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Meritage Homes Corporation (MTH) Q2 2026 Earnings Call July 30, 2026 11:00 AM EDT

Company Participants

Emily Tadano - Vice President of Investor Relations & ESG
Steven Hilton - Executive Chairman
Phillippe Lord - CEO, Executive VP & Director
Hilla Sferruzza - CFO & Executive VP

Conference Call Participants

Trevor Allinson - Wolfe Research, LLC
Stephen Kim - Evercore ISI Institutional Equities, Research Division
Alan Ratner - Zelman & Associates LLC
John Lovallo - UBS Investment Bank, Research Division
Susan Maklari - Goldman Sachs Group, Inc., Research Division
Rafe Jadrosich - BofA Securities, Research Division
Jade Rahmani - Keefe, Bruyette, & Woods, Inc., Research Division

Presentation

Operator

Greetings, and welcome to the Second Quarter 2026 Meritage Homes Analyst Call. [Operator Instructions] Please be advised that today's conference is being recorded.

[Operator Instructions] I would now like to turn the call over to Emily Tadano, Vice President of Investor Relations and External Communications. Please go ahead.

Emily Tadano
Vice President of Investor Relations & ESG

Thank you, operator. Good morning, and welcome to our analyst call to discuss our second quarter 2026 results. We issued the press release yesterday after the market closed. You can find it along with the slides we'll refer to during this call on our website at investors.meritagehomes.com or by selecting the Investor Relations link at the bottom of our homepage.

Please refer to Slide 2, cautioning you that our statements during this call as well as in the earnings release and accompanying slides contain forward-looking statements. Those and any other projections represent the current opinions of management, which are subject to change at any time, and we assume no obligation to update them. Any forward-looking statements are inherently uncertain. Our actual results may be materially different than our expectations due to a wide variety of risk factors, which we have identified and listed on this slide as well as in

For the quarter ended June 2026, Meritage Homes (MTH - Free Report) reported revenue of $1.4 billion, down 13.8% over the same period last year. EPS came in at $1.42, compared to $2.04 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $1.43 billion, representing a surprise of -1.78%. The company delivered an EPS surprise of +9.23%, with the consensus EPS estimate being $1.30.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Meritage performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Home Closing Revenue - Average sales price - Total: $373.00 versus the nine-analyst average estimate of $377.59.Homes ordered - Total: 3,575 compared to the 3,774 average estimate based on nine analysts.Order Backlog - Total: 1,715 compared to the 1,856 average estimate based on eight analysts.Homes closed - Total: 3,725 compared to the 3,750 average estimate based on eight analysts.Active Communities - Ending - Total: 340 compared to the 351 average estimate based on six analysts.Home Orders - Average sales price - Total: $385.00 versus $379.23 estimated by six analysts on average.Homes Ordered Value - Total: $1.38 billion versus the six-analyst average estimate of $1.43 billion.Order Backlog Value - Total: $661.91 million versus the five-analyst average estimate of $725.24 million.Revenue- Total closing revenue (Homebuilding): $1.4 billion compared to the $1.43 billion average estimate based on nine analysts. The reported number represents a change of -13.8% year over year.Revenue- Home closing: $1.39 billion versus $1.42 billion estimated by nine analysts on average. Compared to the year-ago quarter, this number represents a -14.1% change.Revenue- Land closing: $12.72 million versus the nine-analyst average estimate of $8.5 million. The reported number represents a year-over-year change of +53.7%.Revenue- Financial Services: $7.78 million versus the eight-analyst average estimate of $8.69 million. The reported number represents a year-over-year change of -17.4%.View all Key Company Metrics for Meritage here>>>

Shares of Meritage have returned -12.7% over the past month versus the Zacks S&P 500 composite's +1.9% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.

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First Trust Advisors LP reduced its holdings in Meritage Homes Corporation (NYSE: MTH) by 22.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 534,147 shares of the construction company's stock after selling 154,624 shares during the quarter. First Trust Advisors

SCOTTSDALE, Ariz., April 22, 2026 (GLOBE NEWSWIRE) -- Meritage Homes Corporation (NYSE: MTH), the fifth-largest U.S. homebuilder, reported first quarter results for the period ended March 31, 2026.

Summary Operating Results (unaudited)
(Dollars in thousands, except per share amounts)  Three Months Ended March 31,
  2026
 2025
 % Chg
Homes closed (units)  2,967   3,416  (13)%Home closing revenue $1,107,822  $1,342,104  (17)%Average sales price — closings $373  $393  (5)%Home orders (units)  3,664   3,876  (5)%Home order value $1,400,440  $1,558,177  (10)%Average sales price — orders $382  $402  (5)%Ending backlog (units)  1,865   2,004  (7)%Ending backlog value $711,466  $812,358  (12)%Average sales price — backlog $381  $405  (6)%Home closing gross margin  17.5%  22.0% (450) bps
Earnings before income taxes $72,524  $160,159  (55)%Net earnings $55,309  $122,806  (55)%Diluted EPS $0.82  $1.69  (51)%
MANAGEMENT COMMENTS

"With the spring selling season commencing this quarter, we experienced some improved demand, achieving an absorption rate of 3.6 net sales per month and sales orders of 3,664 homes. However, these results were below our expectations as 2026 began with a severe winter storm in January and then transitioned into military operations in Iran midway through the quarter, which negatively impacted consumer sentiment and mortgage rates," said Steven J. Hilton, executive chairman of Meritage Homes. "In this environment, we acknowledge that capturing demand requires higher than anticipated incentive utilization, even as we look to optimize every asset while balancing pace and margin."

"We leaned into our strategy again this quarter, focusing on what we can control. We are proud of another year-over-year improvement in our cycle times driving 2,967 closings this quarter, and, with nearly 70% of these deliveries coming from intra-quarter sales, a backlog conversion rate of 254%," added Phillippe Lord, chief executive officer of Meritage Homes. "First quarter 2026 home closing revenue totaled $1.1 billion, however the difficult macroeconomic conditions this quarter drove a lower revenue leverage and increased incentives, resulting in home closing gross margin of 17.5% and diluted EPS of $0.82. As of March 31, 2026, our book value per share increased 6% year-over-year."

"We also maintained our objective of balance sheet preservation in uncertain times while continuing to execute on our shareholder returns commitment. In addition to opening 40 new communities and ending the quarter with 345 communities—our highest ever store count—we also completed $130 million of share repurchases, paid $32 million in dividends and finished the quarter with cash of $767 million, nothing drawn under our revolving credit facility and a net debt-to-capital ratio of 17.4%," concluded Mr. Lord.

FIRST QUARTER RESULTS

Orders of 3,664 homes for the first quarter of 2026 decreased 5% year-over-year mainly as a result of 18% lower average absorption pace, which was partially offset by a 17% increase in average community count. First quarter 2026 average sales price ("ASP") on orders of $382,000 was down 5% from the first quarter of 2025, primarily due to increased utilization of incentives and geographic mix this year. The 17% year-over-year decrease in home closing revenue in the first quarter of 2026 to $1.1 billion was due to 13% lower closing volume of 2,967 homes combined with a 5% decrease in ASP on closings to $373,000. ASP on closings was impacted by increased utilization of incentives and geographic mix this year. Home closing gross margin of 17.5% in the first quarter of 2026 was 450 bps lower than 22.0% in the prior year as a result of increased utilization of incentives, higher lot costs and reduced leverage of fixed costs on lower home closing revenue, all of which were partially offset by savings in direct costs, decreased compensation expense and faster cycle times. First quarter 2026 home closing gross margin included $2.4 million of real estate inventory impairments and $1.4 million in terminated land deal walk-away charges, compared to no impairments and $1.4 million in terminated land deal walk-away charges in the prior year. Selling, general and administrative expenses ("SG&A") as a percentage of first quarter 2026 home closing revenue were 11.8% compared to 11.3% in the first quarter of 2025, primarily as a result of lost leverage on lower home closing revenue as well as higher technology costs, which were partially offset by decreased compensation expense and an intentional reduction in discretionary expenses. The first quarter effective income tax rate was 23.7% in 2026 compared to 23.3% in 2025. Net earnings were $55 million ($0.82 per diluted share) for the first quarter 2026, a 55% decrease from $123 million ($1.69 per diluted share) for the first quarter of 2025, mainly resulting from lower home closing revenue and gross profit. BALANCE SHEET & LIQUIDITY

Cash and cash equivalents at March 31, 2026 totaled $767 million. This compared to cash and cash equivalents of $775 million at December 31, 2025. Land acquisition and development spend, net of land development reimbursements, totaled $326 million for the first quarter of 2026, reflecting a deliberate pullback due to market conditions. This compared to $465 million of land acquisition and development spend, net of land development reimbursements, in the first quarter of 2025. Approximately 75,500 lots were owned or controlled as of March 31, 2026, compared to approximately 84,200 lots as of March 31, 2025. Nearly 400 net new lots were added in the first quarter of 2026, representing an estimated 11 future communities. First quarter 2026 ending community count of 345 was up 19% compared to prior year and up 3% compared to the fourth quarter of 2025. Debt-to-capital and net debt-to-capital ratios were 26.6% and 17.4%, respectively, at March 31, 2026, which compared to 26.0% and 16.9%, respectively, at December 31, 2025. The Company declared and paid quarterly cash dividends of $0.48 per share totaling $32 million in the first quarter of 2026. This compared to $0.43 per share totaling $31 million in the first quarter of 2025. During the first quarter of 2026, the Company repurchased 1,815,820 shares of stock, or 2.7% of shares outstanding at the beginning of the quarter, for $130 million. This compared to $45 million in the first quarter of 2025. As of March 31, 2026, $384 million remained available to repurchase. GUIDANCE

Based on current market conditions, the Company is updating its guidance for full year 2026 home closing volume and revenue to at or within 5% of full year 2025 results.

