Mr. Gilbert Clark reports

MERIDIAN'S PFS DRILL PROGRAM RETURNS MULTIPLE WIDE, SHALLOW MINERALIZED INTERCEPTS AT CABACAL

The prefeasibility study (PFS) drill program continues to produce robust results at Meridian Mining U.K. Societas's Cabacal gold-copper-silver deposit. Multiple wide zones with internal high-grade cores, such as CD-400's 25.8 metres at 1.4 grams per tonne gold equivalent, including 9.5 m at 2.9 g/t AuEq, and CD-399's 15.3 m at 1.7 g/t AuEq, including 5.1 m at 4.0 g/t AuEq. The PFS drill program continues with the aim to convert in-pit resources to higher classifications and increase confidence in the flagship Cabacal project.

The company has also released the results of the geotechnical studies that have the potential to increase the Cabacal's pit wall angles, which would deliver a meaningful reduction in the strip ratio.

The northwestern limit of Cabacal deposit remains open, with a new cupriferous gossan outcrop defined. Further results from Cabacal and Santa Helena are pending.

Highlights:

• Strong results of gold-copper-silver mineralization, including CD-400's 25.8 m at 1.4 g/t AuEq, including 9.5 m at 2.9 g/t AuEq, reported by Meridian Mining;
• Meridian drills zones of gold and copper at Cabacal grading up to 9.5 m at 2.9 g/t AuEq:
  • CD-399 -- 15.3 m at 1.7 g/t AuEq from 125.5 m, including:
    • 5.1 m at 4.0 g/t AuEq from 126.1 m.
  • CD-400 -- 25.8 m at 1.4 g/t AuEq from 48.0 m, including:
    • 9.5 m at 2.9 g/t AuEq from 62.5 m.
  • CD-404 -- 20.4 m at 1.1 g/t AuEq from 101.2 m, including:
    • 3.8 m at 3.6 g/t AuEq from 113.5 m.
• Cabacal's current geotechnical studies suggest optionality to steepen pit walls to 54 degrees:
  • High likelihood that Cabacal's in-pit strip ratio may decrease below the preliminary economic assessment's 2.1:1.
• Northwestern limit of Cabacal deposit remains open with new cupriferous gossan outcrop.

Gilbert Clark, chief executive officer, commented: "These broad zones of open-pittable mineralization are the economic foundations of the industry-leading Cabacal economics, demonstrated in our 2023 PEA. Cabacal's forward momentum continues with our geotechnical studies indicating good potential for steepening the pit walls (which may lower the strip ratio, and deliver a reciprocal economic benefit in the upcoming PFS). Finding a gossan outcropping at Cabacal's northwestern limit indicates that even after two kilometres of resource delineation success, near-mine extensions remain to be tested. When I look at the greater picture, I see tremendous potential for Cabacal to emerge as another world-class Latin American VMS [volcanogenic massive sulphide] camp."

Cabacal project development and resource definition program

The Cabacal resource development program continues, with three rigs currently deployed. Results recently received included infill holes drilled from the Cabacal northwestern extension (CNWE) and the historical Cabacal mine area. These results form part of the PFS process that is a crucial phase in the development and growth of the project.

Drill results from the CNWE were returned from the 25 m infill program. Results include:

• CD-395 -- 10.9 m at 1.3 g/t AuEq (0.1 g/t gold, 0.8 per cent copper and 1.4 g/t silver) from 43.7 m, including:
  • 4.1 m at 2.8 g/t AuEq (0.2 g/t Au, 1.8 per cent Cu and 2.9 g/t Ag) from 50.0 m.
• CD-396 -- 15.6 m at 0.8 g/t AuEq (0.2 g/t Au, 0.4 per cent Cu and 0.8 g/t Ag) from 44.4 m, including:
  • 8.7 m at 2.0 g/t AuEq (0.9 g/t Au, 0.8 per cent Cu and 2.6 g/t Ag) from 95.0 m;
  • 10.1 m at 1.3 g/t AuEq (0.3 g/t Au, 0.7 per cent Cu and 1.1 g/t Ag) from 118.3 m.
• CD-399 -- 15.3 m at 1.7 g/t AuEq (0.3 g/t Au, 1.0 per cent Cu and 1.6 g/t Ag) from 125.5 m, including:
  • 5.1 m at 4.0 g/t AuEq (0.6 g/t Au, 2.4 per cent Cu and 3.2 g/t Ag) from 126.1 m.
• CD-404 -- 20.4 m at 1.1 g/t AuEq (0.4 g/t Au, 0.5 per cent Cu and 0.8 g/t Ag) from 101.2 m, including:
  • 3.8 m at 3.6 g/t AuEq (1.3 g/t Au, 1.7 per cent Cu and 2.2 g/t Ag) from 113.5 m.
• CD-413 -- 8.4 m at 1.5 g/t AuEq (0.2 g/t Au, 0.9 per cent Cu and 1.8 g/t Ag) from 73.7 m.

The results form part of broader zones of mineralization (see an attached table) and continue to improve modelling of grade continuity. Results show robust levels of copper mineralization at the lower contact, which will improve the modelling of grade continuity.

