Meridian Reports Unaudited Half-Yearly Financial Results for the Six Months Ended 30 June 2026
London, United Kingdom--(Newsfile Corp. - August 13, 2026) - Meridian Mining plc (LSE: MNO) (TSX: MNO) (FSE: N2E0) (Tradegate: N2E0) (OTCQX: MRRDF) ("Meridian" or the "Company") is pleased to announce its unaudited half-yearly financial results for the six months ended 30 June 2026 for the Company as consolidated with its subsidiaries (the "Group"), along with a review of subsequent events during and post period.
Corporate highlights
The Company closed a bought deal offering through the issuance of 36,392,900 ordinary shares at a subscription price of CAD1.58 per ordinary share, for aggregate gross proceeds to the Company of CAD 57,500,782;
Successful listing of the Company's shares on Main Market of the London Stock Exchange;
Associated closing of share placements raised GBP 25M through the issuance of 27,173,912 new Ordinary Shares at an Issue Price of 92 pence;
Inclusion in the FTSE Small Cap Index;
Election of Dr. Carlos Vilhena and Mr. Felipe Holzhacker Alves to the Board as Independent Non- Executive Directors
Financial highlights for the six months ended June 30 2026:
Cash and cash equivalents at period end of USD 95,975,354 (FY 2025: USD 41,709,473);
Net assets of USD 102,125,445 (FY 2025: USD 42,925,485);
Total expenses USD 9,976,610 (FY 2025: USD 7,652,272);
Total comprehensive loss USD 12,712,776 (FY 2025: USD 6,671,583).
Cabaçal project highlights:
DFS Progress
The Cabaçal Feasibility Study is nearing 50% completion and remains on schedule for Q4 2026 filing;
Long-lead Equipment Procurement
Purchasing of long-lead items now locks in prices and shortens the time to construction;
SAG Mill technical specification completed and pricing secured;
Electrical transformers ordered from a Brazilian supplier with delivery dates confirmed;
Pre-construction Activities
Roads, bridges and power easements surveyed for upgrade and construction;
Civil engineering tenders are under review;
Commitment letters for life-of-mine power supply signed;
Mineral Resource Estimates concluded by its consultant for the Cabaçal mine's Au-Cu-Ag openpittable resource: M&I: 70.1Mt @ 0.6g/t Au, 0.3% Cu, 1.3g/t Ag;
Payment and completion of 5th instalment of the Cabaçal Purchase Agreement;
Post period end, exceptional quality of Cabaçal's copper concentrates confirmed in smelter test with high-grade, high-quality blister copper produced.
Santa Helena project highlights
Santa Helena Central's maiden open-pittable Au-Cu-Ag-Zn-Pb Mineral Resource declared: M&I: 5.3Mt @ 0.6g/t Au, 0.4% Cu, 15.5g/t Ag, 1.9% Zn & 0.4% Pb;
20 surface diamond holes for 1,598m, for resource definition;
Engineering and environmental work to provide data for a preliminary licence application;
The Company announced the discovery of a second layer of gold-silver and zinc-lead VMS mineralisation;
Post period end, Company announced discovery of multiple stacked layers of Au-Cu-Ag & Zn-Pb VMS mineralisation below Santa Helena, further extending the limits of mineralisation.
Mr. Gilbert Clark, CEO, comments, "Over the past six months the Company has greatly advanced its transformation from a junior exploration company to a near term mid-tier company with an integrated portfolio of mine development, advanced resource delineation and exploration programmes.
The IPO of the Company's shares onto the Main Market of the London Stock Exchange was a key corporate and financial event for the Company. With the funds raised with the IPO and earlier in the year, the Company is well funded through to the FID of Cabaçal. Importantly this has also opened the shares to passive index-related buying.
We have greatly advanced Cabaçal's Definitive Feasibility Study and to the extent that we have updated the DFS M&I resource statement as part of the required work-streams. Commenced ordering and paying the deposits for long-lead items, such as the SAG mill. The Company has submitted the Installation Licence for the mine and grown our Brazilian mine building management team.
