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London, United Kingdom--(Newsfile Corp. - December 8, 2025) - Meridian Mining Plc (TSX: MNO) (FSE: N2E) (OTCQX: MRRDF) ("Meridian" or the "Company") is pleased to announce that Mr. David Halkyard has been appointed as the Company's Chief Financial Officer ("CFO") effective November 25, 20251. In addition, the Company announces the appointment of Ms. Catherine Apthorpe as Corporate Secretary, following the resignation of Ms. Mariana Bermudez. Ms. Apthorpe brings over 20 years' legal experience, including 15 ...

"We're committed to improving access to healthy food and to making a difference in people's lives," said Cristal Gary, Meridian Plan President and CEO. "Through this partnership with the St. Louis Area Foodbank, Food On The Move creates a vital pipeline to combat food insecurity and improve health outcomes. Together, we can deliver critical food and health resources directly to those who need them most." In 2024, Food On The Move provided support to roughly 12,000 individuals across 4,300 households. By Ma ...

Financial Performance - Net income for the three months ended September 30, 2025, was $6,659 thousand, a 40.5% increase compared to $4,743 thousand for the same period in 2024[14]. - Basic earnings per common share for the three months ended September 30, 2025, was $0.59, up from $0.43 for the same period in 2024, representing a growth of 37.2%[14]. - Total comprehensive income for the three months ended September 30, 2025, was $8,265,000, compared to $6,065,000 in 2024, reflecting an increase of 36.3%[16]. - For the nine months ended September 30, 2025, net income reached $14,650,000, up from $10,745,000 in 2024, indicating a growth of 36.5%[16]. - Income before income taxes for the three months ended September 30, 2025, was $8,673, a significant increase from $6,245 in the same period of 2024, representing a 39.0% growth[146]. Asset and Liability Growth - Total assets increased to $2,541,130 thousand as of September 30, 2025, up from $2,385,867 thousand at December 31, 2024, representing a growth of 6.5%[12]. - Total liabilities increased to $2,353,101 thousand as of September 30, 2025, compared to $2,214,345 thousand at December 31, 2024, reflecting a growth of 6.3%[12]. - Total stockholders' equity rose to $188,029 thousand as of September 30, 2025, compared to $171,522 thousand at December 31, 2024, indicating a growth of 9.6%[12]. - Total deposits increased to $2,131,116 thousand as of September 30, 2025, up from $2,005,368 thousand at December 31, 2024, reflecting a growth of 6.3%[12]. Credit Losses and Provisions - Provision for credit losses for the nine months ended September 30, 2025, was $11,865 thousand, compared to $7,828 thousand for the same period in 2024, indicating a 51.9% increase[14]. - The allowance for credit losses increased to $21,794 thousand as of September 30, 2025, from $18,438 thousand at December 31, 2024, an increase of 12.8%[12]. - The total allowance for credit losses (ACL) as of September 30, 2025, was $21,794 thousand, reflecting a provision for credit losses of $2,850 thousand during the quarter[63]. - The total charge-offs for credit losses amounted to $9,236 thousand, with recoveries of $524 thousand during the reporting period[66]. Non-Interest Income and Expenses - Non-interest income totaled $9,953 thousand for the three months ended September 30, 2025, slightly down from $10,831 thousand for the same period in 2024, a decrease of 8.1%[14]. - Non-interest expense for the nine months ended September 30, 2025, totaled $61,646, an increase of 6.5% from $57,738 in the same period of 2024[147]. - The bank's mortgage banking income for the three months ended September 30, 2025, was $5,914, a decrease of 8.7% from $6,474 in the same period of 2024[146]. - Wealth management income for the three months ended September 30, 2025, was $1,610, an increase from $1,447 in the same period of 2024, reflecting an 11.3% growth[146]. Loan and Securities Performance - The total loans and other finance receivables increased to $2,159,261,000 as of September 30, 2025, up from $2,026,292,000 at December 31, 2024, representing a growth of approximately 6.55%[46]. - Total securities available-for-sale amounted to $194,268,000 as of September 30, 2025, with an allowance for credit losses of $7,781,000[37]. - The total fair value of held-to-maturity securities was $29,853,000, with an unrealized loss of $2,746,000[37]. - The total unrealized losses on available-for-sale securities decreased from $10,160,000 as of December 31, 2024, to $7,781,000 as of September 30, 2025, indicating an improvement in the portfolio[40]. Cash Flow and Investments - The company reported a net cash provided by operating activities of $30,476,000 for the nine months ended September 30, 2025, compared to $10,301,000 in 2024, marking a significant increase of 195.5%[21]. - The net cash used in investing activities for the nine months ended September 30, 2025, was $155,822,000, slightly down from $156,309,000 in 2024[21]. - The cash and cash equivalents at the end of the period on September 30, 2025, were $39,989,000, up from $32,347,000 in 2024[22]. Borrowings and Capital Management - Total short-term borrowings increased to $126.671 million as of September 30, 2025, compared to $98.632 million as of December 31, 2024[90]. - The Corporation has a maximum borrowing capacity with the FHLB of $746.0 million as of September 30, 2025, up from $699.3 million as of December 31, 2024[92]. - The Corporation's long-term borrowings decreased to $10.594 million as of September 30, 2025, from $25.839 million as of December 31, 2024[91]. Modifications and Foreclosures - The total number of modifications granted to borrowers experiencing financial difficulty increased to 44 in the nine months ended September 30, 2025, from 14 in the same period of 2024, marking a 214% increase[85]. - The company reported a total of 9 consumer mortgage loans in foreclosure proceedings as of September 30, 2025, with a total value of $2.5 million[54]. - The company foreclosed on a commercial real estate property valued at $1.3 million and repossessed a billboard asset valued at $2.4 million during the nine months ended September 30, 2025[55].

