Mr. Gilbert Clark reports

MERIDIAN ANNOUNCES APPOINTMENT OF BRUCE MCLEOD AS CHAIRMAN OF THE BOARD

Meridian Mining UK Societas has appointed Bruce McLeod as a new independent director to the board of directors, with immediate effect. Mr. McLeod has also been appointed as the new chairman of the board.

Mr. McLeod is a mining engineer with over 30 years of experience in all areas of the mining industry. Most recently, he was the president and chief executive of Sabina Gold & Silver Corp. until Sabina was acquired by B2Gold Corp. in April, 2023, for $1.2-billion. Mr. McLeod also served as a director of Kaminak Gold Corp., which was acquired by Goldcorp Inc. for $520-million in 2016. Prior to that, he served in a senior capacity with a number of operating and development mining ventures, including, president and chief executive officer of Mercator Minerals Ltd.; president, chief financial officer and director of Creston Moly Corp.; and founder of both Sherwood Copper Corp. and Stornoway Diamond Corp. He also served on the board of directors of Palmarejo Silver and Gold Corp. (acquired by Coeur D'Alene Mines for $1.2-billion) and Ariane Gold (acquired by Cambior Inc.) and has been involved in numerous projects at various stages of development while with the Northair Group. Mr. McLeod was the co-recipient of AME BC's E.A. Scholz award for excellence in mine development in 2009 and primarily focuses on project development, strategic planning and financing activities.

Mr. McLeod states: "After spending several months reviewing Cabacal and meeting with Meridian's team, I am convinced that Cabacal has the fundamental attributes necessary to become a copper gold producer. I look forward to working with the board and executive in advancing this promising asset."

Gilbert Clark, chief executive officer, states: "The entire board and management of Meridian are very excited to have Bruce, a proven mine builder, join the company to lead us through the next phase and beyond. Meridian now has an experienced mining engineer with a deep knowledge of the capital markets and a proven track record for project development guiding the company into the future. I also wish to thank Susanne Sesselmann for acting as interim chair of the board while the company sought to find a new independent director to serve as chair of the board."

About Meridian Mining UK Societas

Meridian Mining UK Societas is focused on the development and exploration of the advanced stage Cabacal VMS gold-copper project; regional scale exploration of the Cabacal volcanogenic massive sulphide belt; and 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-kilometre 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 g/t 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 of $573-million (U.S.) and 58.4-per-cent 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 ounce 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).

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.

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