On the resource development front we reported the inaugural resource statement for Santa Helena. The mineral system remains open, with near mine exploration returning two new strong Au-Cu-Ag & Zn-Pb zones.
We expect that H2, 2026 will be a strong period of growth for the Company and we are focused on delivering results to our shareholders and local communities."
Qualified Person Statement
Mr. Erich Marques, B.Sc., FAIG, Chief Geologist of Meridian Mining and a Qualified Person as defined by National Instrument 43-101, has reviewed, verified, and approved the technical information in this news release.
About Meridian
Meridian Mining is focused on:
The development and exploration of the advanced-stage Cabaçal VMS gold-copper project;
Expanding the initial resource inventory at the Santa Helena area through extension of Santa Helena Central, and new discoveries;
Regional-scale exploration of the Cabaçal VMS Belt to expand the Cabaçal Hub strategy; and
Exploration in the Jauru & Araputanga Greenstone Belts (the above all located in the State of Mato Grosso, Brazil).
The Pre-feasibility Study technical report (the "PFS Technical Report") dated March 31, 2025, entitled: "Cabaçal Gold-Copper Project NI 43-101 Technical Report and Pre-feasibility Study" outlines a base case after-tax NPV5 of USD 984 million and 61.2% IRR from a pre-production capital cost of USD 248 million, leading to capital repayment in 17 months (assuming a metals price scenario of USD 2,119 per ounce of gold, USD 4.16 per pound of copper, and USD 26.89 per ounce of silver). Cabaçal has a low All-in-Sustaining-Cost of USD 742 per ounce gold equivalent & production profile of 141,000 ounces of gold equivalent life of mine, driven by high metallurgical recovery, a low life-of-mine strip ratio of 2.3:1, and the low operating cost environment of Brazil.
The Cabaçal Mineral Reserve estimate in the PFS consists of Proven and Probable reserves of 41.7 million tonnes at 0.63g/t gold, 0.44% copper and 1.64g/t silver (at a 0.25 g/t gold equivalent cut-off grade).
Readers are encouraged to read the PFS Technical Report in its entirety. The PFS Technical Report may be found under the Company's profile on SEDAR+ at www.sedarplus.ca and on the Company's website at www.meridianmining.co
The PFS Technical Report was prepared for the Company by Tommaso Roberto Raponi (P. Eng), Principal Metallurgist with Ausenco Engineering Canada ULC; Scott Elfen (P. E.), Global Lead Geotechnical and Civil Services with Ausenco Engineering Canada ULC; John Anthony McCartney, C.Geol., Ausenco Chile Ltda.; Porfirio Cabaleiro Rodriguez (Engineer Geologist FAIG), of GE21 Consultoria Mineral; Leonardo Soares (BSc Geo, MAIG), Senior Geological Consultant of GE21 Consultoria Mineral; Norman Lotter (Mineral Processing Engineer; P.Eng.), of Flowsheets Metallurgical Consulting Inc.; and, Juliano Felix de Lima (Engineer Geologist MAIG), of GE21 Consultoria Mineral.
On behalf of the Board of Directors of Meridian Mining plc
Mr. Gilbert Clark - CEO and Director
Meridian Mining plc 8th Floor, 4 More London Riverside London SE1 2AU United Kingdom
Email: [email protected] Ph: +44 (0) 203 930 3145 (GMT)
Media Enquiries:
Gareth Tredway / Saskia Sizen Tel: +44 (0) 207 920 3150 Email: [email protected]
Stay up to date by subscribing for news alerts here: https://meridianmining.co/contact/ Follow Meridian on X: https://X.com/MeridianMining Further information can be found at: www.meridianmining.co
Cautionary Statement on Forward-Looking InformationSome statements in this news release contain forward-looking information or forward-looking statements for the purposes of applicable securities laws. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed under the heading "Risk Factors" in Meridian's most recent Annual Information Form filed on www.sedarplus.ca. While these factors and assumptions are considered reasonable by Meridian, in light of management's experience and perception of current conditions and expected developments, Meridian can give no assurance that such expectations will prove to be correct. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Meridian disclaims any intent or obligation to update any forwardlooking statement, whether as a result of new information, future events, or results or otherwise.
