Mr. Gilbert Clark reports

MERIDIAN REPORTS GOLD AND BASE METAL ASSAYS UP TO 6.7% CUEQ AT SANTA HELENA

Meridian Mining U.K. Societas has released further strong intercepts of shallow copper, gold, silver and zinc mineralization at the Santa Helena mine. New results include CD-329: 6.8 metres (m) at 4.9 per cent copper equivalent from 38.7 m; CD-332: 5.8 m at 4.5 per cent CuEq from 32.2 m; and CD-335: 7.2 m at 4 per cent CuEq from 35.5 m. Santa Helena is one of many high-priority targets within the 55-kilometre Cabacal volcanic massive sulphide (VMS) belt. Locally it is part of a highly prospective open trend, that through drilling, soil surveys and geophysics has now been extended to over approximately 3.1 km.

Drilling continues at Santa Helena and at the Cabacal mine with further results pending.

Highlights reported today:

• Further shallow high-grade gold and base metals intercepted at Santa Helena;
• Santa Helena returns near-surface, high-grade gold and base metal mineralization:
  • CD-329: 6.8 m at 4.9 per cent CuEq (1.2 per cent Cu, 1.4 grams per tonne Au, 52.7 g/t Ag and 10.5 per cent Zn) from 38.7 m;
  • CD-332: 5.8 m at 4.5 per cent CuEq (1.1 per cent Cu, 0.7 g/t Au, 36 g/t Ag and 10.9 per cent Zn) from 32.2 m;
  • CD-335: 7.2 m at 4.0 per cent CuEq (1.5 per cent Cu, 2.1 g/t Au, 43.4 g/t Ag and 5.4 per cent Zn) from 35.5 m, including:
    • 1.7 m at 6.7 per cent CuEq (3 per cent Cu, 2.7 g/t Au, 63.6 g/t Ag and 8.9 per cent Zn) from 36.4 m;
• The prospective and open Santa Helena VMS trend now mapped over approximately 3.1 km;
• Cabacal infill and extension drilling continues to deliver robust gold and copper mineralization.

True width is considered to be 80 to 90 per cent of intersection width.

Gilbert Clark, chief executive officer, comments: "The company is very pleased with the continued flow of strong gold and base metal intersections from Santa Helena at depths within easy reach of a potential open-pit development. In addition, our ongoing geophysical program continues to map the prospective VMS target horizon as the survey continues to extend southeast from Santa Helena. Santa Helena's host geology has now been mapped over 3.1 km, and is open along strike and down plunge, delivering more upside to test going forward. Santa Helena is evolving to be a second potential open-pittable resource target within the Cabacal belt and is only a short trucking distance to the Cabacal mine."

Santa Helena drill program

Santa Helena is a Cu-Au-Ag and Zn VMS deposit located approximately nine km to the southeast of the Cabacal mine. It has over 10,000 m of historical drilling and is one of a series of exploration targets along the 11 km Cabacal mine corridor. The company commenced initial drilling in August, 2023, as part of a verification program, to validate the historical data in line with National Instrument 43-101 requirements, and to initiate scout drilling for resource extensions defined by geophysics. The company's compilation of historical drill data indicated that many past holes were not completely sampled, that reconciliation of surveyed drilled positions and mine workings suggested that the high-grade massive sulphide mineralization was only partially mined, and that extensions of near-surface mineralization to the east were also not integrated into the historical resource calculations. The company has concluded that this historical resource area is considered open.

The company has completed 17 holes to date, with results reported thus far confirming strong near-surface mineralization, including:

• CD-311: 19.1 m at 1.3 per cent CuEq from eight m, including 4.9 m at 4.6 per cent CuEq from 22.2 m;
• CD-321: 23.1 m at 1.0 per cent CuEq from 6.1 m, including 3.6 m at 3.3 per cent CuEq from 10 m;
• CD-325: 14.9 m at 3.1 per cent CuEq from 26.3 m, including 6.7 m at 4.3 per cent CuEq from 27.5 m.

