Dr. Adrian McArthur reports

MERIDIAN'S DRILLING EXCEEDS EXPECTATIONS AND ADDS MORE METAL INTO CABACAL OPEN-PIT

Meridian Mining U.K. Societas has provided an update on the successes of the continuing drill program at Cabacal. Drill results have confirmed that the near-surface volcanogenic massive sulphide mineralization within Cabacal's open pit, largely unassayed by the historical drill program, hosts extensive copper-gold mineralization, and that the higher-grade copper-gold trends within the Cabacal resource remain open. Additionally, drilling of the up-dip extensions of the Cabacal Northwest extension (CNWE), external to the resource model but within the open pit, where it is currently classified as waste, has returned the highest-grade copper VMS mineralization within the CNWE. The continuing drill program will shortly be expanded to three rigs. Assay results are pending.

Highlights reported today:

• First angled drill program across the Cabacal mine results in an increase in local metal content:
  • Angled drill test line averages 31 per cent superior metal content to BP Minerals' vertical drilling;
  • Highest-grade gold zone defined 4.0 metres at 9.6 grams per tonne gold equivalent (CD-228) from 56.0 m:
    • Gold overprint intersected within old workings, with scope for more upside.
  • Future infill angled drill program across Cabacal mine to be greatly expanded.
• Meridian unlocks the near surface copper-gold mineralization at Cabacal:
  • 61.3 m at 1.2 g/t AuEq (CD-228) from 10.8 m, including:
    • 15.6 m at 3.0 g/t AuEq from 51.5 m.
  • 56.7 m at 0.9 g/t AuEq (CD-230) from 15.1 m, including:
    • 18.5 m at 2.0 g/t AuEq from 44.7 m.
  • Shallow zones cutting historically unsampled areas confirmed as mineralized.
• CNWE infill program changes the open pit's waste zones into strong copper-gold upside:
  • 15.1 m at 1.5 per cent copper, 0.4 g/t gold and 1.8 g/t silver (CD-248) from 44.7 m;
  • Latest up-dip copper-gold extensions are external to Cabacal's resource model;
  • Results point to likely reduction in the mining strip ratio.
• Geophysics on southern copper zone firming up next phase of drilling around CD-240;
• Resource upgrade on track for late 2023.

Dr. Adrian McArthur, chief executive officer, commented: "The strong, near-surface results reported today highlight the additional value being created by the continuing program. Cabacal's PEA [preliminary economic assessment] generated outstanding economics, driven by the financial model's front-end mining of the shallow starter pit in the CNWE. As we are now demonstrating, there are more and more areas of shallow mineralization not included in the current mine plan and/or resource model. These have the possibility of extending that critical front-end high-grade mill feed. Equally important are the first results of the infill program through the old mine area. Results from this first fence of angled drill holes have averaged 31-per-cent-higher metal content than those of the historical drilling, due again to the underrepresentation of the gold overprint. When we combine this with the impressive result of CD-240's 34.5 m at 4.0 per cent Cu, 1.7 g/t Au and 22.4 g/t Ag, it gives a very positive upside potential to the Cabacal PEA's already-strong economic returns. Having a strong balance sheet and three rigs turning shortly, we look forward to more drill results, exploration results from the mine corridor and the resource upgrade later in the year."

In-pit angled drilling program adding metal content

As the Cabacal host geology is dipping at approximately 15 degrees to the southwest, both angled and vertical drill holes have comparable widths of mineralization (approximately 96 per cent of stratigraphic true width). The company objective was to evaluate, on average, how the two different drill orientations perform, as it does not expect that individual angled holes will always be universally better than vertical holes.

CD-228 overlapped historical holes JUSPD-358, JUSPD-383, JUSPD-368, JUSPD-386, JUSPD-388 and JUSPD-354. Taking the intersection times grade in AuEq as a measure of metal content, CD-228 returned a cumulative 81.0 gram-metres AuEq, compared with an average of 57.2 gram-metres AuEq in the historical holes overlapped (ranging from 28.8 to 84.0 gram-metres AuEq); a 41-per-cent-superior metal content. CD-228 also returned the highest-grade gold interval of this fence of 62.5 g/t Au (sample CBDS31263, 58.4 m to 58.7 m), compared with the next highest in JUSPD-358 (48.0 g/t Au, sample CAIF04773, 37.4 m to 37.9 m).