MERIDIAN MINING PLC (Expressed in United States dollars)
Unaudited Half-Yearly Financial Report Registered number 16832228
For the six months ended 30 June 2026
Contents
Interim Management Report 3 Risk Factors 7 Related Party Transactions 8 Statement of Directors' Responsibilities 8 Independent Review Report to Meridian Mining PLC 9 Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Loss 10 Condensed Consolidated Interim Statement of Financial Position 11 Condensed Consolidated Interim Statement of Changes in Equity 12 Condensed Consolidated Interim Statement of Cash Flows 13 Notes to the Condensed Consolidated Interim Financial Statements 14
INTERIM MANAGEMENT REPORT
For the six months ended 30 June 2026
Business Overview
Meridian Mining plc (the "Company") and its subsidiaries (together, the "Group") is a mineral resource development and exploration group with projects in Brazil. The Group signed a Purchase Agreement on 6 November 2020, to acquire the rights within the Cabaçal gold ("Au") - copper ("Cu") - silver ("Ag") Volcanic Massive Sulphide ("VMS") belt ("VMS Belt"), that included the historical Cabaçal Au-Cu-Ag mine ("Cabaçal"), and the separate Santa Helena Cu-Au-Ag, zinc ("Zn"), and lead ("Pb") mine ("Santa Helena") in the state of Mato Grosso, Brazil. The Group has separately secured additional licences across the project's VMS Belt, and in the parallel Jauru and Araputanga Greenstone Belts to the west of Cabaçal.
The Group also has non-core projects in the State of Rondônia, including the Espigão Cu-Au polymetallic ("Espigão") project.
Strategy
Meridian's vision is to create sustainable value for its investors and stakeholders by developing and exploring for high-quality resource assets. The Company is committed to being a responsible steward of the environment and building collaborative partnerships with communities, governments, and all other stakeholders for mutual success.
The Company's principal focus is on the resource development and exploration of Cabaçal.
Corporate Outlook
The Company's strategic priorities remain focused on advancing the development potential of its two principal assets: the Cabaçal Au-Cu-Ag Project and the Santa Helena Au-Cu-Ag & Zn Project. Both assets were acquired through the Purchase Agreement with two private Brazilian companies (detailed below) and represent the core of the Company's near-term and medium-term growth strategy.
The primary focus for the period continued to be the advancement and completion of the Feasibility Study for the Cabaçal Project. This work follows the successful publication of the Cabaçal Pre-Feasibility Study ("PFS") in March 2025. The Definitive Feasibility Study encompasses basic engineering, economic analysis, metallurgical testwork, and final environmental studies and is targeted for completion in Q4 2026. The infill drilling programme required to support the Feasibility Study was completed on 7 October 2025.
In parallel, the Company has conducted a dedicated drilling programme at Santa Helena to evaluate the potential for a second open-pit development. From the second quarter of 2026 and onwards, this programme transitioned to near-mine and regional exploration drilling. Metallurgical test work at Santa Helena is ongoing, with a specific focus on improving precious metal recoveries in the fresh rock zones of the deposit.
Beyond the two principal deposits, the Company is undertaking regional exploration along the broader VMS Belt. Planned activities will progressively evaluate more than 50 kilometres of strike length across prospective geology held under licence. The objective of this programme is to identify additional Cu-Au- Ag systems that may support future resource growth and potential satellite development opportunities. The Company will also look to test the copper-gold potential of the Espigão project in Rondonia during 2026.
To support these operational and strategic initiatives, the Company continues to strengthen its Executive Management team and expand its Brazilian operational capabilities. These efforts are aligned with the long-term development of the Cabaçal Project and the continued growth of the Company's regional project portfolio.
Cabaçal Highlights
On 27 May 2026, the Company announced the submission of the Cabaçal Installation Licence application and provided an update on the Definitive Feasibility Study ("DFS"), including:
DFS Progress
The Cabaçal Feasibility Study is nearing 50% completion and remains on schedule for Q4 2026.
