Mr. Gilbert Clark reports

MERIDIAN REPORTS ON CABACAL'S MET TESTING, DRILL RESULTS, AND PERMIT UPDATE

Meridian Mining U.K. Societas has released the initial findings from positive metallurgical trials using a more-selective reagent for copper sulphides. Preliminary results using solvent 3418A achieved higher recoveries of copper than the approximately 92.4 per cent achieved by the reagent PAX used in the 2023 preliminary economic assessment. Solvent 3418A is a common Cu reagent, engineered to also be an efficient collector of gold and silver, which may lead to possible increases in their recoveries. Work continues to verify the promising initial copper recoveries observed for future economic studies.

Cabacal's prefeasibility study (PFS) program of infill drilling is progressing well. The drill program is currently focused on converting inferred zones hosting moderate grades of gold and copper mineralization to a higher status. Drill results have included CD-418's 16.8 metres at 1.2 grams per tonne gold equivalent and CD-409's 10.0 m at 1.1 g/t AuEq. Cabacal's after-PEA drill program includes some recent robust copper-dominant intersections. Further drill results are pending.

With the simultaneous advancement of Cabacal's PFS and Santa Helena's resource programs, the company is focused on updating environmental permits and access agreements to unlock additional areas for further exploration upside. Multiple prospects hosting extensive copper and gold geochemical anomalies are being progressively opened to exploration.

Highlights reported today:

• Metallurgical trials using solvent 3418A show strong potential to increase Cabacal's Cu recoveries:
  • Gains in Au and Ag recoveries also likely using solvent 3418A;
• Cabacal PFS's drill program continues to return wide zones of in-pit copper, gold and silver mineralization at shallow depths:
  • CD-418 -- 16.8 m at 1.2 g/t AuEq from 121.5 m:
    • Including 4.8 m at 2.2 g/t AuEq from 132.5 m;
  • CD-409 -- 10.0 m at 1.1 g/t AuEq from 74.0 m;
  • CD-429 -- 24.5 m at 0.8 g/t AuEq from 36.6 m.
• Meridian expands exploration footprint with newly permitted areas:
  • Multiple gold and copper prospects being unlocked to advance exploration programs.

Gilbert Clark, chief executive officer, commented: "It is great to see our metallurgical optimization trials indicating the potential for even-higher recoveries of Cu than we initially achieved with the PEA. If the Au and Ag results replicate our expectations, this can only improve the already-high quality of Cabacal's Cu, Au and Ag concentrates. In addition, Cabacal's drill program will increase confidence in the deposit's resource base, with continued Cu-Au-Ag intercepts over the two-kilometre length of the PEA's open pit. This will be the solid base for the PFS study, where we hope to confirm Cabacal as a long-life, stand-alone mine development. We are opening up more areas for exploration, expanding our field programs to test for Au and Cu mineralization along the mine corridor and its extensions. Meridian's strategy and timing to advance this emerging Cu-Au VMS (volcanogenic massive sulphide) belt presents a strong investment opportunity for investors seeking exposure to a development-focused copper-gold company in Brazil."

Cabacal project development and resource definition program

Meridian is busily working on multiple fronts to advance the Cabacal PFS. This includes a focus on optimizing the metallurgical recoveries of Cu, Au and Ag, and having three rigs continuing the resource definition, with an emphasis on conversion of inferred resource to higher levels of confidence.