CD-230 overlapped the historical holes: JUSPD-388, JUSPD-354, JUSPD-351 and JUSPD-279. CD-230 returned a superior 53.4 gram-metres AuEq, compared with the JUSPD series' lower average of 31.6 gram-metres AuEq (ranging from 25.2 to 41.9 gram-metres AuEq). Despite CD-230 intersecting a mining void that was assigned zero grade, it hosted superior metal contents.

Together, the average gram-metre content of 67.2 in CD-228 and CD-230, compared with an average of 51.3 in the vertical holes cutting the same area, is 31 per cent higher in cumulative metal content.

Up-dip holes CD-232 (35.5 gram-metres AuEq) and CD-234 (39.8 gram-metres AuEq) continue to extend the mineralized trend positively up dip through the decline area, compared with the next closest vertical hole up dip on this section (JUSPD-110 -- 16.6 gram-metres AuEq).

The company is of the view that significant potential remains for additional gold mineralization hosted by the high-grade gold overprint within the Cabacal resource area. The quantum of this upside will be directly tested by the increased density of angle drilling from the infill program.

The importance of advancing the angled drilling within mine areas

Cabacal is two deposits in one, the bulk tonnage gently dipping copper-gold-silver VMS deposit that has been overprinted by a later event of subvertical, high-grade gold structures. The 1980s vertical resource drilling by BP Minerals (approximately 70 per cent of the current Cabacal resource database) targeted what it thought was a shallow-dipping system and underrepresents the gold related to the steeper high-grade overprint event. Since 2021, Meridian's CNWE drill program has confirmed, via its angled drilling, that it has a significantly higher probability of hitting the high-grade gold overprint while still intercepting the VMS system.

The company recently completed a four-hole test line through the mine area, where the highest density of historical vertical drilling is located. Two key findings have arisen. Firstly, preliminary results indicate that, despite the higher density of vertical drilling, the test program still generated, on average, a higher metal content per metre of drilling. Secondly, the test's results within the near-surface zone, the area largely not assayed in the 1980s, is mineralized and is considered open and prospective along the length of the resource model.

These positive findings support the company's belief that further drilling both within and beyond the resource envelop has the potential to increase the Cabacal deposit's metal budget. Continued results such as these have the potential to add value to both the early and later stages of the mine schedule outlined in the recent PEA.

The test line was collared over the central copper zone. Four angled holes were drilled, from southwest to northeast: CD-228, CD-230, CD-232 and CD-234. CD-232 and CD-234 terminated outside the area of the underground galleries in a more sparsely drilled position, in the area of the decline. Results included:

• CD-228:
  • 61.3 m at 1.2 g/t AuEq (0.9 g/t Au, 0.2 per cent Cu and 0.9 g/t Ag) from 10.8 m, including:
    • 11.2 m at 0.8 g/t AuEq (0.5 per cent Cu and 1.3 g/t Ag) from 10.8 m (shallow zone);
    • 15.6 m at 3.0 AuEq (2.5 g/t Au, 0.3 per cent Cu and 1.4 g/t Ag) from 51.5 m.
  • 6.1 m at 1.1 g/t AuEq (0.2 g/t Au, 0.6 per cent Cu and 2.1 g/t Ag) from 78.0 m.
• CD-230:
  • 56.7 m at 0.9 g/t AuEq (0.3 g/t Au, 0.5 per cent Cu and 2.3 g/t Ag) from 15.1 m, including:
    • 18.5 m at 2.0 g/t AuEq (0.7 g/t Au, 0.9 per cent Cu and 5.1 g/t Ag) from 44.7 m.
• CD-232:
  • 10.2 m at 1.4 g/t AuEq (0.4 g/t Au, 0.7 per cent Cu and 4.2 g/t Ag) from 53.0 m;
  • 14.0 m at 1.3 g/t AuEq (0.6 g/t Au, 0.5 per cent Cu and 2.7 g/t Ag) from 69.0 m.
• CD-234:
  • 25.3 m at 1.1 g/t AuEq (0.4 g/t Au, 0.5 per cent Cu and 2.8 g/t Ag) from 37.0 m;
  • 7.9 m at 1.0 g/t AuEq (0.3 g/t Au, 0.5 per cent Cu and 3.3 g/t Ag) from 67.0 m.