Long-lead Equipment Procurement
Purchasing of long-lead items now locks in prices and shortens the time to construction.
SAG Mill technical specification completed and pricing secured.
Electrical transformers ordered from a Brazilian supplier with delivery dates confirmed.
Pre-construction Activities
Roads, bridges and power easements surveyed for upgrade and construction.
Civil engineering tenders are under review.
Commitment letters for life-of-mine power supply signed.
On 20 January 2026, the Company reported results of separate Mineral Resource Estimates for the Cabaçal deposit and the Santa Helena Central deposit, concluded by its consultant, with highlights including: Cabaçal mine's Au-Cu-Ag open-pittable resource expanded: M&I: 70.1Mt @ 0.6g/t Au, 0.3% Cu, 1.3g/t Ag; Metal increases of 39.2% for Au, 14.2% for Cu and 19.3% for Ag; Mineralisation remains open down dip. Santa Helena Central's maiden open-pittable Au-Cu-Ag- Zn-Pb resource declared: M&I: 5.3Mt @ 0.6g/t Au, 0.4% Cu, 15.5g/t Ag, 1.9% Zn & 0.4% Pb. The Cabaçal VMS Belt's M&I resources total 1.4Moz Au, 0.6Blbs Cu, 5.6Moz Ag, 217.4Mlbs Zn and 49.9Mlbs Pb and Cabaçal DFS metallurgical studies have optimised recoveries of Au, Cu & Ag. The Company also reported that ten additional mineral title applications have been approved for exploration by the ANM in Mato Grosso, in the Cabaçal, Araputanga and Jauru Belts. With the increasing focus on copper-gold exploration in Mato Grosso, the Company has decided to relinquish certain non-core licences in Rondônia (within the Mirante da Serra and Ariquemes districts).
Santa Helena Highlights
20 surface diamond holes for 1,598m, for resource definition;
Engineering and environmental work to provide data for a preliminary licence application;
On 17 June 2026, the Company announced the discovery of second layer of gold-silver and zinclead VMS mineralisation.
Highlights included:
Santa Helena expansion programme discovers a second Au-Ag & Zn-Pb system of VMS mineralisation;
New VMS layer of Au-Ag & Zn-Pb mineralisation intercepted below and east of Santa Helena Central resource
- CD-869 returns 7.2m @ 1.4g/t Au, 0.1% Cu, 24.3g/t Ag, 2.3% Zn, 0.9% Pb;
- First appearance of visible gold hosted within the Santa Helena area mineralisation;
- CD-869 interpreted as the down-dip extension of Santa Helena North IP anomaly;
- Mineralisation remains open;
Exploration drill programmes for further multiple stacked horizons hosted within the Santa Helena VMS system continue and ;
- Programme to test for both open pit and underground extensions to CD-869.
On 14 May 2026, the Company announced the discovery of gold mineralisation at Álamo and reported further results from Santa Helena Central:
Meridian's exploration programme discovers new gold zone at Álamo:
- CD-852 returns 3.5m @ 2.4g/t Au, 0.5% Cu, 9.5g/t Ag & 0.7% Zn from 108.9m;
- Peak gold assay of 8.8 g/t Au over 0.4m, with robust gold grades over multiple
metres;
- Structurally hosted gold mineralisation that remains open in all directions;
- Located on the western sector of the 1.6km Álamo trend;
Infill drill programme at Santa Helena Central returns near-surface mineralisation results:
- CD-854: 21.2m @ 1.5g/t Au, 1.2% Cu, 45.7g/t Ag & 6.0% Zn from 71.6m;
Incl. 10.7m @ 2.5g/t Au, 2.4% Cu, 76.7g/t Ag & 11.7% Zn from 73.0m;
- CD-853: 14.8m @ 1.5g/t Au, 1.6% Cu, 41.9g/t Ag & 5.8% Zn from 29.7m;
Incl. 6.9m @ 2.8g/t Au, 3.2% Cu, 78.0g/t Ag & 10.3% Zn from 32.8m;
- CD-849: 11.7m @ 2.2g/t Au, 1.8% Cu, 50.3g/t Ag & 3.9% Zn from 46.4m;
Incl. 5.3m @ 4.5g/t Au, 3.9% Cu, 103.7g/t Ag & 7.7% Zn from 47.4m; and
- Peak grades of 17.5 g/t Au (CD-840, 26.5 - 27.2m), 311g/t Ag (CD-847: 79.8 -
80.4m), 11.6% Cu (CD-833, 32.4 - 33.2m) and 22.1% Zn (79.8 - 80.4m)
Regional Exploration
30 surface diamond holes for 5,943m;
99 auger holes for 88m;
Surface geophysics, with 25.8 line kilometres of gradient array induced polarisation survey and 17.0 line kilometres dipole-dipole surveys with 4.40 line kilometres of mise-à-la-masse;
Borehole electromagnetic ("BHEM") surveys, with 10 holes surveyed;
Surface geochemistry, with 957 soil samples and 74 rock samples collected;
Regional mapping and reconnaissance; and
Georeferencing, vectorisation and integration of historical maps over the regional licence application areas.