CONFERENCE CALL

Management will host a conference call to discuss its first quarter 2026 results at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) on Thursday, April 23, 2026. To listen, please go to Meritage's Investor Relations page for the live webcast or dial in to 1-800-445-7795 US toll free or 1-785-424-1699. A replay will be available on the Investor Relations page.

Meritage Homes Corporation and Subsidiaries
Consolidated Income Statements
(In thousands, except per share data)
(Unaudited)

  Three Months Ended March 31,
  2026
 2025
 Change $ Change %
Homebuilding:         Home closing revenue $1,107,822  $1,342,104  $(234,282) (17)%Land closing revenue  9,361   15,421   (6,060) (39)%Total closing revenue  1,117,183   1,357,525   (240,342) (18)%Cost of home closings  (914,024)  (1,046,454)  (132,430) (13)%Cost of land closings  (9,630)  (12,256)  (2,626) (21)%Total cost of closings  (923,654)  (1,058,710)  (135,056) (13)%Home closing gross profit  193,798   295,650   (101,852) (34)%Land closing gross (loss)/profit  (269)  3,165   (3,434) (108)%Total closing gross profit  193,529   298,815   (105,286) (35)%Financial Services:         Revenue  6,285   7,082   (797) (11)%Expense  (3,623)  (4,192)  (569) (14)%Earnings from financial services unconsolidated entities and other, net  831   673   158  23%Financial services profit  3,493   3,563   (70) (2)%Commissions and other sales costs  (79,472)  (94,720)  (15,248) (16)%General and administrative expenses  (51,402)  (56,997)  (5,595) (10)%Interest expense  (587)  —   587  N/A
Other income, net  6,963   9,498   (2,535) (27)%Earnings before income taxes  72,524   160,159   (87,635) (55)%Provision for income taxes  (17,215)  (37,353)  (20,138) (54)%Net earnings $55,309  $122,806  $(67,497) (55)%          Earnings per common share:         Basic     Change $ or shares Change %
Earnings per common share $0.82  $1.71  $(0.89) (52)%Weighted average shares outstanding  67,367   71,915   (4,548) (6)%Diluted         Earnings per common share $0.82  $1.69  $(0.87) (51)%Weighted average shares outstanding  67,806   72,650   (4,844) (7)% Meritage Homes Corporation and Subsidiaries
Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited)  March 31, 2026
 December 31, 2025
Assets:      Cash and cash equivalents $766,632  $775,157 Other receivables  280,922   306,956 Real estate (1)  5,962,075   5,987,120 Deposits on real estate under option or contract  166,236   174,170 Investments in unconsolidated entities  60,762   57,268 Property and equipment, net  46,064   46,647 Deferred tax asset, net  51,211   53,293 Prepaids, other assets and goodwill  220,709   221,676 Total assets $7,554,611  $7,622,287 Liabilities:      Accounts payable $199,943  $200,679 Accrued and other liabilities  408,718   387,698 Home sale deposits  10,907   9,213 Loans payable and other borrowings  34,990   24,328 Senior and convertible senior notes, net  1,806,284   1,804,726 Total liabilities  2,460,842   2,426,644 Stockholders' Equity:      Preferred stock  —   — Common stock, par value $0.01. Authorized 125,000,000 shares; 66,702,433 and 68,168,923 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively  667   682 Additional paid-in capital  —   — Retained earnings  5,093,102   5,194,961 Total stockholders’ equity  5,093,769   5,195,643 Total liabilities and stockholders’ equity $7,554,611  $7,622,287        (1) Real estate – Allocated costs:      Homes completed and under construction $1,933,033  $2,069,548 Finished home sites and home sites under development  3,963,883   3,917,572 Consolidated real estate not owned  65,159   — Total real estate $5,962,075  $5,987,120  Meritage Homes Corporation and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)  Three Months Ended March 31,  2026
 2025
Cash flows from operating activities:    Net earnings $55,309  $122,806 Adjustments to reconcile net earnings to net cash provided by/(used in) operating activities:    Depreciation and amortization  5,373   5,949 Real estate and land impairments  2,427   — Write-off of terminated land deals  1,373   1,433 Stock-based compensation  5,860   6,325 Equity in earnings from unconsolidated entities  (656)  (626)Distribution of earnings from unconsolidated entities  673   588 Other  2,074   489 Changes in assets and liabilities:    Decrease/(increase) in real estate  34,049   (60,821)Decrease/(increase) in deposits on real estate under option or contract  7,389   (62,179)Decrease/(increase) in other receivables, prepaids and other assets  29,018   (37,636)Decrease in accounts payable and accrued and other liabilities  (43,274)  (16,041)Increase/(decrease) in home sale deposits  1,694   (2,863)Net cash provided by/(used in) operating activities  101,309   (42,576)Cash flows from investing activities:    Investments in unconsolidated entities  (3,517)  (5,850)Purchases of property and equipment  (4,308)  (5,592)Proceeds from sales of property and equipment  94   29 Net cash used in investing activities  (7,731)  (11,413)Cash flows from financing activities:    Repayment of loans payable and other borrowings  (33)  (2,150)Proceeds from issuance of senior notes  —   497,195 Payment of debt issuance costs  —   (5,073)Proceeds from liabilities related to consolidated real estate not owned  59,947   — Dividends paid  (32,017)  (30,887)Repurchase of shares  (130,000)  (44,999)Net cash (used in)/provided by financing activities  (102,103)  414,086 Net (decrease)/increase in cash and cash equivalents  (8,525)  360,097 Beginning cash and cash equivalents  775,157   651,555 Ending cash and cash equivalents $766,632  $1,011,652  Meritage Homes Corporation and Subsidiaries
Operating Data
(Dollars in thousands)
(Unaudited)

We aggregate our homebuilding operating segments into reporting segments based on similar long-term economic characteristics and geographical proximity. Our three reportable homebuilding segments are as follows:
       •     West: Arizona, California, Colorado, and Utah
       •     Central: Tennessee and Texas
       •     East: Alabama, Florida, Georgia, Mississippi, North Carolina and South Carolina

  Three Months Ended March 31,
  2026
 2025
  Homes
 Value
 Homes
 Value
Homes Closed:            West Region 686  $336,183  998  $479,636 Central Region 1,108   376,300  1,187   412,537 East Region 1,173   395,339  1,231   449,931 Total 2,967  $1,107,822  3,416  $1,342,104 Homes Ordered:            West Region 898  $444,293  1,093  $539,594 Central Region 1,316   457,299  1,365   489,160 East Region 1,450   498,848  1,418   529,423 Total 3,664  $1,400,440  3,876  $1,558,177    At March 31,
  2026
 2025
  Homes
 Value
 Homes
 Value
Order Backlog:            West Region 397  $193,651  530  $262,627 Central Region 665   238,387  659   242,919 East Region 803   279,428  815   306,812 Total 1,865  $711,466  2,004  $812,358    Three Months Ended March 31,
  2026
 2025
  Ending
 Average
 Ending
 Average
Active Communities:            West Region 88  85.5  85  88.0 Central Region 107  109.5  82  86.0 East Region 150  145.5  123  117.0 Total 345  340.5  290  291.0  Meritage Homes Corporation and Subsidiaries
Supplement and Non-GAAP information
(Unaudited)Supplemental Information (Dollars in thousands):  Three Months Ended March 31,  2026
 2025
Depreciation and amortization $5,373  $5,949      Summary of Capitalized Interest:    Capitalized interest, beginning of period $77,064  $53,678 Interest incurred  20,005   14,714 Interest expensed  (587)  — Interest amortized to cost of home and land closings  (12,018)  (11,285)Capitalized interest, end of period $84,464  $57,107  Reconciliation of Non-GAAP Information (Dollars in thousands):This press release includes comments and discussion about our operating results that reflect certain adjustments, including to home closing gross profit, home closing gross margin, earnings before income taxes, net earnings, diluted earnings per common share, and debt-to-capital ratios. These are considered non-GAAP financial measures and should be considered in addition to, rather than as a substitute for, the comparable GAAP financial measures. We believe these non-GAAP financial measures are relevant and useful to investors in understanding our operating results and may be helpful in comparing our company with other companies in the homebuilding and other industries to the extent they provide similar information. We encourage investors to understand the methods used by other companies to calculate these non-GAAP financial measures and any adjustments thereto before comparing to our non-GAAP financial measures.

