economics, supporting the DFS results. - Positive factor: Large tonnage of Proven Reserves - Positive factor: Good copper grade for open pit mining - Positive factor: QP signed off on the estimate Evidence · table > 0.35 Context: 54.91 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--ca534a3a-1c37-41c0-96f3-d725d53ee328#fact-resource-facts-30) Cabaçal · gold #### Identity - Project: Cabaçal - Commodity: gold - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Porfirio Cabaleiro - Resource group id: resource:5af1f53d80653f37e9b2 - Mining method: combined #### Resource Data - Category: probable - Tonnes: 1130000 - Grade: 0.28 - Grade Unit: g/t - Contained Metal: 10.2 - Contained Unit: koz - Cutoff Grade: 0.138 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Probable Reserve for gold is a smaller component of the overall reserve, with a lower grade than the Proven category. - Positive factor: QP signed off on the estimate - Negative factor: Relatively small tonnage for Probable Reserves - Negative factor: Lower gold grade compared to Proven Evidence · table > 0.28 Context: 1.13 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--ca534a3a-1c37-41c0-96f3-d725d53ee328#fact-resource-facts-31) Cabaçal · silver #### Identity - Project: Cabaçal - Commodity: silver - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Porfirio Cabaleiro - Resource group id: resource:5af1f53d80653f37e9b2 - Mining method: combined #### Resource Data - Category: probable - Tonnes: 1130000 - Grade: 1 - Grade Unit: g/t - Contained Metal: 36.3 - Contained Unit: koz - Cutoff Grade: 0.138 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Probable Reserve for silver is a smaller component of the overall reserve, with a lower grade than the Proven category. - Positive factor: QP signed off on the estimate - Negative factor: Relatively small tonnage for Probable Reserves - Negative factor: Lower silver grade compared to Proven Evidence · table > 1.00 Context: 1.13 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--ca534a3a-1c37-41c0-96f3-d725d53ee328#fact-resource-facts-32) Cabaçal · copper #### Identity - Project: Cabaçal - Commodity: copper - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Porfirio Cabaleiro - Resource group id: resource:5af1f53d80653f37e9b2 - Mining method: combined #### Resource Data - Category: probable - Tonnes: 1130000 - Grade: 0.25 - Grade Unit: % - Contained Metal: 6.23 - Contained Unit: mlb - Cutoff Grade: 0.138 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Probable Reserve for copper is a smaller component of the overall reserve, with a lower grade than the Proven category. - Positive factor: QP signed off on the estimate - Negative factor: Relatively small tonnage for Probable Reserves - Negative factor: Lower copper grade compared to Proven Evidence · table > 0.25 Context: 1.13 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--ca534a3a-1c37-41c0-96f3-d725d53ee328#fact-resource-facts-33) Cabaçal · gold #### Identity - Project: Cabaçal - Commodity: gold - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Porfirio Cabaleiro - Resource group id: resource:6663a0b012dee6e173be - Mining method: combined #### Resource Data - Category: proven - Tonnes: 56040000 - Grade: 0.61 - Grade Unit: g/t - Contained Metal: 1106.5 - Contained Unit: koz - Cutoff Grade: 0.138 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The total gold reserve is a substantial and high-confidence component of the project's economics, supporting the DFS results. - Positive factor: Significant total gold reserve - Positive factor: Good gold grade for open pit mining - Positive factor: QP signed off on the estimate Evidence · table > 0.61 Context: 56.04 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--ca534a3a-1c37-41c0-96f3-d725d53ee328#fact-resource-facts-34) Cabaçal · silver #### Identity - Project: Cabaçal - Commodity: silver - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Porfirio Cabaleiro - Resource group id: resource:6663a0b012dee6e173be - Mining method: combined #### Resource Data - Category: proven - Tonnes: 56040000 - Grade: 1.33 - Grade Unit: g/t - Contained Metal: 2388 - Contained Unit: koz - Cutoff Grade: 0.138 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The total silver reserve is a substantial and high-confidence component of the project's economics, supporting the DFS results. - Positive factor: Significant total silver reserve - Positive factor: QP signed off on the estimate Evidence · table > 1.33 Context: 56.04 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--ca534a3a-1c37-41c0-96f3-d725d53ee328#fact-resource-facts-35) Cabaçal · copper #### Identity - Project: Cabaçal - Commodity: copper - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Porfirio Cabaleiro - Resource group id: resource:6663a0b012dee6e173be - Mining method: combined #### Resource Data - Category: proven - Tonnes: 56040000 - Grade: 0.35 - Grade Unit: % - Contained Metal: 429.9 - Contained Unit: mlb - Cutoff Grade: 0.138 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The total copper reserve is a substantial and high-confidence component of the project's economics, supporting the DFS results. - Positive factor: Significant total copper reserve - Positive factor: Good copper grade for open pit mining - Positive factor: QP signed off on the estimate Evidence · table > 0.35 Context: 56.04 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## Metallurgical Results (3) ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--ca534a3a-1c37-41c0-96f3-d725d53ee328#fact-metallurgical-facts-36) Cabaçal · gold #### Identity - Project: Cabaçal - Commodity: gold - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: flotation, gravity circuit #### Recovery - Recovery: 89.3 % - Recovery Basis: actual\_test #### Lab - Laboratory: SGS Lakefield Canada - Consultant: Flowsheets Metallurgical Consulting Inc #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The average LOM gold recovery of 89.3% is strong for the Cabaçal project's processing route, contributing positively to project economics. - Positive factor: High gold recovery for the processing route - Positive factor: Recovery based on actual test work - Positive factor: DFS-level test work Evidence · table > 89.3% Context: Average metallurgical recovery - Gold #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--ca534a3a-1c37-41c0-96f3-d725d53ee328#fact-metallurgical-facts-37) Cabaçal · copper #### Identity - Project: Cabaçal - Commodity: copper - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: flotation, gravity circuit #### Recovery - Recovery: 92.8 % - Recovery Basis: actual\_test #### Lab - Laboratory: SGS Lakefield Canada - Consultant: Flowsheets Metallurgical Consulting Inc #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The average LOM copper recovery of 92.8% is exceptional for the Cabaçal project's processing route, significantly enhancing project economics. - Positive factor: Exceptional copper recovery for the processing route - Positive factor: Recovery based on actual test work - Positive factor: DFS-level test work Evidence · table > 92.8% Context: Average metallurgical recovery - Copper #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 92.8% is at or above the exceptional band \(92%\) ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/meridian-mining-s-definitive-feasibility-study-for-caba-xe7-al-delivers-after-ta--ca534a3a-1c37-41c0-96f3-d725d53ee328#fact-metallurgical-facts-38) Cabaçal · silver #### Identity - Project: Cabaçal - Commodity: silver - Region: brazil - Reported Region: Mato Grosso, Brazil - Ticker: MNO.TO #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: flotation, gravity circuit #### Recovery - Recovery: 74.3 % - Recovery Basis: actual\_test #### Lab - Laboratory: SGS Lakefield Canada - Consultant: Flowsheets Metallurgical Consulting Inc #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The average LOM silver recovery of 74.3% is moderate for the Cabaçal project's processing route, contributing to project economics. - Positive factor: Recovery based on actual test work - Positive factor: DFS-level test work Evidence · table > 74.3% Context: Average metallurgical recovery - Silver #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 74.3% is below the weak band \(75%\) ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.