Mr. Gilbert Clark reports

MERIDIAN'S EM SURVEYS UNLOCK BOTH WEST AND SOUTH EXTENSIONS TO SANTA HELENA VMS DEPOSIT

Meridian Mining U.K. Societas has released strong results from its first borehole electromagnetic (BHEM) surveys at its Santa Helena high-grade deposit. BHEM has modelled conductive plates as down-dip extensions of high-grade Cu-Au-Ag & Zn mineralization recently reported by the Company. This includes a 175m projection of CD-359's higher-grade core that assayed 9.4m @ 1.9g/t AuEq from 13.0m1 ("Figure 1"). This plate projects past the modelled limits of Santa Helena's Exploration Target1, expanding the potential footprint of future drill targets ("Figure 2"). The BHEM program commenced at the western limit of Santa Helena and is progressing eastwards and will test for further in-hole and off-hole responses to target sulphide extensions. Further drill assays and geophysical survey results are pending for Santa Helena and Cabacal.

Highlights Reported Today

• Meridian expands Santa Helena's Cu-Au-Ag & Zn mineralization upside further to the west & south;
• 175m long conductive plate modelled down-dip from recent high-grade drilling & expands upside past historical mine's limits;
• Multiple BHEM plates coincident with the projection of new high-grade intersections at Santa Helena;
• Geophysical survey projects mineralization outside of Exploration Target's upside limits; and
• Surface geophysical program progressing eastward; targeting to connect with Alamo trend.

Merdian is integrating its recent and historical drill results of Santa Helena with a full suite of down hole and surface geophysical techniques to map and extend the known high-grade Cu-Au-Ag & Zn mineralization, and to expand its upside potential. To date, this has extended the 1.0km limits of the historical resource into a 3km long prospective corridor. The Company will continue to concentrate its resource program within a 1.4km core zone, while continuing a step out drill program along the eastern extension to the mine.

Mr. Gilbert Clark, CEO, comments: "Santa Helena continues to show expanded potential well past our original expectations. The initial BHEM results from the mine's western limits have delivered extensional targets for high-grade Cu-Au-Ag & Zn mineralization that are projecting well beyond the Exploration Target's upside limits. The geophysical team is now focusing on extending their programs easterly along Santa Helena's prospective target corridor. We believe we are at the start of an exciting new phase of discovery, and our objective is to test the potential for Cabacal to grow to be a world-class camp."

Santa Helena Update

The Santa Helena Cu-Au-Ag & Zn VMS deposit, located ~9km to the southeast of the Cabacal Mine, represents the Company's second open pit development target in the 50+ km Cabacal Belt. The Company is leveraging off a historical drill dataset including over 10,000 m of drilling, and combined with its recent drill results, has defined an Exploration Target for the deposit area of 3.2 - 7.2 Mt @ 3.0 - 3.2g/t AuEq. Following initial successful verification drilling which commenced in August 20232, the ongoing resource definition drilling program has confirmed the presence of significant mineralization both within the historical envelope, up-dip to the historical envelope, across-strike in a new second sulphide layer, and up to 510m along strike from the historic resource limits (assays pending). Highlights from drilling to date3 include:

• CD-325: 14.9m @ 4.6 g/t AuEq from 26.3m;
• CD-329: 6.8m @ 7.4g/t AuEq from 38.7m;
• CD-332: 5.8m @ 6.8g/t AuEq from 32.2m;
• CD-335: 7.2m @ 6.0g/t AuEq from 35.5m;
• CD-360: 16.4m @ 0.9g/t AuEq from 6.0m & 11.0m @ 5.2g/t AuEq from 30.0m;
• CD-416: 13.2m @ 2.1g/t AuEq from 11.0m & 16.6m @ 2.1g/t AuEq from 41.4m;
• CD-411: 22.5m @ 1.9g/t AuEq from 11.0m;
• CD-378: 5.9m @ 5.5g/t AuEq from 38.3m.

Meridian's first phase of surface geophysics focused on Electromagnetic ("FLTEM") and Induced Polarization ("IP") surveys, which revealed a broader than expected chargeability response over the Santa Helena deposit, and with conductive FLTEM plates dipping northwards from the deposit4. Progression of the IP grid has defined a 2km eastern extension of the chargeability trend5. The Company focused initially on verification drilling, and subsequently on testing the shallow up-dip and strike extensions of the deposit. The results have achieved and exceeded expectations: firstly, confirming the significant high-grade Cu-Au-Ag & Zn VMS mineralization in the mine area, and then confirming extensions beyond the limits of the historical resource, in areas previously not drill tested. The recent drilling combined with BHEM now shows that intersections have associated conductive plates indicative of sulphide mineralization.

Recent down-hole survey platforms have tested the western and southern margins of the deposit, resolving a number of conductors of near-mine exploration significance (Figure 1; Figure 2).

The conductive response at the western margin of the deposit is marked by an interpreted plate of ~175 x 100m extent, with a conductivity of 10 Siemens. The down-dip extension of the conductor projects beyond the limit of the Exploration Target upside model, and further drilling will be required to test areas remaining open in the target.

Additional survey platforms on the southern flank of the deposit show conductors in the CD-360 - CD-416 area, again associated with strong intersections. Modelled plates are 15 to 30m in strike and dip, with a conductivity of 5 to 30 Siemens.

In addition to the planned near-mine BHEM and Mise-a-la-Masse surveys making use of new drill platforms, our geophysical survey team will expand the surface FLTEM and gravity surveys to refine targets in the open eastern extensions to the mineral system over Alamo.

About MeridianMeridian Mining UK S is focused on:The development and exploration of the advanced stage Cabacal VMS gold-copper project;Regional scale exploration of the Cabacal VMS belt; andExploration in the Jauru & 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 standalone mine within the 50km 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 Preliminary Economic Assessment technical report (the "PEA 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 NPV5 of USD 573 million and 58.4% IRR from a pre-production capital cost of USD 180 million, leading to capital repayment in 10.6 months (assuming metals price scenario of USD 1,650 per ounces of gold, USD 3.59 per pound of copper, and USD 21.35 per ounce of silver). Cabacal has a low All-in-Sustaining-Cost of USD 671 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).

The Cabacal Mineral Resource estimate consists of Indicated resources of 52.9 million tonnes at 0.6g/t gold, 0.3% copper and 1.4g/t silver and Inferred resources of 10.3 million tonnes at 0.7g/t gold, 0.2% copper & 1.1g/t silver (at a 0.3 g/t gold equivalent cut-off grade), including a higher-grade near-surface zone supporting a starter pit.

Readers are encouraged to read the PEA Technical Report in its entirety. The PEA Technical Report may be found on the Company's website at www.meridianmining.co and under the Company's profile on SEDAR+ at www.sedarplus.ca.

The qualified persons for the PEA Technical Report are: Robert Raponi (P. Eng), Principal Metallurgist with Ausenco Engineering), Scott Elfen (P. E.), Global Lead Geotechnical and Civil Services with Ausenco Engineering), Simon Tear (PGeo, EurGeol), Principal Geological Consultant of H&SC, Marcelo Batelochi, (MAusIMM, CP Geo), Geological Consultant of MB Geologia Ltda, Joseph Keane (Mineral Processing Engineer; P.E), of SGS, and Guilherme Gomides Ferreira (Mine Engineer MAIG) of GE21 Consultoria Mineral.

We seek Safe Harbor.