The latest results have continued to test mineralization in the historical mine area, building out from the earlier CD-325 intersection. The results confirm the extension of robust widths of high-grade mineralization that remain open along strike and down plunge.

CD-332 was drilled approximately 65 m, west-northwest of CD-325, and returned 5.8 m at 4.5 per cent CuEq (1.1 per cent Cu, 0.7 g/t Au, 36 g/t Ag and 10.9 per cent Zn) from 32.2 m. The hole terminated in an expected mining void. Results compare with earlier holes at the site, PM01A: 6.2 m at 6 per cent CuEq (2 per cent Cu, 1.3 g/t Au, 52.5 g/t Ag and 11.8 per cent Zn) from 33.4 m, and JUCHD046: 12.4 m at 5 per cent CuEq (1.4 per cent Cu, 1.4 g/t Au, 63.3 g/t Ag and 9.8 per cent Zn) from 31.4 m.

CD-329 was drilled slightly off section to CD-325, twinning historical hole PM16A, which originally returned 12.9 m at 4 per cent CuEq (1.3 per cent Cu, 0.9 g/t Au, 50.6 g/t Ag and 7.5 per cent Zn) from 33.6 m; and seven m at 5.8 per cent CuEq (2.3 per cent Cu, 3.1 g/t Au, 65.5 g/t Ag and 7.1 per cent Zn) from 49.8 m. The drill hole CD-329 again terminated in a mining void but returned a strong result of 6.8 m at 4.9 per cent CuEq (1.2 per cent Cu, 1.4 g/t Au, 52.7 g/t Ag and 10.5 per cent Zn) from 38.7 m.

CD-335 stepped out approximately 110 m east-southeast of CD-325 and was drilled adjacent to two historical holes, PM11A: 7.9 m at 5.5 per cent CuEq (2.2 per cent Cu, 2.5 g/t Au, 58.3 g/t Ag and 7.6 per cent Zn) from 37.3 m, JUCHD041: 10.4 m at 4.2 per cent CuEq (1.8 per cent Cu, 1.5 g/t Au, 50.6 g/t Ag and 5.8 per cent Zn) from 38.6 m. CD-335's result of 7.2 m at 4 per cent CuEq (1.5 per cent Cu, 2.1 g/t Au, 43.4 g/t Ag and 5.4 per cent Zn) from 35.5 m indicates good continuity of the massive-breccia-stringer sulphide package.

Assay results provide confidence in the historical data and the position of the underground workings, and emphasize the presence of good widths of high-quality mineralization amenable to evaluation for open-pit extraction.

Recent drilling is probing shallower up-dip portions of the deposit which were not systematically drilled with the prior focus on underground development, focusing more in infill and resource extension, whilst geophysical programs continue to the east.

Santa Helena's expanding near-mine exploration corridor

The company has continued its Gradient Array induced polarization survey over the eastern-southeastern extensions to Santa Helena, into the Alamo property. This newly defined chargeability corridor has been extended a further 400 m southeastward, now totalling two km from the limit of Santa Helena's historical resource. The anomaly aligns with gold and base metal soil anomalies defined in BP surveys, continuing to add valuable context to this target as an extensional corridor for Santa Helena-style mineralization.

The company considers that the branching architecture of the chargeability response is suggestive of cross-strike fold repetition of the VMS horizon. The company continues to extend the IP survey along strike and will shortly diversify the program to include fixed-loop electromagnetic along the extensional corridor, to test for conductors that may potentially mark a more copper-dominant sulphide assemblage.

Cabacal project development and resource definition program

The company continues with drilling and project development studies at Cabacal. A phase of hydrogeological drilling has been completed as part of the program for environmental licensing. Some drilling has focused on testing the lateral limits of the resource in the Cabacal Northwest extension (CNWE), with further results now pending from the mine area and central portion of the CNWE.

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).

Cabacal is a gold-copper-silver-rich VMS deposit with the potential to be a stand-alone mine within the 50 km VMS belt. Cabaçal'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.

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.