Core Insights - Meridian Health Plan of Illinois and Centene Foundation are making a strategic investment of $300,000 to combat food insecurity in Illinois, addressing the challenges posed by disruptions to SNAP and WIC programs [1][2] - Food insecurity affects approximately 47.4 million people in the U.S., including 13.8 million children, highlighting the urgency of the situation [1] - Centene Foundation has committed a total of $1.5 million to support food banks and community organizations nationwide, particularly as they prepare for winter [4] Group 1: Investment and Initiatives - The $300,000 donation will enhance access to nutritious food in Illinois communities, continuing Meridian's commitment to addressing hunger and nutrition challenges [2] - Meridian has launched several initiatives, including the "Eat Well, Be Well" nutrition program and partnerships with local farmers' markets to provide fresh produce [3][6] - In 2024, Centene invested $77.1 million in food security initiatives across multiple states, reinforcing its commitment to addressing food access as a critical health driver [6][7] Group 2: Community Impact - In August, nearly 14.7% of Illinois residents required additional assistance to feed their families, underscoring the critical need for support [2] - Local organizations are working diligently to meet the rising demand for food assistance, with emergency funding aimed at ensuring access to healthy meals for vulnerable families [5] - Centene's Medicaid plans include food and nutrition intervention programs, addressing social factors that influence health outcomes [5][6]

Core Insights - Meridian Mining UK S has received formal approval for the Preliminary Licence (PL) of the Cabaçal Gold-Copper-Silver project, marking a significant permitting milestone for the company [2][4][5] - The company is now focused on preparing and submitting the Installation Licence (IL) for Cabaçal in the first half of 2026 [2][6] - Meridian has also submitted a Preliminary Licence application for the Santa Helena Au-Cu-Ag & Zn project, indicating progress in its project portfolio [3][7] Project Developments - The Cabaçal PL process began in Q4 2021, with the approval reflecting strong community and state support for the project [5] - The company aims to align the IL application with project financing and the Final Investment Decision [6] - The Santa Helena PL submission is seen as a major advancement, contributing to the development of the Cabaçal Au-Cu-Ag belt [7] Financial Metrics - The Cabaçal project has a net present value (NPV) of USD 984 million and an internal rate of return (IRR) of 61.2%, with a pre-production capital cost of USD 248 million [10] - The project is expected to achieve capital repayment in 17 months, assuming specific metal price scenarios [10] - Cabaçal's mineral reserve estimate includes 41.7 million tonnes at grades of 0.63g/t gold, 0.44% copper, and 1.64g/t silver [11]