Corporate Highlights
During the six months ended 30 June 2026, the Company issued 1,819,541 ordinary shares related to the exercise on a cashless basis (net exercise) of 2,752,382 share purchase stock options, in accordance with the Company's omnibus plan and 774,380 ordinary shares for cash proceeds of $288,256 pursuant to the agent's compensation options at the exercise price of C$0.45 and C$1.10.
On 12 February 2026, the Company closed a bought deal offering through the issuance of 36,392,900 ordinary shares at a subscription price of C$1.58 per ordinary share, for aggregate gross proceeds to the Company of $42,226,562 (C$57,500,782).
On 27 April 2026, the Company announced its application for Listing on the Main Market of the London Stock Exchange, Publication of Prospectus and Proposed Fundraising to Raise Up to GBP 25 million by way of an institutional placing and a separate retail offer.
In connection with the London admission, the Company completed an institutional placing and retail offer during April and May 2026. The transactions and their effect on share capital are described in Note 10.
On 1 May 2026, the Company's entire issued share capital was admitted to the equity shares (commercial companies) category of the Official List of the Financial Conduct Authority and to trading on the Main Market of the London Stock Exchange. The Company retained its Toronto Stock Exchange listing. Further details are set out in Note 10.
On 4 June 2026, the Company announced its inclusion in the relevant FTSE indices and the transfer of trading in its shares from SETSqx to SETS.
On June 29, 2026, the Company's shareholders elected Dr. Carlos Vilhena and Mr. Felipe Holzhacker Alves to the Board of Meridian as additional Independent Non-Executive Directors. Dr. Adrian McArthur, the Company's President, and Mr. John Skinner have stepped down from the Board. McArthur, a Company Director since 2020, continues his full-time role as Meridian's President and directorships of certain of the Company's Brazilian subsidiaries. Mr. Skinner, a Non- Executive Director of the Company since 2021, has accepted a voluntary role on the Company's Advisory Board.
Financial review
For the six months ended 30 June 2026:
Exploration and evaluation expenses increased to $5,674,809 (six months ended 2025 - $3,814,717). The increase reflects the continued advancement of the Cabaçal DFS, with expenditures on engineering, environmental, infrastructure, permitting and technical support activities, together with work performed to obtain the Preliminary Licence for the Santa Helena project.
General and administration expenses increased to $3,008,355 (six months ended 2025 - $1,591,097). The variance was mainly driven by an increase in management fees due to changes in fees and salaries by certain executives and the hiring of a new executive.
Professional fees decreased to $697,450 (six months ended 2025 - $1,119,420) primarily because the prior-year period included strategic advisory services related to capital markets initiatives, other corporate advisory matters, and costs associated with the Company's conversion to a PLC.
Share based compensation decreased to $395,572 (six months ended 2025 - $1,001,584). The decrease mainly reflects the grant of 175,000 stock options during the current period, compared to 7,250,000 stock options granted in the same period of 2025.
Foreign exchange result was a loss of $3,597,477 (six months ended 2025 - gain of $708,126).