Cabacal Northwest extension's waste zones converted to mineralization

The infill program has been targeting the areas in the CNWE, largely where the resource remains inferred or unclassified (waste). The drilling efforts have been primarily concentrated on exploring the up-dip extension of the mine sequence, covering a distance of 1,000 metres along the strike. The results are important as Cabacal moves toward the next phase of resource upgrade, ensuring areas that are currently classified as waste, negatively influencing Cabacal's PEA, have their true mineral content confirmed. CD-248's and CD-225's results highlight how the up-dip extensions within the CNWE, largely classified as waste through lack of drill coverage, are returning robust grades and widths of copper-gold mineralization. In particular, CD-248 returned the highest Cu VMS sample to date with 10.6 per cent Cu. This confirms that copper-rich zones extend out beyond the old workings. The company believes these results will contribute positively to future advanced mining and economic studies. Results included:

• CD-248 -- 15.1 m at 2.5 g/t AuEq (0.4 g/t Au, 1.5 per cent Cu and 1.8 g/t Ag) from 44.7 m;
• CD-225 -- 12.7 m at 1.2 g/t AuEq (0.4 g/t Au, 0.6 per cent Cu and 1.1 g/t Ag) from 27.0 m.

Results continue to build from the earlier intersection of CD-193 (15.6 m at 1.6 g/t AuEq (0.8 per cent Cu, 0.4 g/t Au and 1.3 g/t Ag) from 42 m).

Southern copper zone follow-up

Following the strong results reported in CD-240, the company has been undertaking geophysical follow-up programs to define potential extensions to the zone, with a Mise-a-la-Masse survey defining a conductor modelled over at least a 100 m strike length and strengthening to the southeast of the CD-240 position. The survey technique applied an electric current directly to the mineral body via a cable inserted down the hole, and the resultant anomaly is defined by an array of sensors on the surface. The signal of the response diminishes naturally with distance from the drill hole, and the company has established survey platforms to the southeast and northwest of the CD-240 position to guide further drilling.

About Meridian Mining U.K. Societas

Meridian Mining is focused on:

• The development and exploration of the advanced-stage Cabacal volcanogenic massive sulphide gold-copper project;
• Regional-scale exploration of the Cabacal VMS belt;
• Exploration in the Jauru and Araputanga greenstone belts (the above all located in the state of Mato Grosso, Brazil);
• Exploring the Espigao polymetallic project in the state of Rondonia, Brazil.

Cabacal is a gold-copper-silver-rich volcanogenic massive sulphide deposit with the potential to be a stand-alone mine within the 50-kilometre VMS belt. Cabacal's base-metal- and precious-metal-rich mineralization is hosted by volcanogenic-type, massive, semi-massive, stringer and disseminated sulphides within deformed metavolcanic-sedimentary rocks. A later-stage subvertical gold overprint event has emplaced high-grade gold mineralization crosscutting the dipping VMS layers.

Technical notes

Samples have been analyzed at the accredited ALS laboratory in Lima, Peru. Samples are dried, crushed (with 70 per cent passing fewer than two millimetres), split off to give a mass of approximately 250 g and pulverized to greater than 85 per cent passing 200 mesh. Routine gold analyses have been conducted by Au-AA23 (fire assay of a 30 g charge with AAS finish). High-grade samples (greater than 10 g/t Au) are repeated with a gravimetric finish (Au-GRA21). Samples with visible gold identified during logging are analyzed by screen fire assay method Au-SCR21. Samples are held in the company's secure facilities until dispatched and delivered by staff and commercial couriers to the laboratory. Pulps are retained for umpire testwork, and ultimately returned to the company for storage. The company submits a range of quality control samples, including blanks and gold/polymetallic standards supplied by Rocklabs, ITAK and OREAS, supplementing laboratory quality control procedures. In BP sampling, gold was analyzed historically by fire assay and base metals by three-acid digest and ICP finish at the Nomos laboratory in Rio de Janeiro. Silver samples were analyzed by aqua regia digest with an atomic absorption finish. True width is considered to be 90 per cent to 97 per cent of intersection width.

The Mise-a-la-Masse survey is being conducted using the company's in-house team, utilizing its GDD GRx8-16c receiver and 5000W-2400-15A transmitter. Data are processed by the company's independent consultancy, Core Geophysics. Geophysical and geochemical exploration targets are preliminary in nature and not conclusive evidence of the likelihood of a mineral deposit.

Qualified person

Dr. Adrian McArthur, BSc (honours), PhD, FAusIMM, chief executive officer of Meridian, a qualified person as defined by National Instrument 43-101, has supervised the preparation of the technical information in this news release.

We seek Safe Harbor.