A D I F F E R E N T K I N D O F G O L D C O M P A N Y A D I F F E R E N T K I N D O F G O L D C O M P A N Y

D I F F E R E N T I S B E T T E RThird Quarter Results 2002

D I F F E R E N T I S B E T T E RThird Quarter Results 2002

2

Highlights of the 3rd Quarter

Excellent early drill results at Los Pircos

More high-grade gold discovered on the Vista Norte zone at El Penon

Another strong operating performance from El Peñón

Unhedged gold prices increase by 13%

Cash balances of $123 million

Feasibility at Esquel continues with results early next year

3

Third Quarter 2002Los Pircos – Positive Drill Results

JV with Buenaventura Meridian earning 51% interest by spending $2.7

million By paying BVN an additional $1 million, Meridian can

earn 65%

Located in northern Peru

Nine veins identified on the surface tracing 20km of potential strike length

Drilled 2 veins Veta Diana (6 holes) Veta Maribel (1 hole)

Los Pircos Location

Los Pircos Drilling (Veta Diana)Hole From

(m)To(m)

Intercept*(m)

Gold (g/tonne)

Silver (g/tonne)

SD-1D 97.6107.3

98.3110.2

0.72.9

2.40.3

6.53.3

SD-2D 64.366.9

66.170.5

1.83.6

38.315.8

203154

SD-3D 96.0109.9

98.7112.5

2.72.6

7.680.2

313,728

SD-4D 2.86.8

24.928.091.2

111.1

3.47.0

25.128.391.8

111.2

0.60.20.20.30.60.1

25.132.99.4

54.78.2

14.2

1187515

148123

44

SD-5D 61.166.776.5

63.768.576.8

2.61.80.3

6.222.028.2

157317

26

SD-6D 35.745.5

37.546.3

1.80.8

68.024.9

42171

* Drilled Width

6

Veta Diana Drill-hole Map

7

Veta Diana Cross Section

8

Third Quarter 2002 Financial Highlights

Net income of $9.2 million, or $0.10 per share

Exploration costs of $2.5 million expensed

Cash balances of $123.4 million

Return on sales of 27% for the quarter on average realized gold price of $320 per ounce

Debt free and no gold hedge

9

EPS Year-Over-Year Cause of Change

3Q 2002 EPS 10 c3Q 2001 EPS 142002 B/(W) Than 2001 -4 c

Cause of ChangeGold Price 6 cCash costs (Jerritt Canyon) -3Taxes -5New shares for Brancote -3Other 1 Total Change -4 c

10

Third Quarter 2002Start of a new investment period

$0

$20

$40

$60

$80

$100

$120

$140

2Q 003Q 00

4Q 001Q 01

2Q 013Q 01

4Q 011Q 02

2Q 023Q 02

Quarter-End Cash Balances ($millions)

11

Third Quarter 2002Continued Performance from El Peñón

Gold mill head grade 13.8 g/tonne

Au recovery of 95% up 1% year over year

Ag recovery of 90% up 2% year over year

Developed Orito Norte open pit

El Peñón – One of the lowest cost mines in the world *

El Peñón3Q Cash

Costs ($43/oz)

El Peñón3Q Total

Costs ($93/oz)

* Gold Fields Mineral Services 2001 cost curve

13

Third Quarter 2002 Jerritt Canyon

Gold production of 24,322 ounces at a cash cost of $285 per gold ounce for the quarter

Cash costs significantly higher as a result of higher mix of stockpile feed as more underground development is completed

Expect gold production of 100,000 ounces at $260 per ounce cash cost for 2002

Evaluating options for improving profitability

14

Third Quarter 2002Exploration Program

El Peñón High grade mineralization at Vista Norte

extended another 150 meters along strike Started underground drilling to the south of

Orito Sur with follow-up in the fourth quarter Interesting results from exploration drilling

Core area District program

15

Vista Norte – Expanded 150m to the north

Hole From(m)

To(m)

True Width (m) Gold(g/tonne)

Silver (g/tonne)

PC264* 85 87 1.8 13.8 158

PC265* 26 29 2.5 49.5 256

PC285 19 23 2.9 4.8 131

PC295 22 25 2.6 9.3 121

PC297 25 27 1.6 258.8 1,989

PC298 35 38 3.3 16.6 103

PC300 52 57 6.1 7.9 41

PC302 49 51 2.4 7.3 161

PC332 87 88 0.9 101.8 265

PC333 90 92 1.9 22.8 226

PX082 46 48 1.2 18.3 86

* Previously reported

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Vista Norte Long Section

??

>10 gm/t and < 20 gm/t

>20 gm/t and <50 gm/t

>50 gm/t

17

Esquel – Action Plan

Full feasibility work started in June to completed by year-end

Exploration drilling has commenced with three rigs by the end of October

Construction in 2003 Production in 2004

18

Esquel – exploration commenced

Galadriel

Ungoliant

Elena Sur

Elena Norte

Julia

Antonia

Galadriel Sur

FootballField

Post MineralCover

8/01 Resource Areas

Open Mineralization / Potential

Vein / Structure

Ungoliant Drilling(BNC Press Release March 5/02)

• Drill Intercepts:9m at 34.3 g/t8m at 15.8 g/t

19

The New Meridian

Cash costs(Per oz)

Gold production(K ozs)

435

202

1996 2001 2004

700

$83

$239

1996 2001

$95

2004

20

Third Quarter 2002Summary With El Penon and Esquel, we believe we are in two

of the better gold districts in Latin America

Strong net free cash flow supporting a new period of investment

Unhedged for higher gold prices

Significant exploration program in 2002 With second round drilling on two new projects

An exciting new exploration program at Esquel

Brancote merger positions the company To become the fastest growing gold company While remaining one of the lowest cost producers