Home Closing Gross Profit and Home Closing Gross Margin  Three Months Ended March 31,  2026
 2025
Home closing gross profit $193,798  $295,650 Home closing gross margin  17.5%  22.0%     Add: Real estate-related impairments  2,427   — Add: Write-off of terminated land deals  1,373   1,433 Adjusted home closing gross profit $197,598  $297,083 Adjusted home closing gross margin  17.8%  22.1% Earnings before income taxes, Net earnings and Diluted earnings per common share  Three Months Ended March 31,  2026
 2025
Earnings before income taxes $72,524  $160,159      Add: Real estate-related impairments  2,457   — Add: Write-off of terminated land deals  1,373   1,433 Adjusted earnings before income taxes $76,354  $161,592 Incremental tax rate  24.8%  24.4%Adjusted provision for income tax  (18,165)  (37,703)Adjusted net earnings  58,189   123,889      Diluted earnings per common share $0.82  $1.69 Adjusted diluted earnings per common share $0.86  $1.71  Debt-to-Capital Ratios  March 31, 2026 December 31, 2025Senior and convertible senior notes, net and loans payable and other borrowings $1,841,274  $1,829,054 Stockholders' equity  5,093,769   5,195,643 Total capital $6,935,043  $7,024,697 Debt-to-capital  26.6%  26.0%     Senior and convertible senior notes, net and loans payable and other borrowings $1,841,274  $1,829,054 Less: cash and cash equivalents  (766,632)  (775,157)Net debt $1,074,642  $1,053,897 Stockholders’ equity  5,093,769   5,195,643 Total net capital $6,168,411  $6,249,540 Net debt-to-capital  17.4%  16.9%
About Meritage Homes Corporation
Meritage is the fifth-largest public homebuilder in the United States, based on homes closed in 2025. The Company offers energy-efficient and affordable entry-level and first move-up homes. Operations span across Arizona, California, Colorado, Utah, Tennessee, Texas, Alabama, Florida, Georgia, Mississippi, North Carolina, and South Carolina.

Meritage has delivered over 210,000 homes in its 41-year history, and has a reputation for its distinctive style, quality construction, and award-winning customer experience. The Company is an industry leader in energy-efficient homebuilding, an eleven-time recipient of the U.S. Environmental Protection Agency’s (EPA) ENERGY STAR® Partner of the Year for Sustained Excellence Award and Residential New Construction Market Leader Award, as well as a four-time recipient of the EPA's Indoor airPLUS Leader Award.

For more information, visit www.meritagehomes.com.

The information included in this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include expectations about the housing market in general and our future results including our full year 2026 projected home closing volume and home closing revenue.

Such statements are based on the current beliefs and expectations of Company management and current market conditions, which are subject to significant uncertainties and fluctuations. Actual results may differ from those set forth in the forward-looking statements. The Company makes no commitment, and disclaims any duty, except as required by law, to update or revise any forward-looking statements to reflect future events or changes in these expectations. Meritage's business is subject to a number of risks and uncertainties. As a result of those risks and uncertainties, the Company's stock and note prices may fluctuate dramatically. These risks and uncertainties include, but are not limited to, the following: increases in interest rates or decreases in mortgage availability, and the cost and use of rate locks and buy-downs; the cost of materials used to develop communities and construct homes; shortages in the availability and cost of subcontract labor; legislation related to tariffs; cancellation rates; supply chain and labor constraints; the ability of our potential buyers to sell their existing homes; the adverse effect of slow absorption rates; our ability to acquire and develop lots may be negatively impacted if we are unable to obtain performance and surety bonds; impairments of our real estate inventory; competition; home warranty and construction defect claims; failures in health and safety performance; fluctuations in quarterly operating results; our level of indebtedness; our exposure to counterparty risk with respect to our capped calls; our ability to obtain financing if our credit ratings are downgraded; our exposure to and impacts from natural disasters or severe weather conditions; the availability and cost of finished lots and undeveloped land; the success of our strategy to offer and market entry-level and first move-up homes; a change to the feasibility of projects under option or contract that could result in the write-down or write-off of earnest money or option deposits; our limited geographic diversification; sustainability matters and disclosures; our exposure to information technology failures and security breaches and the impact thereof; the loss of key personnel; changes in tax laws that adversely impact us or our homebuyers; our inability to prevail on contested tax positions; failure of our employees and representatives to comply with laws and regulations; our compliance with government regulations; liabilities or restrictions resulting from regulations applicable to our financial services operations; negative publicity that affects our reputation; potential disruptions to our business by an epidemic or pandemic, and measures that federal, state and local governments and/or health authorities implement to address it; and other factors identified in documents filed by the Company with the Securities and Exchange Commission, including those set forth in our Form 10-K for the year ended December 31, 2025 under the caption "Risk Factors," which can be found on our website at https://investors.meritagehomes.com.

Contacts:Emily Tadano, VP Investor Relations and External Communications (480) 515-8979 (office) [email protected]

Meritage Homes (MTH - Free Report) came out with quarterly earnings of $0.82 per share, missing the Zacks Consensus Estimate of $1.01 per share. This compares to earnings of $1.69 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -18.97%. A quarter ago, it was expected that this homebuilder would post earnings of $1.55 per share when it actually produced earnings of $1.67, delivering a surprise of +7.74%.

Over the last four quarters, the company has surpassed consensus EPS estimates two times.

Meritage, which belongs to the Zacks Building Products - Home Builders industry, posted revenues of $1.12 billion for the quarter ended March 2026, missing the Zacks Consensus Estimate by 7.59%. This compares to year-ago revenues of $1.36 billion. The company has topped consensus revenue estimates just once over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Meritage shares have added about 5.6% since the beginning of the year versus the S&P 500's gain of 3.2%.

What's Next for Meritage?While Meritage has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Meritage was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.51 on $1.49 billion in revenues for the coming quarter and $5.68 on $5.7 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Building Products - Home Builders is currently in the bottom 10% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, PulteGroup (PHM - Free Report) , is yet to report results for the quarter ended March 2026. The results are expected to be released on April 23.

This homebuilder is expected to post quarterly earnings of $1.80 per share in its upcoming report, which represents a year-over-year change of -30%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

PulteGroup's revenues are expected to be $3.38 billion, down 13% from the year-ago quarter.

RAPID PROGRESS AT COPALQUIN & LA DURA SETS UP 2026 AS PIVOTAL YEAR

Melbourne, Australia and Vancouver, Canada – TheNewswire - April 29, 2026 - Mithril Silver and Gold Limited ("Mithril” or the "Company") (TSXV: MSG) (ASX: MTH) (OTCQB: MTIRF) is pleased to report on its  quarterly activities and cash flow for its Copalquin and La Dura properties in Durango State, Mexico for the period ended March 31, 2026.

EXPLORATION HIGHLIGHTS

District-Scale Discovery Momentum Builds at Copalquin Silver-Gold Project, Mexico

Copalquin continues to demonstrate scale as a large, vertically extensive epithermal silver-gold system, with mineralisation defined over 9 km strike length and 1,200 m vertically. With a dominant east–west structural corridor in the southern half of the district and multiple northwest-trending structures, the 70 km2 district hosts a growing pipeline of high-potential targets.  The northern half of the district presents additional exploration upside with indications of further potential.

Mithril continues to refine a district-scale geological model at Copalquin integrating insights across multiple disciplines.  Ongoing fieldwork remains focused on expanding bedrock mapping across the district, forming the foundation for advanced interpretation supported by geochemistry, petrography, geophysics, and structural and alteration modelling.  A disciplined four-tier targeting framework has been implemented to systematically advance prospects from early-stage target generation through to exploration and resource drilling.  Recent success at Targets 3 and 5 highlight the effectiveness of this approach, delivering a growing pipeline of drill-ready targets.  