The variance mainly reflects unrealized foreign exchange losses arising from the translation of cash balances denominated in Canadian dollars and British pounds at period-end exchange rates.
The results for the six-month period ended 30 June 2026, included other comprehensive income of $115,915 (six months ended 2025 - loss of $93,246) comprised of foreign currency translation adjustments related mainly to the translation of the Company's Brazilian operations.
Liquidity and going concern
At 30 June 2026, the Company reported working capital of $93,818,374 (31 December 2025 - $38,799,209) which included cash of $95,975,354 (31 December 2025 - $41,709,473) and prepaid expenses and other assets of $589,459 (31 December 2025 - $285,219). Included in current liabilities on 30 June 2026 are accounts payable and accrued liabilities of $2,261,972 (31 December 2025 - $2,665,576), current provisions of $373,128 (31 December 2025 - $351,967) and taxes and fees payable of $111,339 (31 December 2025 - $177,940).
On 12 February 2026, the Company completed a bought-deal offering that materially increased the Group's available liquidity. Further details are set out in Note 10.
On 27 April 2026, the Company announced its application for Listing on the Main Market of the London Stock Exchange, Publication of Prospectus and Proposed Fundraising to Raise Up to GBP 25 million by way of an institutional placing and a separate retail offer.
On 1 May 2026, the Company completed and closed its retail offer, raising approximately GBP 2.5 million (USD 3.4 million) through the issuance of 2,717,391 new ordinary shares at an issue price of 92.0 pence per share (CAD 1.70 per share). In connection with the fundraising, the Company paid agent's commissions of USD 1,543,740 and incurred other share issuance costs of USD 2,859,647.
Going Concern
The Directors have assessed the Group's ability to continue as a going concern and concluded that it remains appropriate to prepare these financial statements on a going concern basis. However, as the Company continues to be reliant on the equity and debt markets for additional capital to continue to advance its projects towards production, a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern, and therefore the Company may be unable to realise its assets and discharge its liabilities in the normal course of business. Further details of the going concern assessment are provided in Note 1.2 to the condensed consolidated interim financial statements.
Outlook
The Company has continued to advance the Cabaçal and Santa Helena projects during the first 6 months of 2026. Key objectives for the Company's remainder of 2026 include:
Completing Cabaçal's Feasibility Study, which is currently underway and expected in the fourth quarter of 2026;
Advancing Cabaçal Licensing (application for Installation Licence submitted 19 May, 2026);
Advancing project financing discussions for the Cabaçal project;
Preparing the Company for the transition to construction and production;
Conducting a dedicated drilling programme at Santa Helena and its extensions, to evaluate the potential for a second development opportunity;
Continuing metallurgical test work at Santa Helena, with a focus on improving precious metal recoveries in the fresh rock zones of the deposit; and
Undertaking exploration on the broader VMS Belt with objective of this programme to identify additional Cu-Au-Ag systems that may support future resource growth and potential satellite development opportunities.
Risk Factors
The principal risks and uncertainties facing the Group are set out in detail in the Risk Factors section of the Strategic Report included in the Company's Annual Report and Financial Statements for the year ended 31 December 2025, together with the related disclosures in the notes to the consolidated financial statements.
The key risks disclosed in the 2025 Annual Report are categorised as:
Financial risks, including the availability of funding, commodity price fluctuations and foreign exchange risk;
Operational risks, including project development and execution, permitting, exploration success, health and safety, environmental management, infrastructure, cybersecurity, and the recruitment and retention of key personnel; and
Regulatory and strategic risks, including changes in laws and regulations, operations in Brazil, acquisition risks and other risks associated with the Company's exploration and development activities.
The Directors considered the Group's admission to the London Stock Exchange as part of their review of the principal risks and uncertainties. Following this assessment, the Directors concluded that the principal risks disclosed in the 2025 Annual Report remain appropriate and continue to be monitored.