Core Insights - Meridian Mining UK S has received unanimous approval for the Preliminary Licence (PL) of the Cabaçal Au-Cu-Ag project from CONSEMA, the Environmental Council for the State of Mato Grosso, following a positive technical opinion from SEMA based on the Environmental Impact Assessment [2][4][8] Licensing and Regulatory Progress - The formal issuance of the Preliminary Licence is underway, with SEMA responsible for publishing the approval in the State of Mato Grosso gazette [3] - The PL is the first of three permitting stages required for the Cabaçal project, with the next step being the Installation License, which will allow construction activities to commence [5] Project Economic Viability - The Cabaçal project has a base case after-tax NPV5 of USD 984 million and an IRR of 61.2%, based on a pre-production capital cost of USD 248 million, leading to capital repayment in 17 months [7] - The project has a low All-in-Sustaining-Cost of USD 742 per ounce of gold equivalent and a production profile of 141,000 ounces of gold equivalent over its life [7] Technical and Environmental Aspects - The technical aspects, environmental feasibility, and social acceptance of the Cabaçal project have been affirmed, contributing to the positive response from CONSEMA [4][8] - The Cabaçal Mineral Reserve estimate includes Proven and Probable reserves of 41.7 million tonnes at 0.63g/t gold, 0.44% copper, and 1.64g/t silver [10]

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Core Insights - Meridian Corporation reported a net income of $6.7 million for Q3 2025, representing a 19% increase from the previous quarter, driven by improved margins and strong loan growth [2][5][7] - The net interest margin rose to 3.77%, up from 3.20% in Q3 2024, reflecting a favorable interest rate environment and effective asset management [2][5][14] - Total assets remained stable at $2.5 billion, with a slight increase in portfolio loans and total deposits [20][21][22] Financial Performance - Net income for Q3 2025 was $6.7 million, or $0.58 per diluted share, up $1.1 million from the prior quarter [5][31] - Pre-provision net revenue (PPNR) increased to $11.5 million, a 35% improvement from Q3 2024 [5][7] - The return on average assets and return on average equity were 1.04% and 14.42%, respectively, indicating strong profitability metrics [5][31] Loan and Deposit Growth - Commercial loans, excluding leases, increased by $54.2 million, or 3% from the prior quarter, with significant contributions from commercial and industrial segments [5][21] - Total deposits rose by $20.7 million, or 1.0%, led by an increase in interest-bearing deposits [22][24] Non-Interest Income and Expenses - Total non-interest income decreased by $1.3 million, or 11.8%, primarily due to a decline in SBA loan income and net gains on the sale of mortgage servicing rights [16][18] - Non-interest expenses increased slightly by $189 thousand, or 0.9%, with notable increases in salaries and employee benefits [19][21] Asset Quality - Non-performing loans rose to $55.4 million, with a ratio of non-performing loans to total loans increasing to 2.53% [25][26] - The provision for credit losses decreased to $2.9 million, reflecting improved asset quality management [15][27] Capital and Equity - Total stockholders' equity increased by $10 million to $188 million, supported by net income and stock issuance [24][32] - The Community Bank Leverage Ratio was reported at 9.41%, indicating a solid capital position [24][32]

