Mr. Gilbert Clark reports

MERIDIAN DRILLS HIGH-GRADE ZONE GRADING 11.3M @ 3.7G/T AUEQ AT SANTA HELENA

Meridian Mining U.K. Societas has released further strong drill results from its resource delineation program at the Santa Helena Au-Cu-Ag and Zn (gold-copper-silver and zinc) VMS (volcanogenic massive sulphide) deposit. Drilling has intercepted multiple bands of shallow mineralization highlighted by CD-421's 11.3 metres at 3.7 grams per tonne (g/t) gold equivalent (AuEq) from 35 m, including 3.4 m at 8.6 g/t AuEq from 42.9 m. CD-421's high-grade mineralization projects outside of the modelled limits of Santa Helena's exploration target announced in December, 2023, strengthening the upside potential that Santa Helena's drill results have delineated.

The company is also confirming a major extension of the along strike extent of Santa Helena's mine horizon with CD-431 returning 5.4 m at 0.7 g/t AuEq from 38.4 m, located 580 m east of the historical mine's limits. This extends the focus of Santa Helena's open-pitable resource delineation corridor to 1.6 kilometres, requiring further infill drilling while yet still remaining open to the east. Drilling programs continue at the Cabacal project with further results pending.

Highlights reported today:

• Santa Helena assays multiple bands of Au-Cu-Ag and Zn mineralization extending past the exploration target's limits:
  • CD-421: 11.3 m at 3.7 g/t AuEq from 35 m, including:
    • 3.4 m at 8.6 g/t AuEq from 42.9 m.
  • A 320 m strike extension of Santa Helena's lower Au-Cu-Ag and Zn layer defined and remains open.
• Santa Helena's open-pit target corridor expanded to over 1.6 km but still remains open to the east:
  • VMS system confirmed to extend outward past historical mine's limits by 580 m;
  • CD-431 returns 5.4 m at 0.7 g/t AuEq from 38.4 m.
• Results confirm that Santa Helena three km mine horizon's IP (induced polarization) anomaly remains only partially tested and remains open.

Gilbert Clark, chief executive officer, comments: "As part of the Cabacal hub-and-spoke development strategy, Santa Helena is adding more high-grade gold-copper-silver and zinc mineralization into this highly prospective VMS belt. CD-421 also gave another along strike extension to Santa Helena's newly identified lower VMS sequence, combining to add more Au-Cu-Ag and Zn mineralization to an already expanding deposit. Most importantly, the near-mine eastern extension is firming up with CD-431's results, extending the potential a further 580 m. Having Santa Helena's mineralization and its extension consistently hosted within the three km IP anomaly generates a strong upside potential for its open and untested areas. This represents a focused corridor hosting multiple geophysical targets which are emerging through our ongoing geophysical program."

Santa Helena drill program update

Santa Helena is a historical Cu-Au-Ag and Zn VMS mine located approximately nine kilometres to the southeast of the Cabacal mine. It has over 10,000 metres of historical drilling and is the most advanced of a series of exploration targets along the Cabacal mine corridor. The company commenced initial drilling in August, 2023, as part of a verification program, to validate the historical mine's data in line with National Instrument 43-101 requirements, and to initiate scout drilling of targets for resource extensions defined by geophysics and coincident geochemical anomalies. 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 (and records) indicated 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, and based on new and historical data, defined an exploration target of 3.2 million tonnes to 7.2 Mt at 3.0 g/t to 3.2 g/t AuEq. The company has completed 30 holes for 1,730 m to date. Initial results from holes drilled along the main trend for resource verification and resource extension were very positive. The latest results (see the table entitled "Santa Helena assays reported in this press release") have continued to define mineralization up dip and south of the historical resource limits, and confirmed that the eastern sector of the trend remains open.

CD-421 was drilled to test the continuity of up-dip mineralization on the southern flank of the deposit. The drill hole intersected an upper mineralized zone of 11.3 m at 3.7 g/t AuEq (1.1 g/t Au, 1.5 per cent Cu, 27.9 g/t Ag and 2.0 per cent Zn) from 35 m, including a higher-grade core of 3.4 m at 8.6 g/t AuEq (2.2 g/t Au, 3.2 per cent Cu, 64.4 g/t Ag and 5.5 per cent Zn) from 42.9 m. Lower bands of mineralization were present, including 12.3 m at 0.7 g/t AuEq (0.1 g/t Au, 0.1 per cent Cu, 4.6 g/t Ag and 1.0 per cent Zn) from 58.5 m, and three m at 0.4 g/t AuEq (0.1 g/t Au, 1.6 g/t Ag and 0.6 per cent Zn) from 79.7 m. The latest result continues the eastward extension of strong intersections previously reported over the southern extension of the chargeability anomaly. Further scope exists to test the response to the immediate east over a 200 m gap in the drilling, and beyond where numerous geophysical targets have been defined.

CD-431, positioned up to 580 m to the east of the historical mine's limits, was drilled as one of the company's initial reconnaissance holes testing the two km eastern extension of the IP anomaly. The hole was significant in confirming this trend is mineralized, returning 5.4 m at 0.7 g/t AuEq (0.4 g/t Au, 27.8 g/t Ag and 0.4 per cent Zn) from 38.4 m. The mineralization was intersected below an upper carapace gabbroic sill which masks the surface geochemical response of this trend. A further reconnaissance hole, located over 840 m farther east-southeast again, intersected traces of shallow bedrock mineralization. Further geophysical work is being conducted to refine targets in this eastern corridor and remains in progress, with a fixed-loop transient electromagnetic (FLTEM) survey in progress to supplement the existing IP dataset. Anomalies are expected to be quite subtle, given the limited conductivity of sulphides in the presence of sphalerite, but potentially more copper-rich targets may have enhanced conductivity.

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. 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 (PEA) technical report dated March 30, 2023, entitled: "Cabacal Gold-Copper Project NI [National Instrument] 43-101 Technical Report and Preliminary Economic Assessment, Mato Grosso, Brazil," outlines a base case after-tax net present value (NPV) at a 5-per-cent discount of $573-million (U.S.) and 58.4-per-cent internal rate of return (IRR) 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).

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.

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&SC, Marcelo Batelochi, MAusIMM, CP Geo, geological consultant of MB Geologia Ltda., Joseph Keane, PE, mineral processing engineer of SGS, and Guilherme Gomides Ferreira, MAIG, mine engineer of GE21 Consultoria Mineral.

Technical notes

Samples have been analyzed at the accredited ALS laboratory in Lima, Peru. Samples are dried, crushed with 70 per cent passing 85 per cent passing 200 mesh. Routine gold analyses have been conducted by Au-AA23 (fire assay of a 30-gram charge with AAS (atomic absorption spectroscopy) finish). High-grade samples (over 10 g/t Au) are repeated with a gravimetric finish (Au-GRA21). 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, and 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 (QA/QC) outliers after discussion with the laboratory. In BP Minerals' sampling, gold was analyzed historically by fire assay, and base metals by three-acid digest and ICP (inductively coupled plasma) finish at the Nomos laboratory in Rio de Janeiro. Silver was analyzed by aqua regia digest 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.

Electromagnetic surveys have been conducted using the SMARTem Geophysical Receiver System manufactured by ElectroMagnetic Imaging Technology (EMIT). Gradient array IP surveys were conducted using the company's in-house team, utilizing its GDD GRx8-16c receiver and 5000W-2400-15A transmitter. Data are processed by the company's independent consultancy, Core Geophysics. Geophysical and geochemical exploration targets are preliminary in nature and not conclusive evidence of the likelihood of a mineral deposit.

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.