  Target 1 Drilling

  Phase IV infill and expansion drilling at Target 1 to complete the resource update progressed throughout the quarter with the anticipated update still on schedule for the end H1 2026. Results from Q1 drilling are anticipated for May 2026. The strike length of El Refugio has been extended 300m to the west and is still open in this direction, as well as down dip and to the east. Samples from drill core produced to date, have been selected for further metallurgical testing to confirm the previous high gold and silver recoveries.

Target 3 Drilling

Mapping and sampling on surface and within historical workings in the Target 3 area identified several targets for drill testing.  The initial programme of shallow drilling at Guadalupe, Constancia, Jabali and El Maizon has tested 700 metres of strike within this 1.2 km x 1.2 km area.

 Target 3 Drill Program Highlights include:

0.90 m @ 2.79 g/t gold, 151 g/t silver from 155.45.0 m (JA26-002)

0.50 m @ 6.91 g/t gold, 475 g/t silver from 102.50 m (JA26-004)

0.50 m @ 33.20 g/t gold, 6 g/t silver from 134.95 m (GU26-002)

  The drill programme at Target 3, consisting of 3,039 m, tested four of several historical workings.  These initial results confirm extensive epithermal style mineralisation, with important key attributes observed in the drill core.  The vein style and grades being intercepted indicate the mineralisation is at a high level in the system, with best intercepts and vein thicknesses found deeper in the drill holes.  The results establish Target 3 as a highly prospective area for growth, reinforcing the broader district scale upside at Copalquin.

The initial drill programme at Target 5 confirmed a large silver-rich target in the south-west of the Copalquin District.  High grade silver and gold mineralisation has been outlined within a series of northwest trending banded quartz veins hosted in granodiorite over an area extending 3.2 km from El Gallo in the northwest to Guamuchilito in the southeast and 3.0 km from El Jarillal in the southwest to the Zaragoza workings in the northeast (an area of 9.6 km2).

Drilling at the Apomal workings has defined a mineralised zone over 350m of strike length.  Drilling at the Tasolera workings to the southeast, intercepted a major alteration zone 70m thick containing elevated silver and base metal values.  The alteration zone is associated with a major shear zone and indicates that significant amounts of hydrothermal fluids have passed through these rocks, similar to the structures intercepted below Target 1. Further along trend to the southeast, are the Candelaria workings, where channel sampling returned 0.6 m @ 38.3 g/t gold, 4,520 g/t silver 1 indicating a mineralised corridor of 1.5 km within this 9.6 km2 target area.

Further drilling at Target 5 will target known zones of high-grade mineralisation based on the work done to date and the results of the aeromagnetic survey, with a view to defining additional resource tonnes.

Highlight drill results to date from Target 5 maiden programme (including previously released2):

2.75 m @ 660 g/t AgEq (2.28 g/t gold, 500 g/t silver) from 93.6 m (AP25-003), including 

1.00 m @ 1,714g/t AgEq (5.80 g/t gold, 1,308 g/t silver) from 94.7 m 

3.35 m @ 366g/t AgEq (1.71 g/t gold, 246 g/t silver) from 90.15 m (AP25-005), including 

1.05 m @ 1,146 g/t AgEq (5.35 g/t gold, 771 g/t silver) from 92.45 m 

1.25 m @ 728g/t AgEq (4.55 g/t gold, 409 g/t silver) from 119.2 m (AP25-006), plus 

0.90 m @ 616g/t AgEq (2.41 g/t gold, 447 g/t silver) from 138.1 m, plus 

0.80 m @ 427g/t AgEq (1.51 g/t gold, 321 g/t silver) from 149.5 m  

0.50 m @ 443g/t AgEq (0.45 g/t gold, 411 g/t silver) from 241.3 m (AP25-010) 

(plus 3.4% lead and 1.70% zinc) 

2.85 m @ 145g/t AgEq (1.14 g/t gold, 65 g/t silver) from 79.6 m (AP25-014) 

3.05 m @170g/t AgEq (0.07 g/t gold, 165 g/t silver) from 193.05 m (AP25-017) 

Copalquin District Geological Model Strengthened

By the end of Q1, 2026, 24 km2 of the full 70km2 concession had been mapped.  Mapping progressing south from Zaragoza towards the historical San Manuel workings is identifying new structures with potential for extension of mineralization to the south-east from the dominant east-west directed trend.  Understanding of metal zonation and vein paragenesis continues to evolve with new information, helping to develop a new geological model for the laterally extensive and potentially protracted epithermal system.

  Aerial magnetic surveys were completed over the Copalquin District and the La Dura concession areas.  Initial work on the Copalquin dataset shows strong correlation to mapped lithology, with evidence of untested corridors related to hydrothermal alteration.  Interpretation work by Mithril and external consultants continues to advance and will inform a new structural geology study.

  Regional La Dura Property

At the La Dura property, a LiDAR survey was completed over the Company’s full 21km2 of mining concessions that cover the La Dura silver-gold district in Durango State with results from the survey reported during the first quarter.

The LiDAR survey provided high-resolution aerial photography and a bare-earth digital terrain model (DTM) that virtually ‘strips away’ the vegetation, revealing geology and structural detail beneath. Highlights include:

Historic mine shafts - 18 

Historic adits (mine tunnels) - 44 

Historic mine and prospecting pits - 134 

A second cluster of adits and workings located 1 km south in the concession area 

Conclusions from our external consultant GeoCloud Analytics, highlight a compelling structural corridor extending up to 1.5 km in length and approximately 300 m in width.  This trend hosts multiple historic workings, including the four- level La Dura mine, and is defined by at least five repeated mineralised structures.  The scale, continuity and structural repetition collectively point to a highly prospective system, positioning this as a clear, high-priority drill target.  Detailed interpretations and supporting figures from the LiDAR study are provided below.

Corporate

Cash balance of A$10.8M at March 31, 2026 and Mithril remains debt free. 

Mexican value added tax refunds have continued in 2026 with a refund of MXN3.8M (~A$0.32M) received in January 2026.  A further 3 months of refunds have been received in April 2026 after the quarter end totalling ~A$0.5m. 

Announced the appointment of James Barr, P.Geo., as Vice President, Exploration. 

  Commenting on the March 2026 quarter, Managing Director and CEO John Skeet said:

“This quarter demonstrates that Copalquin is not just growing — it is emerging as a large-scale, multi-target epithermal system with clear vectors to higher-grade mineralisation at depth,” said John Skeet, Managing Director & CEO.

“Drilling at Target 1 continues to expand the resource envelope, while early success at Targets 3 and 5 confirms a pipeline of mineralised centres across the district. The consistency of structure, grade and vertical zonation we are seeing is what is expected in a large system, and importantly, we are still at an early stage of testing it.”

“Our integrated geological model - now supported by drilling, geophysics and detailed fieldwork - is unlocking multiple new corridors and targets across more than 9 kilometres of strike.  This is soon to be further enhanced with a geological structural study.  At the same time, La Dura is advancing as a high-impact drill opportunity with indications of scale and structural repetition.”

“With cash in hand, no debt and multiple active fronts, Mithril is well positioned to progress drilling and demonstrate scale. We see 2026 as a defining year as we continue to convert this district into a significant silver-gold discovery.”

   Copalquin District and La Dura Property – 2026

Mithril is undertaking an aggressive exploration programme in 2026, with up to 25,000 metres of drilling planned during the first 6 - 8 months of the year across the Copalquin District. Upcoming work will focus on expanding known mineralized zones, testing new high-priority targets, integrating district-wide geophysical data, and continuing to advance the Company’s district-scale exploration thesis.  The district features over 100 historic underground workings (c.1850 – 1910) including several multi-level mines and 200 small surface workings.  Mapping and sampling across the lower half of the 70 km2 mining concession area demonstrates a large epithermal silver-gold system with multiple target areas for potential resource growth plus the conduit system responsible for the widespread gold and silver mineralisation.

The northern half of the Copalquin concession area features large areas of alteration. The LiDAR image shows evidence of historic mining activity and indicates some key structures.  Along with historic sampling data, the northern section of the property presents as a potentially significant large exploration area within Mithril’s Copalquin mining concessions.

The nearby 20 km2 La Dura property has recently been added to the portfolio providing a brown field property with a database of mapping, sampling and drilling.  The recent LiDAR survey has revealed multiple historic workings within the concession area, including the 4-level high-grade La Dura mine.  An initial 1.5 km long mineralisation corridor has been identified as a future drill target.  An aerial magnetic survey has been completed with interpretation work currently progressing.

Click Image To View Full Size

  Figure 1 Mithril’s Copalquin and La Dura property locations in Durango State, Mexico

Click Image To View Full Size

  Figure 2 LiDAR identified historic workings across the 70km2 district. Current drilling locations at Target 1 west and Target 5 (El Apomal), and recent drilling at Zaragoza mine in Target 1 south, high priority drill target area of La Constancia-El Jabali (Target 3).  Several new areas highlighted across the district for follow-up work including recently sampled Target 6

Target 5 Drilling and Discussion

  The drilling at Target 5 has confirmed high-grade silver-gold mineralisation within a 1.5 km mineralised corridor that runs from the Candelaria - San Miguel workings and north-west to the Apomal workings within the 9.6 km2 target area.

