Mr. Gilbert Clark reports

MERIDIAN COMMENCES STRATEGIC REVIEW OF NON-CORE EXPLORATION ASSETS IN BRAZIL

Given the advancement of Meridian Mining U.K. Societas's flagship Cabacal gold-copper-silver volcanogenic massive sulphide project, it has commenced a comprehensive corporate review to identify, examine and consider opportunities related to its non-core exploration portfolio. The portfolio of projects under review consists of the Espigao polymetallic project, the Ariquemes tin project and the Mirante de Serra manganese project, all in the state of Rondonia, Brazil. The objective of the review is to create a pathway forward for these prospective exploration projects.

Highlights of the strategic review:

• Meridian considers opportunities for its non-core exploration portfolio in the state of Rondonia, Brazil;
• Meridian has commenced a strategic review of its Rondonia exploration assets.

Meridian is developing the advanced-stage copper-gold Cabacal project toward a preliminary economic assessment and resource update as part of the processes of completing of the Cabacal purchase agreement. Prior to securing Cabacal, the company operated numerous exploration projects in the state of Rondonia, Brazil. To undertake a thorough strategic review of all available strategic alternatives, Meridian has appointed Beacon Securities Ltd. as strategic adviser to determine the most beneficial process to create value for Meridian's shareholders. This process is being initiated to allow the company's management team to focus solely on Cabacal's potential to become Brazil's next near-term copper-gold producer.

Gilbert Clark, chief executive officer, comments: "We view these non-core assets as having strategic value as a portfolio of exploration projects hosting future-facing metals in Brazil. The strategic review will allow Meridian to focused solely on the advanced-stage Cabacal deposit and adjoining portfolio of copper-gold exploration prospects in Mato Grosso. Our near-term goal is to find the best pathway forward to maximize shareholder value from the Rondonia exploration portfolio so that our shareholders can be at the start of another potential Brazilian growth business."

Susanne Sesselmann, interim independent chair, adds: "As we advance the development of Cabacal, it is the right time to commence this review process to unlock the true potential of our non-core assets in Brazil. The board and management of Meridian will work closely with our advisers and investment community to maximize value for all our shareholders."

Non-core Rondonia assets under review for divestment

Espigao project

Espigao project is a large-scale iron oxide copper-gold (IOCG) exploration target. IOCG-type deposits host the giant copper-gold mines of Brazil and some of the biggest copper-gold mines internationally. Espigao hosts the prospective geochemistry and gravity survey comparable with large-scale IOCG-type deposits such as Salobo (Vale) and Olympic Dam (BHP). The project represents an intrusion-related/IOCG copper-gold exploration opportunity in a new metal frontier, with numerous geochemical and geophysical targets established along extensive structural corridors.

Ariquemes project

Ariquemes comprises an extensive land package in Brazil's second-largest tin field. Geophysical and geochemical data sets highlight highly prospective signatures consistent with the tin-bearing granites within the Ariquemes area. Part of the Ariquemes tin exploration portfolio is under a joint venture agreement with Orosur Mining Inc. The agreement provides a mechanism for a staged earn-in by Orosur into the mineral concessions, covering 164,414 hectares. A further 112,311 ha are held directly by Meridian.

Mirante de Serra project

The Mirante de Serra project is a polymetallic exploration project. The licences overlay a sedimentary basin prospective for manganese mineralization. In total, the exclusive manganese mineral rights to a length of over approximately 25 kilometres of prospective sedimentary units have been secured. The basement hosts intrusive rocks of the Serra da Providencia suite and Jamari complex, with dome-like features evident in the radiometrics that will be evaluated for intrusive-related mineralization. The project consists of 55,558 ha exploration licences.

There can be no assurance that this review process will lead to the approval or completion of any transaction. The company does not intend to provide any updates with respect to this process unless and until its board of directors approves a specific transaction or otherwise concludes its review of strategic alternatives.

About Meridian Mining U.K. Societas

Meridian Mining is focused on:

• The development and exploration of the advanced-stage Cabacal VMS 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);
• Advancing the portfolio of exploration projects in the state of Rondonia, Brazil.

Cabacal is a gold-copper-silver-rich VMS deposit with the potential to be a stand-alone mine within the 50 km VMS belt. Cabacal's base- 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 gold overprint event has emplaced high-grade gold mineralization.

The Cabacal mineral resource estimate consists of indicated resources of 52.9 million tonnes at 0.6 gram per tonne gold, 0.3 per cent copper and 1.4 g/t silver and inferred resources of 10.3 million tonnes at 0.7 g/t gold, 0.2 per cent copper and 1.1 g/t silver (at a 0.3 g/t gold equivalent cut-off grade), including a higher-grade near-surface zone supporting a starter pit.

The preliminary economic assessment technical report dated March 30, 2023, entitled, "Cabacal Gold-Copper Project NI 43-101 Technical Report and Preliminary Economic Assessment, Mato Grosso, Brazil," outlines a base case after-tax net present value (5 per cent) of $573-million (U.S.) and 58.4-per- internal rate of return from a preproduction capital cost of $180-million (U.S.), leading to capital repayment in 10.6 months (assuming metals price scenario of $1,650 (U.S.) per ounces of gold, $3.59 (U.S.) per pound of copper and $21.35 (U.S.) per ounce of silver). Cabacal has a low all-in sustaining-cost of $671 (U.S.) per ounce gold equivalent for the first five years, driven by high metallurgical recovery, a low life-of-mine strip ratio of 2.1:1 and the low-operating-cost environment of Brazil (see press release dated March 6, 2023).

Readers are encouraged to read the PEA technical report in its entirety. The PEA technical report may be found on the company's website and under the company's profile on SEDAR+.

The qualified persons for the PEA technical report are: Robert Raponi (PEng), principal metallurgist with Ausenco Engineering; Scott Elfen (PE), global lead geotechnical and civil services with Ausenco Engineering; Simon Tear (PGeo, EurGeol), principal geological consultant of H≻ Marcelo Batelochi (MAusIMM, CP Geo), geological consultant of MB Geologia Ltda.; Joseph Keane (mineral processing engineer; PE) of SGS; and Guilherme Gomides Ferreira (mine engineer, MAIG) of GE21 Consultoria Mineral.

Qualified person

Erich Marques, BSc, MAIG, chief geologist of Meridian Mining and a qualified person as defined by National Instrument 43-101, has reviewed and verified the technical information in this news release.

We seek Safe Harbor.