Financial Performance - Net income for Q3 2025 was $6.7 million, or $0.58 per diluted share, representing a 19% increase from the prior quarter[4] - Pre-provision net revenue (PPNR) for the quarter was $11.5 million, an improvement of 35% from Q3 2024[4] - Basic earnings per common share increased to $0.59 from $0.50 in the previous quarter[30] - Net income for the three months ended September 30, 2025, was $6,659 million, up from $5,592 million in the previous quarter, marking a 19.1% increase[32] - Basic earnings per common share rose to $0.59 for the three months ended September 30, 2025, compared to $0.50 in the previous quarter, reflecting an increase of 18%[32] - Net income for Q3 2025 rose to $6,659,000, a 40.4% increase from $4,743,000 in Q3 2024[36] - Basic earnings per share for Q3 2025 was $0.59, up from $0.43 in Q3 2024, marking a 37.2% increase[36] Asset and Loan Growth - Total assets as of September 30, 2025, were $2.5 billion, unchanged from June 30, 2025, and up from $2.4 billion a year earlier[4] - Average total loans, excluding residential loans for sale, increased by $33.3 million, driven by commercial and small business loans[11] - Portfolio loans grew by $54.8 million, or 2.6% quarter-over-quarter, driven by increases in commercial & industrial loans (up $14.1 million, or 3.5%) and construction loans (up $29.9 million, or 10.5%) [20] - Total loans and other finance receivables as of September 30, 2025, were $2,162,845,000, up from $2,008,396,000 a year earlier, representing a growth of 7.7%[41] Income and Expenses - Total interest income for the three months ended September 30, 2025, was $43,109 million, an increase from $41,211 million in the previous quarter[32] - Net interest income after provision for credit losses was $20,266 million for the three months ended September 30, 2025, compared to $17,356 million in the previous quarter, reflecting a 11% increase[32] - Total non-interest income decreased by $1.3 million, or 11.8%, quarter-over-quarter, primarily due to a decline in SBA loan income[15] - Total non-interest expense increased by $189 thousand, or 0.9%, to $21.546 million, with salaries and employee benefits rising by $434 thousand, or 3.3%[17] - Non-interest income totaled $9,953 million for the three months ended September 30, 2025, down from $11,288 million in the previous quarter, indicating a decrease of approximately 11.8%[32] - Total non-interest expense increased to $21,546 million for the three months ended September 30, 2025, compared to $21,357 million in the previous quarter, representing a slight increase of 0.9%[32] Credit Quality - The provision for credit losses decreased by $953 thousand to $2.9 million, positively impacted by a $1.7 million decrease in net charge-offs[14] - Non-performing loans increased by $4.8 million to $55.4 million, with the ratio of non-performing loans to total loans rising to 2.53%[23] - Net charge-offs decreased to $1.9 million, or 0.09% of total average loans, compared to 0.17% in the previous quarter[24] - The ratio of allowance for credit losses to total loans held for investment was 1.01%, slightly up from 1.00%[25] - Provision for credit losses decreased to $2,850,000 in Q3 2025 from $2,282,000 in Q3 2024, indicating improved credit quality[36] - The allowance for credit losses (ACL) to loans and other finance receivables was 1.01% as of September 30, 2025, consistent with the previous quarter[41] Equity and Dividends - Total stockholders' equity increased by $10.0 million to $188.0 million, with net income of $6.7 million for the quarter[22] - Total stockholders' equity (GAAP) increased to $188,029 million as of September 30, 2025, up from $178,020 million in June 2025, representing a growth of 5.7%[42] - Total stockholders' equity (GAAP) for the Bank increased to $236,038 million, up from $228,127 million in the previous quarter, representing a growth of 4.0%[42] - The company declared a quarterly cash dividend of $0.125 per common share, payable on November 17, 2025[4] Efficiency and Ratios - The efficiency ratio for the bank segment improved to 59% in Q3 2025 from 68% in Q3 2024, indicating better operational efficiency[36] - The tangible common equity to tangible assets ratio for the Corporation improved to 7.27% in September 2025, compared to 6.96% in June 2025[42] - The tangible common equity to tangible assets ratio for the Bank improved to 9.16% in September 2025, compared to 8.96% in June 2025[42] - Book value per common share increased to $16.33 as of September 30, 2025, up from $15.76 in June 2025, marking a growth of 3.6%[42] - Tangible book value per common share was $16.02, an increase from $15.44 in the previous quarter, indicating a growth of 3.8%[42]