  The maiden drill programme successfully intercepted high-grade silver and gold from near surface and at various elevations up to 240 metres below surface.

  The strongest observed alteration zone to date in Target 5 was intercepted by hole drill TA25-002 which has a 70 metre length of alteration zone with ~5 ppm Ag and elevated base metals. This is a sign that a significant amount of fluids have passed through these rocks. It should also be noted that this zone should produce a significant soil geochemical anomaly – especially for lead (Pb).

 
Click Image To View Full Size

  Figure 3 Target 5 hydrothermal zone with drill hole traces and intercepts indicated by the star symbols (stars - yellow > 1 g/t, red 1-5 g/t and pink > 5 g/t)

The above figure shows a modelled hydrothermal zone (red lines) based on Ag > 1 ppm and Na / Al ratios - drilling has managed to delineate a healthy 700 m x 200 m hydrothermal zone that hosts a network of anastomosing veins.  Included are AuEq70* intercepts > 1 g/t (stars - yellow > 1 g/t, red 1-5 g/t and pink > 5 g/t). It is also notably open to the NW, SE and it is interpreted that the area between Apomal and Taz is highly prospective.

  The aerial magnetic survey over the southern half the Copalquin mining concession area has been completed with the final report pending.  It is anticipated that the results from the survey will provide important data for drill programme design as Target 5 progresses.

  
Click Image To View Full Size

  Figure 4 Target 5 – Drilling and channel sampling to date currently defines a mineralised silver-gold corridor of approximately 1.5 km, open to NW and SE with further indications of parallel structures each side.

Target 5 Drilling and Discussion

  La Maquina Workings

  One hole at La Maquina was completed to test the down dip extension of a new vein discovery on surface in an area where no historical workings are known to exist.  Channel sampling conducted by Mithril returned grades of up to 3.54 g/t gold, 11.3 g/t silver, or 3.7 g/t AuEq over 0.5 m. The drill hole intercepted the projected vein 68 metres down dip from the surface within the granodiorite intrusive, with mineralisation characterised as concordant veining with banding and microbands of black sulphides.  Vein continuity seen in mapping and sampling to the northwest remains a favourable target for future drill testing.  La Maquina drilling highlights are listed in Table 1.

  

  Figure 5 Map – La Maquina

  

  Figure 6 Section – La Maquinna, looking to the northwest

Table 1 Results received for Target 5 drilling to-date for maiden drill programme. Drill holes AP25-001 to AP25-008 reported 5 Nov 2025 2

Hole ID

From (m)

 To (m)

Interval

Au g/t

Ag g/t

AgEq g/t

AgEq g/t.m

AP25-001

32

32.5

0.5

1.21

39.3

                     124

                        62

AP25-001

279.83

280.35

0.52

1.285

167

                     257

                     134

AP25-002

31.45

35.3

3.85

1.26

42.65

                     131

                     504

Including

31.45

31.95

0.5

7.74

187

                     729

                     364

AP25-003

34.5

35

0.5

0.393

62.4

                        90

                        45

AP25-003

93.6

96.35

2.75

2.28

500

                     660

                 1,814

Including

94.7

95.7

1

5.8

1308

                 1,714

                 1,714

AP25-003

214

215.3

1.3

2.89

0.5

                     203

                     264

AP25-003

231.6

232.3

0.7

2.38

1.5

                     168

                     118

AP25-004

89.2

90.65

1.45

0.57

109.6

                     150

                     217

AP25-005

35.65

39.7

4.05

0.19

61.5

                        75

                     303

Including

36.75

38.35

1.6

0.41

130

                     159

                     254

AP25-005

90.15

93.5

3.35

1.71

246

                     366

                 1,225

(Including

92.45

93.5

1.05

5.35

771

                 1,146

                 1,203

AP25-006

119.2

120.45

1.25

4.548

409

                     727

                     909

AP25-006

138.1

139

0.9

2.41

447

                     616

                     554

AP25-006

149.75

150.55

0.8

1.51

321

                     427

                     341

AP25-006

301.4

301.9

0.5

0.19

73

                        86

                        43

AP25-007

51

52.5

1.5

0.23

15.2

                        31

                        47

AP25-007

62.75

64.8

2.05

0.27

88.1

                     107

                     219

Including

64.3

64.8

0.5

0.90

311

                     374

                     187

AP25-008

78.2

78.9

0.7

0.34

11.9

                        36

                        25

AP25-009

85

85.8

0.8

0.09

23.6

                        30

                        24

AP25-009

89.45

95.55

6.1

0.30

21.7

                        43

                     260

AP25-009

99.6

100.1

0.5

0.10

10.3

                        18

                          9

AP25-010

96

96.5

0.5

0.50

47.4

                        83

                        41

AP25-010

241.3

241.8

0.5

0.45

411

                     443

                     221

AP25-011

263.15

263.65

0.5

0.06

24

                        29

                        14

AP25-012

84.45

84.95

0.5

0.22

105.3

                     121

                        60

AP25-012

232.95

233.95

1

0.14

105

                     115

                     115

AP25-012

347.05

347.65

0.6

0.63

86

                     130

                        78

AP25-013

73.65

74.4

0.75

0.05

15.6

                        19

                        14

AP25-013

78.75

79.25

0.5

0.44

55.5

                        86

                        43

AP25-013

384.2

384.9

0.7

0.16

3.8

                        15

                        11

AP25-014

78

78.55

0.55

0.13

65.9

                        75

                        41

AP25-014

79.6

82.45

2.85

1.14

64.7

                     145

                     412

AP25-014

185.5

186

0.5

1.40

64.7

                     163

                        81

AP25-014

407.7

408.9

1.2

0.34

57.9

                        82

                        98

AP25-015

NRI

                                 -  

                         -  

AP25-016

NRI

                                 -  

                         -  

AP25-017

9

10

1

0.26

29.1

                        47

                        47

AP25-017

57.6

58.1

0.5

0.09

17.1

                        24

                        12

AP25-017

63

63.75

0.75

0.18

19.2

                        32

                        24

AP25-017

193.05

196.1

3.05

0.07

165

                     170

                     518

Including

193.05

193.9

0.85

0.11

229

                     237

                     201

Including

195.45

196.1

0.65

0.09

265

                     271

                     176

TA25-001

36.5

37.5

1

0.10

21.9

                        29

                        29

TA25-001

57.1

60.45

3.35

0.18

33.7

                        46

                     155

TA25-002

35.65

36.35

0.7

0.09

34.8

                        41

                        29

TA25-002

77.35

77.85

0.5

0.19

52.8

                        66

                        33

TA25-002

79.85

81.1

1.25

0.39

29.4

                        57

                        71

TA25-003

33.8

34.55

0.75

0.07

21.3

                        26

                        19

TA25-003

45.65

46.5

0.85

0.10

37.4

                        45

                        38

TA25-004

79.5

80.75

1.25

0.53

66.35

                     103

                     129

TA25-005

1

3

2

0.13

18.55

                        28

                        55

TA25-005

141

141.55

0.55

0.10

82.2

                        89

                        49

MA26-001*

122.80

123.65

0.85

6.20

764.0

1198

  1018

  MA26-001*

169.45

170.20

0.75

1.16

18.1

99

74

  Target 3 Drilling and Discussion

  The 2026 drilling program was directed to test vein extensions from the mapped historical workings in the area and to build on the information collected by Mithril from three holes previously drilled at the Constancia Main workings in 2020 (holes CDH-044/045/046).  

  Target 3 is hosted in a favourable intermediate volcaniclastic tuff and breccia with several phases of rhyolitic intrusive and flows present.  Dominant veins are trending east-west, northwest and locally in a less common northeast trend at Jabali.  Styles of mineralisation include disseminated and banded silver-sulphides, as well as visible gold (GU26-002).

  These features indicate high level continuity within the broad property wide east-west mineral trend and/or a localized upwelling source to mineralisation.  Intersection of the Jabali and Guadalupe structures is projected approximately 950 metres west of Guadalupe and approximately 200 metres south of the southernmost Jabali drillhole JA26-004 and is a favourable target for future drill testing.  The Target 3 drill programs are described below, and drilling highlights are listed in Table 1.