Cabacal metallurgical update

The historical Cabacal mine's metallurgical data and the company's own testwork have confirmed the highly favourable metallurgical processing characteristics of the deposit's Cu-Au and Ag sulphide and free gold mineralization. Cabacal's mineralization is characterized as soft to medium in hardness, with high recoveries via a relatively coarse 200-micrometre grind. Recommendations from the PEA included the evaluation of alternative reagents. The company's metallurgical consultant, Norman Lotter, has scoped a series of tests using the selective collector Solvay 3418A in the rougher and copper cleaner circuit. 3418A is a widely used reagent that has a known ability to enhance copper and precious metal recoveries from sulphide mineralization, like that found at the Cabacal deposit. Initial tests were performed using the Cabacal PEA's master composite samples, and initial results indicate higher recoveries of Cu, exceeding those used in the 2023 preliminary economic assessment. Repeat testing is scheduled to generate a comprehensive data set, to determine the total metal recoveries to be used in the PFS. Amongst the test samples are intervals with stronger or dominant copper mineralization. If 3418A continues to deliver higher metal recoveries, this will have a positive effect not only on these intersections but potentially on the broader haloes of Cu-Au mineralization currently below resource cut-off grades.

Comparative testwork was also undertaken to examine Cabacal's flow sheet with and without a gold gravity circuit. Higher total Au recoveries were confirmed with the inclusion of a gravity circuit than without. The importance of Au recovered by a gravity circuit extends to the Cabacal belt's free Au, hosted both within the VMS mineralization and the late-stage gold overprint.

The Santa Helena mine's historical floatation-only flow sheet excluded a gravity circuit, and Au recoveries averaged 65 per cent. This is the Au recovery factor used in the calculation of the 2022 Santa Helena exploration target. Cabacal's PEA outlined Au recoveries averaging 89.7 per cent, via a combination of gravity and flotation circuits, a 38-per-cent difference. The Santa Helena mill's tailings data also record a much-higher gold grade than Cabacal's historical tailings and Meridian's own 2022 data.

The late-stage gold overprint has been outlined at Santa Helena, and the potential for higher total gold recoveries, like those demonstrated at Cabacal, will be determined by the planned metallurgical test program that will include a gravity circuit. If the potential for comparative Au recoveries is achieved from Santa Helena's metallurgical testwork, then a material increase in the Au recovery factor for the future resource calculations would be used.

Cabacal drilling update

The Cabacal resource development program continues, with three rigs currently deployed in the CNWE. Results recently received included holes from the end of the 2023 program, and initial holes from the mine area and extensions of the Cabacal deposit to the south. Some holes, such as CD-436, are from peripheral or close-out positions corresponding to known lower-grade zones of the deposit and are in line with expectations for confirming the limits of pit design.

Drill results from the CNWE include:

• CD-418 (CWNE) -- 15.3 m at 0.9 g/t AuEq (0.1 g/t Au, 0.5 per cent Cu and 2.3 g/t Ag) from 76.0 m:
  • 16.8 m at 1.2 g/t AuEq (0.4 g/t Au, 0.6 per cent Cu and 2.3 g/t Ag) from 121.5 m.
• CD-423 (CWNE) -- 39.3 m at 0.5 g/t AuEq from 78.4 m (0.1 g/t Au, 0.3 per cent Cu and 0.4 g/t Ag), including:
  • 5.5 m at 1.3 g/t AuEq (0.3 g/t Au, 0.7 per cent Cu and 0.9 g/t Ag) from 106.8 m.
• CD-429 (CWNE) -- 24.5 m at 0.8 g/t AuEq (0.3 g/t Au, 0.4 per cent Cu and 1.5 g/t Ag) from 36.6 m, including:
  • 1.7 m at 6.2 g/t AuEq (2.0 g/t Au, 2.9 per cent Cu and 11.6 g/t Ag) from 36.6 m;
  • 44.4 m at 0.5 g/t AuEq (0.3 g/t Au, 0.2 per cent Cu and 0.6 g/t Ag) from 67.0 m.