RELATED PARTY TRANSACTIONS
Related party transactions during the six months ended 30 June 2026 are set out in Note 11 to the condensed consolidated interim financial statements. There have been no material changes to the nature of the Group's related party transactions described in the 2025 Annual Report. During the period, the composition of the Board of Directors changed following the appointment of two Independent Non- Executive Directors and the retirement of two Directors. These governance changes did not materially affect the Group's related party transactions or their impact on the Group's financial position or performance.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The Directors confirm that, to the best of their knowledge:
(a) the condensed consolidated interim financial statements have been prepared in accordance with UK-adopted International Accounting Standard 34, Interim Financial Reporting; and
(b) the interim management report includes a fair review of the information required by DTR 4.2.7R and DTR 4.2.8R.
For and on behalf of the Board
Gilbert Clark
Chief Executive Officer 12 August 2026
INDEPENDENT REVIEW REPORT TO MERIDIAN MINING PLC
Conclusion
We have been engaged by the company to review the condensed set of financial statements in the halfyearly financial report for the six months ended 30 June 2026 which comprises the condensed consolidated interim statement of loss and other comprehensive loss, the condensed consolidated interim statement of financial position, the condensed consolidated interim statement of changes in equity, the condensed consolidated interim cash flow statement and related notes 1 to 16.
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2026 is not prepared, in all material respects, in accordance with United Kingdom adopted International Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.
Basis for Conclusion
We conducted our review in accordance with International Standard on Review Engagements (UK) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Financial Reporting Council for use in the United Kingdom (ISRE (UK) 2410). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
As disclosed in note 1.1, the annual financial statements of the group are prepared in accordance with United Kingdom adopted international accounting standards. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with United Kingdom adopted International Accounting Standard 34, "Interim Financial Reporting".
Material uncertainty related to going concern
We draw attention to note 1.2 in the condensed consolidated interim financial statements, which indicates that the Company will require additional funding to continue to advance its projects towards production. As stated in note 1.2, these events or conditions, along with the other matters as set forth in note 1.2, indicate that a material uncertainty exists that may cast significant doubt on the group's ability to continue as a going concern. Our conclusion is not modified in respect of this matter.
Notwithstanding the material uncertainty discussed above, based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for Conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting.
This Conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410; however future events or conditions may cause the entity to cease to continue as a going concern.
Responsibilities of the directors
The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.
In preparing the half-yearly financial report, the directors are responsible for assessing the group's ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the review of the financial information
In reviewing the half-yearly financial report, we are responsible for expressing to the company a conclusion on the condensed set of financial statements in the half-yearly financial report. Our Conclusion, including the material uncertainty related to going concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report.
Use of our report
This report is made solely to the company in accordance with ISRE (UK) 2410. Our work has been undertaken so that we might state to the company those matters we are required to state to it in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusions we have formed.
Deloitte LLP
Statutory Auditor London, United Kingdom 12 August 2026
Condensed Consolidated Interim Statement of Loss and Other Comprehensive Loss (Unaudited)
Six months ended 30 June 2026
Note 2026 2025 $ $
Operating expenses
| Exploration and evaluation expenses | 3 | 5,674,809 | 3,814,717 |
| General and administrative expenses | 3 | 3,008,355 | 1,591,097 |
| Professional fees | 697,450 | 1,119,420 | |
| Care and maintenance expenses | 89,699 | 35,841 | |
| Share-based payments | 9 | 395,572 | 1,001,584 |
| Gain on sale of mineral rights | (19,385) | - | |
| Depreciation and amortisation expenses | 4 | 130,110 | 89,613 |
| Operating loss | (9,976,610) | (7,652,272) |
Finance items
| Finance income | 828,997 | 189,980 | |
| Finance expense | (83,601) | (10,663) | |
| Foreign exchange (loss)/gain | (3,597,477) | 708,126 | |
| Net financing expense/(income) | (2,852,081) | 887,443 | |
| Loss for the period before tax | (12,828,691) | (6,764,829) | |
| Income tax expense | - | - | |
| Loss for the period | (12,828,691) | (6,764,829) |
Other comprehensive loss
Items that are or may be reclassified subsequently to profit or loss:
Foreign currency translation differences - foreign operations 115,915 93,246
Total Other Comprehensive income for the period, net of income tax 115,915 93,246