  Jabali

  Six drill holes were completed at Jabali to test two veins mapped on surface and within historical workings. The Jabali main workings, located to the north, have less than 150 metres of lateral development over two levels, while the smaller southern workings have about 40 metres of lateral development on one level. Recent channel sampling in the Jabali main workings returned results of up to 0.65 m of gold at 16 g/t gold and 1,275 g/t silver, or 34.21 g/t AuEq. Drill results confirm vein continuity down dip and along strike at least 230 metres with mineralisation remaining open in all directions.

  Guadalupe

  Five holes were drilled at Guadalupe to test the dip of a small stope in historical workings. Hole GU26-002 intersected minor veining and stockwork with visible gold. Channel samples from quartz veining near historical workings on the surface returned 13.25 g/t gold and 558 g/t silver, or 21.22 AuEq, over 0.50 m. These holes confirm the presence of quartz veining with epithermal breccia textures within a broad zone of anomalous gold and silver mineralisation.

   Constancia

  Two holes were drilled along the northwest trending Constancia veins. The first hole tested a small historical working approximately 150 metres immediately south of Jabali while the second drill hole tested the down dip continuity of mapped surface vein located 100 metres immediately south of the Guadalupe workings. Hole CS26-001 intersected weak alteration and anomalous gold and silver grades over 4 m, from approximately 177-181 m.  CS26-002 intercepted weak to moderate alteration over 30 metres between 45-75 m with anomalous gold and silver grades.

  El Maison

  Two holes were drilled to test the continuity of a new vein mapped on surface grading 0.25 g/t gold and 23 g/t silver, or 0.59 got AuEq over 0.50 m, along an interpreted east-west mineral trend. The holes successfully intercepted quartz breccia/epithermal veining and anomalous gold and silver assays over several intervals within weakly altered microdiorite.

  

  Figure 7 Map – Target 3 Area

      

  Figure 8 Section – JA26-004, looking northeast

Table 2 Recent results received for Target 3 and Target 5 drilling

Hole ID

From (m)

 To (m)

Interval (m)

Au g/t

Ag g/t

AuEq g/t

Target 5

            MA26-001*

122.80

123.65

0.85

6.20

764.0

17.11

MA26-001*

169.45

170.20

0.75

1.16

18.1

1.42

Target 3

            JA26-002

29.35

29.95

0.60

0.14

10.9

0.30

JA26-002

35.00

36.00

1.00

0.16

7.6

0.26

JA26-002

36.00

36.50

0.50

0.95

120.0

2.67

JA26-002

92.00

93.35

1.35

0.33

0.5

0.34

JA26-002*

155.45

156.35

0.90

2.79

151.0

4.95

JA26-003

57.45

58.45

1.00

0.23

1.2

0.25

JA26-003

69.65

70.50

0.85

0.26

5.2

0.33

JA26-004

27.95

29.45

1.50

0.38

3.3

0.42

JA26-004

34.70

36.80

2.1

0.12

18.4

0.38

JA26-004*

102.50

103.00

0.50

6.91

475.0

13.70

JA26-006*

54.50

55.15

0.65

1.12

17.8

1.37

GU26-001

6.70

7.70

1.00

0.27

1.2

0.29

GU26-001

25.70

26.70

1.00

0.16

17.0

0.40

GU26-001

74.30

75.00

0.70

1.02

68.4

2.00

GU26-001

79.50

80.00

0.50

0.50

1.5

0.52

GU26-002*

134.95

135.45

0.50

33.20

5.9

33.28

GU26-003

19.20

20.20

1.00

0.69

0.9

0.70

GU26-003

20.20

21.20

1.00

0.29

2.1

0.32

GU26-003

19.20

21.20

2.00

0.49

1.5

0.51

GU26-003*

68.65

69.15

0.50

0.76

27.7

1.16

GU26-004

11.10

11.60

0.50

0.28

1.2

0.30

GU26-004

31.75

33.50

1.75

0.41

0.3

0.41

GU26-004

33.50

34.00

0.50

0.37

0.9

0.38

GU26-004

62.30

62.80

0.50

0.80

0.7

0.81

GU26-004

67.35

68.00

0.65

0.20

6.7

0.30

GU26-004

68.00

69.20

1.20

0.54

21.2

0.84

GU26-004*

75.85

76.40

0.55

1.24

6.1

1.33

GU26-004

80.50

81.05

0.55

0.26

0.3

0.26

GU26-005

32.20

33.00

0.80

0.19

8.4

0.31

GU26-005

48.65

50.15

1.50

0.39

2.4

0.42

GU26-005

68.30

68.90

0.60

0.18

8.3

0.30

CS26-002

48.65

49.15

0.50

0.13

15.6

0.35

CS26-002

54.50

56.00

1.50

0.26

1.9

0.29

* Intercepts shown on attached maps and sections

  Details of La Dura Property LiDAR Survey

  The LiDAR survey over the La Dura mining concession area (located 15 km from the Copalquin District) has provided high-resolution aerial photography and bare-earth digital terrain model (DTM).  This virtually ‘strips away’ the vegetation, revealing amazing geology and structural detail beneath LiDAR uses laser beams shot from an aircraft (more than 1 million per second) to measure their reflectance and distance to build a survey accurate 3D model of the ground beneath.  Below are figures from the LiDAR consultant’s interpretations of the LiDAR images, observations and recommendations.

 
Click Image To View Full Size

  Figure 9 LiDAR interpretation yields 44 adits, 18 shafts, and the remainder being 134 shallow prospecting pits.  Most of the mining activity is located on and around the La Dura Mine.  A second cluster of adits is located approximately 1km to the South.

Recommendations Based in LiDAR Observations

  Repetition of the La Dura Mine Trend

Workings identified around the La Dura Mine appear to align on a 304 azimuth trend.  Projecting this trend to the South-West sees other pit-chains of workings also align suggesting a stacked vein system.  While the La Dura trend appears continually mineralized along strike, the S-W projects are not as continuous.  From locations of these workings, prospecting extending from and along the trend should be undertaken to in-fill.  The canyon immediately South of La Dura offers excellent bedrock exposure for potential vein and structure review at depth, being over 130 m deep from the peak.

  Adits described in OBS-001 trending North

The Northerly trending adits (005 azimuth) driven into the ridgeline at this location based on orientation appear to be a different system to that of La Dura trending 304 azimuth.  If continuous, OBS-001 projected North to the intersection of La Dura would make an interesting target.  The adit cluster noted in OBS-007 may be an example of this structural intersection.

  
Click Image To View Full Size

  Figure 10  Map view of the La Dura Project area totaling 21km2 illustrated with a hill shaded DEM.  Observation locations noted are discussed within this presentation.

 
Click Image To View Full Size

  Figure 11  OBS-001: Multiple adits aligning a 005 azimuth are driven East into the ridgeline.  The 210 trending adit just to the NE sits ~20 m lower elevation to the adit chain that appears driven towards the same structure.  Adit azimuth labels in white text.

Click Image To View Full Size

  Figure 12  OBS-006: The density of workings In the La Dura mine area and alignment suggest a mineralized trend toward 304 azimuth.  Moving to the South-West, the trend appears to be repeated suggesting stacked veins.

   CORPORATE AND FINANCIAL SUMMARY

Cash balance of A$10.8M at end of the March 2026 quarter and Mithril remains debt free. 

Mexican value added tax refunds have continued in 2026 with a refund of MXN3.8M (~A$0.32M) received in January 2026.  A further 3 months of refunds have been received in April 2026 after the quarter end totalling ~A$0.5m. 

Announced the appointment of James Barr, P.Geo., as Vice President, Exploration.  Mr. Barr brings more than 20 years of international mineral exploration and mine development experience, with deep expertise in Mexico’s epithermal gold-silver systems. Most recently, he served in senior leadership roles at SilverCrest Metals Inc., culminating as Interim Vice President, Exploration, where he played a key role in advancing and expanding the Las Chispas Mine in Sonora, Mexico. SilverCrest was acquired by Coeur Mining in February 2025 in a transaction valued at approximately US$1.7 billion. 

Mr. Barr’s appointment strengthens Mithril’s technical leadership as the Company continues to advance exploration across its Copalquin Gold-Silver District in Durango, Mexico, including ongoing drilling and regional target development.

Exploration Expenditure

  Exploration expenditure for the quarter was A$2.86M focussed entirely on the Copalquin District in Mexico and the LiDAR survey of the adjacent La Dura property.

Related Party Payments

In line with its obligations under ASX Listing Rule 5.3.5, Mithril Silver and Gold Limited notes that the only payments to related parties of the Company, as advised in the Appendix 5B for the period ended 31 March 2026, pertain to payments to directors and consultants for fees, salary and superannuation

  PLANNED EXPLORATION ACTIVITIES – JUNE 2026 QUARTER

During the June 2026 quarter, Mithril plans to:

Complete resource expansion and infill drilling at Target 1 ahead of a Mineral Resource Update; 

Initiate follow-up drilling programs at Targets 3 and 5; 

Complete a preliminary structural geology study for the Copalquin district; 

Complete an alteration model and study for the Copalquin district; 

Continue to develop target generation framework for drill testing new prospects in Targets 4 and 6; and 

Complete interpretation of the aeromagnetic survey for La Dura. 