Drill results from the mine area and south of the mine included:

• CD-405 (CCZ) -- 16.9 m at 0.4 g/t AuEq (0.3 per cent Cu and 0.4 g/t Ag) from 19.0 m:
  • 41.0 m at 0.5 g/t AuEq (0.2 g/t Au, 0.3 per cent Cu and 1.2 g/t Ag) from 47.0m , including:
    • 8.4 m at 1.4 g/t AuEq (0.4 g/t Au, 0.7 per cent Cu and 3.9 g/t Ag) from 60.8 m.
• CD-409 (SCZ) -- 27.0 m at 0.6 g/t AuEq (0.4 per cent Cu and 1.0 g/t Ag) from 74.0 m, including:
  • 10 m at 1.1 g/t AuEq (0.1 g/t Au, 0.8 per cent Cu and 1.7 g/t Ag) from 74.0 m;
  • 31.4 m at 0.6 g/t AuEq (0.2 g/t Au, 0.3 per cent Cu and 1.5 g/t Ag) from 116.0 m.
• CD-424 (SCZ) -- 27.2 m at 0.5 g/t AuEq (0.2 g/t Au, 0.2 per cent Cu and 0.9 g/t Ag) from 55.0 m;
• CD-435 (Cabacal South) -- 51.6 m at 0.4 g/t AuEq (0.1 g/t Au, 0.3 per cent Cu and 0.8 g/t Ag) from 81.9 m.

From the continuing drill program and surface mapping program results, Cabacal's open-pittable mineralization in places remains open. The remaining drill program will seek to close out the mineralization so as to optimize the pit design that will be used in the PFS. Meridian's drill program at Cabacal continues and is expected to deliver an updated drill hole database to its independent resource and mine design consultants over the second quarter/third quarter of this year.

Update on new licensing of exploration areas

The company continues to work with local landholders and the state environment agency, SEMA, to increase the footprint of permitted land for exploration targeting. Environmental licences for exploration (Licenca de Operacao Provisoria Mineral (LOPM)) have recently been expanded. The project has historically defined gold and base metal stream anomalies and soil anomalies that cumulatively extend over kilometres in scale. Additional areas of the greenstone belt remain open for further sampling and testing.

To the south, additional access has been approved in areas to the west of Santa Helena. The company has already initiated soil sampling where gaps in coverage exist in the BP Minerals sampling. Two hundred samples have been collected and have outlined a new Cu anomaly approximately four km to the west of Santa Helena, extending over approximately 575 m at a 150-part-per-million threshold. Gold assay results for this soil anomaly are pending. The area and its extensions will be targeted with future surface geophysical programs.

The company has also now added a total of 11 properties in the Cigarra area to the LOPM north of Cabacal. This target lies within licences 866002/2016 and 866455/2016, spanning 3,746 hectares across a seven km strike length of the northern extension of the Cabacal belt. The company continues discussions with landholders to formalize agreements on some of the larger properties in the area. Historical records describe a geological/geochemical environment similar to that of the chloritic outcrops of the Cabacal deposit setting in this region, with gold and base metal anomalies present.

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 SGS and ALS laboratories in Belo Horizonte and Lima. At SGS, 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. At ALS, samples are dried and crushed with 85 per cent passing 200 mesh. Routine gold analyses have been conducted by Au-AA24 (fire assay of a 50 g charge with AAS finish). High-grade samples (greater than 10 g/t Au) are repeated with a gravimetric finish (Au-GRA22), and base metal analysis by methods ME-ICP61a and OG62 (four-acid digestion with ICP-AES finish). Visible gold intervals are sampled by metallic screen fire assay method Au-SCR21. 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.

Soil samples have been analyzed at the accredited SGS laboratory in Belo Horizonte. Gold analyses have been conducted by FAA505 (fire assay of a 50 g charge), and base metal analysis by portable XRF (X-ray fluorescence) calibrated with certified references. Approximately 10 per cent of base metal results are verified by laboratory analysis at SGS using method ICP40B (four-acid digestion with ICP-OES finish). Samples are held in the company's secure facilities until dispatched and delivered by staff and commercial couriers to the laboratory. Pulps are retained for umpire testwork, and ultimately 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 ITAK and OREAS, supplementing laboratory quality control procedures.

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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