Copper-stained gossaniferous exposure was observed at the limits of the CNWE, within a band of magnetite-banded iron formation. The recognition of this stratigraphic unit is of great interest as a potential favourable host unit to the gold overprint event. Some of Brazil's best gold deposits are hosted by banded iron units (Rio das Velhas greenstone belt).

Angled holes in the mine area returned:

• CD-393 (SCZ) -- 17.8 m at 1.0 g/t AuEq (0.4 g/t Au, 0.5 per cent Cu and 1.0 g/t Ag) from 70.3 m, including:
  • 3.3 m at 4.2 g/t AuEq (1.5 g/t Au, 1.9 per cent Cu and 3.5 g/t Ag) from 70.7 m.
• CD-400 (CCZ) -- 25.8 m at 1.4 g/t AuEq (0.9 g/t Au, 0.4 per cent Cu and 2.2 g/t Ag) from 48.0 m, including:
  • 9.5 m at 2.9 g/t AuEq (1.7 g/t Au, 0.9 per cent Cu and 5.5 g/t Ag) from 62.5 m.
• CD-414 (SCZ) -- 4.1 m at 3.3 g/t AuEq (1.7 g/t Au, 1.1 per cent Cu and 4.7 g/t Ag) from 42.1 m:
  • And 21.9 m at 0.9 g/t AuEq (0.4 g/t Au, 0.4 per cent Cu and 1.9 g/t Ag) from 53.1 m.
• CD-427 (SCZ) -- 22.6 m at 1.4 g/t AuEq (0.4 g/t Au, 0.7 per cent Cu and 3.4 g/t Ag) from 59.5 m, including:
  • 8.8 m at 2.8 g/t AuEq (0.6 g/t Au, 1.5 per cent Cu and 7.5 g/t Ag) from 64.4 m.

The drilling in the mine area provides for further validation of the mine workings and the extensive open-pittable mineralization left in the higher-grade pillars. In the mine area, as part of the PFS validation program, the company is also making additional efforts to locate a number of missing historical holes, particularly those reported and mapped in the southern copper zone. These holes are not in Meridian's modern drill hole database but host multiple assays grading greater than 5.5 g/t Au (including visible gold) and 3.5 per cent Cu. A final program may be undertaken to target these copper-gold zones, as they represent potential zones where an under-call of the resource at Cabacal may exist.

The forward program will particularly focus on infilling areas where resources remain inferred to unclassified. The company has successfully executed a number of holes at low angles following adaptations to the small footprint rig, where topographic access has been more restricted.

Cabacal pit geotechnical study

As part of the data generation requirements for its prefeasibility study of the Cabacal project, Meridian has commissioned the independent geotechnical consultancy Fundacao Luiz Englert to undertake a geotechnical study of the Cabacal pit in order to deliver enhanced confidence to the assumptions that were used in the Cabacal preliminary economic study completed in March, 2023.

Six dedicated geotechnical holes were drilled as part of the 2023 project development campaign, and 59 specific resource development holes have been geotechnically logged using a template recommended by the company's Brazilian consultancy, with logging continuing in parallel with the resource development program.

Conservative pit wall angles of 48 degrees were assumed for the preliminary economic assessment in the absence of specific geotechnical data. Mining consultant GE21 has reviewed the outcomes of the geotechnical studies, and assessments indicate optionality to increase the global hangingwall in the Cabacal pit up to 54 degrees (a 12.5-per-cent steepening of the pit wall). New data will be reviewed and fed into the Cabacal PFS. A reduction in the volume of waste rock offers scope to improve the stripping ratio for the project. Mining lower volumes of waste rock would benefit the operating costs for the project as well as result in smaller areas required for the storage of waste rock. Final assumptions will be reviewed with the advancement of the drilling program in the lead up to the prefeasibility study.

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 (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-metal-rich 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.

Technical notes

Samples have been analyzed at the SGS laboratory in Belo Horizonte. Samples are dried, crushed with 75 per cent passing fewer than three millimetres, split to give a mass of 250 g to 300 g and pulverized with 95 per cent passing 150 mesh. Gold analyses are conducted by FAA505 (fire assay of a 50 g charge), and base metal analysis by methods ICP40B and ICP40B_S (four-acid digestion with ICP-OES finish). Visible gold intervals are sampled by metallic screen fire assay method MET150-FAASCR. Samples are held in the company's secure facilities until dispatched and delivered by staff and commercial couriers to the laboratory. Pulps and coarse rejects are retained and returned to the company for storage. The company submits a range of quality control samples, including blanks as well as gold and polymetallic standards supplied by Rocklabs, ITAK and OREAS, supplementing laboratory quality control procedures. Approximately 5 per cent of archived samples are sent for umpire laboratory analysis, including any lots exhibiting quality assurance/quality control outliers after discussion with the laboratory. In BP Minerals sampling, gold was analyzed historically by fire assay and base metals by three-acid digestion and ICP finish at the Nomos laboratory in Rio de Janeiro. Silver was analyzed by aqua regia digestion with an atomic absorption finish. True width is considered to be 80 per cent to 90 per cent of intersection width. Assay figures and intervals are rounded to one decimal place.

Qualified person

Erich Marques, BSc, MAIG, chief geologist of Meridian Mining, 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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