        ASX Announcements released during the March 2026 quarter:

31 Mar 26        Becoming a substantial holder       

31 Mar 26        Application for quotation of securities - MTH       

18 Mar 26        Swiss Mining Institute Zurich Conference Presentation       

11 Mar 26        Half Yearly Report and Accounts       

02 Mar 26        Investor Presentation       

02 Mar 26        Mithril appoints James Barr as Vice President, Exploration       

25 Feb 26        MITHRIL LIDAR STUDY REVEALS 1.5 KM TREND & HISTORIC MINES       

13 Feb 26        Unaudited 31 December 2025 Financial Statements       

11 Feb 26        Target 5 Drilling and District Update

09 Feb 26        Ceasing to be a substantial holder       

05 Feb 26        Change in substantial holding       

03 Feb 26        Change of Registered Office       

02 Feb 26        Section 708A Notice       

02 Feb 26        Application for quotation of securities - MTH       

30 Jan 26        Quarterly Activities/Appendix 5B Cash Flow Report

27 Jan 26        Change in substantial holding       

20 Jan 26        MITHRIL DRILLS HIGH-GRADE GOLD-SILVER AT TARGET 1

15 Jan 26        MTH KICKS OFF MAIDEN DRILL PROGRAMME AT TARGET 3

  After quarter end

09 Apr 26        HIGH-GRADE AND WIDESPREAD SILVER AND GOLD AT TARGET 3

  ABOUT THE COPALQUIN AND LA DURA GOLD SILVER PROPERTIES

Mithril is undertaking an aggressive exploration program in 2026, with 25,000 metres of drilling planned during the first half of the year across the Copalquin District. Upcoming work will focus on expanding known mineralized zones, testing new high-priority targets, integrating district-wide geophysical data, and continuing to advance the Company’s district-scale exploration thesis.  The district features over 100 historic underground workings including several notable producing multi-level mines and 200 surface workings.  Mapping and sampling across the lower half of the 70 km2 mining concession area demonstrates and a large epithermal silver-gold system with multiple target areas for potential resource growth plus the conduit system responsible for the widespread silver and gold mineralisation.

La Dura Mining Concessions, Adjacent to Mithril’s Copalquin Property3 consists of 5 contiguous mining concessions with a total area of 2,052 hectares and located in Durango State, Mexico, 5 km from the town of El Durazno and 20 km from Mithril’s flagship Copalquin property.

The property hosts a significant Au‐Ag sheeted to stockwork vein system associated with NW striking faults in Tertiary rhyolite.  Mineralization occurs on surface along 650 metres of strike and has been mined in the San Manuel shoot at the La Dura historic mine, to about 140 metres depth. Veins are characterised by low sulphide mineralisation with minimal to no alteration of the host rhyolite tuff.  Historically, the veins have been exploited and explored solely on the progress of the underground workings and assaying.  The project warrants property scale mapping, wide spaced soil sampling and channel sampling to develop targets for drill testing.  A LiDAR survey has been completed and interpreted and an aerial magnetic survey has been flown with interpretation in process.

The veins at the various workings appear to be hosted by upper series volcanic rocks and may have significant depth potential should they extend into the lower series andesitic rocks at some greater depth.

Within 15 months of drilling in the Copalquin District, Mithril delivered a maiden JORC mineral resource estimate at the first of several target areas (Target 1), demonstrating the high-grade gold and silver resource potential for the district. This maiden resource is detailed below (see ASX release 17 November 2021)^ and a NI 43-101 Technical Report filed on SEDAR+

  Target 1 Maiden Resource:

  Indicated 691 kt @5.43 g/t gold, 114 g/t silver for 121,000 oz gold plus 2,538,000 oz silver 

Inferred 1,725 kt @4.55 g/t gold, 152 g/t silver for 252,000 oz gold plus 8,414,000 oz silver 

(using a cut-off grade of 2.0 g/t AuEq*)

28.6% of the resource tonnage is classified as indicated 

  Table 3 Mineral resource estimate at Target 1 El Refugio – La Soledad using a cut-off grade of 2.0 g/t AuEq*

  Tonnes

(kt)

Tonnes

(kt)

Gold

(g/t)

Silver

(g/t)

Gold Eq.* (g/t)

Gold

(koz)

Silver

(koz)

Gold Eq.* (koz)

El Refugio

Indicated

691

5.43

114.2

7.06

121

2,538

157

  Inferred

1,447

4.63

137.1

6.59

215

6,377

307

La Soledad

Indicated

-

-

-

-

-

-

-

  Inferred

278

4.12

228.2

7.38

37

2,037

66

Total

Indicated

691

5.43

114.2

7.06

121

2,538

157

  Inferred

1,725

4.55

151.7

6.72

252

8,414

372

  *  In determining the gold equivalent (AuEq.) grade for reporting, a gold:silver price ratio of 70:1 was determined, using the formula: AuEq grade = Au grade + ((Ag grade/70) x (Ag recovery/Au recovery)). The metal prices used to determine the 70:1 ratio are the cumulative average prices for 2021: gold USD1,798.34 and silver: USD25.32 (actual is 71:1) from kitco.com.  

For silver equivalent (AgEq.) grade reporting, the same factors as above are used with the formula AgEq grade = Ag grade + ((Au grade x 70) x (Au recovery/Ag recovery))

At this early stage, the metallurgical recoveries were assumed to be equal (93%). Subsequent preliminary metallurgical test work produced recoveries of 91% for silver and 96% for gold (ASX Announcement 25 February 2022) and these will be used when the resource is updated in the future.   In the Company’s opinion there is reasonable potential for both gold and silver to be extracted and sold.

^ The information in this report that relates to Mineral Resources or Ore Reserves is based on information provided in the following ASX announcement: 17 Nov 2021 - MAIDEN JORC RESOURCE 529,000 OUNCES @ 6.81G/T (AuEq*), which includes the full JORC MRE report, also available on the Mithril Resources Limited Website.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

Mining study (conceptual) and metallurgical test work supports the development of the El Refugio-La Soledad resource with conventional underground mining methods indicated as being appropriate and with high gold-silver recovery to produce metal on-site with conventional processing. The average vein width is approximately 4.5 metres.

  Mithril is currently exploring in the Copalquin District to expand the resource footprint, demonstrating its multi-million-ounce gold and silver potential.  Mithril has an exclusive option to purchase 100% interest in the Copalquin mining concessions by paying US$10M on or any time before 7 August 2028.

  -ENDS-

Released with the authority of the Board.

For further information contact:

  The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

  Competent Persons Statement - JORC

The information in this announcement that relates to metallurgical test results, mineral processing and project development and study work has been compiled by Mr John Skeet who is Mithril’s CEO and Managing Director. Mr Skeet is a Fellow of the Australasian Institute of Mining and Metallurgy. This is a Recognised Professional Organisation (RPO) under the Joint Ore Reserves Committee (JORC) Code.

Mr Skeet has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Skeet consents to the inclusion in this report of the matters based on information in the form and context in which it appears. The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

The information in this announcement that relates to sampling techniques and data, exploration results and geological interpretation for Mithril’s Mexican project, has been compiled by Mr James Barr who is Mithril’s Vice President - Exploration. Mr Barr is a member of the Engineers and Geoscientists of British Columbia and a Certified Professional Geologist (P.Geo). This is a Recognised Professional Organisation (RPO) under the Joint Ore Reserves Committee (JORC) Code.

Mr Barr has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Barr consents to the inclusion in this report of the matters based on information in the form and context in which it appears.

The information in this announcement that relates to Mineral Resources is reported by Mr Rodney Webster, former Principal Geologist at AMC Consultants Pty Ltd (AMC), who is a Member of the Australian Institute of Geoscientists. The report was peer reviewed by Andrew Proudman, Principal Consultant at AMC. Mr Webster is acting as the Competent Person, as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, for the reporting of the Mineral Resource estimate. A site visit was carried out by Jose Olmedo a geological consultant with AMC, in September 2021 to observe the drilling, logging, sampling and assay database. Mr Webster consents to the inclusion in this report of the matters based on information in the form and context in which it appears

Qualified Persons – NI 43-101

Scientific and technical information in this Report has been reviewed and approved by Mr John Skeet (FAUSIMM, CP) Mithril’s Managing Director and Chief Executive Officer. Mr John Skeet is a qualified person within the meaning of NI 43-101.

