Mr. Gilbert Clark reports

MERIDIAN ANNOUNCES CLOSING OF $18.4M BOUGHT DEAL PUBLIC OFFERING

Meridian Mining U.K. Societas has closed the bought deal offering previously announced on April 24, 2023, by issuing 36.8 million common shares of the company at 50 cents per offered share for aggregate gross proceeds to the company of $18.4-million pursuant to terms of the underwriting agreement entered into among the company, Beacon Securities Ltd. and Raymond James Ltd. (the co-lead underwriters), and Cormark Securities Inc., CIBC World Markets Inc. and Stifel Nicolaus Canada Inc. The offering included 4.8 million offered shares issued pursuant to the full exercise of the overallotment option by the underwriters pursuant to the underwriting agreement.

Gilbert Clark, executive chairman, comments: "Meridian greatly appreciates the strong support from its existing and new shareholders, and the exceptional efforts of the underwriters in positioning Meridian for long-term value creation. The company's focus is on the development of the advanced Cabacal copper-gold project and the unlocking of the exciting potential of this emerging 50-kilometre-long VMS belt in Brazil."

The company intends to use the net proceeds to advance the development of the Cabacal project, regional exploration in the Cabacal district and exploration of other Brazilian projects, working capital, and general corporate purposes.

An insider of the company participated in the offering and purchased an aggregate of 50,000 offered shares. Participation of the insider in the offering constituted a related party transaction as defined under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions, but was exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the securities issued to the insider nor the consideration paid by the insider exceeded 25 per cent of the company's market capitalization. None of the company's directors expressed any contrary views or disagreements with respect to the foregoing. The company did not file a material change report 21 days prior to the closing of the offering as the details of the participation of the insider of the company had not been confirmed at that time.

The offered shares issued pursuant to the offering were qualified for distribution by way of a prospectus supplement of the company dated April 26, 2023, to the company's existing short form base shelf prospectus dated Feb. 24, 2023, filed in the provinces of British Columbia, Alberta and Ontario, and offered and sold to eligible purchasers by way of available prospectus exemptions in certain jurisdictions outside of Canada. The base shelf prospectus, the prospectus supplement, the documents incorporated by reference therein and the underwriting agreement are available on the company's profile on SEDAR

About Meridian Mining U.K. Societas

Meridian Mining is focused on the acquisition, exploration and development activities in Brazil. The company is currently focused on resource development of the advanced Cabacal volcanogenic massive sulphide gold-copper project, the regional-scale exploration of the Cabacal VMS belt, and the exploration in the Jauru and Araputanga greenstone belts, all located in the state of Mato Grosso, and exploring the Espigao polymetallic project in the state of Rondonia Brazil.

We seek Safe Harbor.