Samples are sent to ALS Global with sample preparation performed in Chihuahua City, Mexico and assaying of sample pulps performed in North Vancouver, BC, Canada.

  Tenement and Mining Concession Information – 31 March 2026

Mithril Silver and Gold Limited Group

Australian Interests:

Mining Concession

Tenement title number

Interest owned %

Murchison Area (Limestone Well)

E20/846

10.00

Murchison Area (Limestone Well)

E57/1069

10.00

Mithril continues to hold a 10% free carried interest in the Limestone Well tenements with Firefly Metals (formerly Auteco Minerals).

  Mexican Operations:

  Copalquin Property

Mining Concession

Mining Concession title number

Interest owned %

La Soledad

52033

50.00

El Cometa

164869

50.00

San Manuel

165451

50.00

Copalquin

178014

50.00

El Sol

236130

50.00

El Corral

236131

50.00

Mithril has currently owns a 50% interest in the Copalquin mining concessions and has an exclusive option to purchase the remaining 50% (bringing Mithril’s ownership of the Copalquin mining concessions to 100%) by paying US$10M to the vendor on or any time before 7 August 2026 (the due date for payment was initially 7 August 2023, and was extended by 3 years by written agreement between Mithril and the vendor). Mithril has executed and registered an agreement with the vendor for an extension of the payment date by a further 2 years (bringing the payment date to 7 August 2028).

  La Dura Property

Mining Concession

Mining Concession title number

Interest owned %

La Dura

51845

Option to Acquire 100%

Ampliacion La Dura

196005

Option to Acquire 100%

La Dura Plus

220859

Option to Acquire 100%

La Dura Plus

220860

Option to Acquire 100%

La Dura

234913

Option to Acquire 100%

In December 2025, Mithril executed an Agreement to acquire 100% interest in the La Dura mining concessions over a 4 year period for a purchase price of US$4M (See ASX announcement: 05/12/2025 - Mithril to Acquire the La Dura Gold-Silver Property)

1 See ASX Announcement 1 Dec 2025 Exploration Sampling up to 4,520 G/T Silver, 38.2 G/T Gold

2 See ASX Announcement 5 Nov 2025 Maiden T5 Drilling Up To 1,714 G/T AgEq Over 1m

3 See ASX announcement: 05/12/2025 - Mithril to Acquire the La Dura Gold-Silver Property

Meritage Homes (MTH) remains rated Hold due to persistent weak demand and declining absorption, despite management's efforts on inventory control and the quick-close model. MTH's Q1 2026 saw home closing revenue fall 17% y/y, gross margin drop 450 bps to 17.5%, and net earnings decline 55% y/y. Incentive usage remains elevated, margins are pressured by higher lot costs, and order value fell 10% y/y despite a 17% increase in community count.

On May 20, 2026, Meritage Homes Corp MTH shares rose 4.6% to $63.68, recovering slightly from an 8.3% decline over the past month. The stock has traded between a 52-week high of $84.74 and a low of $58.03.

GF Value™ verdict: Current price is $63.68, which is 7.6% below the GF Value™ of $68.90.GF Score™: 86/100, indicating a strong overall rating.Most notable signal: Insiders sold $4.5 million in shares over the last three months, with no buying activity reported. Is MTH Overvalued or Undervalued? Meritage Homes Corp is currently trading at $63.68, which is below the GF Value™ of $68.90, suggesting that the stock is undervalued by approximately 7.6%. This margin of safety indicates a potential opportunity for investors looking for undervalued stocks. However, it is important to consider the GF Valuation label, which categorizes MTH as fairly valued overall. This implies that while there is a discrepancy between the market price and the intrinsic value, the financial metrics and market conditions should also be taken into account.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Therefore, while the lower market price may suggest a buying opportunity, the fair valuation status and overall market conditions warrant caution.

How Does MTH's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 11.7x 6.9x Forward P/E 12.5x N/A The current P/E (TTM) of 11.7x is significantly higher than its 5-year median P/E of 6.9x, indicating that the stock is trading at a premium compared to its historical valuation. This analysis aligns with the GF Value™ verdict that suggests caution regarding the stock's valuation, as it is trading above its historical norms despite being labeled as undervalued based on the GF Value™.

What Does MTH's GF Score™ Tell Us? Metric Rating GF Score™ 86 Financial Strength 8/10 Profitability 8/10 Growth 6/10 Valuation 10/10 Momentum 7/10 The GF Score™ of 86/100 indicates a strong overall performance. The financial strength and profitability rankings of 8/10 suggest that Meritage Homes is financially stable and generates solid profits. However, the growth rank of 6/10 indicates that there may be room for improvement in this area. The highest valuation rank of 10/10 aligns with the current pricing dynamics, while the momentum rank of 7/10 shows that the stock has had some positive performance recently, even though it has faced challenges in the longer term.

What Are Insiders Doing with MTH Stock? Over the past three months, insiders at Meritage Homes Corp have sold approximately $4.5 million worth of shares, with no buying activity reported during this period. This pattern of selling could suggest that insiders may have concerns about the stock's future performance or are taking profits after recent price movements. Absence of buying activity from insiders may indicate a lack of confidence in the stock's short-term prospects.

What This Means for Investors Based on the GF Value™ assessment, Meritage Homes Corp MTH is currently undervalued, with a price of $63.68 compared to a GF Value™ of $68.90. However, potential investors should consider the overall fair valuation label and the recent insider selling, which could signal caution moving forward.

For the complete analysis, visit the Meritage Homes Corp MTH stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is MTH's GF Score™?

MTH has a GF Score™ of 86/100, indicating a strong overall rating based on various financial metrics and performance assessments.

Is MTH overvalued or undervalued?

MTH is currently undervalued with a GF Value™ of $68.90, showing a 7.6% margin compared to its current price of $63.68.

What is MTH's P/E ratio?

The P/E ratio for MTH is currently 11.7x, which is significantly above its 5-year median P/E of 6.9x, indicating the stock is trading at a premium compared to its historical valuation.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

SCOTTSDALE, Ariz., May 21, 2026 (GLOBE NEWSWIRE) -- Meritage Homes Corporation (NYSE: MTH, “Meritage” or the “Company”), the fifth-largest homebuilder in the U.S., today announced that its Board of Directors has declared a quarterly dividend of $0.48 per share. This dividend is payable on June 30, 2026 to shareholders of record as of the close of trading on June 16, 2026.

About Meritage Homes Corporation

Meritage is the fifth-largest public homebuilder in the United States, based on homes closed in 2025. The Company offers energy-efficient and affordable entry-level and first move-up homes. Operations span across Arizona, California, Colorado, Utah, Tennessee, Texas, Alabama, Florida, Georgia, Mississippi, North Carolina, and South Carolina.

Meritage has delivered over 210,000 homes in its 41-year history, and has a reputation for its distinctive style, quality construction, and award-winning customer experience. The Company is an industry leader in energy-efficient homebuilding, an eleven-time recipient of the U.S. Environmental Protection Agency’s (EPA) ENERGY STAR® Partner of the Year for Sustained Excellence Award and Residential New Construction Market Leader Award, as well as a four-time recipient of the EPA's Indoor airPLUS Leader Award.

For more information, visit www.meritagehomes.com.

Contacts:Emily Tadano, VP Investor Relations and External Communications (480) 515-8979 (office) [email protected]

SCOTTSDALE, Ariz., June 11, 2026 (GLOBE NEWSWIRE) -- Meritage Homes Corporation (NYSE: MTH), the fifth largest public homebuilder in the U.S., plans to release the Company's second quarter 2026 results on Wednesday, July 29, 2026 after the market closes. Management will host a conference call to discuss the results at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) on Thursday, July 30, 2026.

To participate in the conference call, please go to Meritage’s Investor Relations page to register for and access the live webcast. Alternatively, dial in to 1-800-445-7795 U.S. toll free or 1-785-424-1699 and reference the conference code MTHQ226 with the operator. A replay will be available on the Investor Relations page.

About Meritage Homes Corporation

Meritage is the fifth-largest public homebuilder in the United States, based on homes closed in 2025. The Company offers energy-efficient and affordable entry-level and first move-up homes. Operations span across Arizona, California, Colorado, Utah, Tennessee, Texas, Alabama, Florida, Georgia, Mississippi, North Carolina, and South Carolina.

Meritage has delivered over 210,000 homes in its 41-year history, and has a reputation for its distinctive style, quality construction, and award-winning customer experience. The Company is an industry leader in energy-efficient homebuilding, an eleven-time recipient of the U.S. Environmental Protection Agency’s (EPA) ENERGY STAR® Partner of the Year for Sustained Excellence Award and Residential New Construction Market Leader Award, as well as a four-time recipient of the EPA's Indoor airPLUS Leader Award.

For more information, visit www.meritagehomes.com.